<SEC-DOCUMENT>0001580642-15-005840.txt : 20151216
<SEC-HEADER>0001580642-15-005840.hdr.sgml : 20151216
<ACCEPTANCE-DATETIME>20151216124621
ACCESSION NUMBER:		0001580642-15-005840
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151216
DATE AS OF CHANGE:		20151216
EFFECTIVENESS DATE:		20151216

FILER:

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

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		151290487

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

	MAIL ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>msgisai497.htm
<DESCRIPTION>497
<TEXT>
<HTML>
<HEAD>
<TITLE>Blu Giant, LLC</TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>MULTI-STRATEGY GROWTH
&amp; INCOME FUND </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Supplement dated December 16, 2015</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>to the Statement of Additional Information
dated July 1, 2015</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>____________________________________________________________________________</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">1.&#9;The paragraph that appears on page 12
under<B> MANAGEMENT OF THE FUND </B>is revised in its entirety to read as follows:</P>

<P STYLE="font: 11pt 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; 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 five individuals, one of whom is an &quot;interested person&quot; (as defined under the 1940 Act) of the Trust; and four 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 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2.&#9;The paragraph that appears on page 12
under <B>Board Leadership Structure</B> is revised in its entirety to read as follows:</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; text-indent: 0.5in">The Trust is led
by 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 four 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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3.&#9;The paragraph that appears on page 13
under <B>Board Risk Oversight</B> is revised in its entirety to read as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">The Board of Trustees
is comprised of Mr. Lucia and four 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: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">4.&#9;The first two paragraphs that begin on
page 13 under <B><I>Trustee Qualifications</I></B>, including the three tables that follows those paragraphs, are revised in their
entirety to read as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0.5in">Generally,
the Trust believes that each Trustee is competent to serve because of his or her 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, and 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&rsquo;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 Science Applications
International Corporation. Mr. Miller holds a Bachelor&rsquo;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. Darlene
T. DeRemer has over 30 years of investment banking experience and has had significant experience structuring and executing strategic
transactions involving asset management businesses. Ms. DeRemer is a founding partner of Grail Partners LLC, an advisory merchant
bank with offices in several major U.S. cities that has worked on over 250 strategic transactions involving financial service providers.
Ms. DeRemer is also a Trustee of Syracuse University and</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0.5in">serves as the Chair
of the university&rsquo;s Investment &amp; Endowment Committee. Ms. DeRemer holds a Bachelor&rsquo;s Degree in Finance and Marketing
and an MBA from Syracuse University. 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 0 0 0.5in; text-align: justify">Following is a list of the Trustees
and executive officers of the Trust and his or her 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 0 0 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: center"><B><U>Independent Trustees</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 21%; border: black 1pt solid; padding-top: 46.85pt; padding-left: 0.1in; text-indent: -0.05in"><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-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 49.25pt; padding-left: 0.15in; text-indent: -0.1in"><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-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 46.85pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Principal Occupation </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>During the Past Five Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Portfolios in </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Fund </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Complex<SUP>(2)</SUP> </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Overseen by </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Trustee</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 12.35pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Directorships </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>held by Trustee </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>During Last </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Five Years</B></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-bottom: 57.3pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mark J. Riedy, PhD.
<BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1942</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 57.3pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05in"><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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 68.55pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: 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-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ira J. Miller </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1946</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 10.95pt; padding-left: 0.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired as of August 2007.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 10.95pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 10.95pt; padding-left: 0.25pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</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-bottom: 57.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John D. Frager </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1958</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 57.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt"><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-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 69.05pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 69.05pt; padding-left: 0.25pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</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">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Darlene T. DeRemer</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1955</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 57.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee since October 2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Partner of Grail Partners LLC (2005 to present); Partner<B>, </B>Putnam Lovell NBF (2003 &ndash; 2005); Head of eBusiness Advisory Unit at NewRiver (1999-2003); Principal at DeRemer &amp; Associates (1987 &ndash; 2003); Vice President and Director, Asset Management Division, State Street Bank and Trust Company (1985-1987).</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 69.05pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 69.05pt; padding-left: 0.25pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee, Ark ETF Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 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 Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: center"><B><U>Interested Trustee &amp; Officers</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: center"><B><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding-top: 46.85pt; padding-left: 0.1in; text-indent: -0.05in; width: 21%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Address and Age(Year of Birth)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 49.25pt; padding-left: 0.15in; text-indent: -0.1in; width: 14%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Position/Term of Office<SUP>(1)</SUP> </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 46.85pt; text-align: center; width: 33%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Principal Occupation </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>During the Past Five Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 16%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Portfolios in </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Fund </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Complex<SUP>(2)</SUP> </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Overseen by </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Trustee</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 12.35pt; text-align: center; width: 16%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Directorships </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>held by Trustee </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>During Last </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Five Years</B></FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: 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 0 57.95pt">1975<SUP>(3)</SUP></P></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 45.95pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustee, </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">since Sept. </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 9pt; padding-bottom: 11.65pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Executive Officer for Lucia Capital Management, LLC (2012-Present); Chief Executive Officer for Lucia Wealth Services, LLC (2010Present); Chief Executive Officer for Lucia Securities, LLC (2010-Present), Executive Vice President for Raymond J. Lucia Companies, Inc.(2002-2010)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 80.75pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 80.75pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: 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: 0.05pt 0 103.55pt">1983</P></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 115.1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Treasurer </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">since Sept. </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2012</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-bottom: 11.65pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief Financial Officer for Lucia Capital Management (2012 to present); Director of Finance for Lucia Capital Management (2010 to 2012); Chief Financial Officer for Lucia Wealth Services, LLC (2014 - Present); Vice President of Lucia Wealth Services, LLC (2012 - 2014), Director of Finance for Lucia Wealth Services, LLC (2011 - 2012), Senior Financial Analyst for Lucia Wealth Services, LLC (2010 - 2011); Director of Finance for LPL Financial (2008 to 2010); Senior Financial Analyst for LPL Financial (2006 to 2008)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 138.15pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 138.15pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: 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: 0.05pt 0 11.4pt">1969</P></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assistant </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Treasurer </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">since Sept. </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt; padding-bottom: 11.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Senior Vice President (2011-present) Vice President (2004 &ndash; 2011); Senior Fund Administrator (1999-2004), Gemini Fund Services, LLC.</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 34.45pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 34.45pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</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"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Michael
                                         Castellino</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1974</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 80.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assistant
    Treasurer, since February 2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assistant
    Vice President (2013 to present); Gemini Fund Services, LLC; Assistant Vice President (2012 to 2013); International Fund Services;
    Vice President (2008 to 2012) HSBC Securities Services</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 103.3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 103.3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N/A</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">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Theresa J. Ochs</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 80.25pt">1967</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 80.25pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Secretary </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">since April </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CCO for Lucia Capital Management (2012 to present); CCO for Lucia Wealth Services, LLC (2010present); 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-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 103.3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 103.3pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</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">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dawn M. Dennis</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 11.8pt">1966</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.55pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Assistant </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Secretary </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">since Oct. </FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2013</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.25in; padding-bottom: 11.8pt"><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-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 34.85pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 34.85pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">N/A</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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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding-top: 0pt; padding-left: 0in; text-indent: 0in; width: 21%; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Emile
    R. Molineaux</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR><FONT STYLE="font-size: 10pt"> 1962</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0pt; padding-left: 0in; text-indent: 0in; width: 14%; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chief
    Compliance Officer and Anti-Money Laundering Officer Since December 2010</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0pt; text-align: left; width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;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);</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0pt; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.2pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The term of office for each Trustee and officer listed above will continue
indefinitely.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(2)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The term &quot;Fund Complex&quot; refers to Multi-Strategy Alternative
Income Fund and the Fund.</FONT></P>

<P STYLE="font: 8pt 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 Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">5.&#9;The paragraph that appears on page 16
under <U>Audit Committee</U> is revised in its entirety to read as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board has an Audit Committee that consists of three Trustees (Ira J. Miller, Darlene T. DeRemer 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 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</FONT>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">6.&#9;The paragraph and table that appear on
page 17 under <U>Trustee Ownership</U> are revised in their entirety to read as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 10.4pt 0.5in; text-align: justify; 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 Times New Roman, Times, Serif; margin: 0.2pt 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 21%; border: black 1pt solid; padding-top: 12.1pt; padding-right: 7.9pt; padding-bottom: 11.65pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 11.65pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Dollar Range of Equity </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Securities in the Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 51%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Aggregate Dollar Range of Equity Securities in </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>All Registered Investment Companies Overseen </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>by Trustee in Family of Investment Companies</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.2pt; padding-left: 1.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.45pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">over $100,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.45pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">over $100,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mark J. Riedy, PhD.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.25pt; 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; padding-bottom: 0.25pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.7pt; padding-left: 1.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ira J. Miller</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">over $100,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">over $100,000</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.95pt; padding-left: 1.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John D. Frager</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1.2pt; 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; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.95pt; padding-left: 1.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Darlene T. DeRemer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1.2pt; 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; padding-bottom: 1.2pt; 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">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">7.&#9;The two paragraphs that appear on page
17 under <B><U>Compensation</U></B>, including the table that follows those paragraphs, are revised in their entirety to read as
follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.7pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">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: 12.4pt 0 12.05pt 0.5in; text-align: justify; text-indent: 0.5in">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: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%; border: black 1pt solid; padding-top: 26.7pt; padding-right: 6pt; padding-bottom: 24.85pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name and Position</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 14.45pt; padding-bottom: 12.6pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Aggregate </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Compensation </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>From Trust</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.45pt; padding-bottom: 0.1pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Pension or </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Retirement </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Benefits Accrued </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>as Part of Fund </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Expenses</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 14.45pt; padding-bottom: 12.6pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Estimated Annual </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Benefits Upon </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Retirement</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 25.05pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Compensation </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>From Trust Paid to </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Directors</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.7pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mark J. Riedy</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$15,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.75pt; 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; padding-top: 1.75pt; 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; padding-bottom: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$15,500</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.2pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ira J. Miller</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$15,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.05pt; 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; padding-top: 2.05pt; 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; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$15,500</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John D. Frager</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$7,750</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-bottom: 0.25pt; 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; padding-top: 2.05pt; padding-bottom: 0.25pt; 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; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$7,750</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Darlene T. DeRemer*</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1.2pt; 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; padding-top: 2.05pt; padding-bottom: 0.25pt; 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; padding-top: 2.05pt; padding-bottom: 0.25pt; 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; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.9pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.8pt; padding-bottom: 1.2pt; 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; padding-top: 1.8pt; padding-bottom: 1.2pt; 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; padding-top: 1.8pt; padding-bottom: 1.2pt; 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; padding-top: 1.8pt; padding-bottom: 1.2pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 0 0">*Appointed as a Trustee on October 22, 2015.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>* * * * * *</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>You should read this Supplement in conjunction
with the Prospectus and Statement of Additional Information each dated July 1, 2015, which provide information that you should
know about the Fund before investing. These documents are available upon request and without charge by calling the Fund toll-free
at 1-855-601-3841. The Prospectus and Statement of Additional Information may be obtained by visiting the U.S. Securities and Exchange
Commission&rsquo;s website at http://www.sec.gov. You should retain this Supplement for future reference.</B></P>


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