<SEC-DOCUMENT>0001580642-15-002819.txt : 20150629
<SEC-HEADER>0001580642-15-002819.hdr.sgml : 20150629
<ACCEPTANCE-DATETIME>20150629172407
ACCESSION NUMBER:		0001580642-15-002819
CONFORMED SUBMISSION TYPE:	486BPOS
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20150629
DATE AS OF CHANGE:		20150629
EFFECTIVENESS DATE:		20150701

FILER:

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

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		15959315

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

	MAIL ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788

FILER:

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

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		15959316

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

	MAIL ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
</SEC-HEADER>
<DOCUMENT>
<TYPE>486BPOS
<SEQUENCE>1
<FILENAME>multistratgi486b.htm
<DESCRIPTION>486BPOS
<TEXT>
<HTML>
<HEAD>
<TITLE>Blu Giant, LLC</TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> As filed with the Securities and Exchange
Commission on June 29, 2015 </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1933 Act File No. 333-189008</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1940 Act File No. 811-22572</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Washington, D.C. &nbsp;20549</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM N-2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
PRE-EFFECTIVE AMENDMENT NO. _</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"> &#254; </FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">POST-EFFECTIVE
AMENDMENT NO. 3 </FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"> &#254; </FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
AMENDMENT NO. 9 </FONT> </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Principal Executive Offices</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">80 Arkay Drive, Hauppauge, NY &nbsp;11788</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1-631-470-2600</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Agent for Service</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The Corporation Trust Company</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Corporation Trust Center</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1209 Orange Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Wilmington, Delaware &nbsp;19801</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>With a Copy to </U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Emile R. Molineaux, Esq.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Gemini Compliance Services, LLC</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">80 Arkay Drive</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Hauppauge, NY &nbsp;11788</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(631) 470-2616</P></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>With a copy to:</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">JoAnn Strasser, Esq.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Thompson Hine LLP<BR>
        41 South High Street, 17th floor</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Columbus, OH &nbsp;43215<BR>
        (614) 469-3265</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If any securities being registered on this form will be offered on a delayed
or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with
a dividend reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">It is proposed that this filing will become effective (check applicable
box):</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"><FONT STYLE="font: 10pt Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">when
declared effective pursuant to section 8(c), or as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">immediately
upon filing pursuant to paragraph (b) of Rule 486.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings"> &#254; </FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">on
July 1, 2015 pursuant to paragraph (b) of Rule 486.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">60
days after filing pursuant to paragraph (a) of Rule 486.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">on
(date) pursuant to paragraph (a) of Rule 486.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>Multi-Strategy Growth &amp; Income Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Class A Shares (MSFDX), Class L Shares (MSFYX)
Class C Shares (MCFDX) and </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Class I Shares (MSFIX) of Beneficial Interest<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B> July 1, 2015 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Multi-Strategy Growth &amp;
Income Fund (the &quot;Fund&quot;) is a continuously offered, non-diversified, closed-end management investment company that is
operated as an interval fund. Pursuant to the Fund's interval fund structure, the Fund will conduct quarterly repurchase offers
of no less than 5% and no more than 25% of the Fund's outstanding shares at net asset value (&quot;NAV&quot;). Even though the
Fund will make quarterly repurchase offers, investors should consider the Fund's shares illiquid. Repurchase offers in excess of
5% are made solely at the discretion of the Fund's Board of Trustees and investors should not rely on any expectation of repurchase
offers be made in excess of 5%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> These securities have not been approved
or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed on the accuracy
and adequacy of this Prospectus. Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> This prospectus concisely
provides the information that a prospective investor should know about the Fund before investing. You are advised to read this
prospectus carefully and to retain it for future reference. Additional information about the Fund, including a Statement of Additional
Information (&quot;SAI&quot;) dated July 1, 2015, is incorporated by reference (legally made a part of this prospectus) and has
been filed with the Securities and Exchange Commission (&quot;SEC&quot;). The SAI is available upon request and without charge
by writing the Fund at c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788, or by calling toll-free 1-855-601-3841.
The table of contents of the SAI appears on page 48 of this prospectus. You may request the Fund's SAI, annual and semi-annual
reports and other information about the Fund or make shareholder inquiries by calling 1-855-601-3841 or by visiting www.growthandincomefund.com.
The SAI, material incorporated by reference and other information about the Fund, is also available on the SEC's website at http://www.sec.gov.
The address of the SEC's website is provided solely for the information of prospective shareholders and is not intended to be an
active link. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Investment Objective.</I>
The Fund's investment objective is to seek returns from capital appreciation and income with an emphasis on income generation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Fund invests a substantial portion of
its assets in securities of unlisted real estate investment trusts commonly known as &quot;REITs.&quot; These investments are illiquid
and expose the Fund to real estate-related risks.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I> Securities Offered. </I>
The Fund engages in a continuous offering of four classes of shares of beneficial interest of the Fund: Class A, Class L, Class
C and Class I shares. The Fund has registered 18,666,666.66 shares and is authorized as a Delaware statutory trust to issue an
unlimited number of shares (6,666,666.66 in 2011 and 12,000,000.00 in 2013). The Fund is offering to sell, through its principal
underwriter, Northern Lights Distributors, LLC (the &quot;Distributor&quot;), under the terms of this prospectus, 18,666,666.66
shares (less shares previously sold) of beneficial interest at net asset value per share of the relevant share class, plus any
applicable sales load. As of June 19, 2015, the Fund's NAV per share was $16.25 for Class A shares, $16.21 for Class L shares,
$16.19 for Class C shares and $16.27 for Class I shares. Any sales load will be deducted from the proceeds </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">to the Fund. The maximum sales load is 5.75%
of the amount invested for Class A shares and 3.75% for Class L shares, while Class C and Class I shares are not subject to sales
charges. The minimum initial investment by a shareholder for Class A, Class L and Class C shares is $2,500 for regular accounts
and $1,000 for retirement plan accounts. Subsequent investments may be made with at least $100 for regular accounts and $50 for
retirement plan accounts. The minimum initial investment for Class I shares is $1,000,000, while subsequent investments may be
made with any amount. The Fund is offering to sell its shares, on a continual basis. The Distributor is not required to sell any
specific number or dollar amount of the Fund's shares, but will endeavor to sell the shares. Funds received will be invested promptly
and no arrangements have been made to place such funds in an escrow, trust or similar account. During the continuous offering,
shares will be sold at the NAV of the Fund next determined plus the applicable sales load. See &quot;Plan of Distribution.&quot;
The Fund's continuous offering is expected to continue in reliance on Rule 415 under the Securities Act of 1933 until the Fund
has sold shares in an amount equal to approximately $5 billion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>The shares have no history of public trading,
nor is it intended that the shares will be listed on a public exchange at this time. There currently is no secondary market for
the Fund's shares and the Fund expects that no secondary market will develop. Investing in the Fund's shares involves risks. See
&quot;Risk Factors&quot; below in this prospectus.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Investment Adviser</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> Lucia Capital Management (the &quot;Adviser&quot;) </P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 91%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">TABLE OF CONTENTS</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Prospectus Summary</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fund Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 8 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Highlights</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 9 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Fund</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 13 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Use of Proceeds</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 13 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Objective, Policies and Strategies</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 13 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Risk Factors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 19 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management of the Fund</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 28 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 31 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 32 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 32 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 35 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 36 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 37 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 39 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 40 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 40 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 47 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 48 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 48 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional Information</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 48 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 48 </FONT> </TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 49 </FONT> </TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This summary does not contain all of the
information that you should consider before investing in the shares. You should review the more detailed information contained
or incorporated by reference in this prospectus and in the Statement of Additional Information, particularly the information set
forth under the heading &quot;Risk Factors.&quot;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>The Fund.</B> Multi-Strategy Growth &amp;
Income Fund is a continuously offered, non-diversified, closed-end management investment company. See &quot;The Fund.&quot; The
Fund is an interval fund that will offer to make quarterly repurchases of each class of shares at the NAV of that class of shares.
See &quot;Quarterly Repurchases of Shares.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Investment Objective and Policies. </B>
The Fund's investment objective 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: (1) real estate investment
trusts (&quot;REITs&quot;), (2) alternative investment funds (&quot;AIFs&quot;), which include business development companies (&#8220;BDCs&#8221;)
as well as funds commonly known as &quot;hedge funds,&quot; (3) master limited partnerships (&quot;MLPs&quot;), (4) common and
preferred stocks and (5) structured notes, notes, bonds and asset-backed securities. The Fund also executes investments in the
preceding types of securities through index-linked or actively managed exchange-traded funds (&quot;ETFs&quot;), mutual funds and
closed-end funds (collectively &quot;Underlying Funds&quot;). The Fund defines AIFs as BDCs, limited partnerships and limited liability
companies that pursue investment strategies linked to real estate, small businesses or other investments that serve as alternatives
to traditional stocks and bonds. In general, the Fund defines an alternative strategy as one that is different from seeking returns
from buying and holding traditional stocks and bonds. The Fund invests in securities of issuers without restriction as to market
capitalization. The majority of the Fund's investments will be in private placements or other investments that are not publicly
traded, or are traded in over-the-counter markets that have less liquidity than exchange-traded securities. Consequently, the majority
of the Fund's investments are illiquid. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund concentrates investments in the REIT
industry because, under normal circumstances, it invests over 25% of its net assets in REIT industry securities. This policy is
fundamental and may not be changed without shareholder approval. The Fund may employ leverage, including borrowing from banks in
an amount up to 33-1/3% of the Fund's assets (defined as net assets plus borrowing for investment purposes). Leverage is primarily
used to increase the size of the Fund's portfolio of securities. However, the Fund will not leverage by issuing debt or preferred
shares during the next 12 months of operations. See &quot;Investment Objective, Policies and Strategies.&quot; The Statement of
Additional Information contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading
&quot;Investment Objective and Policies.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>REITS. </B>Under normal circumstances, the
Fund will invest more than 25% of its net assets in REIT securities. This real estate industry securities policy is fundamental
and may not be changed without shareholder approval. The REITs in which the Fund invests may be focused in various sectors of the
commercial real estate market consisting of the office, retail, multifamily, hotel, healthcare and self-storage sectors. The value
of retail properties are affected by shifts in consumer demand due to demographic changes, changes in spending patterns and lease
terminations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Alternative Investment Funds. </B>The
managers of AIFs employ a variety of &quot;alternative&quot; investment strategies to achieve attractive risk-adjusted returns
(i.e., returns adjusted to take into account the volatility of those returns) with low correlation to the broad equity and fixed-income
markets. AIFs selected by the Adviser include real estate
property funds and BDCs, each of which may pay </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">performance-based fees to their managers. Securities of real estate property funds
are typically privately placed and are not traded on an exchange. A BDC is a form of investment company that is required to invest
at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term
high quality debt securities. Non-traded BDCs are illiquid and it may not be possible to redeem shares or to do so without paying
a substantial penalty.&nbsp;Publicly-traded BDCs usually trade at a discount to their net asset value because they invest in unlisted
securities and have limited access to capital markets. Additionally, the Fund may invest up to 15% of its net assets in securities
of certain AIFs commonly known as &quot;hedge funds,&quot; which are typically privately placed with investors without registration
with the SEC, employ leverage and hedging strategies as well as pay their managers performance fees on gains. In selecting AIFs,
the Adviser assesses the likely risks and returns of the different alternative investment strategies utilized by the AIFs, and
evaluates the potential correlation among the AIF investment strategies under consideration. The Adviser generally seeks to invest
in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations among each other
or with the broad equity and fixed-income markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Master Limited Partnerships </B> .
An MLP is a publicly traded or privately offered limited partnership or limited liability company. MLPs are typically engaged in
one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related
commodities such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products. An investment in MLP units
differs from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters
affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of
interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.
The Adviser considers a variety of factors, including but not limited to, market capitalization, liquidity, growth, credit rating,
source of qualifying income, business focus, and structure when selecting MLPs. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Common and Preferred Stocks. </B>
The Adviser selects dividend-paying common and preferred stocks that it believes have the potential for strong future total returns.
It also considers the sustainability and growth of a company's dividend. The Adviser reviews company-specific factors consisting
of dividend yield, historical dividend growth and return on capital. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>Structured Notes.</B>
A structured note is a debt security making interest and/or principal payments determined by a formula tied to the movement of
an interest rate, stock index, commodity, or currency (each a &quot;reference index&quot;). For example, a structured note may
use a reference index, such as the S&amp;P 500, to determine the amount of the interest payment. The Adviser selects structured
notes of any maturity issued by entities it believes to be creditworthy. The Adviser uses structured notes as a substitute for
investing in the assets that make up the reference index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>Debt Securities.</B>
Debt securities are notes, bonds and asset-backed securities (&quot;ABS&quot;). ABS represent interests in pools of loans, leases
or receivables originated by private lenders, some of which may be government approved, or affiliated lenders. Typically, an asset-backed
security is issued by a special purpose vehicle (&quot;SPV&quot;), such as a business trust or limited liability company, whose
value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying assets. The Fund
invests without limit in fixed rate or floating rate debt instruments of any maturity that the Adviser believes are creditworthy
(interest and principal will be paid on schedule) or have acceptable recovery value in the event of default (through restructuring
in or outside of bankruptcy) regardless of rating, if any, including lower-quality debt securities commonly known as &quot;high
yield&quot; or &quot;junk&quot; bonds. The Adviser employs measurers consisting of debt-to-assets,
debt service coverage ratio and asset liquidation value to assess credit
quality. Junk bonds are generally rated lower than Baa3 by Moody's Investors
Service (&quot;Moody's&quot;) or lower than BBB- by Standard and Poor's Rating Group </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">(&quot;S&amp;P&quot;). The Fund will not invest
more than 25% of its net assets in junk bonds. However, the Fund does not invest in debt instruments that are in default. The Adviser
selects debt securities based upon their expected yield when compared to a peer group with similar maturity and credit quality.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Underlying Funds. </B> The Fund
also invests in index-linked or actively managed ETFs, mutual funds and closed-end funds that each invest primarily in REITs, AIFs,
common and preferred stocks, structured notes or other types of debt securities when the Adviser believes Underlying Funds offer
more efficient execution of the Fund's strategy, such as when ample individual investments are not readily available. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Investment Strategy. </B> The Adviser
pursues an investment strategy aimed to achieve the Fund&#8217;s overall investment objective utilizing a selection of securities
believed to&nbsp;have relatively low volatility and generally will not be highly correlated to each other or to the broad equity
or fixed income markets.&nbsp; The Adviser typically selects Non-Listed, Fair Valued securities primarily invested in Real Estate
Investment Trusts and Alternative Investment Funds as a significant percentage of the funds overall asset allocation. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Adviser develops a model allocation consisting
of individual Non-Listed securities. The model is created taking into account several factors such as portfolio liquidity, income
and capital appreciation potential, volatility, and correlation. In addition, the model must meet certain diversification tests
in order to comply with the Internal Revenue Code and is regularly tested by the Adviser to ensure compliance with such requirements.&nbsp;
Ongoing investments are generally invested according to the model.&nbsp; Depending on certain conditions, the Adviser may overweight
or underweight new allocations. The Adviser will update the model allocation and rebalance as needed to reflect the Adviser&#8217;s
outlook. The Adviser manages investments over a long-term time horizon while being mindful of the historical context of the markets.&nbsp;When
the Adviser believes market conditions are unfavorable, it may temporarily invest a portion of Fund assets in ETFs linked to stock
market volatility or inversely linked to a stock market index to reduce investment risk.&nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Adviser employs a regimen of qualitative
and quantitative criteria when selecting securities.&nbsp; Non-listed securities are generally &#8220;blind pool&#8221; investments
(investment vehicles which have no operating history and have not identified the assets that will be purchased by the company)
and initially require significant reliance on qualitative factors while over time quantitative factors are utilized to monitor
the investment strategy performance. The Adviser utilizes a proprietary quantitative screening process and a qualitative selection
process when selecting securities for investment by the Fund in connection with its strategy. Generally, securities are first selected
with the highest expected income from a sector peer group of issuers with similar market capitalization and/or credit quality.&nbsp;
Secondarily, the potential for capital appreciation over time is considered.&nbsp; No assurance can be given that any or all investment
strategies, or the Fund's investment program, will be successful. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Investment Adviser and Fee. </B> Lucia
Capital Management, the investment adviser of the Fund, is registered with the SEC as an investment adviser under the Investment
Advisers Act of 1940, as amended. The Adviser was established in June 2011 for the purpose of providing investment management services
to institutional investors such as the Fund. The Adviser is entitled to receive a monthly fee at the annual rate of 0.75% of the
Fund's daily net assets. </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Administrator, Accounting Agent and Transfer
Agent. </B>Gemini Fund Services, LLC (&quot;GFS&quot;) will serve as the administrator, accounting agent and transfer agent of
the Fund. See &quot;Management of the Fund.&quot;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Distribution Fees. </B> The Class
L and Class C shares pay to the Distributor a distribution fee (the &quot;Distribution Fee&quot;) that accrues at annual rates
equal to 0.50% and 0.75%, respectively, of the Fund's average daily net assets attributable to Class L and Class C shares. The
Distribution Fee is payable on a monthly basis. Class A and Class I shares are not subject to a Distribution Fee. See &quot;Plan
of Distribution.&quot; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Closed-End Fund Structure. </B>Closed-end
funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not
typically redeem their shares at the option of the shareholder. Rather, closed-end fund shares typically trade in the secondary
market via a stock exchange. Unlike many closed-end funds, however, the Fund's shares will not be listed on a stock exchange. Instead,
the Fund will provide very limited liquidity to shareholders by offering to repurchase a limited amount of shares quarterly, which
is discussed in more detail below. The Fund, similar to a mutual fund, is subject to continuous asset in-flows (purchases), although
not subject to continuous out-flows (redemptions).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Share Classes. </B>The Fund offers four different
classes of shares: Class A, Class L, Class C and Class I shares. The Fund began continuously offering its common shares on March
5, 2012. As of July 1, 2014, the Fund simultaneously redesignated its issued and outstanding common shares as Class A shares and
created its Class L, Class C and Class I shares. The Fund has received exemptive relief from the SEC to issue multiple classes
of shares and to impose asset-based distribution fees and early-withdrawal charges. An investment in any share class of the Fund
represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each
share class are different. The fees and expenses for the Fund are set forth in &quot;Summary of Fund Expenses.&quot; If an investor
has hired an intermediary and is eligible to invest in more than one class of shares, the intermediary may help determine which
share class is appropriate for that investor. When selecting a share class, you should consider which share classes are available
to you, how much you intend to invest, how long you expect to own shares, and the total costs and expenses associated with a particular
share class.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each investor's financial considerations are
different. You should speak with your financial advisor to help you decide which share class is best for you. Not all financial
intermediaries offer all classes of shares. If your financial intermediary offers more than one class of shares, you should carefully
consider which class of shares to purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investor Suitability. </B>An investment in
the Fund involves a considerable amount of risk. It is possible that you will lose money. An investment in the Fund is suitable
only for investors who can bear the risks associated with the illiquidity of the Fund's shares and should be viewed as a long-term
investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to
your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income,
age, risk tolerance and liquidity needs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchases of Shares. </B>The Fund is an
interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 5% of
the shares outstanding. There is no guarantee, and it is unlikely, that shareholders will be able to sell all of the shares they
desire in a quarterly repurchase offer because shareholders, in total, may wish to sell more than 5% of the Fund's shares. Very
limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases. The Fund maintains liquid securities,
cash or access to a bank line of credit in amounts sufficient to meet quarterly redemption
requirements. See &quot;Quarterly Repurchases of Shares.&quot;</P>
<p>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Summary of Risks. </B>Investing in the Fund
involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all
of your investment. Therefore, before investing you should consider carefully the following risks that you assume when you invest
in the Fund's shares. See &quot;Risk Factors.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify"><B><I>Alternative Investment Funds
Risk</I>.</B> AIFs are subject to management and other expenses, which will be indirectly paid by the Fund. As a result, the cost
of investing in the Fund will be higher than the cost of investing directly in AIFs and also may be higher than other funds that
invest directly in stocks and bonds. Each AIF is subject to specific risks, depending on the nature of its investment strategy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify">The Fund may invest in private investment
funds, or &#8220;hedge funds,&#8221; which pursue alternative investment strategies. Hedge funds often engage in speculative investment
practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss.
Hedge funds can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, and often
charge high fees that can erode performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify"><B><I> BDC Risk </I></B> .&nbsp;&nbsp;BDCs
have little or no operating history and may carry risks similar to those of a private equity or venture capital fund. Non-traded
BDCs are illiquid and it may not be possible to redeem shares or to do so without paying a substantial penalty.&nbsp;&nbsp;Publicly-traded
BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to
capital markets. A significant portion of a BDC&#8217;s investments are recorded at fair value as determined by its board of directors
which may create uncertainty as to the value of the BDC&#8217;s investments. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4.85pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Common
and Preferred Stock Risk.</I></B> Equity markets can be volatile. In other words, the prices of stocks can fall rapidly in response
to developments affecting a specific company or industry, or to changing economic, political or market conditions. P</FONT><FONT STYLE="font-family: Minion-Regular">referred
stock prices generally decline when interest rates rise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify"><B><I> Credit Risk. </I></B>
Issuers of debt securities may not make scheduled interest and principal payments, resulting in losses to the Fund. In addition,
the credit quality of securities held may be lowered if an issuer's financial condition changes. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B><I> Distribution
Policy Risk </I></B><I> . </I> The Fund&#8217;s distribution policy is expected to result in distributions that equal
a fixed percentage of the Fund&#8217;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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Fixed Income Risk.</I></B><I> </I> Typically,
a rise in interest rates causes a decline in the value of fixed income securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>High Yield Risk.</I></B> Lower-quality
debt securities, known as &quot;high yield&quot; or &quot;junk&quot; bonds, present greater risk than bonds of higher quality,
including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market
for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the
Fund's share price. Additionally, high yield issuers may seek bankruptcy protection which will delay resolution of bond holder
claims and may eliminate or materially reduce liquidity. The Adviser's assessment of an issuer's credit quality may prove incorrect
and the Fund could suffer losses.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Issuer and Non-Diversification Risk.</I></B><I>
</I>The value of a specific security can perform differently from the market as
a whole for reasons related to the issuer, such as management performance,
financial leverage and reduced demand for the issuer's properties and services.
Because the Fund is non-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">diversified, it may invest more than 5% of its total assets in the securities of one of more issuers. As a result, the performance
of the Fund's shares may be more sensitive to any single economic, business, political or regulatory occurrence than are the shares
of a diversified investment company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Leveraging Risk.</I></B><I> </I>The use of leverage, such as
borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Liquidity Risk</I>.</B> There currently
is no secondary market for the Fund's shares and the Fund expects that no secondary market will develop. Very limited liquidity
is provided to shareholders only through the Fund's quarterly repurchase offers. There is no guarantee, and it is unlikely, that
shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. The Fund's investments also are
subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to sell, possibly preventing
the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other
investments at unfavorable times or prices. Illiquid securities must be valued by the Fund using fair value procedures. Fair valuation
involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the
value that could be realized upon the sale of the security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I> Management Risk. </I></B><I>
</I> <B> </B>The Adviser's judgments about the attractiveness, value and potential appreciation of particular asset class
and securities in which the Fund invests may prove to be incorrect and may not produce the desired results. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Market Risk.</I></B><I> </I>An investment
in the Fund's shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment
in the Fund's shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like
other market investments, may move up or down, sometimes rapidly and unpredictably.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>MLP Risk.</I></B> Investments in MLPs
involve risks different from those of investing in common stock including risks related to limited control and limited rights to
vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner,
cash flow risks, dilution risks and risks related to the general partner's limited call right. MLPs, typically, do not pay U.S.
federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership's income, gains, losses,
deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being
treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal
income tax on its taxable income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Medium and Small Capitalization Company
Risk.</I></B><I> </I>Compared to investment companies that focus only on large capitalization companies, the Fund's NAV may be
more volatile because it also invests in medium and small capitalization companies. Compared to larger companies, medium and small
capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer
capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to larger companies,
the securities of small and medium capitalization companies are more likely to be harder to sell.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>REIT Concentration Risk.</I></B><I> </I>The
Fund will not invest in real estate directly, but because the Fund will concentrate its investments in securities of REITs, its
portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be
exposed to greater risk than a more diversified portfolio. The value of REITs is affected by: (i)
changes in general economic and market conditions; (ii) changes in the value of
real estate properties; (iii) risks related to local </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">economic conditions, overbuilding
and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and
condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability
of financing and (ix) changes in interest rates and leverage. If a court were to disregard the limited liability legal structure
of a REIT, the Fund could be liable for a portion of claims in excess of that REIT's assets, such as claims arising from environmental
problems.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Repurchase Policy Risks. </I></B>Quarterly
repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The sale of
securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Structured Note Risk.</I></B> The value
of a structured note will be influenced by time to maturity, level of supply and demand for the type of note; interest rates, commodity,
currency or relevant index market volatility; changes in the issuer's credit quality rating; and economic, legal, political or
geographic events that affect the reference index. In addition, there may be a lag between a change in the value of the reference
index and the value of the structured note. The Fund may also be exposed to increased transaction costs when it seeks to sell such
notes in the secondary market. In the event that the issuer of the structured note defaults, it is possible that the Fund could
lose its entire investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Underlying Funds Risk.</I></B> ETFs, mutual
funds and closed-end funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As
a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs, mutual funds and closed-end
funds and may be higher than other mutual funds that invest directly in stocks and bonds. The index-linked ETFs in which the Fund
invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF and closed-end
fund shares may differ from their net asset value. Inverse ETFs will limit the Fund&#8217;s participation in market gains. Underlying
Funds are subject to specific risks, depending on the nature of the fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>U.S. Federal Income Tax Matters. </B>The
Fund intends to continue to be treated as and to qualify each year for taxation as a regulated investment company under Subchapter
M of the Code. In order for the Fund to qualify as a regulated investment company, it must meet income and asset diversification
tests each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders)
will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains
(the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form
of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on regulated investment companies, such
as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates
meeting these distribution requirements. See &quot;U.S. Federal Income Tax Matters.&quot;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Dividend Reinvestment Policy. </B>Unless
a shareholder elects otherwise, the shareholder's distributions will be reinvested in additional shares under the Fund's dividend
reinvestment policy. Shareholders who elect not to participate in the Fund's dividend reinvestment policy will receive all distributions in cash paid to the shareholder
of record (or, if the shares are held in street or other nominee name, then to such nominee). See &quot;Dividend Reinvestment Policy.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Custodian. </B> MUFG Union Bank,
N.A. (&quot;Union Bank&quot;) serves as the Fund's custodian. See &quot;Management of the Fund.&quot; </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FUND EXPENSES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholder Transaction Expenses</FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class A</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class L</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class C</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class I</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.95pt">Maximum Sales Load</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 19.95pt">(as a percent of offering price)<SUP> </SUP></P></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 19.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maximum Early Withdrawal Charge on Shares Repurchased Less than 365 Days After Purchase (as a percent of original purchase price) </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCCCCC">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Annual Expenses (as a percentage of net assets attributable to shares)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholder Servicing Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Distribution Fee<SUP>1</SUP> </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 0.50% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 0.75% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> Remaining Other Expenses </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 0.55% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 0.55% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 0.55% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 0.55% </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Acquired Fund Fees and Expenses <SUP>2</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U> 1.33% </U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U> 1.33% </U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U> 1.33% </U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U> 1.33% </U></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total Annual Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
	<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 2.88% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 3.38% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 3.63% </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
	<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 2.63% </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 0.25in; text-align: justify"> 1 The Class L shares pay to
the Distributor a Distribution Fee that accrues at an annual rate equal to 0.50% of the average daily net assets attributable to
Class L shares and is payable on a monthly basis. The Class C shares pay to the Distributor a Distribution Fee that accrues at
an annual rate equal to 0.75% of the average daily net assets attributable to Class C shares and is payable on a monthly basis.
Class A and Class I shares are not currently subject to a Distribution Fee. See &#8220;Plan of Distribution.&#8221; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 0.25in; text-align: justify">2 Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, but does not include REIT and real estate fund expenses. The
operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial
statements, when issued, include only the direct operating expenses incurred by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 0.25in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund Expenses Table describes the fees and
expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class
A shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about
these and other discounts is available from your financial professional and in &quot;Class A Shares&quot; starting on page 43 of
this prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following example illustrates the hypothetical
expenses that you would pay on a $1,000 investment assuming annual expenses attributable to shares remain unchanged and shares
earn a 5% annual return:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Share Class</FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1 Year</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3 Years</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5 Years</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10 Years</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class A Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $85 </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $142 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $201 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $360 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class L Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $70 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $137 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $207 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $390 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class C Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $37 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $111 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $188 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $389 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class I Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $27 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $82 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $140 </FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> $296 </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders who choose to participate in repurchase
offers by the Fund will not incur a repurchase fee. However, if shareholders request that repurchase proceeds be paid by wire transfer,
such shareholders will be assessed an outgoing wire transfer fee at prevailing rates charged by GFS, currently $15. The purpose
of the above table is to help a holder of shares understand the fees and expenses that such holder would bear directly or indirectly.
<B>The example should not be considered </B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
<B>a representation of actual future
expenses. Actual expenses may be higher or lower than those shown. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: center"><B> FINANCIAL HIGHLIGHTS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0"><B> Class A </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements, which have been audited by BBD, LLP, an independent registered public
accounting firm, whose report, along with this information and additional Fund performance and portfolio information, appears in
the Fund&#8217;s Annual Report dated February 28, 2015. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please
call 1-855-601-3841. </P>


<div align="center"><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="793"><TR height=0 style="font-size:0"><TD width=3 /><TD width=323.733 /><TD width=4.067 /><TD width=4.067 /><TD width=108 /><TD width=30 /><TD width=108 /><TD width=23 /><TD width=117 /><TD width=23 /></TR> <TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=785 height=21 colspan=10><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:12pt"><B>
Multi-Strategy Growth &amp; Income Fund - Class A </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=785 height=17 colspan=10><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> FINANCIAL
                                         HIGHLIGHTS </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1.333px solid #000000" valign=bottom width=785 height=18 colspan=10><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> &nbsp; </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px" align=center> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=762 height=17 colspan=9><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 beneficial interest outstanding
                                         throughout the periods presented. </I></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> For
                                         the Year </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> For
                                         the Year </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> For
                                         the Period </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> Ended </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> Ended </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> Ended
                                         </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=100 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> February
                                         28, 2015 </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=100 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> February
                                         28, 2014 </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=109 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> February
                                         28, 2013 * </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=326.733 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.51 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.73 </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00 </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Increase
                                         From Operations: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         investment income (a) </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 0.41 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         gain on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         from operations </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Less
                                         Distributions: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><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;(0.40) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><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;(0.29) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><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;(0.36) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=327.8 height=17 colspan=2><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         net realized gains on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><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;(0.37) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><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;(0.55) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><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;&nbsp; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         paid in capital </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><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;(0.21) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><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;(0.06) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><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;&nbsp; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         Distributions </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &#160; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &#160; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &#160; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=326.733 height=18 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:3px double #000000" valign=bottom width=100 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.74 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:3px double #000000" valign=bottom width=100 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.51 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:3px double #000000" valign=bottom width=109 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.73 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=326.733 height=20 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Total
                                         Return (b) </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=20 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 7.46% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=20 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 11.01% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=20><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=20 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 7.34% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=20><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=20 align="right"><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=20><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=20 align="right"><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=20 align="right"><P style="margin:0px" align=right> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=20><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=326.733 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Ratios/Supplemental
                                         Data </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178,502 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129,697 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,888 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Ratio
                                         to average net assets: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Expenses,
                                         Gross </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.55% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (f) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.60% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.61% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (c) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=331.867 height=18 colspan=3><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Expenses,
                                         Net of Reimbursement/Recapture </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.61% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (e,f) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.75% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (e) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.75% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (c) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=331.867 height=17 colspan=3><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Net
                                         investment income, Net of Reimbursement/Recapture </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.43% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (g) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.46% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.19% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt" align=center> (c) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Portfolio
                                         turnover rate </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 49% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 14% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 108% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center> (d) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=3 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=323.733 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=326.733 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"> __________ </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=334.867 height=17 colspan=4><P style="margin:0px; font-family:'Calibri,Times New Roman'"> *
                                         Class A commenced operations on March 16, 2012. </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=785 height=33 colspan=10><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 the per share data for the period. </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=785 height=36 colspan=10><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 capital gains distributions, if any and exclude the effects of sales
                                         loads. Total returns for periods less than one year are not annualized. </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=330.8 height=17 colspan=3><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=326.733 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d)
                                         Not annualized. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.067 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=22 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=100 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=622 height=17 colspan=7><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (e)
                                         Such ratio includes the Advisor's recapture of waived/reimbursed fees from prior periods. </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=622 height=17 colspan=7><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (f)
                                         Does not include the expenses of the investment companies in which the Fund invests. </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=109 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=15 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=785 height=35 colspan=10><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (g)
                                         The recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests. </P>
</TD></TR>
</TABLE>
</div>












<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B> Class L </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements, which have been audited by BBD, LLP, an independent registered public
accounting firm, whose report, along with this information and additional Fund performance and portfolio information, appears in
the Fund&#8217;s Annual Report dated February 28, 2015. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please
call 1-855-601-3841. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> &nbsp; </P>


	<div align="center"><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="713"><TR height=0 style="font-size:0"><TD width=5 /><TD width=464.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.4 /><TD width=121 /><TD width=31 /></TR> <TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=705 height=21 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:12pt"><B> Multi-Strategy
                                         Growth &amp; Income Fund - Class L </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=705 height=17 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> FINANCIAL
                                         HIGHLIGHTS </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1.333px solid #000000" valign=bottom width=705 height=18 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> &nbsp; </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px" align=center> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=674 height=17 colspan=8><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 beneficial interest outstanding
                                         throughout the period presented. </I></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> For
                                         the Period </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> Ended </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> February
                                         28, 2015 * </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=469.933 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Increase
                                         From Operations: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         investment income (a) </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.20 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         gain on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.17 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         from operations </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.37 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Less
                                         Distributions: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.13) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         net realized gains on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.35) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         return of capital </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.19) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         Distributions </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;(0.67) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &#160; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=469.933 height=18 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:3px double #000000" valign=bottom width=113 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.72 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=469.933 height=20 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Total
                                         Return (b) </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=20 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.25% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=20><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=20 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=20><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=469.933 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Ratios/Supplemental
                                         Data </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,356 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Ratio
                                         to average net assets: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Expenses </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.05% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt"> (c,e) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Net
                                         investment income </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.00% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt"> (c,f) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Portfolio
                                         turnover rate </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 49% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=464.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=469.933 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"> __________ </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=474.867 height=17 colspan=3><P style="margin:0px; font-family:'Calibri,Times New Roman'"> *
                                         Class L commenced operations on July 2, 2014. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=705 height=36 colspan=9><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 &nbsp;the per share data for the period. &nbsp; </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=705 height=33 colspan=9><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 capital gains distributions, if any and exclude the effects of sales
                                         loads. Total returns for periods less than one year are not annualized. </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=469.933 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=484.733 height=17 colspan=5><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d)
                                         Not annualized. Represents Fund level turnover ratio for entire year. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=489.667 height=17 colspan=6><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (e)
                                         Does not include the expenses of the investment companies in which the Fund invests. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=705 height=34 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (f)
                                         The recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests. </P>
</TD></TR>
</TABLE>
	</div>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B> Class C </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements, which have been audited by BBD, LLP, an independent registered public
accounting firm, whose report, along with this information and additional Fund performance and portfolio information, appears in
the Fund&#8217;s Annual Report dated February 28, 2015. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please
call 1-855-601-3841. </P>






<DIV style="width:624px"><P style="margin-top:0px; margin-bottom:12.2px"></P>
</DIV>
<div align="center"><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width="709"><TR height=0 style="font-size:0"><TD width=4.933 /><TD width=460.133 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=121 /><TD width=31 /></TR> <TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=701 height=21 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:12pt"><B> Multi-Strategy
                                         Growth &amp; Income Fund - Class C </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=701 height=17 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> FINANCIAL
                                         HIGHLIGHTS </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1.333px solid #000000" valign=bottom width=701 height=18 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> &nbsp; </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px" align=center> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=670 height=17 colspan=8><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 beneficial interest outstanding
                                         throughout the period presented. </I></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> For
                                         the Period </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> Ended </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> February
                                         28, 2015 * </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Increase
                                         From Operations: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         investment income (a) </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.18 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         gain on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.16 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         from operations </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.34 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Less
                                         Distributions: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.12) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         net realized gains on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.35) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         return of capital </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.18) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         Distributions </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;(0.65) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &#160; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=18 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:3px double #000000" valign=bottom width=113 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.71 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=20 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Total
                                         Return (b) </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=20 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.04% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=20><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=20 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=20><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Ratios/Supplemental
                                         Data </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,926 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Ratio
                                         to average net assets: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Expenses </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.30% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt"> (c,e) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Net
                                         investment income </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.76% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt"> (c,f) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Portfolio
                                         turnover rate </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 49% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=460.133 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"> __________ </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470 height=17 colspan=3><P style="margin:0px; font-family:'Calibri,Times New Roman'"> *
                                         Class C commenced operations on July 2, 2014. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=701 height=35 colspan=9><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 the per share data for the period. &nbsp; </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=701 height=35 colspan=9><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 capital gains distributions, if any. Total returns for periods less
                                         than one year are not annualized. </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=479.867 height=17 colspan=5><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d)
                                         Not annualized. Represents Fund level turnover ratio for entire year. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=489.733 height=17 colspan=7><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (e)
                                         Does not include the expenses of the investment companies in which the Fund invests. </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=701 height=34 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (f)
                                         The recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests. </P>
</TD></TR>
</TABLE>
	</div>







<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"><B> Class I </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements, which have been audited by BBD, LLP, an independent registered public
accounting firm, whose report, along with this information and additional Fund performance and portfolio information, appears in
the Fund&#8217;s Annual Report dated February 28, 2015. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please
call 1-855-601-3841. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"> &nbsp; </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=5 /><TD width=465.067 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.933 /><TD width=4.4 /><TD width=121 /><TD width=31 />
        </TR> <TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=706 height=21 colspan=9>
        <P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:12pt"><B> Multi-Strategy
                                         Growth &amp; Income Fund - Class I </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=706 height=17 colspan=9>
<P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> FINANCIAL
                                         HIGHLIGHTS </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1.333px solid #000000" valign=bottom width=706 height=18 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> &nbsp; </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px" align=center> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=675 height=17 colspan=8><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 beneficial interest outstanding
                                         throughout the period presented. </I></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> For
                                         the Period </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> Ended </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=center><B> February
                                         28, 2015 * </B></P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px" align=center> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=center> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470.067 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Increase
                                         From Operations: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         investment income (a) </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.30 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;Net
                                         gain on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.09 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         from operations </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;0.39 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Less
                                         Distributions: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.06) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         net realized gains on investments </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.37) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; text-indent:13.333px; font-family:'Calibri,Times New Roman'"> From
                                         return of capital </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><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;(0.23) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Total
                                         Distributions </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &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;(0.66) </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &#160; </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470.067 height=18 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px; border-bottom:3px double #000000" valign=bottom width=113 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.75 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470.067 height=20 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Total
                                         Return (b) </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=20 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.37% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=20><P style="margin:0px" align=right> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=20><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=20><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=20 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=20><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470.067 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"><B> Ratios/Supplemental
                                         Data </B></P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;$
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,185 </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Ratio
                                         to average net assets: </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Expenses </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=18><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=18><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=18 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 1.30% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=18><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt"> (c,e) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> &nbsp;&nbsp;&nbsp;&nbsp;Net
                                         investment income </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 2.80% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:9pt"> (c,f) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> Portfolio
                                         turnover rate </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17 align="right"><P style="margin:0px; font-family:'Calibri,Times New Roman'" align=right> 49% </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d) </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=5 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=465.067 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470.067 height=17 colspan=2><P style="margin:0px; font-family:'Calibri,Times New Roman'"> __________ </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=475 height=17 colspan=3><P style="margin:0px; font-family:'Calibri,Times New Roman'"> *
                                         Class I commenced operations on July 2, 2014. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=706 height=34 colspan=9><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 the per share data for the period. &nbsp; </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=706 height=33 colspan=9><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 capital gains distributions, if any. Total returns for periods less
                                         than one year are not annualized. </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=470.067 height=17 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; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=484.867 height=17 colspan=5><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (d)
                                         Not annualized. Represents Fund level turnover ratio for entire year. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.933 height=17><P style="margin:0px"> <BR> </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=489.8 height=17 colspan=6><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (e)
                                         Does not include the expenses of the investment companies in which the Fund invests. </P>
</TD><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=4.4 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=113 height=17><P style="margin:0px"> <BR> </P>
</TD>
	<TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=23 height=17><P style="margin:0px"> <BR> </P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:4px; padding-top:0px; padding-right:4px; padding-bottom:0px" valign=bottom width=706 height=35 colspan=9><P style="margin:0px; font-family:'Calibri,Times New Roman'"> (f)
                                         The recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests. </P>
</TD></TR>
</TABLE>
	</div>







<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is a continuously offered, non-diversified,
closed-end management investment company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust
on June 3, 2011. The Fund's principal office is located at c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788,
and its telephone number is 1-631-470-2600.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The net proceeds of the continuous offering
of shares, after payment of the sales load (if applicable), will be invested in accordance with the Fund's investment objective
and policies (as stated below) as soon as practicable after receipt. Pending investment of the net proceeds in accordance with
the Fund's investment objective and policies, the Fund will invest in money market or short-term fixed-income mutual funds. Investors
should expect, therefore, that before the Fund has fully invested the proceeds of the offering in accordance with its investment
objective and policies, the Fund's assets would earn interest income at a modest rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INVESTMENT OBJECTIVE, POLICIES AND STRATEGIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investment Objective and Policies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Fund's investment objective 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: (1) real estate investment trusts (&quot;REITs&quot;), (2) alternative
investment funds (&quot;AIFs&quot;), which include business development companies (&#8220;BDCs&#8221;) and funds commonly known
as &quot;hedge funds,&quot; (3) master limited partnerships (&quot;MLPs&quot;), (4) common and preferred stocks and (5) structured
notes, notes, bonds and asset-backed securities. The Fund defines AIFs as limited partnerships and limited liability companies
that pursue investment strategies linked to real estate, small businesses or other investments that serve as alternatives to traditional
stocks and bonds. The Fund invests in securities of issuers without restriction as to market capitalization. The majority of the
Fund's investments are not publicly traded or are traded in over-the-counter markets that have less liquidity than exchange-traded
securities. Consequently, the majority of the Fund's investments are illiquid. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund concentrates investments in the real
estate industry because, under normal circumstances, it invests over 25% of its net assets in securities of real estate industry
entities, such as REITs or other real estate industry issuers. This policy is fundamental and may not be changed without shareholder
approval. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans
or interests. The Statement of Additional Information contains a list of the fundamental (those that may not be changed without
a shareholder vote) and non-fundamental investment policies of the Fund under the heading &quot;Investment Objective and Policies.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.2pt 0; text-align: justify"> The Fund may employ leverage, including
borrowing from banks in an amount of up to 33-1/3% of the Fund's assets (defined as net assets plus borrowing for investment purposes).
Leverage is primarily used to increase the size of the Fund's portfolio of securities. The Fund is authorized to borrow money in
connection with its investment activities, subject to the limits of the asset coverage requirement of the Investment Company Act
of 1940, as amended (the &quot;1940 Act&quot;). The Fund also may borrow money to satisfy repurchase requests from Fund shareholders
and to otherwise provide the Fund with temporary liquidity. The 1940 Act requires a registered investment company to satisfy
an asset coverage requirement of 300% of its indebtedness, including amounts
borrowed and measured at the time indebtedness occurs. This means that the value
of the Fund's total indebtedness may not exceed
&nbsp; </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.2pt 0; text-align: justify">
one-third of the value of its total assets, including the value of the assets purchased
with the proceeds of its indebtedness. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investment Strategy and Criteria Used in Selecting Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Adviser will use both a quantitative
screening process and a qualitative selection process when selecting securities for investment by the Fund in connection with its
strategy. No assurance can be given that any or all investment strategies, or the Fund's investment program, will be successful.
The Adviser utilizes a clearly defined philosophy which provides a disciplined investment strategy. When determining an asset allocation,
the Adviser typically reviews the last ten years (if available) of market data history, which the Adviser regards as the most relevant
for market forecasting purposes. The Adviser may strategically rebalance its asset allocation according to the current market conditions,
but will remain true to its fundamental analysis with respect to real estate asset class and sector risk over time. The Adviser
manages investments over a long-term time horizon, while being mindful of the historical context of the markets. The Adviser employs
a regimen of quantitative and qualitative criteria to arrive at a universe of investments which are considered to be &quot;best-of-breed.&quot;
The Adviser primarily selects securities with the highest expected income from a sector peer group of issuers with similar market
capitalization and/or credit quality. Secondarily, the Adviser considers potential for capital appreciation. When constructing
the Fund's portfolio, the Adviser selects securities from sectors that it believes have relatively low volatility and will not
be highly correlated to each other or to the equity or fixed income markets, generally. The Adviser considers low to moderate correlation
or volatility strategies to be those which are expected to have 75% or less of the volatility of, or correlation to, the relevant
market or index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B><U>REITs</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There are three main vehicles used to
execute REIT-related investments:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Listed REITs: </B> This investment
vehicle will be used to generate current income without the volatility of other types of real estate securities. Investment criteria
will include evaluating the strength of the sponsor and management. From an operations perspective, the Adviser will focus on the
attractiveness of the specific property type; stability of income; distribution yield and distribution coverage from operations.
From a financing perspective, the Adviser will focus on availability of debt and equity financing and target leverage levels. Finally,
the Adviser will focus on a value-add liquidity event following the close of the offering. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Listed (Traded) REIT Equities:</B> Investment
criteria on a macro level will include: relative attractiveness of REITs to the broader stock market, the impact of the debt capital
markets on REIT equities, the supply and demand for commercial real estate overall, and the supply and demand for specific property
types. On a micro level, the Adviser will focus on: the attractiveness of a specific property type, quality and historic success
of management, relative value price-to-earnings or price-to-cash flow or funds-from-operations multiple analysis on a REIT equity
within a sector, whether a REIT equity is trading at a premium or discount to its net asset value (NAV), and both internal (e.g.
same store growth) and external (e.g. acquisitions and development) growth prospects to drive total earnings growth. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REIT Debt:</B> This investment vehicle
will look at both current income opportunities and the ability to acquire debt or preferred stock (which the Fund defines to be
a form of debt with respect to REITs) at a discount to face value. This vehicle could include, but is not limited to, secured property level debt, unsecured
notes, unsecured notes and preferred equity convertible into common equity and preferred equity. Preferred equity issued by a REIT
historically trades at a </FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify">higher yield and has a lower risk profile than its common equity, but also has a lower capital gain potential
unless it trades at a discount to par. This portion of the Adviser's debt strategy will focus on quality of management, sustainability
of the business model, coverage of the common dividend and liquidity of the instrument.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>AIFs</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">AIFs selected by the Adviser include real estate
property funds and BDCs, each of which may pay performance-based fees to their managers. Securities of real estate property funds
are typically privately placed and are not traded on an exchange. A BDC is a form of investment company that is required to invest
at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term
high quality debt securities. Non-traded BDCs are illiquid and it may not be possible to redeem shares or to do so without paying
a substantial penalty.&nbsp;Publicly-traded BDCs usually trade at a discount to their net asset value because they invest in unlisted
securities and have limited access to capital markets. Additionally, the Fund may invest up to 15% of its net assets in securities
of certain AIFs commonly known as &quot;hedge funds,&quot; which are typically privately placed with investors without registration
with the SEC, employ leverage and hedging strategies as well as pay their managers performance fees on gains. These performance
fees may create an incentive for the manager of a hedge fund to enter into investments that are riskier or more speculative than
would otherwise be the case. The Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined
to be attractive and likely to have low correlations among each other or with the broad equity and fixed-income markets. The Adviser
will use both a quantitative screening process and a qualitative selection process when selecting AIF securities for investment
by the Fund in conjunction with its AIF strategy. To analyze AIFs, the Adviser relies on both proprietary research and research
provided by third parties. The Adviser reviews each AIF's management team, operations staff, past performance, philosophy, current
holdings and investment process. Once an investment is made, the new AIF is re-evaluated and tracked on a monthly or quarterly
basis. An AIF may be liquidated based on manager drift in style, underperformance, change in management team, deviation from risk
management discipline and change in the AIF's investment opportunity set or strategy, or any other factor that the Adviser feels
will impact future performance. Depending on the terms of the Fund&#8217;s investment in an AIF, the Adviser may or may not be
able to liquidate a certain AIF when it desires to do so. When using Underlying Funds to execute the Fund's AIF strategy, the Adviser
will consider each Underlying Fund's expenses and quality of management in addition to analyzing the AIF securities held by the
Underlying Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Master Limited Partnerships</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> An MLP is a publicly traded or privately
offered limited partnership or limited liability company. MLPs are typically engaged in one or more aspects of the exploration,
production, processing, transmission, marketing, storage or delivery of energy-related commodities such as natural gas, natural
gas liquids, coal, crude oil or refined petroleum products. An investment in MLP units differ from an investment in the securities
of a corporation. An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation.
Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain
tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general
partner, including those arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity
level. If, as a result of a change in current law or a change in an MLP's business, an MLP were treated as a corporation for federal
income tax purposes, such an MLP would  be obligated to pay federal income tax on
its income at the corporate tax rate. If an MLP were classified as a corporation for federal income tax purposes, the amount of
cash available for distribution by the MLP would be reduced and distributions received by investors would be taxed under federal
income tax laws
&nbsp; </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
applicable to corporate dividends (as dividend income, return of capital, or capital gain). Therefore, treatment
of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to investors, as
compared to an MLP that is not taxed as a corporation, likely causing a reduction in the value of Fund shares. In constructing
the model, the Adviser will consider a variety of factors, including but not limited to, market capitalization, liquidity, growth,
credit rating, source of qualifying income, business focus, and structure of the MLPs. The Adviser may also further evaluate MLP
investments on potential tax liabilities, trading costs, cash requirements and other factors, including the relative valuation
of related MLP or other competing investments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Common and Preferred Stocks</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Stocks are selected by the Adviser using
a proprietary stock selection model that ranks all dividend-payers using specific fundamental characteristics that the Adviser
believes are predictive of strong future total returns, dividend sustainability and dividend growth. These characteristics include
the ability-to-pay ratio, dividend payout ratio, dividend yield, historical sales and dividend growth, cash flow conversion ratio,
earnings momentum and return on capital. In addition, the Adviser eliminates stocks that violate specific ability-to-pay, payout
ratio, and dividend yield thresholds that vary by sector. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Structured Notes</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Structured Notes are selected by the Adviser
to generate interest income and as an economic substitute for the reference index, currency or commodity to which the structured
note payments are linked. The Adviser also may use structured notes to meet specific investment or risk management goals that cannot
be met from the standardized financial instruments available in the markets. Structured products can be used as an alternative
to a direct investment, as part of the asset allocation process to reduce risk exposure of the Fund's portfolio or to capitalize
on a current market trend. The Adviser selects structures notes of any maturity issued by an entity that the Adviser considers
creditworthy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Debt Securities</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Other debt securities are selected by the Adviser
to generate interest income and diversify the Fund's portfolio returns against equity market risks. The Fund invests without limit
in fixed rate or floating rate debt instruments of any maturity that the Adviser believes are creditworthy or have acceptable recovery
value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, including lower-quality
debt securities commonly known as &quot;high yield&quot; or &quot;junk&quot; bonds. The Adviser employs measurers consisting of
debt-to-assets, debt service coverage ratio and asset liquidation value to assess credit quality. The Adviser selects ABS when
it believes these securities offer higher yield or better prospects for capital preservation or appreciation than competing investments
in traditional debt instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Underlying Funds</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Adviser will invest in Underlying Funds
when it wishes the Fund to have representation in a certain sector or security type, but cannot find sufficient or suitable individual
securities that meet its investment criteria. The Adviser ranks Underlying
Funds on relative expenses, past performance and strategy fit for the Fund. In general, the Adviser selects Underlying Funds that
it believes offer more efficient execution of the Fund's strategy, such as when ample individual investments are not readily available
or the available investments do not meet the selection criteria of the Adviser, the Adviser may seek to invest in an Underlying
Fund in order to gain indirect exposure to a particular sector or class of securities.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Other Information Regarding Investment Strategy</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Fund may, from time to time, take defensive
positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic,
political or other conditions. During such times, the Adviser may determine that the Fund should invest up to 100% of its assets
in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills
and other short-term obligations of the U. S. Government, its agencies or instrumentalities. In these and in other cases, the Fund
may not achieve its investment objective. The Adviser may invest the Fund's cash balances in any investments it deems appropriate.
The Adviser expects that such investments will be made, without limitation and as permitted under the 1940 Act, in money market
funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from
such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering
into recommendations and decisions of the Adviser and the Fund's portfolio managers are subjective. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The frequency and amount of portfolio purchases
and sales (known as the &quot;portfolio turnover rate&quot;) will vary from year to year. The portfolio turnover rate is not expected
to exceed 100% for the current fiscal year but may vary greatly from year to year and will not be a limiting factor when the Adviser
deems portfolio changes appropriate. Although the Fund generally does not intend to trade for short-term profits, the Fund may
engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion
of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate
of portfolio turnover of the Fund. Higher rates of portfolio turnover would likely result in higher brokerage commissions and may
generate short-term capital gains taxable as ordinary income. If securities are not held for the applicable holding periods, dividends
paid on them will not qualify for the advantageous federal tax rates. See &quot;Tax Status&quot; in the Fund's Statement of Additional
Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There is no assurance what portion, if any,
of the Fund's investments will qualify for the reduced federal income tax rates applicable to qualified dividends under the Code.
As a result, there can be no assurance as to what portion of the Fund's distributions will be designated as qualified dividend
income. See &quot;U.S. Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Portfolio Investments &#8211; Select Additional Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Real Estate Investment Trusts</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund will invest in real estate investment
trusts. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans
or interests. REITS may or may not be publicly-traded and the Fund may invest, without limitation, in REITs which are not publicly-traded.
The market value of REIT shares and the ability of REITs to distribute income may be adversely affected by numerous factors, including
rising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective
tenants of the safety, convenience and attractiveness of the properties, the
ability of the owners to provide adequate management, maintenance and insurance
costs, the cost of complying with the Americans with Disabilities Act,
increasing competition and compliance with environmental laws, changes in real
estate taxes and other operating expenses, adverse changes in governmental rules
and fiscal policies, adverse changes in zoning laws, and other factors beyond
the control of the issuers. In addition,</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">distributions received by the Fund from REITs may consist of dividends,
capital gains and/or return of capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dividends paid by REITs will generally not qualify
for the reduced federal income tax rates applicable to qualified dividends under the Code. See &quot;U.S. Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>REIT Preferred Stocks</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may invest in REIT preferred stocks.
Preferred stocks are securities that pay dividends at a specified rate and have a preference over common stocks in the payment
of dividends and the liquidation of assets. This means that an issuer must pay dividends on its preferred stock prior to paying
dividends on its common stock. In addition, in the event a company is liquidated, preferred shareholders must be fully repaid on
their investments before common shareholders can receive any money from the company. Preferred shareholders, however, usually have
no right to vote for a company's directors or on other corporate matters. Preferred stocks pay a fixed stream of income to investors,
and this income stream is a primary source of the long-term investment return on preferred stocks. As a result, the market value
of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks. In this respect,
preferred stocks share many investment characteristics with debt securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>REIT Convertible Securities</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Convertible bonds and convertible preferred
stocks are generally obligations of a company that can be converted into a predetermined number of shares of common stock of the
company issuing the security. Convertible securities generally offer both defensive characteristics (<I>i.e</I>., provide income
during periods when the market price of the underlying common stock declines) and upside potential (<I>i.e.</I>, may provide capital
appreciation when the market price of the underlying common stock rises). The Fund may invest in securities that have been privately
placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under
the Securities Act of 1933.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Alternative Investment Funds. </B>The
managers of AIFs employ a variety of &quot;alternative&quot; investment strategies to achieve attractive risk-adjusted returns
(i.e., returns adjusted to take into account the volatility of those returns) with low correlation (expected to be less than 75%)
to the broad equity and fixed-income markets. &quot;Alternative&quot; investment strategies, unlike pure &quot;relative return
strategies,&quot; are generally managed without reference to the performance of equity, debt and other markets. AIFs selected by
the Adviser include real estate property funds and BDCs, each of which may pay performance-based fees to their managers. Real estate
property funds are similar to REITs in that they invest in real estate properties and or real estate-related debt obligations such
as mortgage loans. However, the Adviser anticipates investing in opportunistic real estate AIFs that focus on distressed or restructured
properties that offer the potential for larger returns.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">With respect to BDCs,
federal securities laws impose certain restraints upon the organization and operations of BDCs. For example, BDCs are required
to invest at least 70% of their total assets primarily in securities of private companies or in thinly traded U.S. public companies,
cash, cash
equivalents, U.S. government securities and high quality debt instruments that
mature in one year or less. BDCs may have performance-based incentive fees and
frequently trade at a discount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">
The Adviser expects to invest in other forms of AIFs that employ non-traditional
strategies such as investing in defaulted debt securities or in the securities
of companies undergoing a merger, business spin-off or other form of
restructuring.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"> Additionally, the
Fund may invest up to 15% of its net assets in securities of certain AIFs commonly known as &quot;hedge funds,&quot; which are
typically privately placed with investors without registration with the SEC, employ leverage and hedging strategies as well as
pay their managers performance fees on gains. These fees may create an incentive for the manager of a hedge fund to enter into
investments that are riskier or more speculative than would otherwise be the case. The Adviser intends to allocate the Fund's assets
among AIFs that, in the view of the Adviser, represent attractive investment opportunities. In selecting AIFs, the Adviser (with
the aid of research services employed by the Adviser), assesses the likely risks and returns of the different alternative investment
strategies utilized by the AIFs, and evaluates the potential correlation among the investment strategies under consideration. The
Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have
low correlations among each other or with the broad equity and fixed-income markets. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>An investment in the Fund's shares is subject
to risks. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds.
This will cause the value of the Fund's shares to increase or decrease. You could lose money by investing in the Fund. By itself,
the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider carefully the following
risks. There may be additional risks that the Fund does not currently foresee or consider material. You may wish to consult with
your legal or tax advisors before deciding whether to invest in the Fund.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Alternative Investment Funds Risk</I>.
</B>Fund shareholders may bear two layers of fees and expenses: asset-based fees and expenses at the Fund level, and asset-based
fees, performance-based incentive allocations or fees and expenses at the AIF level. The Fund's performance depends in part upon
the performance of the AIF managers and selected strategies, the adherence by such AIF managers to such selected strategies, the
instruments used by such AIF managers and the Adviser's ability to select AIF managers and strategies and effectively allocate
Fund assets among them. Each AIF is subject to its own strategy-specific risks that may include the risks described above as well
as the risk that each AIF manager's judgments about the value of securities, currencies or commodities may prove incorrect and
result in losses or low returns. Alternative real estate strategies are subject to real estate market risk in general and are subject
to risks that defaulted or restructured transactions may never become profitable. BDCs are subject to high failure rates among
the companies in which they invest and federal securities laws impose restraints upon the organization and operations of BDCs that
can limit or negatively impact the performance of a BDC. However, the Fund does not believe it would be liable for the actions
of any entity in which it invests and that only its investment is at risk. Also, BDCs may engage in certain principal and joint
transactions that a mutual fund or closed-end fund may not without an exemptive order from the SEC. Also, the Fund may purchase
in the aggregate only up to 3% of the total outstanding voting stock of any other investment company, such as a BDC, unless the
other investment company has an exemptive order from the SEC. Equity strategies are subject to equity market risk in general and
event-driven strategies are subject to the risk that the anticipated transaction may be canceled, postponed or completed on less
favorable terms.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
The Fund may invest in private investment funds, or &#147;hedge funds,&#148; which pursue
alternative investment strategies. Hedge funds often engage in speculative
investment practices such as leverage, short-selling, arbitrage, hedging,
derivatives, and other strategies that may increase investment loss. Hedge funds
can be highly illiquid, are not required to provide periodic pricing or
valuation information to investors, and often charge high fees that can erode
performance. Additionally, they may involve complex tax structures and delays in
distributing tax information. Because of the speculative nature of a hedge
fund&#146;s </P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">investments and trading strategies, the Fund may suffer
a significant or complete loss of its invested capital in one or more hedge funds. A shareholder will also bear fees and expenses
charged by the underlying hedge funds in addition to the Fund&#8217;s direct fees and expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I> BDC Risk </I> . </B> &nbsp;&nbsp;BDCs
may carry risks similar to those of a private equity or venture capital fund. Non-traded BDCs are illiquid and it may not be possible
to redeem shares or to do so without paying a substantial penalty.&nbsp;&nbsp;Publicly-traded BDCs usually trade at a discount
to their net asset value because they invest in unlisted securities and have limited access to capital markets. A BDC is a form
of investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies,
thinly traded U.S. public companies, or short-term high quality debt securities. The BDCs held by the Fund may leverage their portfolios
through borrowings or the issuance of preferred stock. While leverage often serves to increase the yield of a BDC, this leverage
also subjects a BDC to increased risks, including the likelihood of increased volatility and the possibility that a BDC's common
share income will fall if the dividend rate of the preferred shares or the interest rate on any borrowings rises. A significant
portion of a BDC&#8217;s investments are recorded at fair value as determined by its board of directors which may create uncertainty
as to the value of the BDC&#8217;s investments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Common
and Preferred Stock Risk.</I></B> Equity markets can be volatile. In other words, the prices of equity securities can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
The Fund's investments may decline in value if the equity markets perform poorly. There is also a risk that the Fund's investments
will underperform either the securities markets generally or particular segments of the securities markets. Market prices of equity
securities in broad market segments may be adversely affected by a prominent issuer having experienced losses, by the lack of earnings,
by an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated
to the value or condition of the issuer, such as changes in interest rates. Preferred
stocks pay a fixed stream of income to investors, and this income stream is a primary source of the long-term investment return
on preferred stocks. As a result, the market value of preferred stocks is generally more sensitive to changes in interest rates
than the market value of common stocks. In this respect, preferred stocks share many investment characteristics with debt securities.</FONT></P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I> Credit Risk. </I></B><I> </I> There
is a risk that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities
may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of
a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult to sell the security.
Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby
reducing the value of your investment in Fund shares. In addition, default may cause the Fund to incur expenses in seeking recovery
of principal or interest on its portfolio holdings.<I> </I> </P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B><I> Distribution
Policy Risk. </I></B> The Fund&#8217;s distribution policy is expected to result in distributions that equal a fixed percentage
of the Fund&#8217;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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I> Fixed Income Risk. </I> </B> When
the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.
Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt
securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.
Other risk factors include credit risk (the debtor may default), prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments) and extension risk (the debtor may pay its obligation later than expected, increasing a security&#8217;s
maturity). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return
to be reduced and fluctuate more than other types of investments. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify"><B><I>High Yield Risk</I>.</B> Lower-quality
bonds, known as &quot;high yield&quot; or &quot;junk&quot; bonds, present a significant risk for loss of principal and interest.
These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased
possibility that the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal. If that
happens, the value of the bond may decrease, the Fund's share price may decrease and its income may be reduced. An economic downturn
or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its
bonds. Such securities also may include &quot;Rule 144A&quot; securities, which are subject to resale restrictions. The lack of
a liquid market for these bonds could decrease the Fund's share price. The Adviser's assessment of an issuer's credit quality may
prove incorrect and the Fund could suffer losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4.85pt; text-align: justify"><B><I>Issuer and Non-Diversification
Risk.</I></B><I> </I>The value of a specific security can be more volatile than the market as a whole and can perform differently
from the value of the market as a whole. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the
securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or
regulatory occurrence than the value of shares of a diversified investment company. The value of an issuer's securities that are
held in the Fund's portfolio may decline for a number of reasons which directly relate to the issuer, such as management performance,
financial leverage and reduced demand for the issuer's goods and services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Leveraging Risk. </I></B><I> </I>The use
of leverage, such as borrowing money to purchase securities, by the Fund will magnify the Fund's gains or losses. Generally, the
use of leverage also will cause the Fund to have higher expenses (especially interest expenses) than those of funds that do not
use such techniques. In addition, a lender to the Fund may terminate or refuse to renew any credit facility. If the Fund is unable
to access additional credit, it may be forced to sell investments at inopportune times, which may depress the returns of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Liquidity Risk</I>.</B> The Fund is a
closed-end investment company structured as an interval fund and designed for long-term investors. Unlike many closed-end investment
companies, the Fund's shares are not listed on any securities exchange and
are not publicly traded. There is currently no secondary market for the shares and the Fund expects that no secondary market will
develop. Very limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than
5% of the shares outstanding at NAV. There is no guarantee, and it is unlikely,
that shareholders will be able to sell all of the shares they desire in a
quarterly repurchase offer. The Fund's investments are also subject to liquidity
risk. Liquidity risk exists when particular investments of the Fund would be
difficult to sell, possibly preventing the Fund from selling such illiquid
securities at an advantageous time or price, or possibly requiring the Fund to
dispose of other investments at unfavorable times or prices in order to satisfy
its obligations. Funds, such as this one, with principal investment strategies
that involve </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">securities of companies
with smaller market capitalizations, derivatives or<FONT STYLE="color: red"> </FONT>securities with substantial market and/or credit
risk tend to have the greatest exposure to liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Valuation Risk. </I>Because many
of the securities held by the Fund do not trade on an exchange they must be valued by the Fund using fair value procedures. Fair
valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially
from the value that could be realized upon the sale of the security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I> Management Risk. </I></B><I>
</I> <B> </B>The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Adviser's
judgments about the attractiveness, value and potential appreciation of particular asset class sector and securities in which the
Fund invests may prove to be incorrect and may not produce the desired results. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Market Risk. </I></B>An investment in
shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares
represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments,
may move up or down, sometimes rapidly and unpredictably. The value of your shares at any point in time may be worth less than
the value of your original investment, even after taking into account any reinvestment of dividends and distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>MLP Risk.</I></B> Investments in MLPs
involve risks different from those of investing in common stock including risks related to limited control and limited rights to
vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner,
cash flow risks, dilution risks and risks related to the general partner's limited call right. MLPs are generally considered interest-rate
sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending
on the state of interest rates in general, the use of MLPs could enhance or harm the overall performance of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify"><I>MLP Tax Risk</I>. MLPs typically
do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership's income,
gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result
in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to
pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes
would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the
Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment
in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify"><B><I>Medium and Small Capitalization Company
Risk. </I></B>The Fund will concentrate its investments in real estate industry securities. Many issuers of real estate securities
are medium or small capitalization companies which may be newly formed or have limited product lines, distribution channels and
financial and managerial resources. The risks associated with these investments are generally greater than those associated with
investments in the securities of larger, more-established companies. This may cause the Fund's NAV to be more volatile when compared
to investment companies that focus only on large capitalization companies. Generally, securities of medium and small capitalization
companies are more likely to experience sharper swings in market values, less liquid markets, in which it may be more difficult
to sell and generally are more volatile than those of larger companies. Compared to large companies, smaller companies are more
likely to have (i) less information publicly available, (ii) more limited
product lines or markets and less mature businesses, (iii) fewer capital
resources, (iv) more </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">limited management depth and (v) shorter operating histories. Further, the equity securities
of smaller companies are often traded over-the-counter and generally experience a lower trading volume than is typical for securities
that are traded on a national securities exchange. Consequently, the Fund may be required to dispose of these securities over a
longer period of time (and potentially at less favorable prices) than would be the case for securities of larger companies, offering
greater potential for gains and losses and associated tax consequences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Real Estate Industry Concentration Risk.</I></B><I>
</I>The Fund will not invest in real estate directly, but because the Fund will concentrate its investments in securities of REITs
and other real estate industry issuers, its portfolio will be significantly impacted by the performance of the real estate market
and may experience more volatility and be exposed to greater risk than a more diversified portfolio. Although the Fund will not
invest in real estate directly, the Fund may be subject to risks similar to those associated with direct ownership in real property.
The value of the Fund's shares will be affected by factors affecting the value of real estate and the earnings of companies engaged
in the real estate industry. These factors include, among others: (i) changes in general economic and market conditions; (ii) changes
in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition;
(iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii)
variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and
(ix) changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely
affect a company's operations and market value in periods of rising interest rates. The value of securities of companies in the
real estate industry may go through cycles of relative under-performance and over-performance in comparison to equity securities
markets in general. If a court were to disregard the limited liability legal structure of a REIT or real estate-related issuer,
the Fund could be liable for a portion of claims in excess of that entity's assets, such as claims arising from environmental problems.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There are also special risks associated with
particular sectors, or real estate operations generally, as described below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Retail Properties. </I>Retail properties
are affected by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative
forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic
changes, changes in spending patterns and lease terminations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Community Centers. </I>Community
center properties are dependent upon the successful operations and financial condition of their tenants, particularly certain of
their major tenants, and could be adversely affected by bankruptcy of those tenants. In some cases a tenant may lease a significant
portion of the space in one center, and the filing of bankruptcy could cause significant revenue loss. Like others
in the commercial real estate industry, community centers are subject to environmental risks and interest rate risk. They also
face the need to enter into new leases or renew leases on favorable terms to generate rental revenues. Community center properties
could be adversely affected by changes in the local markets where their properties are located, as well as by adverse changes in
national economic and market conditions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Office Properties. </I>Office properties
are affected by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants,
obsolescence and non-competitiveness.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Hotel Properties. </I>The risks
of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition,
increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers
and tourism, increases in fuel costs and other expenses of travel, and adverse effects of general and local economic conditions.
Hotel properties tend to be more sensitive to adverse economic conditions and competition than many other commercial properties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Healthcare Properties. </I>Healthcare
properties and healthcare providers are affected by several significant factors, including federal, state and local laws governing
licenses, certification, adequacy of care, pharmaceutical distribution, rates, equipment, personnel and other factors regarding
operations, continued availability of revenue from government reimbursement programs and competition on a local and regional basis.
The failure of any healthcare operator to comply with governmental laws and regulations may affect its ability to operate its facility
or receive government reimbursements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Multifamily Properties. </I>The
value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property,
the ability of the management team, the level of mortgage rates, the presence of competing properties, adverse economic conditions
in the locale, oversupply and rent control laws or other laws affecting such properties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Self-Storage Properties. </I>The
value and successful operation of a self-storage property may be affected by a number of factors, such as the ability of the management
team, the location of the property, the presence of competing properties, changes in traffic patterns and effects of general and
local economic conditions with respect to rental rates and occupancy levels.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Other factors may contribute to the risk of
real estate investments:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Development Issues. </I>Certain
real estate companies may engage in the development or construction of real estate properties. These companies in which the Fund
invests via REITs (&quot;portfolio companies&quot;) are exposed to a variety of risks inherent in real estate development and construction,
such as the risk that there will be insufficient tenant demand to occupy newly developed properties, and the risk that prices of
construction materials or construction labor may rise materially during the development.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Lack of Insurance. </I>Certain
of the portfolio companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss
insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured
loss occur, the portfolio company could lose its investment in, and anticipated profits

and cash flows from, a number of properties
and, as a result, adversely affect the Fund's investment performance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Dependence on Tenants.</I> The
value of the Fund's portfolio companies' properties and the ability to make distributions to their shareholders depend upon the
ability of the tenants at their properties to generate enough income in excess of their operating expenses to make their lease
payments. Changes beyond the control of our portfolio companies may adversely affect their tenants' ability to make their lease
payments and, in such event, would substantially reduce both their income from operations and ability to make distributions to
our portfolio companies and, consequently, the Fund.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Financial Leverage. </I>Real estate
companies may be highly leveraged and financial covenants may affect the ability of real estate companies to operate effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Environmental Issues. </I>In connection
with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or
toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore,
may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities
for injuries to persons and property. The existence of any such material environmental liability could have a material adverse
effect on the results of operations and cash flow of any such portfolio company and, as a result, the amount available to make
distributions on shares of the Fund could be reduced. However, the Fund does not believe it would be liable for the actions of
any entity in which it invests and that only its investment is at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Financing Issues. </I>Financial
institutions in which the Fund may invest are subject to extensive government regulation. This regulation may limit both the amount
and types of loans and other financial commitments a financial institution can make, and the interest rates and fees it can charge.
In addition, interest and investment rates are highly sensitive and are determined by many factors beyond a financial institution's
control, including general and local economic conditions (such as inflation, recession, money supply and unemployment) and the
monetary and fiscal policies of various governmental agencies such as the Federal Reserve Board. These limitations may have a significant
impact on the profitability of a financial institution since profitability is attributable, at least in part, to the institution's
ability to make financial commitments such as loans. Profitability of a financial institution is largely dependent upon the availability
and cost of the institution's funds, and can fluctuate significantly when interest rates change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Current Conditions</I>. The decline
in the broader credit markets in recent months related to the sub-prime mortgage dislocation has caused the global financial markets
to become more volatile and the United States homebuilding market has been dramatically impacted as a result. The confluence of
the dislocation in the real estate credit markets with the broad based stress in the United States real estate industry could create
a difficult operating environment for owners of real estate in the near term and investors should be aware that the general risks
of investing in real estate may be magnified.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Recent instability in the United States, European
and other credit markets also has made it more difficult for borrowers to obtain financing or refinancing on attractive terms or
at all. In particular, because of the current conditions in the credit markets, borrowers may be subject to increased interest
expenses for borrowed money and tightening underwriting standards. There is also a risk that a general lack of liquidity or other adverse
events in the credit markets may adversely affect the ability of issuers in whose securities the Fund invests to finance real estate
developments and projects or refinance completed projects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For example, adverse developments relating to
sub-prime mortgages have been adversely affecting the willingness of some lenders to extend credit, in general, which may make
it more difficult for companies to obtain financing on attractive terms or at all so that they may commence or complete real estate
development projects, refinance completed projects or purchase real estate. It also may adversely affect the price at which companies
can sell real estate, because purchasers may not be able to obtain financing on attractive terms or at all. These developments
also may adversely affect the broader economy, which in turn may adversely affect the real estate markets. Such developments </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">could,
in turn, reduce the number of real estate funds publicly-traded during the investment period and reduce the Fund's investment opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">REITS that are not publicly-traded may be illiquid
and may not provide periodic pricing or valuation information to investors. To the extent that the Fund invests in non-publicly-traded
REITs, the Fund will be subject to these additional risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>REIT Tax Risks:</I></B> Qualification
as a REIT under the Internal Revenue Code of 1986, as amended, in any particular year is a complex analysis that depends on a number
of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed
as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not
be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character
of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly
reduce the Fund's yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs
invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from
the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value
of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest
payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers
and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent
upon management skills, may not be diversified and are subject to the risks of financing projects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dividends paid by REITs generally will not qualify
for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See &quot;U.S. Federal Income Tax
Matters.&quot; Some or all of a REIT's annual distributions to its investors may constitute a non-taxable return of capital. Any
such return of capital will generally reduce the Fund's basis in the REIT investment, but not below zero. To the extent the distributions
from a particular REIT exceed the Fund's basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions
often include a nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital.
Shareholders that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero.
To the extent the distribution exceeds a shareholder's basis in the Fund's shares, such shareholder will generally recognize a
capital gain. The Fund does not have any investment restrictions with respect to investments in REITs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Repurchase Policy Risks. </I></B>Quarterly
repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. However, payment
for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate
such holdings, potentially resulting in losses, and
may increase the Fund's portfolio turnover. The Adviser may take measures to attempt to avoid or minimize such potential losses
and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows
to finance repurchases, interest on any such borrowing will negatively affect shareholders who do not tender their shares in a
repurchase offer by increasing the Fund's expenses and reducing any net investment income. To the extent the Fund finances repurchase
proceeds by selling investments, the Fund may hold a larger proportion of its net assets in less liquid securities. Also, the sale
of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Repurchase of shares will tend to reduce the
amount of outstanding shares and, depending upon the Fund's investment performance, its net assets. A reduction in the Fund's net
assets may increase the Fund's expense ratio, to the extent that additional shares are not sold. In addition, the repurchase of
shares by the Fund may be a taxable event to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3.5pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Structured Note Risk</I></B><I>.</I> The
Fund may seek investment exposure to sectors through structured notes that may be exchange traded or trade in the over-the-counter
market. These notes are typically issued by banks, brokerage firms or special purpose corporations, companies or limited partnerships
(commonly referred to as SPVs), and have interest and/or principal payments which are linked to changes in the price level of certain
assets or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level
of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality
rating, and economic, legal, political, or geographic events that affect the referenced commodity. The credit quality of an issuer
may be influenced by unfavorable industry-related conditions in the banking or brokerage industry or by limited access to additional
capital in the case of an SPV. In addition, there may be a lag between a change in the value of the underlying reference asset
and the value of the structured note. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes
in the secondary market. In the event that the issuer of the structured note defaults, it is possible that the Fund could lose
its entire investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Underlying Funds Risk.</I></B><I> </I>The
Fund invests in ETFs, mutual funds and closed-end funds. As a result, your cost of investing in a Fund will be higher than the
cost of investing directly in ETFs, mutual funds and closed-end funds and may be higher than other mutual funds that invest directly
in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund's direct
fees and expenses. Additional risks of investing in ETFs, mutual funds and closed-end funds, where noted, are described below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Strategies Risk:</I> Each Underlying
Fund is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk,
and foreign currency risk, as well as risks associated with fixed income securities and commodities. Inverse ETFs will limit the
Fund&#8217;s participation in market gains.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>ETF Tracking Risk:</I> Investment in
the Fund should be made with the understanding that the index-linked ETFs in which the Fund invests will not be able to replicate
exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction
costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses
not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time,
temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices.</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Risk Related to Net Asset Value and
Market Price:</I> The market value of the ETF and closed-end shares may differ from their net asset value. This difference in price
may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to
the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trades
at a premium or discount to net asset value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Expense Risk</I>: The Fund invests in
Underlying Funds. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETF, mutual
fund and closed-end fund shares and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly
bear fees and expenses charged by the Underlying Funds in addition to the Fund's direct fees and expenses. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Additional Risk: </I>The strategy of
investing in Underlying Funds could affect the timing, amount and character of distributions to you and therefore may increase
the amount of taxes you pay. In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent
the Fund from allocating investments in the manner the adviser considers optimal. Generally, the Fund may purchase in the aggregate
only up to 3% of the total outstanding voting stock of any closed-end fund, mutual fund or ETF (if the ETF is an investment company).
Additionally, in general, the Fund may not invest more than 5% of its total assets in one Underlying Fund or more than 10% in Underlying
Funds, unless it complies with certain restrictions or is able to make purchases in reliance upon an Underlying Fund's exemptive
order that permits investments in excess of the limits stated above. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 5pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Trustees and Officers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Trustees is responsible for the
overall management of the Fund, including supervision of the duties performed by the Adviser. The Board is comprised of four trustees.
The Trustees are responsible for the Fund's overall management, including adopting the investment and other policies of the Fund,
electing and replacing officers and selecting and supervising the Fund's investment adviser. The name and business address of the
Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years, as well as
a description of committees of the Board, are set forth under &quot;Management&quot; in the Statement of Additional Information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Lucia Capital Management, located at 13520
Evening Creek Drive N., Suite 300, San Diego, CA 92128, serves as the Fund's investment adviser. The Adviser is registered with
the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is owned and controlled by
Raymond Lucia, Jr. and Joseph P. Lucia. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Under the general supervision of the Fund's
Board of Trustees, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will furnish continuously
an investment program with respect to the Fund, and determine which securities should be purchased, sold or exchanged. In addition,
the Adviser will supervise and provide oversight of the Fund's service providers. The Adviser will furnish to the Fund office facilities,
equipment and personnel for servicing the management of the Fund. The Adviser will compensate all Adviser personnel who provide
services to the Fund. In return for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation
under the Investment Management Agreement a monthly management fee computed at the annual rate of 0.75% of the daily net assets
of the Fund. The Adviser may employ research services and service
providers to assist in the Adviser's market analysis and investment selection.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> A discussion regarding the basis for the
Board of Trustees' approval of the Fund's Investment Management Agreement is available in the Fund's annual report to shareholders
for the period ended February 28, 2015. </P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B> &nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Portfolio Managers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Raymond J. Lucia, Jr.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Mr. Lucia, Chief Executive Officer of the
Adviser, is the Fund's portfolio manager. Mr. Lucia has primary responsibility for management of the Fund's investment portfolio
and has served the Fund in this capacity since it commenced operations in 2012. Mr. Lucia is also CEO of Lucia Wealth Services,
a Registered Investment Advisor, and Lucia Securities, LLC, a Registered Broker Dealer and member FINRA/SIPC. Mr. Lucia was previously
with Raymond J. Lucia Companies, Inc. (&#8220;RJL, Inc.&#8221;) for 8 years where he held the position of Executive Vice President
and was responsible for creating and managing the firm's strategic plans, including: developing and implementing the firm's investment
strategies, growing the fee-based asset management platform, and expanding the firm's client base in over 15 office locations nationwide.
Prior to joining RJL, Inc. in 2000, Mr. Lucia worked for Deloitte and Touche as a tax accountant in the Personal Financial Services
group providing financial advice to high-net-worth individuals. Mr. Lucia graduated from Loyola Marymount University in 1997 with
a Bachelor of Science in Accounting. Mr. Lucia is a Certified Public Accountant and holds the Personal Financial Specialist designation
offered by the AICPA. Mr. Lucia holds the Series 7, 24, 63, and 65 licenses. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Mark C. Scalzo </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Mr. Scalzo, Chief Investment Officer of the
Adviser, is the portfolio manager for the equity portion of the Fund&#8217;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>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Statement of Additional Information provides
additional information about the Fund's portfolio managers' compensation, other accounts managed and ownership of Fund shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Administrator, Accounting Agent and Transfer Agent</B></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Gemini Fund Services, LLC, (&#8220;GFS&#8221;)
located at 80 Arkay Drive, Hauppauge, NY, 11788, serves as Administrator, Accounting Agent and Transfer Agent. GFS receives the
following fees: for administrative services 0.10% on the first $100 million of net assets of the Fund, 0.08% on the next $150 million
of net assets and 0.06% on net assets greater than $250 million, paid monthly at the preceding annual rates, subject to a minimum
fee of $32,000; for accounting services a $21,600 base fee plus 0.02% of net assets from $25 to $100 million and 0.01% of net assets
over $100 million, paid monthly at the preceding annual rates; for transfer agent services $14 per account plus various other account-related
charges, subject to a minimum fee of $14,400; plus out of pocket expenses for each of the preceding services. </P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B> &nbsp; </B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Custodian</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> MUFG Union Bank, N.A.,
with principal offices at 350 California Street, 6th Floor San Francisco, California 94104 serves as custodian for the securities
and cash of the Fund's portfolio. Under a Custody Agreement, MUFG Union Bank, N.A. holds the Fund's assets in safekeeping and keeps
all necessary Records and documents relating to its duties. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Fund Expenses</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Adviser is obligated to pay expenses associated
with providing the services stated in the Investment Management Agreement, including compensation of and office space for its officers
and employees connected with investment and economic research, trading and investment management and administration of the Fund.
The Adviser is obligated to pay the fees of any Trustee of the Fund who is affiliated with it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">GFS is obligated to pay expenses associated
with providing the services contemplated by a Fund Services Administration Agreement (administration, accounting and transfer agent),
including compensation of and office space for its officers and employees and administration of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund pays all other expenses incurred in
the operation of the Fund including, among other things, (i) expenses for legal and independent accountants' services, (ii) costs
of printing proxies, share certificates, if any, and reports to shareholders, (iii) charges of the custodian and transfer agent
in connection with the Fund's dividend reinvestment policy, (iv) fees and expenses of independent Trustees, (v) printing costs,
(vi) membership fees in trade association, (vii) fidelity bond coverage for the Fund's officers and Trustees, (viii) errors and
omissions insurance for the Fund's officers and Trustees, (ix) brokerage costs, (x) taxes, (xi) costs associated with the Fund's
quarterly repurchase offers, (xii) servicing fees and (xiii) other extraordinary or non-recurring expenses and other expenses properly
payable by the Fund. The expenses incident to the offering and issuance of shares to be issued by the Fund will be recorded as
a reduction of capital of the Fund attributable to the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Class A, Class L and Class C shares are subject
to a monthly shareholder servicing fee at an annual rate of 0.25% of the average daily net assets of the Fund attributable to the
respective share class. Class I shares are not subject to this monthly shareholder servicing fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund pays offering expenses incurred with
respect to the offering of its shares from the proceeds of the offering, less any amounts advanced under the Expense Limitation.
For tax purposes, offering costs cannot be deducted by the Fund or the Fund's shareholders. Therefore, for tax purposes, the expenses incident to the offering and issuance
of shares to be issued by the Fund will be recorded as a reduction of capital of the Fund attributable to the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Investment Management Agreement authorizes
the Adviser to select brokers or dealers (including affiliates) to arrange for the purchase and sale of Fund securities, including
principal transactions. Any commission, fee or other remuneration paid to an affiliated broker or dealer is paid in compliance
with the Fund's procedures adopted in accordance with Rule 17e-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Control Persons</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> A control person is one who owns, either
directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of such control. As of
June 19, 2015, no shareholder is </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
&nbsp; </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
deemed to control the Fund because none had voting authority with respect to more than 25% of
the value of the outstanding interests in the Fund on such date. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DETERMINATION OF NET ASSET VALUE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The NAV of shares of the Fund is determined
daily, as of the close of regular trading on the New York Stock Exchange (&#8220;NYSE&#8221;) (normally, 4:00 p.m., Eastern Time).
Each Class A and Class L share will be offered at NAV plus the applicable sales load, while each Class C and Class I share will
be offered at net asset value. During the continuous offering, the price of the shares will increase or decrease on a daily basis
according to the NAV of the shares. In computing NAV, portfolio securities of the Fund are valued at their current market values
determined on the basis of market quotations or net asset value in the case of mutual funds. If market quotations are not readily
available, as is expected to be the case for non-listed REITs, AIFs and non-listed MLPs, securities are valued at fair value as
determined by the Board of Trustees. The Board has delegated the day to day responsibility for determining these fair values in
accordance with the policies it has approved to the Adviser, subject to Board supervision. Fair valuation involves subjective judgments,
and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon
the sale of the security. There is no single standard for determining fair value of a security. Rather, in determining the fair
value of a security for which there are no readily available market quotations, the Adviser may consider several factors, including
fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition
of the security, the cost of the security at the date of purchase, the liquidity of the market for the security and the recommendation
of the Fund's Portfolio Manager. Although the Fund will receive information from each non-listed REIT, AIF and non-listed MLP regarding
its security prices, investment performance and investment strategy, the Adviser may have little or no means of independently verifying
this information. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Adviser will provide the Board of Trustees
with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable
to that period, and that identify issues and valuations problems that have arisen, if any. To the extent deemed necessary by the
Adviser, the Valuation Committee of the Board will review any securities valued by the Adviser in accordance with the Fund's valuation
policies. The Adviser will provide the Board of Trustees with periodic reports, no less frequently than quarterly, that discuss
the functioning of the valuation process, if applicable to that period, and that identify issues and valuations problems that have
arisen, if any. To the extent deemed necessary by the Adviser, the Valuation Committee of the Board will review any securities
valued by the Adviser in accordance with the Fund's valuation policies.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Non-dollar-denominated securities, if any, are
valued as of the close of the NYSE at the closing price of such securities in their principal trading market, but may be valued
at fair value if subsequent events occurring before the computation of net asset value materially have affected the value of the
securities. Trading may take place in foreign issues held by the Fund, if any, at times when the Fund is not open for business.
As a result, the Fund's net asset value may change at times when it is not possible to purchase or sell shares of the Fund. The
Fund uses a third party pricing service to assist it in determining the market value of securities in the Fund's portfolio. The
Fund's net asset value per share is calculated by dividing the value of the Fund's total assets (the value of the securities the
Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses of the Fund, less
the Fund's other liabilities by the total number of shares outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of determining the net asset value
of the Fund, readily marketable portfolio securities listed on the NYSE are valued, except as indicated below, at the last sale
price reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">determined.
If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If
no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close
of trading, then the security is valued by such method as the Board shall determine in good faith to reflect its fair market value.
Readily marketable securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in
a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business
day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing
the principal market for such securities. Securities trading on the NASDAQ are valued at the closing price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Readily marketable securities traded in the
over-the-counter market, including listed securities whose primary market is believed by the Adviser to be over-the-counter, are
valued at the mean of the current bid and asked prices as reported by the NASDAQ or, in the case of securities not reported by
the NASDAQ or a comparable source, as the Board deems appropriate to reflect their fair market value. Where securities are traded
on more than one exchange and also over-the-counter, the securities will generally be valued using the quotations the Board of
Trustees believes reflect most closely the value of such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONFLICTS OF INTEREST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> As a general matter, certain conflicts of
interest may arise in connection with a portfolio manager's management of a fund's investments, on the one hand, and the investments
of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts
managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of
the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible
conflicts could arise in determining how to allocate them. Other potential conflicts might include conflicts created by specific
portfolio manager compensation arrangements, and conflicts relating to selection of brokers or dealers to execute Fund portfolio
trades and/or specific uses of commissions from Fund portfolio trades (for example, research, or &quot;soft dollars&quot;, if any).
The Adviser has adopted policies and procedures and has structured its portfolio managers' compensation in a manner reasonably
designed to safeguard the Fund from being negatively affected as a result of any such potential conflicts. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>QUARTERLY REPURCHASES OF SHARES</B></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Once each quarter, the Fund will offer to repurchase
at net asset value no less than 5% of the outstanding shares of the Fund, unless such offer is suspended or postponed in accordance
with regulatory requirements (as discussed below). The offer to purchase shares is a fundamental policy that may not be changed
without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Shareholders
will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the &quot;Repurchase Request
Deadline&quot;). Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later
than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a
&quot;Repurchase Pricing Date&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders will be notified in writing about
each quarterly repurchase offer, how they may request that the Fund repurchase their shares and the date of the Repurchase Request
Deadline. Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to
the aggregate repurchase amounts established for that Repurchase Request Deadline. The time between the notification to shareholders
and the Repurchase Request Deadline is </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">generally 30 days, but may vary from no more than 42 days to no less than 21 days. Payment
pursuant to the repurchase will be made by checks to the shareholder's address of record, or credited directly to a predetermined
bank account no more than seven days after the Repurchase Pricing Date (the &quot;Repurchase Payment Date&quot;). The Board may
establish other policies for repurchases of shares that are consistent with the 1940 Act, regulations thereunder and other pertinent
laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Determination of Repurchase Offer Amount</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Trustees, or a committee thereof,
in its sole discretion, will determine the number of shares that the Fund will offer to repurchase (the &quot;Repurchase Offer
Amount&quot;) for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more
than 25% of the total number of shares outstanding on the Repurchase Request Deadline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If shareholders tender for repurchase more than
the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the shares on a pro rata basis. However, the
Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred shares and who tender all of their
shares, before prorating other amounts tendered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Notice to Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Approximately 30 days (but no less than 21 days
and more than 42 days) before each Repurchase Request Deadline, the Fund shall send to each shareholder of record and to each beneficial
owner of the shares that are the subject of the repurchase offer a notification (&quot;Shareholder Notification&quot;). The Shareholder
Notification will contain information shareholders should consider in deciding whether to tender their shares for repurchase. The
notice also will include detailed instructions on how to tender shares for repurchase, state the Repurchase Offer Amount and identify
the date of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the Repurchase Payment Date. The notice
also will set forth the NAV that has been computed no more than seven days before the date of notification, and how shareholders
may ascertain the NAV after the notification date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchase Price</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The repurchase price of the shares will be the
NAV of the share class as of the close of regular trading on the NYSE on the Repurchase Pricing Date. You may call 1-855-601-3841
to learn the NAV. The notice of the repurchase offer also will provide information concerning the NAV, such as the NAV as of a
recent date or a sampling of recent NAVs, and a toll-free number for information regarding the repurchase offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Early Withdrawal Charges</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Class A shareholders purchasing shares valued
at $1 million or more pay no commission at the time of purchase. However, selling brokers, or other financial intermediaries that
have entered into distribution agreements with the Distributor may receive a commission of up to 1.00% of the purchase price of
Class A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In these situations, Class A shareholders, who
purchase &#8220;no-load&#8221;, who tender for repurchase of such shareholder&#8217;s Class A Shares such that they will have been
held less than 365 days after purchase, as of the time of repurchase, will be subject to an early withdrawal charge of 1.00% of
the original purchase price. The Distributor may waive the imposition of the early withdrawal charge in the following situations:
(1) shareholder death or (2) shareholder disability. Any such waiver does not imply that the </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">early withdrawal charge will be waived
at any time in the future or that such early withdrawal charge will be waived for any other shareholder.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchase Amounts and Payment of Proceeds</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shares tendered for repurchase by shareholders
prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that
Repurchase Request Deadline. Payment pursuant to the repurchase offer will be made by check to the shareholder's address of record,
or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven days after
the Repurchase Pricing Date. The Board may establish other policies for repurchases of shares that are consistent with the 1940
Act, regulations thereunder and other pertinent laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If shareholders tender for repurchase more than
the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount
of shares not to exceed 2% of the outstanding shares of the Fund on the Repurchase Request Deadline. If the Fund determines not
to repurchase more than the Repurchase Offer Amount, or if shareholders tender shares in an amount exceeding the Repurchase Offer
Amount plus 2% of the outstanding shares on the Repurchase Request Deadline, the Fund will repurchase the shares on a pro rata
basis. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred shares and
who tender all of their shares, before prorating other amounts tendered.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Suspension or Postponement of Repurchase
Offer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund may suspend or postpone a repurchase
offer only: (a) if making or effecting the repurchase offer would cause the Fund to lose its status as a regulated investment company
under the Code; (b) for any period during which the NYSE or any market on which the securities owned by the Fund are principally
traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c)
for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably
practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or
(d) for such other periods as the Commission may by order permit for the protection of shareholders of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Liquidity Requirements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund must maintain liquid assets equal to
the Repurchase Offer Amount from the time that the notice is sent to shareholders until the Repurchase Pricing Date. The Fund will
ensure that a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets that can be
sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within
the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board of Trustees has adopted
procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with
the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of
compliance with these liquidity requirements, the Board of Trustees will take whatever action it deems appropriate to ensure compliance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Consequences of Repurchase Offers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Repurchase offers will typically be funded from
available cash or sales of portfolio securities. Payment for repurchased shares, however, may require the Fund to liquidate portfolio
holdings earlier than the </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Adviser otherwise would, thus increasing the Fund's portfolio turnover and potentially causing the Fund
to realize losses. The Adviser intends to take measures to attempt to avoid or minimize such potential losses and turnover,
and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows to finance
repurchases, interest on that borrowing will negatively affect shareholders who do not tender their shares in a repurchase offer
by increasing the Fund's expenses and reducing any net investment income. To the extent the Fund finances repurchase amounts by
selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. The sale of portfolio
securities to fund repurchases also could reduce the market price of those underlying securities, which in turn would reduce the
Fund's net asset value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Repurchase of the Fund's shares will tend to
reduce the amount of outstanding shares and, depending upon the Fund's investment performance, its net assets. A reduction in the
Fund's net assets would increase the Fund's expense ratio, to the extent that additional shares are not sold and expenses otherwise
remain the same (or increase). In addition, the repurchase of shares by the Fund will be a taxable event to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is intended as a long-term investment.
The Fund's quarterly repurchase offers are a shareholder's only means of liquidity with respect to his or her shares. Shareholders
have no rights to redeem or transfer their shares, other than limited rights of a shareholder's descendants to redeem shares in
the event of such shareholder's death pursuant to certain conditions and restrictions. The shares are not traded on a national
securities exchange and no secondary market exists for the shares, nor does the Fund expect a secondary market for its shares to
exist in the future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DISTRIBUTION POLICY</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Fund&#8217;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&#8217;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 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&#8217;s tax basis in the shares. Returns of capital reduce a shareholder&#8217;s tax cost (or &#8220;tax
basis&#8221;). Once a shareholder&#8217;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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The distribution 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&#8217;s assets. The Fund&#8217;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
income to the extent of the Fund&#8217;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&#8217;s assets being invested in the Fund and, over time,
increase the Fund&#8217;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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; 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 &#8220;Distribution
Reinvestment Policy.&#8221; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The distribution described above may result
in the payment of approximately the same amount or percentage to the Fund&#8217;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 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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Board reserves the right to change the
monthly distribution policy from time to time. </P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DISTRIBUTION REINVESTMENT POLICY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund will operate under a distribution reinvestment
policy administered by GFS (the &quot;Agent&quot;). Pursuant to the policy, the Fund's income dividends or capital gains or other
distributions (each, a &quot;Distribution&quot; and collectively, &quot;Distributions&quot;), net of any applicable U.S. withholding
tax, are reinvested in the same class of shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders automatically participate in the
distribution reinvestment policy, unless and until an election is made to withdraw from the policy on behalf of such participating
shareholder. Shareholders who do not wish to have Distributions automatically reinvested should so notify the Agent in writing
at Multi-Strategy Growth &amp; Income Fund, c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788. Such written notice
must be received by the Agent 30 days prior to the record date of the Distribution or the shareholder will receive such Distribution
in shares through the dividend reinvestment policy. Under the distribution reinvestment policy, the Fund's Distributions to shareholders
are reinvested in full and fractional shares as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">When the Fund declares a Distribution, the Agent,
on the shareholder's behalf, will receive additional authorized shares from the Fund either newly issued or repurchased from shareholders
by the Fund </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">and held as treasury stock. The number of shares to be received when Distributions are reinvested will be determined
by dividing the amount of the Distribution by the Fund's net asset value per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Agent will maintain all shareholder accounts
and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal
and tax records. The Agent will hold shares in the account of the shareholders in non-certificated form in the name of the participant,
and each shareholder's proxy, if any, will include those shares purchased pursuant to the dividend reinvestment policy. Each participant,
nevertheless, has the right to request certificates for whole and fractional shares owned. The Fund will issue certificates in
its sole discretion. The Agent will distribute all proxy solicitation materials, if any, to participating shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the case of shareholders, such as banks,
brokers or nominees, that hold shares for others who are beneficial owners participating under the distribution reinvestment policy,
the Agent will administer the distribution reinvestment policy on the basis of the number of shares certified from time to time
by the record shareholder as representing the total amount of shares registered in the shareholder's name and held for the account
of beneficial owners participating under the distribution reinvestment policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Neither the Agent nor the Fund shall have any
responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the dividend reinvestment
policy, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall
they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation,
failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at
which shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject
to applicable provisions of the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The automatic reinvestment of distributions
will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such
Dividends. See &quot;U.S. Federal Income Tax Matters.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund reserves the right to amend or terminate
the distribution reinvestment policy. There is no direct service charge to participants with regard to purchases under the distribution
reinvestment policy; however, the Fund reserves the right to amend the distribution reinvestment policy to include a service charge
payable by the participants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All correspondence concerning the distribution
reinvestment policy should be directed to the Agent at Multi-Strategy Growth &amp; Income Fund, c/o Gemini Fund Services, LLC,
80 Arkay Drive, Hauppauge, NY 11788. Certain transactions can be performed by calling the toll free number 1-855-601-3841.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>U.S. FEDERAL INCOME TAX MATTERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following briefly summarizes some of the
important federal income tax consequences to shareholders of investing in the Fund's shares, reflects the federal tax law as of
the date of this prospectus, and does not address special tax rules applicable to certain types of investors, such as corporate,
tax-exempt and foreign investors. Investors should consult their tax advisers regarding other federal, state or local tax considerations
that may be applicable in their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following is a summary discussion of certain
U.S. federal income tax consequences that may be relevant to a shareholder of the Fund that acquires, holds and/or disposes of
shares of the Fund, and </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">reflects provisions of the Internal Revenue Code of 1986, as amended, existing Treasury regulations, rulings
published by the IRS, and other applicable authority, as of the date of this prospectus. These authorities are subject to change
by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of
the important tax considerations generally applicable to investments in the Fund and the discussion set forth herein does not constitute
tax advice. For more detailed information regarding tax considerations, see the Statement of Additional Information. There may
be other tax considerations applicable to particular investors such as those holding shares in a tax deferred account such as an
IRA or 401(k) plan. In addition, income earned through an investment in the Fund may be subject to state, local and foreign taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund intends to elect to be treated and
to qualify each year for taxation as a regulated investment company under Subchapter M of the Code. In order for the Fund to qualify
as a regulated investment company, it must meet an income and asset diversification test each year. If the Fund so qualifies and
satisfies certain distribution requirements, the Fund (but not its shareholders) will not be subject to federal income tax to the
extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over
net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions. The
Code imposes a 4% nondeductible excise tax on regulated investment companies, such as the Fund, to the extent they do not meet
certain distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Fund intends to make distributions of
investment company taxable income after payment of the Fund's operating expenses no less frequently than annually. Unless a shareholder
is ineligible to participate or elects otherwise, all distributions will be automatically reinvested in additional shares of the
Fund pursuant to the distribution reinvestment policy. For U.S. federal income tax purposes, all distributions are generally taxable
whether a shareholder takes them in cash or they are reinvested pursuant to the policy in additional shares of the Fund. Distributions
of the Fund's investment company taxable income (including short-term capital gains) will generally be treated as ordinary income
to the extent of the Fund's current and accumulated earnings and profits. Distributions of the Fund's net capital gains (&quot;capital
gain dividends&quot;), if any, are taxable to shareholders as capital gains, regardless of the length of time shares have been
held by shareholders. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis
of a holder's shares and, after that basis has been reduced to zero, will constitute capital gains to the shareholder of the Fund
(assuming the shares are held as a capital asset). A corporation that owns Fund shares generally will not be entitled to the dividends
received deduction with respect to all of the distributions it receives from the Fund. Fund distribution payments that are attributable
to qualifying dividends received by the Fund from certain domestic corporations may be designated by the Fund as being eligible
for the dividends received deduction. There can be no assurance as to what portion of Fund distribution payments may be classified
as qualifying dividends. The determination of the character for U.S. federal income tax purposes of any distribution from the Fund
(i.e. ordinary income dividends, capital gains dividends, qualified dividends or return of capital distributions) will be made
as of the end of the Fund's taxable year. Generally, no later than 60 days after the close of its taxable year, the Fund will provide
shareholders with a written notice designating the amount of any capital gain distributions and any other distributions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund will inform its shareholders of the source and tax status
of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>DESCRIPTION OF CAPITAL STRUCTURE AND SHARES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund is an unincorporated statutory trust
established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware
on June 3, 2011. The Fund's Declaration of Trust (the &quot;Declaration of Trust&quot;) provides that the Trustees of the Fund
may authorize separate classes of shares of beneficial interest. The Trustees have authorized an unlimited number of shares, subject
to a $5 billion limit on the Fund. The Fund does not intend to hold annual meetings of its shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Declaration of Trust, which has been
filed with the SEC, permits the Fund to issue an unlimited number of full and fractional shares of beneficial interest, no par
value. The Fund offers four different classes of shares: Class A, Class L, Class C and Class I shares. The Fund began continuously
offering its common shares on March 5, 2012. As of July 1, 2014, the Fund simultaneously redesignated its issued outstanding common
shares as Class A shares and created its Class L, Class C and Class I shares. An investment in any share class of the Fund represents
an investment in the same assets of the Fund. However, the minimum investment amounts, sales loads and ongoing fees and expenses
for each share class are different. The fees and expenses of the Fund are set forth in &quot;Summary of Fund Expenses.&quot; The
details of each share class is set forth in &quot;Plan of Distribution.&quot; </P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The following table shows the amounts of
Fund Shares that have been authorized and are outstanding as of June 19, 2015. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Title of Class</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Authorized</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount Held by Fund</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">or for its Account</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount Outstanding Excluding Amount Shown Under (3)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Class A Shares </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 11,296,437.036 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Class L Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 684,994.257 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Class C Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 992,341.154 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Class I Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 73,470.634 </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 49.5pt">*subject to a $5 billion limit on the Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Holders of shares will be entitled to the
payment of distributions when, as and if declared by the Board of Trustees. The Fund currently intends to make distributions to
its shareholders after payment of Fund operating expenses including interest on outstanding borrowings, if any, no less frequently
than quarterly. Unless the registered owner of shares elects to receive cash, all distributions declared on shares will be automatically
reinvested for shareholders in additional shares of the same class of the Fund. See &quot;Distribution Reinvestment Policy.&quot;
The 1940 Act may limit the payment of distributions to the holders of shares. Each whole share shall be entitled to one vote as
to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation
of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases,
indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets
of the Fund among its shareholders. The shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive
rights associated with the shares. The Declaration of Trust provides that the Fund's shareholders are not liable for any liabilities
of the Fund. Although shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances,
may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration
of Trust described in the foregoing sentence make the likelihood of such personal liability remote. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund generally will not issue share certificates.
However, upon written request to the Fund's transfer agent, a share certificate may be issued at the Fund's discretion for any
or all of the full shares </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">credited to an investor's account. Share certificates that have been issued to an investor may be returned
at any time. The Fund's transfer agent will maintain an account for each shareholder upon which the registration of shares are
recorded, and transfers, permitted only in rare circumstances, such as death or bona fide gift, will be reflected by bookkeeping
entry, without physical delivery. GFS will require that a shareholder provide requests in writing, accompanied by a valid signature
guarantee form, when changing certain information in an account such as wiring instructions or telephone privileges.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ANTI-TAKEOVER PROVISIONS IN THE DECLARATION
OF TRUST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Agreement and Declaration of Trust includes
provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to
change the composition of the Board of Trustees, and could have the effect of depriving the Fund's shareholders of an opportunity
to sell their shares at a premium over prevailing market prices, if any, by discouraging a third party from seeking to obtain control
of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could
have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are
elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office without cause only by a written
instrument signed or adopted by a majority of the remaining Trustees or by a vote of the holders of at least two-thirds of the
class of shares of the Fund that are entitled to elect a Trustee and that are entitled to vote on the matter. The Declaration of
Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction
such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund's asset, or liquidation. Reference
should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Northern Light Distributors, LLC, located
at 17605 Wright Street, Omaha, NE 68130, serves as the Fund's principal underwriter and acts as the distributor of the Fund's shares,
subject to various conditions. The Distributor is compensated through retention of a portion of the sales load applied to Fund
shares. The Fund's shares are offered for sale through the Distributor at net asset value plus the applicable sales load. The Distributor
also may enter into selected dealer agreements with other broker dealers for the sale and distribution of the Fund's shares. In
reliance on Rule 415, the Fund intends to offer to sell up to $5,000,000,000 of its shares, on a continual basis, through the Distributor.
No arrangement has been made to place funds received in an escrow, trust or similar account. The Distributor is not required to
sell any specific number or dollar amount of the Fund's shares, but will endeavor to sell the shares. Shares of the Fund will not
be listed on any national securities exchange and the Distributor will not act as a market marker in Fund shares. The Class L shares
pay to the Distributor a Distribution Fee that accrues at an annual rate equal to 0.50% of the average daily net assets attributable
to Class L shares and is payable on a quarterly basis. The Class C shares pay to the Distributor a Distribution Fee that accrues
at an annual rate equal to 0.75% of the average daily net assets attributable to Class C shares and is payable on a quarterly basis.
Class A and Class I shares are not currently subject to a Distribution Fee. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Adviser or its affiliates, in the Adviser's
or affiliate's discretion and from their own resources, including out of the Adviser's own legitimate profits from advising the
Fund, may pay additional compensation to brokers or dealers in connection with the sale and distribution of Fund shares (the &quot;Additional Compensation&quot;). In return
for the Additional Compensation, the Fund may receive certain marketing advantages including access to a broker's or dealer's registered
representatives, placement </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">on a list of investment options offered by a broker or dealer, or the ability to assist in training
and educating the broker's or dealer's registered representatives. The Additional Compensation may differ among brokers or dealers
in amount or in the manner of calculation: payments of Additional Compensation may be fixed dollar amounts, or based on the aggregate
value of outstanding shares held by shareholders introduced by the broker or dealer, or determined in some other manner. The receipt
of Additional Compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its
broker or dealer who is recommending the Fund over other potential investments. Additionally, the Adviser or its affiliates pay
a servicing fee to the Distributor and to other selected securities dealers and other financial industry professionals for providing
ongoing broker-dealer services in respect of clients with whom they have distributed shares of the Fund. Such services may include
electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the
Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back&#45;up
withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and
such other information and liaison services as the Fund or the Adviser may reasonably request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund and the Adviser have agreed to indemnify
the Distributor against certain liabilities, including liabilities under the Securities Act of 1933, or to contribute to payments
the Distributor may be required to make because of any of those liabilities. Such agreement does not include indemnification of
the Distributor against liability resulting from willful misfeasance, bad faith or gross negligence on the part of the Distributor
in the performance of its duties or from reckless disregard by the Distributor of its obligations and duties under the Distribution
Agreement. The Distributor may, from time to time, engage in transactions with or perform services for the Adviser and its affiliates
in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Prior to the initial public offering of shares,
the Adviser purchased shares from the Fund in an amount satisfying the net worth requirements of Section 14(a) of the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Purchasing Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Investors may purchase shares directly from
the Fund in accordance with the instructions below. Investors will be assessed fees for returned checks and stop payment orders
at prevailing rates charged by GFS, the Fund's administrator. The returned check and stop payment fee is currently $25. Investors
may buy and sell shares of the Fund through financial intermediaries and their agents that have made arrangements with the Fund
and are authorized to buy and sell shares of the Fund (collectively, &quot;Financial Intermediaries&quot;). Orders will be priced
at the appropriate price next computed after it is received by a Financial Intermediary and accepted by the Fund. A Financial Intermediary
may hold shares in an omnibus account in the Financial Intermediary's name or the Financial Intermediary may maintain individual
ownership records. The Fund may pay the Financial Intermediary for maintaining individual ownership records as well as providing
other shareholder services. Financial intermediaries may charge fees for the services they provide in connection with processing
your transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary
to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and
promptly with the Fund, forwarding payment promptly. Orders transmitted with a Financial Intermediary before the close of regular
trading (generally 4:00 p.m., Eastern Time) on a day that the NYSE is open for business, will be priced based on the Fund's NAV
next computed after it is received by the Financial Intermediary. </P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>By Mail</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To make an initial purchase by mail, complete
an account application and mail the application, together with a check made payable to Multi-Strategy Growth &amp; Income Fund
to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Multi-Strategy Growth &amp; Income Fund<BR>
c/o Gemini Fund Services, LLC<BR>
17605 Wright Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Omaha, NE 68130</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All checks must be in US Dollars drawn on a
domestic bank. The Fund will not accept payment in cash or money orders. The Fund also does not accept cashier's checks in amounts
of less than $10,000. To prevent check fraud, the Fund will neither accept third party checks, Treasury checks, credit card checks,
traveler's checks or starter checks for the purchase of shares, nor post-dated checks, post-dated on-line bill pay checks, or any
conditional purchase order or payment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The transfer agent will charge a $25.00 fee
against an investor's account, in addition to any loss sustained by the Fund, for any payment that is returned. It is the policy
of the Fund not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders. The
Fund reserves the right to reject any application.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>By Wire &#8212; Initial Investment</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">To make an initial investment in the Fund, the
transfer agent must receive a completed account application before an investor wires funds. Investors may mail or overnight deliver
an account application to the transfer agent. Upon receipt of the completed account application, the transfer agent will establish
an account. The account number assigned will be required as part of the instruction that should be provided to an investor's bank
to send the wire. An investor's bank must include both the name of the Fund, the account number, and the investor's name so that
monies can be correctly applied. If you wish to wire money to make an investment in the Fund, please call the Fund at 1-855-601-3841
for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds
via wire. The Fund will normally accept wired funds for investment on the day received if they are received by the Fund's designated
bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds. The bank should
transmit funds by wire to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">ABA #: (number provided by calling toll-free number above)<BR>
Credit: Gemini Fund Services, LLC<BR>
Account #: (number provided by calling toll-free number above)<BR>
Further Credit:<BR>
Multi-Strategy Growth &amp; Income Fund<BR>
(shareholder registration)<BR>
(shareholder account number)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>By Wire &#8212; Subsequent Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Before sending a wire, investors must contact
GFS to advise them of the intent to wire funds. This will ensure prompt and accurate credit upon receipt of the wire. Wired funds
must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Fund, and its agents, including the
transfer
&nbsp; </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">agent and custodian, are not responsible
for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> &nbsp; </B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Automatic Investment Plan &#8212; Subsequent
Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You may participate in the Fund's Automatic
Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the
use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum
of $100 on specified days of each month into your established Fund account. Please contact the Fund at 1-855-601-3841 for more
information about the Fund's Automatic Investment Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>By Telephone</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investors may purchase additional shares of
the Fund by calling 1-855-601-3841. If an investor elected this option on the account application, and the account has been open
for at least 15 days, telephone orders will be accepted via electronic funds transfer from your bank account through the Automated
Clearing House (ACH) network. Banking information must be established on the account prior to making a purchase. Orders for shares
received prior to 4 p.m. Eastern time will be purchased at the appropriate price calculated on that day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Telephone trades must be received by or prior
to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow
sufficient time to place your telephone transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In compliance with the USA Patriot Act of 2001,
GFS will verify certain information on each account application as part of the Fund's Anti-Money Laundering Program. As requested
on the application, investors must supply full name, date of birth, social security number and permanent street address. Mailing
addresses containing only a P.O. Box will not be accepted. Investors may call Gemini Fund Services, LLC at 1-855-601-3841 for additional
assistance when completing an application.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> If GFS does not have a reasonable belief
of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the
account until such information is received. The Fund also may reserve the right to close the account within 5 business days if
clarifying information/documentation is not received. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Share Class Considerations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">When selecting a share class,
you should consider the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">which share classes are available to you;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">how much you intend to invest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">how long you expect to own the shares;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">total costs and expenses associated with
a particular share class.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Each investor's financial considerations are
different. You should speak with your financial advisor to help you decide which share class is best for you. Not all financial
intermediaries offer all classes of shares. If your financial intermediary offers
more than one class of shares, you should carefully consider which class of shares to purchase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> &nbsp; </B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> &nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Class A Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Class A shares are sold at the prevailing net
asset value per Class A share plus the applicable sales load (which may be reduced as described below); however, the following
are additional features that should be taken into account when purchasing Class A shares:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a minimum initial investment of $2,500
for regular accounts and $1,000 for retirement plan accounts, and a minimum subsequent investment of $100 for regular accounts
and $50 for retirement plan accounts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a monthly shareholder servicing fee at
an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class A shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investors in Class A shares will pay a sales
load based on the amount of their investment, but may range from 0.00% to 5.75%, as set forth in the table below. A reallowance
will be made by the Distributor from the sales load paid by each investor. There are no sales loads on reinvested distributions.
The Fund reserves the right to waive sales loads. The following sales loads apply to your purchases of Class A shares of the Fund:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 31%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount Invested</FONT></TD>
    <TD NOWRAP STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales Charge as a % of Offering Price</FONT></TD>
    <TD NOWRAP STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Sales Charge as a %</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Amount Invested</P></TD>
    <TD NOWRAP STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dealer Reallowance</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under $100,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.75%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.10%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.00%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$100,000 to $299,999</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.75%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.99%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.00%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$300,000 to $749,999</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.75%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.90%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.00%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$750,000 to $999,999</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.75%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.83%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.00%</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$1,000,000 and above</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As shown, investors that purchase $1,000,000
or more of the Fund's Class A shares will not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or
more may be subject to an early withdrawal charge (&#8220;EWC&#8221;) on shares repurchased by the Fund during the first 12 months
after their purchase (that is, less than 365 days after purchase) in the amount of the commissions paid on those shares repurchased.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You may be able to buy Class A shares without
a sales charge (i.e. &quot;load-waived&quot;) when you are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> reinvesting distributions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">participating in an investment advisory
or agency commission program under which you pay a fee to an investment advisor or other firm for portfolio management or brokerage
services; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">exchanging an investment in Class A (or
equivalent type) shares of another fund for an investment in the Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a current or former director or Trustee
of the Fund; </FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an employee (including the employee's spouse,
domestic partner, children, grandchildren, parents, grandparents, siblings, and any dependent of the employee, as defined in section
152 of the Internal Revenue Code) of the Fund's Adviser or its affiliates or of a broker-dealer authorized to sell shares of the
Fund; </FONT></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">purchasing shares through the Fund's Adviser;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">purchasing shares through a special arrangement
to accept payment in kind; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">purchasing shares through a financial services
firm (such as a broker-dealer, investment adviser or financial institution) that has a special arrangement with the Fund.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, concurrent purchases by related
accounts may be combined to determine the application of the sales load. The Fund will combine purchases made by an investor, the
investor's spouse or domestic partner, and dependent children when it calculates the sales load.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> It is the investor's responsibility to determine
whether a reduced sales load would apply. The Fund is not responsible for making such determination. To receive a reduced sales
load, notification must be provided at the time of the purchase order. If you purchase Class A shares directly from the Fund, you
must notify the Fund in writing. Otherwise, notice should be provided to the Financial Intermediary through whom the purchase is
made so they can notify the Fund. </P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Right of Accumulation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">For the purposes of determining the applicable
reduced sales charge, the right of accumulation allows you to include prior purchases of Class A shares of the Fund as part of
your current investment as well as reinvested distributions. To qualify for this option, you must be either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an individual;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">an individual and spouse purchasing shares
for your own account or trust or custodial accounts for your minor children; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a fiduciary purchasing for any one trust,
estate or fiduciary account, including employee benefit plans created under Sections 401, 403 or 457 of the Internal Revenue Code,
including related plans of the same employer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If you plan to rely on this right of accumulation,
you must notify the Fund's distributor at the time of your purchase. You will need to give the Distributor your account numbers.
Existing holdings of family members or other related accounts of a shareholder may be combined for purposes of determining eligibility.
If applicable, you will need to provide the account numbers of your spouse and your minor children as well as the ages of your
minor children.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Letter of Intent</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The letter of intent allows you to count all
investments within a 13-month period in Class A shares of the Fund as if you were making them all at once for the purposes of calculating
the applicable reduced sales charges. The minimum initial investment under a letter of intent is 5% of the total letter of intent
amount. The letter of intent does not preclude the Fund from discontinuing sales of its shares. You may include a purchase not
originally made pursuant to a letter of intent under a letter of intent entered into within 90 days of the original purchase. To
determine the applicable sales charge reduction, you also may include (1) the cost of Class A shares of the Fund which were previously
purchased at a price including a front end sales charge during the 90-day period prior to the Distributor receiving the letter
of intent, and (2) the historical cost of shares of other Funds you currently own acquired in exchange for Class A shares the Fund
purchased during that period at a price including a front-end sales charge. You
may combine purchases and exchanges by family members (limited to spouse and children, under the age of 21, living in the same
household). You should retain any records necessary to substantiate historical costs because the Fund, the transfer agent and any
financial intermediaries may not maintain this information. Shares acquired through reinvestment of distributions are not aggregated
to achieve </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the stated investment goal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Class L Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Class L shares are sold at the prevailing net
asset value per Class L share plus a sales load of 3.75% based on the amount of their investment; however, the following are additional
features that should be taken into account when purchasing Class L shares:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a minimum initial investment of $2,500
for regular accounts and $1,000 for retirement plan accounts, and a minimum subsequent investment of $100 for regular accounts
and $50 for retirement plan accounts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a monthly shareholder servicing fee at
an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class L shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investors in Class L shares will pay a sales
load of 3.75% based on the amount of their investment. A reallowance will be made by the Distributor from the sales load paid by
each investor. There are no sales loads on reinvested distributions. The Fund reserves the right to waive sales loads. The following
sales loads apply to your purchases of Class L shares of the Fund:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 31%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sales Charge as a % of Offering Price</FONT></TD>
    <TD NOWRAP STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Sales Charge as a %</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">of Amount Invested</P></TD>
    <TD NOWRAP STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dealer Reallowance</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount Invested</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.75%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.90%</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.00%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You may be able to buy Class L shares without
a sales charge (i.e. &quot;load-waived&quot;) when you are:<B> </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> reinvesting distributions; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">participating in an investment advisory
or agency commission program under which you pay a fee to an investment advisor or other firm for portfolio management or brokerage
services; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">exchanging an investment in Class L (or
equivalent type) shares of another fund for an investment in the Fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">purchasing shares through the Fund's Adviser;
or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">purchasing shares through a financial services
firm (such as a broker-dealer, investment adviser or financial institution) that has a special arrangement with the Fund.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Class C Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Class C shares are sold at the prevailing NAV
per Class C share and are not subject to any upfront sales charge; however, the following are additional features that should be
taken into account when purchasing Class C shares:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a minimum initial investment of $2,500 for regular accounts and $1,000 for retirement plan accounts,
and a minimum subsequent investment of at least $100 for regular accounts and $50 for retirement plan accounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets
of the Fund attributable to Class C shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">
a Distribution Fee which will accrue at an annual rate equal to 0.50% of the
average daily </TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify">net
assets of the Fund attributable to Class C shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Because the Class C shares of the Fund are sold
at the prevailing NAV per Class C share without an upfront sales load, the entire amount of your purchase is invested immediately.<B>
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Class I Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Class I shares will be sold at the prevailing
NAV per Class I share and are not subject to any upfront sales charge. Class I shares are not subject to a Distribution Fee, shareholder
servicing fees, or early withdrawal charges. Class I shares may only be available through certain financial intermediaries. Because
the Class I shares of the Fund are sold at the prevailing NAV per Class I share without an upfront sales charge, the entire amount
of your purchase is invested immediately. However, Class I shares require a minimum initial investment of $1,000,000 and subsequent
investments may be made in any amount. Financial intermediaries may aggregate client accounts for purposes of meeting the $1,000,000
minimum investment. </P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> &nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Shareholder Service Expenses</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund has adopted a &quot;Shareholder Services
Plan&quot; with respect to its Class A, Class C and Class L shares 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. Such services may include
electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the
Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up
withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and
such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Shareholder Services Plan,
the Fund, with respect to its Class A, Class C and Class L shares, may incur expenses on an annual basis equal to 0.25% of its
average net assets attributable to Class A, Class C and Class L shares, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Plan of Distribution</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Fund, with respect to its Class L and Class
C shares, is authorized under a &quot;Distribution Plan&quot; to pay to the Distributor a Distribution Fee for certain activities
relating to the distribution of shares to investors and maintenance of shareholder accounts. These activities include marketing
and other activities to support the distribution of the Class L and Class C shares. The Plan operates in a manner consistent with
Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear
the expenses of distributing its shares.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Although the Fund is not an open-end investment
company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which
permits it to have asset based distribution fees. Under the Distribution Plan, the Fund pays the Distributor a Distribution Fee
at an annual rate of (i) 0.50% of average daily net assets attributable to Class L shares and (ii)&nbsp;0.75% of average daily
net assets attributable to Class C shares. Class A and Class I shares are not subject to a Distribution Fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Certain legal matters in connection with the
shares will be passed upon for the Fund by Thompson Hine LLP, 41 South High Street, 17th floor, Columbus, OH 43215.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B> &nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>REPORTS TO SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund will send to its shareholders unaudited semi-annual and
audited annual reports, including a list of investments held.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Householding</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> In an effort to decrease costs, the Fund
intends to reduce the number of duplicate annual and semi-annual reports by sending only one copy of each to those addresses shared
by two or more accounts and to shareholders reasonably believed to be from the same family or household. Once implemented, a shareholder
must call 1-855-601-3841 to discontinue householding and request individual copies of these documents. Once the Fund receives notice
to stop householding, individual copies will be sent beginning thirty days after receiving your request. This policy does not apply
to account statements. </P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> &nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">BBD, LLP is the independent registered public
accounting firm for the Fund and will audit the Fund's financial statements. BBD, LLP is located at 1835 Market Street, 26th Floor,
Philadelphia, PA 19103.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The prospectus and the Statement of Additional
Information do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC
(file No. 333-174909). The complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this
prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of Additional Information
without charge.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL
INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; border: Black 1pt solid; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 91%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General Information and History</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Objective and Policies</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Codes of Ethics</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 17 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proxy Voting Policies and Procedures</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Control Persons and Principal Holders</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 18 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 91%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Managers</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 20 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Allocation of Brokerage</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 22 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax Status</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 23 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other Information</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 28 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 29 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Statements</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 29 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Appendix A</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 30 </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt 3pt 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>PRIVACY NOTICE&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Rev. Feb. 2012</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: #BFBFBF; padding: 3pt"><B>FACTS</B></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: justify"><B>WHAT DOES MULTI-STRATEGY GROWTH &amp; INCOME FUND DO WITH YOUR PERSONAL INFORMATION?</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #BFBFBF; padding: 3pt"><B>Why?</B></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #BFBFBF; padding: 3pt"><B>What?</B></TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; text-align: justify">&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include: <FONT STYLE="font-family: Symbol">
	<br>
	&middot;</FONT> Social Security number <FONT STYLE="font-family: Symbol">
	<br>
	&middot;</FONT> Purchase History <FONT STYLE="font-family: Symbol"><br>
	&middot;</FONT> Assets <FONT STYLE="font-family: Symbol"><br>
	&middot;</FONT> Account Balances <FONT STYLE="font-family: Symbol"><br>
	&middot;</FONT> Retirement Assets <FONT STYLE="font-family: Symbol"><br>
	&middot;</FONT> Account Transactions <FONT STYLE="font-family: Symbol"><br>
	&middot;</FONT> Transaction History <FONT STYLE="font-family: Symbol"><br>
	&middot;</FONT> Wire Transfer Instructions <FONT STYLE="font-family: Symbol">
	<br>
	&middot;</FONT> Checking Account Information &nbsp; &nbsp; <br>
	When you are no longer our customer, we continue to share your information as described in this notice.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #BFBFBF; padding: 3pt"><B>How?</B></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-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.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Reasons we can share your personal information</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center"><B>Does the Multi-Strategy Growth &amp; Income Fund share?</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center"><B>Can you limit this sharing?</B></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>For our everyday business purposes &#8211; </B>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">Yes</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">No</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>For our marketing purposes &#8211; </B>to offer our products and services to you</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">No</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">We don't share</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>For joint marketing with other financial companies</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">No</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">We don't share</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>For our affiliates' everyday business purposes &#8211; </B>information about your transactions and experiences</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">No</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">We don't share</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>For our affiliates' everyday business purposes &#8211; </B>information about your creditworthiness</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">No</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">We don't share</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>For nonaffiliates to market to you</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">No</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: center">We don't share</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: #BFBFBF; padding: 3pt"><B>Questions?</B></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">Call 1-855-601-3841</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 55px">&nbsp;</TD>
    <TD STYLE="width: 288px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Who we are</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding: 3pt; font: 10pt Times New Roman, Times, Serif"><B>Who is providing this notice?</B></TD>
    <TD STYLE="width: 76%; padding: 3pt; font: 10pt Times New Roman, Times, Serif">Multi-Strategy Growth &amp; Income Fund </TD></TR>
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>What we do</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>How does the Multi-Strategy Growth &amp; Income Fund protect my personal information?</B></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-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 STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>How does the Multi-Strategy Growth &amp; Income Fund collect my personal information?</B></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We collect your personal information, for example, when you</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Open an account</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Provide account
        information</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Give us your
        contact information</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Make deposits
        or withdrawals from your account</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Make a wire transfer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Tell us where
        to send the money</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Tells us who
        receives the money</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Show your government-issued
        ID</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT> </FONT>Show your driver's
        license</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We also collect your personal information from other companies.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Why can't I limit all sharing?</B></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.85pt; text-indent: -0.25in">Federal law gives you the right
        to limit only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt; text-indent: -0.25in"><B>&#9642;</B> Sharing for affiliates'
        everyday business purposes &#8211; information about your creditworthiness</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt; text-indent: -0.25in"><B>&#9642;</B> Affiliates from
        using your information to market to you</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt; text-indent: -0.25in"><B>&#9642;</B> Sharing for nonaffiliates
        to market to you</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.8pt; text-indent: -0.25in">State laws and individual companies
        may give you additional rights to limit sharing.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Definitions</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Affiliates</B></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -9pt">Companies related by common ownership or control.
        They can be financial and nonfinancial companies.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.45pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT>
        </FONT><I>Multi-Strategy Growth &amp; Income Fund does not share with our affiliates.</I></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Nonaffiliates</B></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.45pt; text-indent: -9pt">Companies not related by common ownership
        or control. They can be financial and nonfinancial companies</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.45pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT>
        </FONT><I>Multi-Strategy Growth &amp; Income Fund</I> <I>does not share with nonaffiliates so they can market to you.</I></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 3pt"><B>Joint marketing</B></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.45pt; text-indent: -9pt">A formal agreement between nonaffiliated
        financial companies that together market financial products or services to you.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.45pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Symbol">&middot;</FONT>
        </FONT><I>Multi-Strategy Growth &amp; Income Fund doesn't jointly market.</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Multi-Strategy Growth &amp; Income Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Shares of Beneficial Interest</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B> July 1, 2015 </B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B> Lucia Capital Management </B></P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 87.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">All dealers that buy, sell or trade the Fund's
shares, whether or not participating in this offering, may be required to deliver a prospectus when acting on behalf of the Fund's
Distributor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">You should rely only
on the information contained in or incorporated by reference into this prospectus. The Fund has not authorized any other person
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Class A Shares (MSFDX), Class L Shares (MSFYX),
Class C Shares (MCFDX) and </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Class I Shares (MSFIX) of Beneficial Interest<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B> July 1, 2015 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Principal Executive Offices</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">80 Arkay Drive, Hauppauge, NY 11788</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1-631-470-2600</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> This Statement of Additional Information
(&quot;SAI&quot;) is not a prospectus. This SAI should be read in conjunction with the prospectus of Multi-Strategy Growth &amp;
Income Fund, dated July 1, 2015 (the &quot;Prospectus&quot;), as it may be supplemented from time to time. The Prospectus is hereby
incorporated by reference into this SAI (legally made a part of this SAI). Capitalized terms used but not defined in this SAI have
the meanings given to them in the Prospectus. This SAI does not include all information that a prospective investor should consider
before purchasing the Fund's securities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You should obtain and read the Prospectus and
any related Prospectus supplement prior to purchasing any of the Fund's securities. A copy of the Prospectus may be obtained without
charge by calling the Fund toll-free at 1-855-601-3841. The Prospectus and other Fund information is available on the Fund&#8217;s
website at www.growthandincomefund.com. The registration statement of which the Prospectus is a part can be reviewed and copied
at the Public Reference Room of the SEC at 100 F Street NE, Washington, D.C. You may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-202-551-8090. The Fund's filings with the SEC also are available to the public on
the SEC's Internet web site at www.sec.gov. Copies of these filings may be obtained, after paying a duplicating fee, by electronic
request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, 100 F Street NE,
Washington, D.C. 20549.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 95%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General Information and History</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Objective and Policies</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Codes of Ethics</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 17 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proxy Voting Policies and Procedures</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Control Persons and Principal Holders</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 18 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Managers</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 20 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Allocation of Brokerage</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 22 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax Status</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 23 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other Information</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 28 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 29 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Statements</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 29 </FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Appendix A</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> 30 </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>GENERAL INFORMATION AND HISTORY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Fund is a continuously
offered, non-diversified, closed-end management investment company that is operated as an interval fund (the &quot;Fund&quot; or
the &quot;Trust&quot;). The Fund was organized as a Delaware statutory trust on June 3, 2011. The Fund's principal office is located
at Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788, and its telephone number is 1-631-470-2600. The investment objective
and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies,
are set forth in the Prospectus. Certain additional investment information is set forth below. The Fund may issue an unlimited
number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share of the Fund is entitled
to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled to participate,
on a class-specific basis, equally with other shares (i) in distributions declared by the Fund and (ii) on liquidation to its proportionate
share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully paid, non-assessable
and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately
the same rights, including voting rights, as are provided for a full share. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund offers four classes
of shares: Class A shares, Class L shares, Class C shares and Class I shares. Each share class represents an interest in the same
assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares may be subject
to different (or no) sales loads, (ii) each class of shares may bear different (or no) distribution and shareholder servicing fees;
(iii) each class of shares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific
expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable
to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders
of a specific class, registration fees paid by a specific class of shares, the expenses of administrative personnel and services
required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees'
fees or expenses paid as a result of issues relating to a specific class of shares and accounting fees and expenses relating to
a specific class of shares and (v) each class has exclusive voting rights with respect to matters relating to its own distribution
arrangements. The Board of Trustees may classify and reclassify the shares of the Fund into additional classes of shares at a future
date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INVESTMENT OBJECTIVE AND POLICIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investment Objective</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund's investment objective
is to seek returns from capital appreciation and income with an emphasis on income generation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Fundamental Policies </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund's stated fundamental
policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund (the
shares), are listed below. For the purposes of this SAI, &quot;majority of the outstanding voting securities of the Fund&quot;
means the vote, at an annual or special meeting of shareholders, duly called, (a) of 67% or more of the shares present at such
meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy; or (b) of more than 50%
of the outstanding shares, whichever is less. The Fund may not:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) Borrow money, except
to the extent permitted by the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;) (which currently limits borrowing
to no more than 33-1/3% of the value of the Fund's total assets, including the value of the assets purchased with the proceeds
of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases of
its shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(2) Issue senior securities,
except to the extent permitted by Section 18 of the 1940 Act (which currently limits the issuance of a class of senior securities
that is indebtedness to no more than 33-1/3% of the value of the Fund's total assets or, if the class of senior security is stock,
to no more than 50% of the value of the Fund's total assets).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(3) Underwrite securities
of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended (the &quot;Securities
Act&quot;) in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those
that must be registered under the Securities Act before they may be offered or sold to the public) to the extent permitted by the
1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(4) Invest 25% or more of
the market value of its net assets in the securities of companies or entities engaged in any one industry, except the REIT industry.
This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. Under
normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the REIT industry.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(5) Purchase or sell real
estate or interests in real estate. This limitation is not applicable to investments in securities that are secured by or represent
interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing
in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real
estate investment trusts).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)
Purchase or sell commodities, commodity contracts, except commodity futures contracts, unless acquired as a result of ownership
of securities or other investments, except that the Fund may invest in securities or other instruments backed by or linked to commodities,
and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities,
and may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(7) Make loans to others,
except (a) through the purchase of debt securities in accordance with its investment objectives and policies, (b) to the extent
the entry into a repurchase agreement is deemed to be a loan, and (c) by loaning portfolio securities up to one-third of total
Fund assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, the Fund has adopted a fundamental
policy that</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(8) The Fund will make quarterly
repurchase offers for no less than for 5% of the Fund's shares outstanding at net asset value (&quot;NAV&quot;) less any repurchase
fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later
than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th is not a business day.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> If a restriction on the
Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested
in certain securities or other instruments resulting from changes in the value of the Fund's total assets, will not be considered
a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained
in the manner contemplated by applicable law. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Portfolio Turnover</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">The Fund&#8217;s portfolio
turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly
average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the
numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover
involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. A
100% turnover rate would occur if all of the Fund&#8217;s portfolio securities were replaced once within a one-year period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> For the fiscal year ended February 28, 2015,
the Fund&#8217;s portfolio turnover rate was 49%. For the fiscal year ended February 28, 2014, the Fund&#8217;s portfolio turnover
rate was 14%. For the fiscal year ended February 28, 2013, the Fund&#8217;s portfolio turnover rate was 108%. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Certain Portfolio Securities and Other Operating Policies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As discussed in the Prospectus,
the Fund invests in securities of REITs and other issuers. No assurance can be given that any or all investment strategies, or
the Fund's investment program, will be successful. The Fund's investment adviser is Lucia Capital Management (the &quot;Adviser&quot;).
The Adviser is responsible for allocating the Fund's assets among various securities, using its investment strategies, subject
to policies adopted by the Fund's Board of Trustees. Additional information regarding the types of securities and financial instruments
is set forth below. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Investment Policies and Techniques</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>Master Limited Partnerships</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund may invest in Master
Limited Partnerships (&#8220;MLPs&#8221;). An MLP is a publicly traded limited partnership or limited liability company. An investment
in MLP units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have
limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with
an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those
arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity level. If, as a result
of a change in current law or a change in an MLP's business, an MLP were treated as a corporation for federal income tax purposes,
such an MLP would be obligated to pay federal income tax on its income at the corporate tax rate. If an MLP were classified as
a corporation for federal income tax purposes, the amount of cash available for distribution by the MLP would be reduced and distributions
received by investors would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return
of capital, or capital gain). Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a
reduction in the after-tax return to investors, as compared to an MLP that is not taxed as a corporation, likely causing a reduction
in the value of Fund shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Money Market Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Fund may invest,
for defensive purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments
and money market mutual funds, or hold cash or cash equivalents in such amounts as the Adviser deems appropriate under the circumstances.
In addition, the Fund may invest in these instruments pending allocation of its respective offering proceeds. Money market instruments
are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include
U.S. Government securities, commercial paper, certificates of deposit and banker&#8217;s acceptances issued by domestic branches
of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Private Funds (Hedge Funds)</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Hedge funds are unregistered
private funds. As such, hedge fund investors, including the Fund, do not enjoy the same shareholder protections as those afforded
by the 1940 Act. A hedge fund adviser may not fully describe the strategies that the hedge fund may employ or the risks that it
may be subject to in the hedge fund&#8217;s offering documents. A hedge fund adviser may change its investment strategy without
giving notice to the hedge fund&#8217;s investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund&#8217;s investment
in a hedge fund may only be valued on a periodic basis. Such periodic valuations may be estimated or subject to future revision.
The investments held by the hedge fund may be illiquid and thus subject to valuation by the hedge fund&#8217;s adviser which may
have a conflict of interest in determining such valuation due to the asset and performance-based fees that the adviser may receive
in connection with managing the hedge fund. It is possible that certain valuation information needed for the Fund&#8217;s reports
to shareholders with respect to its investment in hedge funds may not be provided to the Fund in a timely manner, which could cause
delays in the Fund&#8217;s reports to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Fund investors may invest
directly in hedge funds, subject to eligibility conditions. By investing in the Fund, Fund investors incur additional indirect
expenses due to the expenses the Fund bears as a result of its investment in a hedge fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>When-Issued, Delayed Delivery and Forward
Commitment Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">To reduce the risk of changes
in securities prices and interest rates, the Fund may purchase securities on a forward commitment, when-issued or delayed delivery
basis. This means that delivery and payment occur a number of days after the date of the commitment to purchase. The payment obligation
and the interest rate receivable with respect to such purchases are determined when the Fund enters into the commitment, but the
Fund does not make payment until it receives delivery from the counterparty. The Fund may, if it is deemed advisable, sell the
securities after it commits to a purchase but before delivery and settlement takes place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Securities purchased on
a forward commitment, when-issued or delayed delivery basis are subject to changes in value based upon the public's perception
of the creditworthiness of the issuer and changes (either real or anticipated) in the level of interest rates. Purchasing securities
on a when-issued or delayed delivery basis can present the risk that the yield available in the market when the delivery takes
place may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment, when-issued or
delayed delivery basis when the Fund is fully, or almost fully invested, results in a form of leverage and may cause greater fluctuation
in the value of the net assets of the Fund. In addition, there is a risk that securities purchased on a when-issued or delayed
delivery basis may not be delivered, and that the purchaser of securities sold by the Fund on a forward basis will not honor its
purchase obligation. In such cases, the Fund may incur a loss. The Fund will segregate liquid </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">
assets in amounts sufficient to satisfy its when-issued, delayed delivery and
forward commitments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchases and Transfers of Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchase Offers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has adopted a
resolution setting forth the Fund's fundamental policy that it will conduct quarterly repurchase offers (the &quot;Repurchase Offer
Policy&quot;). The Repurchase Offer Policy sets the interval between each repurchase offer at one quarter and provides that the
Fund shall conduct a repurchase offer each quarter (unless suspended or postponed in accordance with regulatory requirements).
The Repurchase Offer Policy also provides that the repurchase pricing shall occur not later than the 14<SUP>th</SUP> day after
the Repurchase Request Deadline or the next business day if the 14<SUP>th</SUP> day is not a business day. The Fund's Repurchase
Offer Policy is fundamental and cannot be changed without shareholder approval. The Fund may, for the purpose of paying for repurchased
shares, be required to liquidate portfolio holdings earlier than the Adviser would otherwise have liquidated these holdings. Such
liquidations may result in losses, and may increase the Fund's portfolio turnover.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Repurchase Offer Policy Summary of Terms</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Fund will make repurchase offers at periodic intervals pursuant to Rule 23c-3 under the 1940
Act, as that rule may be amended from time to time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The repurchase offers will be made in March, June, September and December of each year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Fund must receive repurchase requests submitted by shareholders in response to the Fund's repurchase
offer within 30 days of the date the repurchase offer is made (or the preceding business day if the New York Stock Exchange is
closed on that day) (the &quot;Repurchase Request Deadline&quot;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The maximum time between the Repurchase Request Deadline and the next date on which the Fund determines
the net asset value applicable to the purchase of shares (the &quot;Repurchase Pricing Date&quot;) is 14 calendar days (or the
next business day if the fourteenth day is not a business day).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"> The Fund may not condition a repurchase
offer upon the tender of any minimum amount of shares. The Fund may deduct from the repurchase proceeds only a repurchase fee that
is paid to the Fund and that is reasonably intended to compensate the Fund for expenses directly related to the repurchase. The
repurchase fee may not exceed 2% of the proceeds. However, the Fund does not currently charge a repurchase fee. However, Class
A shareholders purchasing shares valued at $1 million or more pay no commission at the time of purchase; and selling brokers, or
other financial intermediaries that have entered into distribution agreements with the Distributor may receive a commission of
up to 1.00% of the purchase price of Class A. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">
In these situations, Class A shareholders, who purchase &#147;no-load&#148;, who tender
for repurchase of such shareholder&#146;s Class A Shares such that they will have
been held less than 365 days after purchase, as of the time of repurchase, will
be subject to an early withdrawal charge of 1.00% of the original purchase
price. The Distributor may waive the imposition of the early withdrawal charge
in the following situations: (1) shareholder death or (2) shareholder
disability. Any such waiver does not imply that the early withdrawal charge will
be waived at any time in the future or that such early withdrawal charge will be
waived for any other shareholder. Class C, Class L and Class I shares are not
subject to an early withdrawal charge. The Fund may rely on Rule 23c-3 only so
long as the Board of Trustees satisfies the fund governance standards defined in
Rule 0-1(a)(7)
under the 1940 Act. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Procedures:</B>
All periodic repurchase offers must comply with the following procedures:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Repurchase Offer Amount</U>: Each
quarter, the Fund may offer to repurchase at least 5% and no more than 25% of the outstanding shares of the Fund on the Repurchase
Request Deadline (the &quot;Repurchase Offer Amount&quot;). The Board of Trustees shall determine the quarterly Repurchase Offer
Amount.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Shareholder Notification</U>: Thirty
days before each Repurchase Request Deadline, the Fund shall send to each shareholder of record and to each beneficial owner of
the shares that are the subject of the repurchase offer a notification (&quot;Shareholder Notification&quot;) providing the following
information:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">A statement that the Fund is offering to repurchase its shares from shareholders at net asset value
per share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Any fees applicable to such repurchase, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Repurchase Offer Amount;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The dates of the Repurchase Request Deadline, Repurchase Pricing Date, and the date by which the
Fund must pay shareholders for any shares repurchased (which shall not be more than seven days after the Repurchase Pricing Date)
(the &quot;Repurchase Payment Deadline&quot;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The risk of fluctuation in net asset value between the Repurchase Request Deadline and the Repurchase
Pricing Date, and the possibility that the Fund may use an earlier Repurchase Pricing Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The procedures for shareholders to request repurchase of their shares and the right of shareholders
to withdraw or modify their repurchase requests until the Repurchase Request Deadline;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The procedures under which the Fund may repurchase such shares on a pro rata basis if shareholders
tender more than the Repurchase Offer Amount;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The circumstances in which the Fund may suspend or postpone a repurchase offer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The net asset value of each class of shares computed no more than seven days before the date of
the notification and the means by which shareholders may ascertain the net asset value thereafter; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">The market price, if any, of the shares on the date on which such net asset value was computed,
and the means by which shareholders may ascertain the market price thereafter.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Fund must file Form N-23c-3 (&quot;Notification
of Repurchase Offer'') and three copies of the Shareholder Notification with the Securities and Exchange Commission (&quot;SEC&quot;)
within three business days after sending the notification to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Notification of Beneficial Owners</U>:
Where the Fund knows that shares subject of a repurchase offer are held of record by a broker, dealer, voting trustee, bank, association
or other entity that exercises fiduciary powers in nominee name or otherwise, the Fund must follow the procedures for transmitting
materials to beneficial owners of securities that are set forth in Rule 14a-13 under the Securities Exchange Act of 1934.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Repurchase Requests</U>: Repurchase
requests must be submitted by shareholders by the Repurchase Request Deadline. The Fund shall permit repurchase requests to be
withdrawn or modified at any time until the Repurchase Request Deadline, but shall not permit repurchase requests to be withdrawn
or modified after the Repurchase Request Deadline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Repurchase Requests in Excess of the
Repurchase Offer Amount</U>: If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to,
repurchase an additional amount of shares not to exceed 2% of the outstanding shares of the Fund on the Repurchase Request Deadline.
If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender shares in an amount exceeding
the Repurchase Offer Amount plus 2% of the outstanding shares on the Repurchase Request Deadline, the Fund shall repurchase the
shares tendered on a pro rata basis. This policy, however, does not prohibit the Fund from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Accepting all repurchase requests by persons who own, beneficially or of record, an aggregate of
less than 100 shares and who tender <U>all</U> of their stock for repurchase, before prorating shares tendered by others, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Accepting by lot shares tendered by shareholders who request repurchase of all shares held by them
and who, when tendering their shares, elect to have either (i) all or none or (ii) at least a minimum amount or none accepted,
if the Fund first accepts all shares tendered by shareholders who do not make this election.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Suspension or Postponement of Repurchase
Offers</U>: The Fund shall not suspend or postpone a repurchase offer except pursuant to a vote of a majority of the Board of </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">
Trustees, including a majority of the Trustees who are not interested persons of
the Fund, and only:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">If the repurchase would cause the Fund to lose its status as a regulated investment company under
Subchapter M of the Internal Revenue Code;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">If the repurchase would cause the shares that are the subject of the offer that are either listed
on a national securities exchange or quoted in an inter-dealer quotation system of a national securities association to be neither
listed on any national securities exchange nor quoted on any inter-dealer quotation system of a national securities association;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">For any period during which the New York Stock Exchange or any other market in which the securities
owned by the Fund are principally traded is closed, other than customary week-end and holiday closings, or during which trading
in such market is restricted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">For any period during which an emergency exists as a result of which disposal by the Fund of securities
owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the
value of its net assets; or</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">For such other periods as the SEC may by order permit for the protection of shareholders of the
Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If a repurchase offer is suspended or
postponed, the Fund shall provide notice to shareholders of such suspension or postponement. If the Fund renews the repurchase
offer, the Fund shall send a new Shareholder Notification to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Computing Net Asset Value</U>: The
Fund's current net asset value per share by share class (&quot;NAV&quot;) shall be computed no less frequently than weekly, and
daily on the five business days preceding a Repurchase Request Deadline, on such days and at such specific time or times during
the day as set by the Board of Trustees. Currently, the Board has determined that the Fund's NAV shall be determined daily following
the close of the New York Stock Exchange. The Fund's NAV need not be calculated on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Days on which changes in the value of the Fund's portfolio securities will not materially affect
the current NAV of the shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Days during which no order to purchase shares is received, other than days when the NAV would otherwise
be computed; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Customary national, local, and regional business holidays described or listed in the Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Liquidity Requirements</U>: From the time
the Fund sends a Shareholder Notification to shareholders until the Repurchase Pricing Date, a percentage of the Fund's assets
equal to at least 100% of the Repurchase Offer Amount (the &quot;Liquidity Amount&quot;) shall
</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">consist of assets that individually can be sold or disposed of in the ordinary
course of business, at approximately the price at which the Fund has valued the
investment, within a period equal to the period between a Repurchase Request
Deadline and the Repurchase Payment Deadline, or of assets that mature by the
next Repurchase Payment Deadline. This requirement means that individual assets
must be salable under these circumstances. It does not require that the entire
Liquidity Amount must be salable. In the event that the Fund's assets fail to
comply with this requirement, the Board of Trustees shall cause the Fund to take
such action as it deems appropriate to ensure compliance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>
Liquidity Policy</U>: The Board of Trustees may delegate day-to-day
responsibility for evaluating liquidity of specific assets to the Fund's
investment adviser, but shall continue to be responsible for monitoring the
investment adviser's performance of its duties and the composition of the
portfolio. Accordingly, the Board of Trustees has approved this policy that is
reasonably designed to ensure that the Fund's portfolio assets are sufficiently
liquid so that the Fund can comply with its fundamental policy on repurchases
and comply with the liquidity requirements in the preceding paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
1. In evaluating liquidity, the following factors are relevant, but not
necessarily determinative:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">
The frequency of trades and quotes for the security.</TD></TR></TABLE>





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The number of dealers willing to purchase or sell the security and the number of potential purchasers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Dealer undertakings to make a market in the security.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The nature of the marketplace trades (e.g., the time needed to dispose of the security, the method
of soliciting offer and the mechanics of transfer).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The size of the fund's holdings of a given security in relation to the total amount of outstanding
of such security or to the average trading volume for the security.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2.&#9;If market developments impair the liquidity
of a security, the investment adviser should review the advisability of retaining the security in the portfolio. The investment
adviser should report to the basis for its determination to retain a security at the next Board of Trustees meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3.&#9;The Board of Trustees shall review the
overall composition and liquidity of the Fund's portfolio on a quarterly basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">4.&#9;These procedures may be modified as the
Board deems necessary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Registration Statement Disclosure</U>:
The Fund's registration statement must disclose its intention to make or consider making such repurchase offers.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Annual Report Disclosure</U>: The
Fund shall include in its annual report to shareholders the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Disclosure of its fundamental policy regarding periodic repurchase offers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Disclosure regarding repurchase offers by the Fund during the period covered by the annual report,
which disclosure shall include:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">the number of repurchase offers,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">the repurchase offer amount and the amount tendered in each repurchase offer,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">and the extent to which in any repurchase offer the Fund repurchased stock pursuant to the procedures
in paragraph (b)(5) of this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Advertising</U>: The Fund, or any underwriter
for the Fund, must comply, as if the Fund were an open-end company, with the provisions of Section 24(b) of the 1940 Act and the
rules thereunder and file, if necessary, with FINRA or the SEC any advertisement, pamphlet, circular, form letter, or other sales
literature addressed to or intended for distribution to prospective investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Involuntary Repurchases</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund may, at any time,
repurchase at net asset value shares held by a shareholder, or any person acquiring shares from or through a shareholder, if: the
shares have been transferred or have vested in any person other than by operation of law as the result of the death, dissolution,
bankruptcy or incompetency of a shareholder; ownership of the shares by the shareholder or other person will cause the Fund to
be in violation of, or require registration of the shares, or subject the Fund to additional registration or regulation under,
the securities, commodities or other laws of the United States or any other relevant jurisdiction; continued ownership of the shares
may be harmful or injurious to the business or reputation of the Fund or may subject the Fund or any shareholders to an undue risk
of adverse tax or other fiscal consequences; the shareholder owns shares having an aggregate net asset value less than an amount
determined from time to time by the Trustees; or it would be in the interests of the Fund, as determined by the Board, for the
Fund to repurchase the Shares. The Adviser may tender for repurchase in connection with any repurchase offer made by the Fund Shares
that it holds in its capacity as a shareholder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Transfers of Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">No person may become a substituted
shareholder without the written consent of the Board, which consent may be withheld for any reason in the Board's sole and absolute
discretion. Shares may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency or dissolution
of a shareholder or (ii) with the written consent of the Board, which may be withheld in its sole and absolute discretion. The
Board may, in its discretion, delegate to the Adviser its authority to consent to transfers </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">of shares. Each shareholder and transferee
is required to pay all expenses, including attorneys and accountants fees, incurred by the Fund in connection with such transfer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has overall responsibility
to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish
policies regarding the management, conduct and operation of the Fund's business. The Board exercises the same powers, authority
and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company
organized as a corporation. The business of the Trust is managed under the direction of the Board in accordance with the Agreement
and Declaration of Trust and the Trust's By-laws (the &quot;Governing Documents&quot;), each as amended from time to time, which
have been filed with the Securities and Exchange Commission and are available upon request. The Board consists of four individuals,
one of whom is an &quot;interested person&quot; (as defined under the 1940 Act) of the Trust; and three are not interested persons
(&quot;Independent Trustees&quot;). Pursuant to the Governing Documents of the Trust, the Trustees shall elect officers including
a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the
power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the
opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">and agents of the Trust, when acting in such
capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence
or reckless disregard of his or her duties.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Board Leadership Structure </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Trust is led<FONT STYLE="font-size: 10pt">
by </FONT>Mr. Raymond J. Lucia, Jr., who has served as the Chairman of the Board and President since the Trust was organized in
2011. Mr. Lucia is an &quot;interested person&quot; as defined by the 1940 Act, by virtue of his position as President of the Trust
and his controlling interest in the Adviser. The Board of Trustees is comprised of Mr. Lucia and three Independent Trustees. The
Independent Trustees have not selected a Lead Independent Trustee. Additionally, under certain 1940 Act governance guidelines that
apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Under the Trust's Agreement and
Declaration of Trust and By-Laws, the Chairman of the Board/President is responsible for (a) presiding at board meetings, (b) calling
special meetings on an as-needed basis, and, more generally, in-practice (c) execution and administration of Trust policies including
(i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and
between Board meetings. Generally, the Trust believes it best to have a single leader who is seen by shareholders, business partners
and other stakeholders as providing strong leadership. The Trust believes that its Chairman/President together with the Audit Committee
and the full Board of Trustees, provide effective leadership that is in the best interests of the Trust and Fund shareholders because
of the Board's collective business acumen and understanding of the regulatory framework under which investment companies must operate. </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Board Risk Oversight </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Trustees is
comprised of Mr. Lucia and three Independent Trustees with a standing independent Audit Committee with a separate chair. The Audit
Committee is composed of only Independent Trustees. The Board is responsible for overseeing risk management, and the full Board
regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management
from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers
financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material
risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient
and communicator of such risk-related information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Trustee Qualifications</I>.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Generally, the Trust
believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications,
(iii) attributes and (iv) skills. Mr. Lucia has over 10 years of business experience in the investment management business and
possesses a strong understanding of the regulatory framework under which investment companies must operate based on his years of
experience in the investment management business. Mr. Lucia also has over 10 years of experience managing investment advisory client
interactions with brokerage and insurance business. Additionally, Mr. Lucia received a B.S. in Accounting from Loyola Marymount
University in Los Angeles, currently holds the CPA designation and has earned the Personal Financial Specialist
designation from the American Institute of Certified Public Accountants (AICPA). Dr. Mark Riedy, PhD, has over a decade of academic
experience in the real estate and real estate finance areas serving as the Executive Director of the Burnham-Moores Center for
Real Estate and the Ernest W. Hahn Professor of Real Estate Finance at the University of San Diego, has over two decades of experience
as an executive and/or board member of companies in the commercial and residential real estate markets, has a Doctor of Philosophy
degree in Business Economics and Public Policy form the University of Michigan. Additionally, Dr. Riedy served as Chairman of the
Board of Neighborhood Bancorp, the holding company for Neighborhood National Bank in San Diego, California. Dr. Riedy possesses
a strong understanding of the regulatory framework under which financial enterprises must operate based on his years of service
to public and private company boards. John D. Frager has over 20 years of business experience in the real estate industry including
serving as Executive Manager and Director of CB Richard Ellis and CEO and President of Cassidy Turley BRE Commercial. Mr. Frager
also holds a Bachelor&#8217;s degree in Business Administration from the University of Southern California and served as an Officer
in the United States Navy. Based on his years of experience in real estate-related financial matters, Mr. Frager is well qualified
to serve as a Trustee. Ira J. Miller has over 25 years of business planning and financial management experience at a variety of
major corporations spanning a broad range of industries and markets. He started and served as Managing Director, President, Chief
Financial Officer, and Treasurer of SAIC Venture Capital Corporation, a $4.0 billion investment subsidiary of </P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">
Science Applications
International Corporation. Mr. Miller holds a Bachelor&#8217;s Degree in Mathematics from the University of Michigan and completed
all course requirements for a Doctor of Philosophy degree in Economics from the Massachusetts Institute of Technology.<FONT STYLE="font-size: 10pt">
</FONT> The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective
experience of each Trustee makes them each highly qualified. </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">
&nbsp; </P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> Following is a list of the Trustees and executive
officers of the Trust and their principal occupation over the last five years. Unless otherwise noted, the address of each Trustee
and Officer is 80 Arkay Drive, Suite 110, Hauppauge, NY 11788. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 25.05pt"><B><U>Independent Trustees
</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; width: 21%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Address and Age(Year of Birth)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Position/Term of Office<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During the Past Five Years</B></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund Complex<SUP>(2)</SUP></B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by Trustee</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Directorships held by Trustee During Last Five Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mark J. Riedy, PhD.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1942</P></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> Executive Director of the Burnham-Moores Center for Real Estate and the Ernest W. Hahn Professor of Real Estate Finance at the University of San Diego, January 1993 to January 2015. Retired January 2015.&nbsp;&nbsp; </FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 2 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> BioMed Realty Trust Board of Directors; Southwest Property Strategies Advisory Board </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ira J. Miller</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1946</P></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired as of August 2007. </FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 2 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John D. Frager</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1958</P></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Executive Managing Director of CBRE, Inc. (2010) to present), CEO and President of Cassidy Turley San Diego (2002 to 2010); Senior Managing Director of CB Richard Ellis (Prior to 2002) </FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 2 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 25.05pt"><B><U>Interested Trustee
&amp; Officers</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 12%; border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Address and Age(year of birth)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Position/Term of Office<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 51%; border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During the Past Five Years</B></P></TD>
    <TD STYLE="vertical-align: top; width: 10%; border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund Complex<SUP>(2)</SUP>
        </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by Trustee</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Directorships held by Trustee During Last 5 Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Raymond J. Lucia, Jr.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> 1975<SUP>(3)</SUP> </P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee, President since Sept. 2011</FONT></TD>
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> Chief Executive Officer for Lucia Capital Management (2012-Present);
        Chief Executive Officer for RJL Wealth Management, LLC&nbsp;(2010-Present); Chief Executive Officer for Lucia Securities, LLC (2010-Present),
        Executive Vice President for Raymond J. Lucia Companies, Inc.(2002-2010) </P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> 2 </FONT> </TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Stephanie Pimentel Holly</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1983</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Treasurer since Sept. 2012</FONT></TD>
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> Chief Financial Officer &nbsp;for Lucia Capital Management (2012
        to present); Director of Finance for Lucia Capital Management (2010 to 2012); Chief Financial Officer for RJL Wealth Management,
        LLC (2014 - Present); Vice President of RJL Wealth Management, LLC (2012 - 2014), Director of Finance for RJL Wealth Management,
        LLC (2011 - &nbsp;2012), Senior Financial Analyst for RJL Wealth Management, LLC (2010 - 2011); Director of Finance for LPL Financial
        (2008 to 2010); Senior Financial Analyst for LPL Financial (2006 to 2008) </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<tr>
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">James Colantino</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1969</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5pt">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assistant Treasurer since Sept. 2011</FONT></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Senior Vice President (2011-present) Vice President (2004 &#8211; 2011); Senior Fund Administrator (1999-2004), Gemini Fund Services, LLC. </FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
</tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Michael
		Castellino</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1974)</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5pt">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assistant Treasurer since
	February 2015</FONT></TD>
    <TD STYLE="border: black 1pt solid">
	<P style="font-family: Arial, Helvetica, Sans-Serif">Assistant Vice President (2013-present);
	Gemini Fund Services, LLC; Assistant Vice President (2012 to 2013);
	International Fund Services; Vice President (2008 to 2012) HSBC Securities
	Services </P></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid" width="173">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> Theresa J. Ochs </P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> 1967 </P></TD>
    <TD STYLE="border: black 1pt solid" width="203"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> Secretary since April 2015 </FONT> </TD>
    <TD STYLE="border: black 1pt solid" width="734"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> CCO for Lucia Capital Management (2012 to present); CCO for Lucia Wealth Services (2010-present);&nbsp; CCO or Lucia Securities, LLC (2015-Present), Sr. Compliance Officer, Lucia Securities, LLC (2013-2015), CCO for Lucia Securities, LLC (2011-2013), CCO for Lucia Securities, LLC (2009-2011) CCO for Raymond J Lucia Companies, Inc. (2009-2011), Designated Registered Principal, First Allied Securities, Inc. (2007-2011) </FONT> </TD>
    <TD STYLE="border: black 1pt solid; text-align: center" width="150"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid" width="173">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dawn M. Dennis</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1966</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid" width="203">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Assistant Secretary</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">since Oct. 2013</P></TD>
    <TD STYLE="border: black 1pt solid" width="734"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Senior Paralegal, Gemini Fund Services (since May 2013), Paralegal (from July 2011 through April 2013</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center" width="150"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid" width="173">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Emile R. Molineaux</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1962</P></TD>
    <TD STYLE="border: black 1pt solid" width="203"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Compliance Officer and Anti-Money Laundering Officer Since December 2010</FONT></TD>
    <TD STYLE="border: black 1pt solid" width="734"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CCO of various clients of Northern Lights Compliance Services, LLC, (Secretary since 2003 and Senior Compliance Officer since 2011); General Counsel, CCO and Senior Vice President, Gemini Fund Services, LLC (2003-2011); &nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center" width="150"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">n/a</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1) The term of office for each Trustee and officer listed above
will continue indefinitely.</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> (2) The term &quot;Fund Complex&quot; refers to Multi-Strategy
Alternative Income Fund and the Fund. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(3) Raymond J. Lucia, Jr. is an interested person of the Trust by
virtue of his position as President of the Trust and his indirect controlling interest in the Trust's Adviser.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><B><U>Board Committees</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt"><U>Audit Committee</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Board has an Audit
Committee that consists of two Trustees (Ira J. Miller and Mark J. Riedy, Chairman of the Audit Committee), each of whom is not
an &quot;interested person&quot; of the Trust within the meaning of the 1940 Act. The Audit Committee's responsibilities include:
(i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with
the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors
certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended
by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement
from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or
services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending
that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering
the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's
accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit
Committee Charter. The Audit Committee is responsible for seeking and reviewing nominee candidates for consideration as Independent
Trustees as is from time to time considered necessary or appropriate. The Audit Committee generally will consider shareholder nominees
to the extent required pursuant to rules under the
Securities Exchange Act of 1934. The Audit Committee is also responsible for
reviewing
&nbsp; </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">
and setting Independent Trustee compensation from time to time when considered necessary or appropriate. During the fiscal
period ended February 28, 2015, the Audit Committee held four meetings. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><U>Trustee Ownership</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> The following table indicates the dollar range
of equity securities that each Trustee beneficially owned in the Fund as of December 31, 2014. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name of Trustee</B></P></TD>
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Dollar Range of Equity Securities in the Fund</B></FONT></TD>
    <TD STYLE="width: 51%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">over $100,000</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mark J. Riedy, PhD.</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ira J. Miller</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> over $100,000 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> over $100,000 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John D. Frager</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><B><U>Compensation</U> </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt"> Each Trustee who is
not affiliated with the Trust or Adviser will receive a quarterly Board meeting fee of $2,750, as well as reimbursement for any
reasonable expenses incurred attending the meetings. None of
the executive officers receive compensation from the Trust. In addition to these quarterly fees and reimbursements, Ira J. Miller
receives a quarterly fee of $1,500 for his role as a member of the Audit Committee, and Mark J. Riedy receives a quarterly fee
of $1,750 for his role as Chairman of the Audit Committee. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 33.4pt"> The table below details
the amount of compensation the Trustees received from the Trust during the fiscal period ended February 28, 2015. The Trust does
not have a bonus, profit sharing, pension or retirement plan. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 25.05pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name and Position</B></P></TD>
    <TD STYLE="width: 18%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Aggregate Compensation From Trust</B></P></TD>
    <TD STYLE="width: 18%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Pension or Retirement Benefits Accrued as Part of Fund Expenses</B></FONT></TD>
    <TD STYLE="width: 18%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Estimated Annual Benefits Upon Retirement</B></P></TD>
    <TD STYLE="width: 21%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Compensation From Trust Paid to Directors</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mark J. Riedy</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> $15,500 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> $15,500 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ira J. Miller</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> $15,500 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> $15,500 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John D. Frager</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> $7,750 </FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> $7,750&nbsp;&nbsp; </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CODES OF ETHICS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Each of the Fund, the
Adviser and the Trust's distributor has adopted a code of ethics under Rule 17j-1 of the 1940 Act (collectively the &quot;Ethics
Codes&quot;). Rule 17j-1 and the Ethics Codes are designed to prevent unlawful practices in connection with the purchase or sale
of securities by covered personnel (&quot;Access Persons&quot;). The Ethics
Codes permit Access Persons, subject to certain restrictions, to invest in
securities,
&nbsp; </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">
including securities that may be purchased or held by the Fund. Under the Ethics Codes, Access Persons
may engage in personal securities transactions, but are required to report their personal securities transactions for monitoring
purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings or private
placements. The Ethics Codes can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the
operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. The codes are available on the EDGAR
database on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at
the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, Washington, D.C. 20549. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Board has adopted
Proxy Voting Policies and Procedures (&quot;Policies&quot;) on behalf of the Trust, which delegate the responsibility for voting
proxies to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote, or cause to be
voted, proxies received in a manner consistent with the best interests of the Fund and shareholders. A summary of the proxy policies
and procedures of the Adviser is attached to this SAI. The Adviser will vote such proxies in accordance with its proxy policies and procedures. The Policies
also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies and a record of the proxy voted,
or those caused to be voted, by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified
by the Adviser involving a conflict of interest. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Where a proxy proposal
raises a material conflict between the interests of the Adviser, any affiliated person(s) of the Adviser, the Fund's principal
underwriter (distributor) or any affiliated person of the principal underwriter (distributor), or any affiliated person of the
Trust and the Fund's or its shareholder's interests, the Adviser will resolve the conflict by voting in accordance with the policy
guidelines or at the Trust's directive using the recommendation of an independent third party. If the third party's recommendations
are not received in a timely fashion, the Adviser will abstain from voting. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Information regarding how
the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30
will be available (1) without charge, upon request, by calling the Fund toll-free at 1-855-601-3841; and (2) on the U.S. Securities
and Exchange Commission's website at http://www.sec.gov. In addition, a copy of the Fund's proxy voting policies and procedures
are also available by calling toll-free at 1-855-601-3841 and will be sent within three business days of receipt of a request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONTROL PERSONS AND PRINCIPAL HOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> A principal shareholder
is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one
who owns,
either directly or indirectly more than 25% of the voting securities of a
company or
&nbsp; </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">
acknowledges the existence of such
control. A control person may be able to determine the outcome of a matter put to a shareholder vote. As of June 19, 2015, the
following shareholder of record owned 5% or more of the outstanding shares of the Fund. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Multi-Strategy Growth &amp; Income Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: left">Name &amp; Address</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 43%; text-align: left">Percentage of Shares</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> Class I </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> First Clearing, LLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"> 17.33% </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Saint Louis, MO 63103 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INVESTMENT ADVISORY AND OTHER SERVICES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Adviser</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Lucia Capital Management,
located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128, serves as the Fund's investment adviser. The Adviser is
registered with the SEC as an investment adviser
under the Investment Advisers Act of 1940, as amended. The Adviser was established in June 2011 for the purpose of providing investment
advisory services to the Fund and other institutional investors. As of the date of this SAI, it had no clients other than the Fund.
The majority of interests of the Adviser are owned by Raymond Lucia, Jr., who is deemed to control the Adviser because he owns
more than 25% of the voting interests of the Adviser. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Under the general supervision
of the Fund's Board of Trustees, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will
furnish continuously an investment program with respect to the Fund, and will determine which securities should be purchased, sold
or exchanged. In addition, the Adviser will supervise and provide oversight of the Fund's service providers. The Adviser will furnish
to the Fund office facilities, equipment and personnel for servicing the management of the Fund. The Adviser will compensate all
Adviser personnel who provide services to the Fund. In return for these services, facilities and payments, the Fund has agreed
to pay the Adviser as compensation under the Investment Management Agreement a monthly management fee computed at the annual rate
of 0.75% of the Fund's daily net assets. The Adviser may employ research services and service providers to assist in the Adviser's
market analysis and investment selection. During the fiscal period ended February 28, 2015, the Fund paid $1,266,798 in advisory
fees, and recaptured $96,982 of previously waived fees. During the fiscal period ended February 28, 2014, the Fund paid $639,403
in advisory fees, and $0 were waived. The Adviser also recaptured $129,238 of previously waived fees. During the fiscal period
ended February 28, 2013, the Fund paid $180,326 in advisory fees, all of which were waived. The Adviser also reimbursed Fund expenses
of $27,005. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
 <B> Other Services. </B> Gemini Fund
Services, LLC, with principal offices at 80 Arkay Drive, Hauppauge, NY, 11788 and 17605 Wright Street, Suite 2, Omaha, NE 68130,
serves
 as Administrator, Accounting Agent and Transfer Agent. Gemini Fund Services, LLC receives the following fees: for administrative
services 0.10% on the first $100 million of net assets, 0.08% on the next $150 million of net assets and 0.06% on net assets greater
than $250 million, paid monthly at the preceding annual rates; for accounting services a $27,000 base fee plus 0.02% of net assets
from $25 to $100 million and 0.01% of net assets over $100 million, paid monthly at the preceding annual rates; for transfer agent
services $16 per account plus various other account-related charges; plus out of pocket expenses for each of the preceding services.
For the fiscal period ended February 28, 2015, the Fund paid $169,968, $59,915 and $154,375 for administration, fund accounting
and transfer agency fees, respectively. For the fiscal period ended February 28, 2014, the Fund paid $94,463, $36,397 and $74,008
for administration, fund accounting and transfer agency fees, respectively. For the fiscal period ended February 28, 2013, the
Fund paid $35,255, $20,957 and $27,086 for administration, fund accounting and transfer agency fees, respectively. </P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> &nbsp; </B></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Conflicts of Interest</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Adviser</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser may provide
investment advisory and other services, directly and through affiliates, to various entities and accounts other than the Fund (&quot;Adviser
Accounts&quot;). The Fund has no interest in these activities. The Adviser and the investment professionals, who on behalf of the
Adviser, provide investment advisory services to the Fund, are engaged in substantial activities other than on behalf of the Fund,
may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time
and activity between the Fund and the Adviser Accounts. Such persons devote only so much time to the affairs of the Fund as in
their judgment is necessary and appropriate. Set out below are practices that the Adviser follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Participation in Investment Opportunities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Directors, principals, officers,
employees and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual
or potential conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing trading and
investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the
Adviser, or by the Adviser for the Adviser Accounts, if any, that are the same as, different from or made at a different time than,
positions taken for the Fund.</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">
&nbsp; </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I> Raymond J. Lucia,
Jr. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Mr. Lucia is the Fund&#8217;s
portfolio manager. Mr. Lucia has primary responsibility for management of the Fund&#8217;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 &#8220;Client Accounts&#8221;),
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 February 28, 2015, Mr. Lucia beneficially owned Fund shares in the range of $100,001 to $500,000. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> 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 Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I> Mark C. Scalzo </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Mr. Scalzo is the portfolio
manager for the equity portion of the Fund&#8217;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 February 28, 2015, Mr. Scalzo owned no Fund shares. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of February 28, 2015,
Mr. Scalzo was responsible for the management of accounts other than the Fund as provided below. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>



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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 21%; border: Black 1pt solid"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Other Accounts By  Type </FONT> </TD>
    <TD STYLE="width: 13%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Total Number  of Accounts by Account Type </FONT>
	 </TD>
    <TD STYLE="width: 19%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Total Assets  By Account </FONT><BR>
<FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Type </FONT>
	 </TD>
    <TD STYLE="width: 22%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Number of Accounts by  Type Subject to a Performance Fee </FONT> </TD>
    <TD STYLE="width: 25%; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Total Assets By Account  Type Subject to a Performance Fee </FONT>
	 </TD></TR>
<tr>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Registered Investment Companies </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> 0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> $0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> 0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> $0 </FONT> </TD>
</tr>
<tr>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Other Pooled Investment Vehicles </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> 0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> $0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> 0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> $0 </FONT> </TD>
</tr>
<tr>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> Other Accounts </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> 10 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> $1,847,152 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> 0 </FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"> $0 </FONT> </TD>
</tr>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Distributor</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Northern Lights Distributors,
LLC (the &quot;Distributor&quot;), located at 17605 Wright Street, Omaha, NE 68130, is serving as the Fund's principal underwriter
and acts as the distributor of the Fund's shares, subject to various conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ALLOCATION OF BROKERAGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 33.4pt"><I>Adviser</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 33.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Specific decisions to purchase
or sell securities for the Fund are made by the portfolio managers who are employees of the Adviser. The Adviser is authorized
by the Trustees to allocate the orders placed on behalf of the Fund to brokers or dealers who may, but need not, provide research
or statistical material or other services to the Fund or the Adviser for the Fund's use. Such allocation is to be in such amounts
and proportions as the Adviser may determine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">In selecting a broker or
dealer to execute each particular transaction, the Adviser will take the following into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the best net price available; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the reliability, integrity and financial condition of the broker or
dealer; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the size of and difficulty in executing the order; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the value of the expected contribution of the broker or dealer to the
investment performance of the Fund on a continuing basis. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"> Brokers or dealers
executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another
broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission
is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage,
the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which
the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit
accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other
accounts may primarily benefit the Fund. During the fiscal periods ended February 28, 2015, February 28, 2014, and February 28,
2013, Lucia Securities, an affiliate of the Adviser, received $76,277, $433,650 and $297,554, respectively, in placement fees which
could be deemed to be a form of brokerage commissions. During the fiscal year ended February 28, 2015, the percentage of the Fund&#8217;s
(i) aggregate </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">
brokerage commissions paid to Lucia Securities was 87.85%; and (ii) aggregate
dollar amount of transactions involving the payment of commissions effected
through Lucia Securities was 17.93%. A principal reason for the difference
between these percentages is that the compensation received by Lucia Securities
with respect to Fund purchases of non-traded REITs and non-traded BDCs is calculated based on the asset value
of the non-traded securities purchased; by contrast, the compensation received by Lucia Securities with respect to Fund purchases
of traded securities (such as stocks or ETFs) is calculated at a different rate based on the number of shares purchased. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Affiliated Party Brokerage</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Adviser, and their
affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund, except that
the Fund may in accordance with rules under the 1940 Act engage in transactions with accounts that are affiliated with the Fund
as a result of common officers, directors, advisers, members, managing general partners or common control. These transactions would
be effected in circumstances in which the Adviser has determined that it would be appropriate for the Fund to purchase and another
client to sell, or the Fund to sell and another client to purchase, the same security or instrument each on the same day. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Adviser executes
trades, on behalf of the Fund, through its affiliated broker. The Adviser may realize a profit from such trading activity. Any
commission, fee or other remuneration paid to an affiliated broker or dealer is paid in compliance with the Fund's procedures adopted
in accordance with Rule 17e-1 under the 1940 Act. The policy of the Fund with respect to brokerage is reviewed by the Trustees
from time to time. Because of the possibility of further regulatory developments affecting the securities exchanges and brokerage
practices generally, the foregoing practices may be modified. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TAX STATUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following discussion
is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders
should consult a qualified tax adviser regarding their investment in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund intends to qualify
as regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the &quot;Code&quot;), which
requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount
and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices
or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax
on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing
requirements. Net investment income and net capital gain of the Fund will be computed in accordance with Section 852 of the Code.
Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking
into account any capital loss carryforward of the Fund. Capital </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt">
losses incurred after January 31, 2011 may now be carried forward indefinitely
and retain the character of the original loss. Under pre-enacted laws, capital
losses could be carried forward to offset any capital gains for eight years, and
carried forward as short-term capital, irrespective of the character of the
original loss. Capital loss carry forwards are available to offset future
realized capital gains. To the extent that these carry forwards are used to
offset future capital gains it is probable that the amount offset will not be
distributed to shareholders.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund intends to distribute
all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess
of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Code
and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income will be
made quarterly and net capital gain will be made after the end of each fiscal year, and no later than December 31 of each year.
Both types of distributions will be in shares of the Fund unless a shareholder elects to receive cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">To be treated as a regulated
investment company under Subchapter M of the Code, the Fund must also (a) derive at least 90% of its gross income from dividends,
interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale
or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures
or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its
holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by
cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of
this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's
assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested
in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one
issuer, two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses,
or the securities of certain publicly traded partnerships.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Fund fails to qualify
as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income
tax purposes. As such, the Fund would be required to pay income taxes on its net investment income and net realized capital gains,
if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax
on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders,
whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent
of current or accumulated earnings and profits of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund is subject to a 4% nondeductible excise tax on certain undistributed
amounts of ordinary income and capital gain under a prescribed formula contained
in </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt">
Section 4982 of the Code. The formula requires payment to shareholders during a
calendar year of distributions representing at least 98% of the Fund's ordinary
income for the calendar year and at least 98.2% of its capital gain net income
(i.e., the excess of its capital gains over capital losses) realized during the
one-year period ending October 31 during such year plus 100% of any income that
was neither distributed nor taxed to the Fund during the preceding calendar
year. Under ordinary circumstances, the Fund expects to time its distributions
so as to avoid liability for this tax.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following discussion
of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other
qualified retirement plans are exempt from income taxation under the Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Distributions of taxable
net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders
as ordinary income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Distributions of net capital
gain (&quot;capital gain dividends&quot;) generally are taxable to shareholders as long-term capital gain, regardless of the length
of time the shares of the Fund have been held by such shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A redemption of Fund shares
by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount
realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the
shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of
their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during
such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares
are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Distributions of taxable
net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders
electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each
share so received equal to the net asset value of a share on the reinvestment date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">All distributions of taxable
net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder
on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date
in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following
year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting
requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">
Under the Code, the Fund will be required to report to the Internal Revenue
Service all distributions of taxable income and capital gains as well as gross
proceeds&nbsp; </P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">
from the redemption or exchange of Fund shares, except in the case of certain
exempt shareholders. Under the backup withholding provisions of Section 3406 of
the Code, distributions of taxable net investment income and net capital gain
and proceeds from the redemption or exchange of the shares of a regulated
investment company may be subject to withholding of federal income tax in the
case of non-exempt shareholders who fail to furnish the investment company with
their taxpayer identification numbers and with required certifications regarding
their status under the federal income tax law, or if the Fund is notified by the
IRS or a broker that withholding is required due to an incorrect
TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions
and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Original Issue Discount
and Pay-In-Kind Securities</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Current federal tax law
requires the holder of a U.S. Treasury or other fixed-income zero coupon security to accrue as income each year a portion of the
discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during
the year. In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even
though the Fund holding the security receives no interest payment in cash on the security during the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of the debt securities
(with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as
debt securities that are issued originally at a discount. Generally, the amount of the original issue discount (&quot;OID&quot;)
is treated as interest income and is included in income over the term of the debt security, even though payment of that amount
is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect
to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S.
federal income tax purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The higher interest rates
of OID instruments reflect the payment deferral and increased credit risk associated with these instruments. OID instruments generally
represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the
issuer of OID instruments could still default when the Fund&#8217;s collection is supposed to occur at the maturity of the obligation.
OID instruments may have unreliable valuations because their continuing accruals require ongoing judgments about the collectability
of the deferred payments and the value of any associated collateral. OID instruments create the risk that advisory fees may be
paid to the Adviser based on non-cash accruals that ultimately may not be realized. In such instances, the Adviser may not be obligated
to reimburse the Fund for such fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of the debt securities (with a fixed maturity date of more than one year
from the date of issuance) that may be acquired by the Fund in the secondary
market may be treated as having market discount. Generally, any gain recognized
on the disposition of, and any partial payment of principal on, a debt security
having market </P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt">
discount is treated as ordinary income to the extent the gain, or principal
payment, does not exceed the &quot;accrued market discount&quot; on such debt security.
Market discount generally accrues in equal daily installments. The Fund may make
one or more of the elections applicable to debt securities having market
discount, which could affect the character and timing of recognition of income.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0pt">
&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: .5in">Pay-in-kind securities
may cause the generation of investment income and increase the advisory fees payable at a compounding rate. In addition, the deferral
of pay-in-kind interest also reduces the loan-to-value ratio at a compounding rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some debt securities (with
a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Fund may be treated as having
acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include the
acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received
until a later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities
having acquisition discount, or OID, which could affect the character and timing of recognition of income.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> A fund that holds the
foregoing kinds of securities may be required to pay out as an income distribution each year an amount, which is greater than the
total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by
liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains
or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may
receive a larger capital gain distribution, if any, than they would in the absence of such transactions. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Payments to a shareholder
that is either a foreign financial institution (&#8220;FFI&#8221;) or a non-financial foreign entity (&#8220;NFFE&#8221;) within
the meaning of the Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;) may be subject to a generally nonrefundable 30% withholding
tax on: (a) income dividends paid by a Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising
from the sale of Fund shares paid by the Fund after December 31, 2016.&nbsp; FATCA withholding tax generally can be avoided: (a)
by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the
IRS to, among other requirements, report required information about certain direct and indirect ownership of&nbsp; foreign financial
accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as
owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information that it
receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA.&nbsp;
Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate
certifications or other documentation concerning its status under FATCA. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders of the Fund
may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund's shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A brief explanation of the
form and character of the distribution accompany each distribution. In January of each year the Fund issues to each shareholder
a statement of the federal income tax status of all distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders should consult
their tax advisers about the application of federal, state and local and foreign tax law in light of their particular situation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each share represents a
proportional interest in the assets of the Fund. Each share has one vote at shareholder meetings, with fractional shares voting
proportionally, on matters submitted to the vote of shareholders. There are no cumulative voting rights. Shares do not have pre-emptive
or conversion or redemption provisions. In the event of a liquidation of the Fund, shareholders are entitled to share pro rata
in the net assets of the Fund available for distribution to shareholders after all expenses and debts have been paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Portfolio Holdings Disclosure</B>:
The Trust has adopted policies and procedures that govern the disclosure of the Fund&#8217;s portfolio holdings. These policies
and procedures are designed to ensure that such disclosure is in the best interests of Fund shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund discloses its portfolio
holdings by mailing its annual and semi-annual reports to shareholders approximately two months after the end of the fiscal year
and semi-annual period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In addition, the Fund&#8217;s
adviser will publish a schedule of the Fund&#8217;s 10 largest portfolio holdings on a quarterly basis, approximately 10 days after
the end of each month. The schedule shall be published on the Fund&#8217;s website at www.growthandincomefund.com. This information
will remain on the website until new information for the next month is posted. This information also is available by calling toll-free
1-855-601-3841. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund may choose to make
available its portfolio holdings to rating agencies such as Lipper, Morningstar or Bloomberg more frequently, on a confidential
basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Compliance Service Provider</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Northern Lights Compliance
Services, LLC (&quot;NLCS&quot;), located at 80 Arkay Drive, Suite 110, Hauppauge, NY 11788 provides a Chief Compliance Officer
to the Fund as well as related compliance services pursuant to a consulting agreement between NLCS and the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Administrator</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Gemini Fund Services, LLC
(&quot;GFS&quot;), located at 80 Arkay Drive, Suite 110, Hauppauge, NY 11788 serves as the Fund's administrator, fund accountant
and transfer agent pursuant to a fund services agreement between GFS and the Fund.</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Legal Counsel</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Thompson Hine LLP, 41 South
High Street, 17th floor, Columbus, Ohio 43215, acts as legal counsel to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Custodian</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> MUFG Union Bank, N.A.
(the &quot;Custodian&quot;) serves as the primary custodian of the Fund's assets, and may maintain custody of the Fund's assets
with domestic and foreign subcustodians (which may be banks, trust companies, securities depositories and clearing agencies) approved
by the Trustees. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the
extent that securities are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account
of such custodian. The Custodian's principal business address is 350 California Street, San Francisco, California 94104. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> BBD, LLP is the independent
registered public accounting firm for the Fund and will audit the Fund's financial statements. BBD, LLP is located at 1835 Market
Street, 26th Floor, Philadelphia, PA 19103. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Financial Statements and independent
registered public accounting firm&#8217;s report thereon contained in the Fund&#8217;s annual report dated February 28, 2015, are
incorporated by reference in this Statement of Additional Information. The Fund&#8217;s annual report is available upon request,
without charge, by calling the Fund toll-free at 1-855-601-3841. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>APPENDIX A</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B> Adviser </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: justify"> PROXY VOTING: <FONT STYLE="font-weight: normal">Lucia
Capital Management</FONT> </P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U> SUMMARY OF PROXY VOTING GUIDELINES </U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> In the absence of specific voting guidelines
from the client, Lucia Capital Management (&#8220;LCM&#8221;) will vote proxies in the best interests of each particular client.
LCM&#8217;s policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from
a client. Clients are permitted to place reasonable restrictions on LCM's voting authority in the same manner that they may place
such restrictions on the actual selection of account securities. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> LCM will generally vote in favor of routine
corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised
by an auditor&#8217;s non-audit services. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> LCM will generally vote against proposals
that cause board members to become entrenched or cause unequal voting rights. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> In reviewing proposals, LCM will further
consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer&#8217;s business
practices. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> If LCM is voting proxies on behalf of a registered
investment company (&#8220;RIC&#8221;), any proxies received for holdings in other RICs will vote proxies proportionally to reflect,
or echo, the way that previous voters split on a particular issue. For example, if 100 shareholders cast 60 votes for a proposal
and 40 votes against, the brokerage firm would follow the 3:2 proportion in voting the proxies of the non-voting shareholders. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B> Conflicts of Interest: </B> LCM
will identify any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of LCM
or LCM&#8217;s affiliates with the issuer of each security to determine if LCM or any of its employees has any financial, business
or personal relationship with the issuer. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> If a material conflict of interest exists,
the portfolio manager will vote in a manner consistent with an independent third party voting recommendation. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> LCM will maintain a record of the voting
resolution of any conflict of interest. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PART C &ndash; Other Information</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 25</U>. <U>Financial Statements and Exhibits</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1. Financial Statements</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"> Part A: The financial highlights
of the Multi-Strategy Growth &amp; Income Fund (the &quot;Registrant&quot;) for the fiscal year ended February 28, 2015, are included
in Part A of this registration statement in the section entitled &quot;Financial Highlights.&quot; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"> Part B: The Registrant's audited
Financial Statements and the notes thereto in the Registrant's Annual Report to Shareholders for the fiscal year ended February
28, 2015, filed electronically with the Securities and Exchange Commission pursuant to Section 30(b)(2) of the Investment Company
Act of 1940, as amended, are incorporated by reference into Part B of this registration statement. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2. Exhibits</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> a. (1) Amended Agreement and Declaration of
Trust* </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">a. (2) Certificate of Trust**</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">b. By-Laws***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">c. Voting Trust Agreements: None</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">d. Instruments Defining Rights of Security Holders.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(1) See Article III, &quot;Shares&quot; and Article V
&quot;Shareholders' Voting Powers and Meetings&quot; of the Registrant's Agreement and Declaration of Trust. See also, Article
12, &quot;Meetings&quot; of shareholders of the Registrant's By-Laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt"> (2) Multiple Class Plan***** </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">e. Dividend reinvestment plan: None.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">f. Rights of subsidiaries long-term debt holders:
Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">g. (1) Investment Advisory Agreement***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">h. (1) Underwriting Agreement dated as of November
10, 2012*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt"> (2) Shareholder Servicing Plan and Agreement***** </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(3) Selling Agreement Form***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt"> (4) Distribution Plan Class C***** </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt"> (5) Distribution Plan Class L***** </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">i. Bonus, profit sharing, pension
and similar arrangements for Fund Trustees and Officers: None.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">j. Custodian Agreement***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">k. (1) Fund Services Agreement (Administration,
Accounting and Transfer Agency)***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(2) Compliance Consulting Agreement***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">l. Opinion and Consent of Counsel</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">(1) Opinion of Counsel****</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">(2) Consent of Counsel (filed herewith)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">m. Non-resident Trustee Consent to Service of
Process: Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">n. Consent of Independent Registered Public Accounting
Firm (filed herewith)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">o. Omitted Financial Statements: None</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">p. Initial Capital Agreement***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">q. Model Retirement Plan: None</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">r. (1) Code of Ethics-Fund***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(2) Code of Ethics-Adviser***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(3) Code of Ethics-sub-adviser***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(4) Code of Ethics-Principal Underwriter/Distributor***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">s. Powers of Attorney***</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">*Previously filed on May 31, 2013, as an exhibit to the Registrant's
Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">** Previously filed on June 15, 2011, as an exhibit to the Registrant's
Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">*** Previously filed on November 16, 2011, as an exhibit to Pre-Effective
Amendment No. 1 to the Registrant's Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> **** Previously filed on March 1, 2012, as an exhibit to Pre-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-2, and hereby incorporated by reference. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> *****Previously filed on June 27, 2014, as an exhibit to Post-Effective
Amendment No. 8 to the Registrant&rsquo;s Registration Statement on Form N-2, and hereby incorporated by reference. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 26</U>. <U>Marketing Arrangements</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Not Applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 27</U>. <U>Other Expenses of Issuance and Distribution </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Not Applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 28</U>. <U>Persons Controlled by or Under Common Control
with Registrant</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">None.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U> Item 29 </U> . <U>Number of Holders of Securities
as of June 22, 2015</U>: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 55%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Title of Class</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Shares of Beneficial Ownership.</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Number of Record Holders</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> 331 </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 30</U>. <U>Indemnification</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Reference is made to Article VIII Section 2
of the Registrant's Agreement and Declaration of Trust (the &quot;Declaration of Trust&quot;), filed as Exhibit (a)(2) hereto,
and to Section 8 of the Registrant's Underwriting Agreement, to be filed as Exhibit (h)(1) hereto. The Registrant hereby undertakes
that it will apply the indemnification provisions of the Declaration of Trust and Underwriting Agreement in a manner consistent
with Release 40-11330 of the Securities and Exchange Commission (the &quot;SEC&quot;) under the Investment Company Act of 1940,
as amended (the &quot;1940 Act&quot;), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains
in effect. &nbsp;The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee,
or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position.
However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for
any act for which the Registrant itself is not permitted to indemnify.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0; text-align: justify">Insofar as indemnification for liability
arising under the Securities Act of 1933 (the &quot;1933 Act&quot;) may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, trustee, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be
governed by the final adjudication of such issue.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U> Item 31 </U> . <U>Business and Other Connections
of Investment Adviser </U> </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"> A description of any other business,
profession, vocation, or employment of a substantial nature in which the investment adviser or sub-adviser of the Registrant, and
each member, director, executive officer, or partner of any such investment adviser or sub-adviser, is or has been, at any time
during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee,
partner or director, is set forth in the Registrant's prospectus in the section entitled &quot;Management of the Fund.&quot; Information
as to the members and officers of the Adviser is included in its Form ADV as filed with the SEC (File No. 801-72595), and is incorporated
herein by reference. &nbsp; </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 32</U>. <U>Location of Accounts and Records</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"> Gemini Fund Services, LLC, the Fund's
administrator, maintains certain required accounting related and financial books and records of the Registrant at 80 Arkay Drive,
Suite 110, Hauppauge, New York &nbsp;11788. The other required books and records are maintained by the Adviser at 13520 Evening
Creek Drive N., Suite 300, San Diego, CA 92128 and by the Custodian at 350 California Street, 6th Floor San Francisco, California
&nbsp;94104. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 33</U>. <U>Management Services</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Not Applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 34</U>. <U>Undertakings</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. The Registrant undertakes to suspend
the offering of shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the
net asset value of the Fund declines more than ten percent from its net asset value as of the effective date of the registration
statement or (2) the net asset value of the Fund increases to an amount greater than its net proceeds as stated in the prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2. The Registrant undertakes to file, during
any period in which offers or sales are being made, a post-effective amendment to the registration statement: (a) (i) to include
any prospectus required by Section 10(a)(3) of the 1933 Act; (ii) to reflect in the prospectus any facts or events after the effective
date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration statement; and (iii) to include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement. (b) &nbsp;For the purpose of determining any liability under the 1933 Act, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (c) The
Registrant undertakes to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. (d) The Registrant undertakes that, for the purpose of determining liability
under the 1933 Act, if the Registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under
the 1933 Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A
under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness; <I>provided however</I>, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede
or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or
made in any such document immediately prior to such date of first use. (e) The Registrant undertakes that, for the purpose of determining
liability under the 1933 Act, in a primary offering of securities of the undersigned Registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to the purchaser: (i) any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule 497 under the 1933 Act; (ii) the portion of any advertisement
pursuant to Rule 482 under the 1933 Act relating to the offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant; and (iii) any other communication that is an offer in
the offering made by the undersigned Registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3. For purposes of determining any liability
under the Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration
statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 497(h) under the
1933 Act shall be deemed to be part of this registration statement as of the time it was declared effective. The Registrant undertakes
that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">4. The Registrant undertakes to send by first
class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request,
the Registrant's statement of additional information.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">SIGNATURES</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933 the Registrant certifies that it meets all of the requirements for effectiveness of
this registration statement pursuant to Rule 486(b) under the Securities Act. Pursuant to the requirements of the Securities Act
of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this amendment to its registration statement to
be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus, State of Ohio, on the 26th day
of June 2015. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">MULTI-STRATEGY GROWTH &amp; INCOME FUND</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 99pt"> By: /s/ </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 99pt">Name: JoAnn Strasser</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 99pt">Title: Attorney-in-Fact*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt">*Pursuant to Powers of Attorney</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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this amendment to the registration statement has been signed below by the following persons in the
capacities and on the dates.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark J. Riedy **</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> June 26, 2015 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ira J. Miller **</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> June 26, 2015 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John D. Frager **</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> June 26, 2015 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raymond J. Lucia, Jr.**</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee, President</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and Principal Executive Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> June 26, 2015 </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
James Colantino</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
	Assistant Treasurer</FONT><BR>
&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> June 29, 2015 </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> **By: /s/ June 26, 2015 </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">JoAnn Strasser</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">**Attorney-in-Fact &ndash; Pursuant to Powers
of Attorney.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6.75pt; text-align: center">EXHIBIT INDEX</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Description</FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exhibit</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Counsel</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99(l)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Independent Registered Public Accounting Firm </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99(n) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.2L OPIN COUNSL
<SEQUENCE>3
<FILENAME>ex99l.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Blu Giant, LLC</TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 13pt">&nbsp;<IMG SRC="ex99l_001.jpg" ALT=""></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 13pt">June
26, 2015</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Multi-Strategy Growth &amp; Income Fund</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">80 Arkay Drive</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Hauppauge, NY 11788</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Re: Multi-Strategy Growth &amp; Income Fund,
File Nos. 811-22572, 333-189008</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Gentlemen:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A legal opinion (the &#8220;Legal
Opinion&#8221;) that we prepared was filed with Amendment No. 1 under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;)
to the Registration Statement of Multi-Strategy Growth &amp; Income Fund. We hereby give you our consent to incorporate by reference
the Legal Opinion into Amendment No. 9 under the 1940 Act (Post-Effective No. 3 under the Securities Act of 1933) and consent to
all references to us in the Amendment.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3.5in; text-indent: 0.5in">Very truly yours,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3.5in; text-indent: 0.5in"><U>/s/___________</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 3.5in; text-indent: 0.5in">Thompson Hine LLP</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;<IMG SRC="ex99l_002.jpg" ALT=""></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N CONSENT
<SEQUENCE>4
<FILENAME>consent.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Blu Giant, LLC</TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We consent to the references to our firm in
the Registration Statement on Form N-2 of The Multi-Strategy Growth &amp; Income Fund and to the use of our report dated April
28, 2015 on the financial statements and financial highlights of The Multi-Strategy Growth &amp; Income Fund. Such financial statements
and financial highlights appear in the February 28, 2015 Annual Report to Shareholders that is incorporated by reference into the
Statement of Additional Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&#9;<IMG SRC="img_001.jpg" ALT="" STYLE="height: 63px; width: 156px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3in">&#9;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#9;&#9;BBD, LLP</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Philadelphia, Pennsylvania</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>June 26, 2015</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
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<DOCUMENT>
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