<SEC-DOCUMENT>0001580642-17-003133.txt : 20170905
<SEC-HEADER>0001580642-17-003133.hdr.sgml : 20170905

<ACCEPTANCE-DATETIME>20170526145027

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001580642-17-003133

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		8

CONFORMED PERIOD OF REPORT:	20170526

FILED AS OF DATE:		20170526

DATE AS OF CHANGE:		20170613


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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-22572

		FILM NUMBER:		17873538



	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>PRE 14A
<SEQUENCE>1
<FILENAME>mstratgi_pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>Blu Giant, LLC</TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant&#9;</FONT><FONT STYLE="font-family: Wingdings">&#253;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#253;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Confidential, for Use of the Commission only (as permitted by Rule
14a-6(e)(2))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Multi-Strategy Growth &amp; Income Fund</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</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">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person (s) Filing Proxy Statement,
if Other Than the Registrant)</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">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#253;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fee required.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></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: 0.5in"></TD><TD STYLE="width: 0.5in">1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee paid previously with preliminary materials:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</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: 0.5in"></TD><TD STYLE="width: 0.5in">1)</TD><TD>Amount Previously Paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">________________________________________________________________________________</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: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#9;________________________________________________________________________________</P>

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


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<P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Multi-Strategy Growth &amp; Income Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal Executive Offices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>80 Arkay Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Hauppauge, NY 11788</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(631) 470-2600</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>To Be Held [MEETING DATE], 2017</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dear Shareholders:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Trustees of
Multi-Strategy Growth &amp; Income Fund has called a special meeting of the Fund&rsquo;s shareholders, to be held at 80 Arkay Drive,
Suite&nbsp;110, Hauppauge, NY 11788, on [MEETING DATE ],&nbsp;2017 at [TIME] Eastern Time. Only shareholders of record at the close
of business on [_____] are entitled to notice of, and to vote at, the special meeting and any adjournments or postponements thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The purpose of this meeting
is to seek your approval of a new advisory agreement between the Fund and LCM Investment Management, LLC. We believe that approval
of the new advisory agreement is in the best interest of the Fund and its current and future shareholders. We would like to thank
you for your continued support.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Shareholder Meeting to be Held on [MEETING
DATE], 2017.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>A copy of the Notice of Shareholder Meeting,
the Proxy Statement (including the proposed advisory agreement) and Proxy Voting Ballot are available at [www.proxyonline.com/docs/multi-strategy.pdf].</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By Order of the Board of Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">[Dawn M. Dennis, Assistant Secretary]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[DATE]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>YOUR VOTE IS IMPORTANT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>To assure your representation at the meeting,
please complete, date and sign the enclosed proxy card and return it promptly in the accompanying envelope. You also may vote by
telephone or via the Internet by following the instructions on the enclosed proxy card. Whether or not you plan to attend the meeting
in person, please vote your shares; if you attend the meeting, you may revoke your proxy and vote your shares in person.</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Multi-Strategy Growth &amp; Income Fund</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>with its principal executive offices at</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>80 Arkay Drive</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Hauppauge, NY 11788</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(631) 470-2600</B></P>

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SPECIAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>To Be [MEETING DATE], 2017</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>at 80 Arkay Drive, Suite 110, Hauppauge,
NY 11788</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Proxy Statement is
furnished in connection with the solicitation of proxies by the Board of Trustees (the &ldquo;Board&rdquo; or the &ldquo;Trustees&rdquo;)
of <B>Multi-Strategy Growth &amp; Income Fund </B>(the &ldquo;Fund&rdquo;), for use at the Special Meeting of Shareholders of the
Fund (the &ldquo;Meeting&rdquo;) to be held at the offices of the Fund&rsquo;s administrator, 80 Arkay Drive, Suite 110, Hauppauge,
NY 11788 on [MEETING DATE], at [TIME], Eastern Time, and at any and all adjournments thereof. The Notice of Meeting, Proxy Statement,
and accompanying form of proxy will be mailed to shareholders on or about [DATE].</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The shareholders of the
Fund are being asked to consider the following proposals:</P>

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

<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif">To approve a new advisory agreement between
the Fund and LCM Investment Management, LLC (&ldquo;LCM&rdquo;), the Fund&rsquo;s current investment adviser.</LI>

</OL>

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

<OL START="2" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-family: Times New Roman, Times, Serif">To transact such other business as may properly
come before the meeting or any adjournments or postponements thereof.</LI>

</OL>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders of record
at the close of business on [____] (the &ldquo;Record Date&rdquo;) are entitled to notice of, and to vote at, the Meeting and any
adjournments or postponements thereof.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>A copy of the Fund&rsquo;s
most recent annual report, including financial statements and schedules, is available at no charge by sending a written request
to the Fund, 80 Arkay Drive, Suite 110, Hauppauge, NY 11788, by calling 1-855-601-3841 or on-line at www.growthandincomefund.com.</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>PROPOSAL I</U></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>APPROVAL OF A NEW ADVISORY AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BETWEEN THE FUND AND LCM</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: -40.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund is seeking approval
of a new advisory agreement (the &ldquo;Proposed Advisory Agreement&rdquo;) that would change the advisory fee paid by the Fund
to its investment adviser, LCM to bring the fee in line with the Morningstar U.S. Closed-End Fund Multi-Strategy category (the
&ldquo;Category&rdquo;) average.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">LCM believes that the Fund benefits through:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">LCM choosing to significantly enhance its team and resources. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The enhanced team&rsquo;s ability to source new investment opportunities
in higher quality, lower cost institutional investments.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A single team managing the liquid exchange-traded
securities to provide an integrated, custom portfolio rather than utilizing a sub-adviser&rsquo;s independent strategy.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the current investment
advisory agreement with LCM (the &ldquo;Current Advisory Agreement&rdquo;), LCM&rsquo;s current advisory fee is 0.75% annually
of the Fund&rsquo;s average daily net assets, which is approximately 54% lower than the Category average of 1.38%. The Proposed
Advisory Agreement would change LCM&rsquo;s advisory fee to 1.35%.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, if approved,
LCM and the Fund will enter into an expense limitation agreement under which, for a term of two years from the effective date of
the Proposed Advisory Agreement, LCM would reduce its fees and/or absorb expenses of the Fund, subject to certain exclusions, to
ensure that total fund operating expenses after fee waiver and/or reimbursement will not exceed a certain percentage of each shares
classes net assets. Such expenses will be capped at 1.95% for Class A shares, 2.20% for Class L Shares, 2.45% for Class C shares
and 1.45% for Class I shares.</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid">
        <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>
        <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>The Board, including the Independent Trustees,
        recommends that shareholders of the Fund</I></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Vote <B>&ldquo;<U>FOR</U>&rdquo; </B>approval
        of the Proposed Advisory Agreement.</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">LCM has served as the investment
adviser to the Fund since the Fund&rsquo;s launch in 2012. In the Fund&rsquo;s early stages, LCM invested the Fund&rsquo;s assets
in investment opportunities available to retail investors through broker-dealers, including LCM&rsquo;s affiliated broker-dealer.
In addition to investing in illiquid securities, LCM initially engaged a sub-adviser to manage a portion of the Fund invested in
liquid, exchange traded securities. For illiquid securities, LCM relied, in part, on the broker-dealers&rsquo; pipeline and due
diligence in the selection of investments. Deal sourcing was more straightforward and less time intensive for LCM, particularly
because LCM found the available investments attractive at the time. For the liquid securities, the sub-adviser managed a separate
account strategy readily available to retail clients who met their account minimum. The ease of deal sourcing, due diligence, investment
selection, sub-advised assets and the implicit costs the fund paid to access investments warranted an adviser fee of 0.75% which
was one of the lowest in its category.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">However, the changing economic
environment along with the increased size of the Fund have required LCM to make significant and costly changes in order to continue
providing and enhancing its high-quality service to the Fund. LCM determined that shareholders would be better served if LCM could
evolve the Fund&rsquo;s portfolio by introducing even higher quality and lower cost institutional investments not generally available
through broker-dealers as well as internalizing the management of the Fund&rsquo;s liquid exchange traded securities, which it
did in March of 2015. LCM proactively began to grow its investment team to develop additional expertise and relationships in institutional
quality, illiquid alternative investments as well adding capabilities to actively manage the liquid, exchange traded securities.
Today, LCM&rsquo;s investment team consists of five full-time investment professionals with over sixty years of combined experience
in the field.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>LCM believes the Fund avoids substantial
fees resulting from investing in institutional-level investments over retail.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Initially, the Fund invested
in more easily identifiable retail products that required the Fund to incur significant upfront dealer-manager, organizational,
and offering expenses. For example, for public nontraded real estate funds, the Fund would typically pay around 5% or more in such
expenses, coupled with additional transaction-related fees of around 3%. By contrast, today, investment opportunities are sourced
and fully identified, researched and evaluated by LCM and are purchased directly from the sponsor or manager, rather than through
the affiliated broker-dealer, significantly reducing both upfront and ongoing fees and expenses. As a result, the Fund may pay
only 0-2% in total initial expenses, which is substantially less than that incurred in purchasing retail products. Moreover, this
reduction in initial expenses can lead to better returns for shareholders, for even a modest reduction in upfront fees can lead
to significantly improved performance when considered over a typical investment horizon of 5-7 years. This structural difference
becomes even more significant when considering the generally lower ongoing fees and expenses that further enhance the variance
in return between such structures. Aside from the difference in fees, LCM believes these institutional-level investments are more
attractive on an absolute basis and offer access to unique and elite management teams. Such investments are generally not available
to individual investors as they feature high investment minimums. As an additional benefit of these new relationships, the Fund
is often approached to invest on preferred terms, which is a direct benefit of the enhancements that LCM has made.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>LCM has found that initial and ongoing due
diligence of illiquid securities requires additional expertise in today&rsquo;s environment in general and institutional investments
have additional complexities over their retail counterpart.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s private
and non-traded investments provide limited or no information to the general public. As such LCM&rsquo;s research efforts and portfolio
management require greater resources. LCM has added new personnel with increased expertise and deeper relationships in the institutional
alternative investment space to identify more attractive opportunities. In addition to identifying investment opportunities and
completing initial</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">due diligence, illiquid securities must be
fair-valued. The fair valuation process requires substantial input, experience and ongoing due diligence by the adviser. In order
to enhance LCM&rsquo;s fulfillment of its due diligence and fair valuation obligations,</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">LCM developed a proprietary
multi-stage, multi-factor framework for selecting, evaluating and monitoring illiquid investment opportunities across a wide array
of sectors. As existing investments have matured and the complexity of new securities has increased, more time and effort is required
to ensure that the value of individual illiquid securities are reflected properly.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>LCM believes that the Fund benefits from
a single-adviser approach to the management of the liquid, exchange traded securities. </U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Today, the LCM investment
team evaluates investment opportunities and categorizes them into two broad categories, growth and income. Each category contains
investments that are deemed core, opportunistic and value-add. By utilizing a single-adviser approach to the management of the
liquid exchange traded securities, the LCM investment team seeks the best asset classes and sectors within its framework and evaluates
whether accessing certain asset classes or sectors are best in liquid or illiquid investments depending on LCM&rsquo;s view the
economic cycle. The goal is to select liquid investments that are complimentary to the illiquid portfolio. The adviser believes
the Fund benefits from additional diversification and a more integrated portfolio strategy by incorporating the liquid investment
decisions alongside the illiquid investment process.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>The Board agreed that
the proposed fee was in the best interest of the shareholders.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Over the past five years,
LCM&rsquo;s enhanced investment team has restructured the Fund&rsquo;s portfolio and significantly improved its overall processes
to the benefit of shareholders. Whereas the Fund may have paid significant investment expenses in the past, today because of the
aforementioned enhancements the Fund now seeks and is capable of executing on higher quality, lower cost investment opportunities.
The fee under the Proposed Advisory Agreement is appropriate to support these changes and represents proportionate compensation
to LCM for the substantial benefits received by the Fund. And as discussed further below, the proposed fee remains competitive
within the market. Having reviewed and discussed this information with LCM, the Board agreed that the proposed fee was in the best
interests of the shareholders.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Current and Proposed Advisory Agreements</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Current Advisory Agreement
and the Proposed Advisory Agreement are identical in all material respects, except for the advisory fee rate and the date of execution,
effectiveness and termination. Under the terms of the Current Advisory Agreement, LCM is entitled to receive an annual fee from
the Fund equal to 0.75% of the Fund&rsquo;s average daily net assets. For such compensation, LCM, at its expense, continuously
furnishes an investment program for the Fund, makes investment decisions on behalf of the Fund, and places all orders for the purchase
and sale of portfolio securities, subject to the Fund&rsquo;s investment objective, policies, and restrictions and such policies
as the Trustees may determine. The Board, including a majority of the Trustees who are not &ldquo;interested persons&rdquo; (the
&ldquo;Independent Trustees&rdquo;) as that term is defined in the Investment Company Act of 1940, as amended (the &ldquo;1940
Act&rdquo;), approved the Current Advisory Agreement on January&nbsp;19,&nbsp;2011. The Current Advisory Agreement was last submitted
to a vote of the shareholders of the Fund on October&nbsp;19,&nbsp;2011. The Current Advisory Agreement became effective upon launch
of the Fund on March&nbsp;16,&nbsp;2012. The Board, including the Independent Trustees, most recently renewed the Current Advisory
Agreement at a meeting on October&nbsp;27,&nbsp;2016.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Proposed Advisory Agreement
would change the annual advisory fee to 1.35%. The Proposed Advisory Agreement, like the Current Advisory Agreement, provides that
it will continue in force for an initial period of two years, and from year-to-year thereafter, but only so long as its continuance
is approved at least</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">annually by the Board at a meeting called for
that purpose or by the vote of a majority of the outstanding shares of the Fund. The Proposed Advisory Agreement automatically
terminates on assignment and is terminable upon notice by the Fund. In addition, the Proposed Advisory Agreement may be terminated
upon sixty days&rsquo; notice by LCM given to the Fund. The Proposed Advisory Agreement is attached as <U>Exhibit A</U>. You should
read the Proposed Advisory Agreement. The description in this Proxy Statement of the Proposed Advisory Agreement is only a summary.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, if approved,
the adviser and the Fund will enter into an expense limitation agreement (the &ldquo;Proposed Expense Limitation Agreement&rdquo;)
under which, for a term of two years from the effective date of the Proposed Advisory Agreement, the adviser would reduce its fees
and/or absorb expenses of the Fund to ensure that total fund operating expenses after fee waiver and/or reimbursement (excluding
any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses
associated with instruments in other collective investment vehicles or derivative instruments (including, for example, options
and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary
expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification
of Fund service providers (other than the adviser)) will not exceed 1.95%, 2.20%, 2.45% and 1.45% of each class&rsquo;s net assets,
respectively, for Class A, Class L, Class C and Class I shares.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Fee Comparison</I></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For comparison purposes,
the chart below shows the fees earned under the Current Advisory Agreement against the fees that would have been earned under the
Proposed Advisory Agreement by itself and together with the Proposed Expense Limitation Agreement for the fiscal year ended February&nbsp;28,&nbsp;2017.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 33%; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Current Advisory Agreement</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proposed Advisory Agreement*</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed Advisory Agreement and Proposed
        Expense Limitation Agreement* </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Average Daily Net Assets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$198,963,333</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$198,963,333</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$198,963,333</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Advisory Fee</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fees Paid to Adviser</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1,492,225</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,686,005</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[_______]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*Pro Forma</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Proposed Advisory
Agreement was in effect over that period, the adviser would have earned 80% more in advisory fees, or $1,193,780 in absolute dollars.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Proposed Advisory
Agreement and the Proposed Expense Limitation Agreement were in effect over that period, the adviser would have earned [__]% more
in advisory fees, or $[_____] in absolute dollars.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Shareholder Fees and Annual Fund Operating
Expenses Under the Current Advisory Agreement</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 52%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class A</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class L</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class C</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class I</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; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Maximum Sales Load (as a percent of offering price)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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: 11pt Times New Roman, Times, Serif; margin: 0">Maximum Early Withdrawal Charge on Shares Repurchased Less than
        365 Days After Purchase</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(as a percent of original purchase price)<SUP>1</SUP></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Annual Expenses</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(as a percentage of net assets attributable to shares)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</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: Times New Roman, Times, Serif; font-size: 11pt">Management Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</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: Times New Roman, Times, Serif; font-size: 11pt">Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</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: Times New Roman, Times, Serif; font-size: 11pt">&#9;Shareholder Servicing Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9;Distribution Fee<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9;Interest Expense</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</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: Times New Roman, Times, Serif; font-size: 11pt">&#9;Remaining Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acquired Fund Fees and Expenses&nbsp;<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</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: Times New Roman, Times, Serif; font-size: 11pt">Total Annual Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.13%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.63%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.88%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.88%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">1. The Early Withdrawal Charge applies
only to investors that purchase Class A shares without an initial sales charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">2. 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 &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">3. Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, but does not include real estate investment trusts (&ldquo;REITs&rdquo;)
and private real estate fund expenses. The operating expenses in this fee table will not correlate to the expense ratio in the
Fund&rsquo;s financial highlights because the financial statements, when issued, include only the direct operating expenses incurred
by the Fund</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Share Class</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10 Years</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class A Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$87</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$149</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$212</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$382</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class L Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$129</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$204</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$401</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class C Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$39</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$118</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$410</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class I Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$29</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$89</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$152</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$320</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Shareholder Fees and Annual Fund Operating Expenses Under
the Proposed Advisory Agreement</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 52%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class A</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class L</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class C</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Class I</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: 11pt Times New Roman, Times, Serif; margin: 0 0 0 19.95pt">Maximum Sales Load</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(as a percent of offering price)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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: 11pt Times New Roman, Times, Serif; margin: 0 0 0 19.95pt">Maximum Early Withdrawal Charge on Shares Repurchased
        Less than 365 Days After Purchase</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(as a percent of original purchase price)<SUP>1</SUP></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Annual Expenses</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>(as a percentage of net assets attributable to shares)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</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: Times New Roman, Times, Serif; font-size: 11pt">Management Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.35%</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: Times New Roman, Times, Serif; font-size: 11pt">Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</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: Times New Roman, Times, Serif; font-size: 11pt">&#9;Shareholder Servicing Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9;Distribution Fee<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9;Interest Expense</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.09%</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: Times New Roman, Times, Serif; font-size: 11pt">&#9;Remaining Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.49%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acquired Fund Fees and Expenses&nbsp;<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.55%</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: Times New Roman, Times, Serif; font-size: 11pt">Total Annual Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.73%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.23%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.48%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.48%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fee Waiver and Reimbursement&nbsp;<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.14%)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.39%)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.39%)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(0.39%)</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: Times New Roman, Times, Serif; font-size: 11pt">Total Annual Expenses After Fee Waiver and Reimbursement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.59%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.84%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.09%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*Pro Forma</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">1. The Early Withdrawal Charge applies
only to investors that purchase Class A shares without an initial sales charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">2. 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 &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">3. Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, but does not include REITs and private fund expenses. The operating
expenses in this fee table will not correlate to the expense ratio in the Fund&rsquo;s financial highlights because the financial
statements, when issued, include only the direct operating expenses incurred by the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">4. The Fund&rsquo;s adviser has contractually
agreed to reduce its fees and/or absorb expenses of the Fund, until at least [ ], to ensure that total annual fund operating expenses
after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired
fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments
(including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities
sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers
and Trustees and contractual indemnification of Fund service providers (other than the adviser)) will not exceed 1.95%, 2.20%,
2.45% and 1.45% of each class&rsquo;s net assets, respectively, for Class A, Class L, Class C and Class I shares. Expense waivers
and reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three
years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This
agreement may be terminated only by the Fund&rsquo;s Board of Trustees, on 60 days written notice to the adviser.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Share Class</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10 Years</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class A Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$92</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$161</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$233</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$421</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class L Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$58</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$135</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$214</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$419</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class C Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$41</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$124</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$209</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$428</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Class I Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$31</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$95</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$162</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$340</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">LCM is a limited liability
company organized under the laws of the State of California and located at 13520 Evening Creek Drive N., Suite 300, San Diego,
California 92128. LCM is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended.
LCM is owned and controlled by Raymond Lucia, Jr. and Joseph P. Lucia. LCM does not manage any other funds with principal investment
strategies similar to that of the Fund.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The names, titles, addresses
and principal occupations of the principal executive officers of LCM are set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Address</B><SUP>(1<B>)</B></SUP></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 52%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupation</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond J. Lucia, Jr. <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of Lucia Capital Group, LLC</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph P. Lucia</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Lucia Wealth Services, LLC</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Theresa J. Ochs<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer of LCM</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark C. Scalzo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer of LCM</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The address of each officer is 13520 Evening
Creek Drive N., Suite 300, San Diego, California 92128.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Mr.&nbsp;Raymond J. Lucia, Jr. also serves
as Interested Trustee and President of the Fund, and has done so since 2011.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) Ms.&nbsp;Ochs also serves as the Secretary
of the Fund, and has done so since 2015.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Affiliate Fees</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Lucia Securities, Inc.
(&ldquo;Lucia Securities&rdquo;) is a FINRA registered broker-dealer, is an affiliate of LCM, and provides wholesaling services
to the Fund. Lucia Securities is an affiliate of the adviser because both entities are under the common control of Raymond J. Lucia,
Jr. The following table shows brokerage commissions and placement fees paid to Lucia Securities during the last five fiscal years
ended February 28.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2013</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$297,554</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$433,650</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$76,277</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$85,816</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$14,726</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Evaluation by the Board of Trustees</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At a meeting held on August&nbsp;2,&nbsp;2016,
the Board, including the Independent Trustees, unanimously approved the Proposed Advisory Agreement. In considering the approval
of the Proposed Advisory Agreement, the Trustees received materials specifically relating to the Proposed Advisory Agreement. At
a meeting held on April&nbsp;18,&nbsp;2017, the Board reaffirmed its decision to approve the Proposed Advisory Agreement and directed
the officers to proceed immediately with the necessary shareholder meeting.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trustees considered
the following material factors during their deliberations: (1) the nature, extent and quality of services to be provided by the
adviser; (2) the investment performance of the Fund and the adviser; (3) the cost of services to be provided and the profits to
be realized by the adviser and its affiliates; (4) the extent to which economies of scale will be realized as the Fund grows; and
(5) whether the fee levels reflect these economies of scale for the benefit of investors. The Trustees relied upon the advice of
counsel and their own business judgment in determining the material factors to be considered in evaluating the Proposed Advisory
Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive
evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded
different weight to the various factors in reaching his or her conclusions with respect to the approval of the Proposed Advisory
Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Nature, Extent and Quality
of Service. </I>The Trustees examined the nature, extent and quality of the services provided by LCM to the Fund. The Trustees
noted that the adviser had extensive experience and continues to invest in personnel. The Trustees expressed satisfaction with
the overall management of the Fund,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">as well as with the continued evolution and
growth of the adviser&rsquo;s management team and investment process. The Trustees noted their satisfaction with the fact that
the Fund had continued to deliver positive returns while simultaneously providing downside protection. The Trustees expressed the
opinion that LCM is managing portfolio risks well. The Trustees concluded that LCM had done an admirable job managing the Fund&rsquo;s
assets, and they noted that they were pleased that LCM had added unique asset classes to the Fund&rsquo;s portfolio to the benefit
of shareholders.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trustees discussed
the many enhancements that LCM had made to its team and its portfolio management processes in response to changing market conditions.
The Trustees discussed that LCM&rsquo;s deal sourcing and portfolio management now required greater resources. The Trustees noted
that LCM added new personnel with increased expertise and deeper relationships in the institutional alternative investment space.
The Trustees also discussed in detail LCM&rsquo;s time- and resource-intensive research processes, noting that the adviser thoroughly
analyzed sponsor and manager capabilities and assessed the quality of the underlying portfolios. The Trustees expressed satisfaction
with LCM&rsquo;s proprietary multi-stage, multi-factor framework for selecting, evaluating and monitoring investment opportunities
across different sectors.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trustees discussed
the nature of the adviser&rsquo;s operations, noting the high quality of the adviser&rsquo;s compliance infrastructure and the
adviser&rsquo;s robust approach to the fair value process. The Trustees noted the adviser had reported no material compliance incidents,
litigation or administrative actions since the Board last renewed the Current Advisory Agreement. Overall, it was the consensus
of the Trustees that they were satisfied with the nature, extent and quality of the services provided to the Fund.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Performance</I>. The
Trustees considered the Fund&rsquo;s past performance and the Fund&rsquo;s investment objective of seeking returns from capital
appreciation and income, with an emphasis on the generation of income. The Trustees also reviewed the Fund&rsquo;s investment policy
of maintaining a core allocation to alternative assets. They noted that since the Fund&rsquo;s inception, the Fund had achieved
its objective of delivering non-correlated returns and consistent monthly distributions. The Trustees noted that, since inception,
consistent with the Fund&rsquo;s stated strategy, the Fund&rsquo;s performance has been consistently between the returns of the
Barclays US Aggregate Bond Index and the S&amp;P 500 Total Return Index. The Trustees concluded that overall, the Fund was performing
in line with its goals and objectives across a variety of market environments, and they agreed that the Fund&rsquo;s performance
was satisfactory.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Fees and Expenses. </I>The
Trustees reviewed information regarding fees charged by advisers to a peer group of funds composed of other closed-end interval
funds. The Trustees noted that LCM&rsquo;s current fee of 0.75% was significantly below the peer group average of 1.38%. The Trustees
remarked that the proposed advisory fee of 1.35% was still well within the range of advisory fees in the Fund&rsquo;s peer group
and remained below the peer group&rsquo;s average advisory fee. The Trustees considered that there was no expense limitation agreement
in place for the Fund, noting that if the proposed fee were approved, LCM had agreed to expense limitations of 1.95%, 2.45%, 2.20%
and 1.45% on Class A, C, L and I shares respectively. The Trustees noted that Fund&rsquo;s net expense ratios after waiver would
be below the peer group average of 2.49%. After further discussion, the Board concluded that the proposed advisory fee of 1.35%
remained competitive and reasonable.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Economies of Scale.
</I>The Trustees considered whether LCM had realized or will realize economies of scale with respect to the management of the Fund.
The Trustees agreed with LCM&rsquo;s assessment that, as the Fund had grown, management of the Fund had also grown more complex,
requiring additional resources of the adviser. The Trustees remarked that the Fund is currently being marketed to both affiliated
and unaffiliated broker-dealers and also to registered investment advisers. The Trustees noted their satisfaction with the Fund&rsquo;s
growth over the past year. The Trustees agreed that while meaningful economies of scale had not yet been reached, they would continue
to monitor Fund growth and evaluate the appropriateness of breakpoints in the advisory fee as Fund assets increase.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Profitability. </I>The
Trustees considered the projected profits by LCM in connection with the operation of the Fund for the first two years under the
Proposed Advisory Agreement and whether the amount of profit would be a fair entrepreneurial profit for the management of the Fund.
The Trustees noted that LCM expected to receive a solid profit both in terms of percentage of revenue and dollar amount. The Trustees
noted that LCM intends to continue to invest its profits in expanding both the size and caliber of its research team and other
resources to the benefit of shareholders. The Board concluded that LCM&rsquo;s estimated level of profitability from its relationship
with the Fund was not excessive.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Conclusion. </I>Having
requested and received such information from LCM as the Board of the Fund believed to be reasonably necessary to evaluate the terms
of the Proposed Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that the proposed advisory fee
was reasonable and that approval of the Proposed Advisory Agreement was in the best interests of the shareholders of the Fund.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>The Board, including the Independent Trustees,
        recommends that shareholders of the Fund</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Vote <B>&ldquo;<U>FOR</U>&rdquo; </B>approval
        of the Proposed Advisory Agreement.</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>OTHER INFORMATION</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OPERATION OF THE FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund is a continuously
offered, diversified, closed-end management investment company operating as an interval fund and organized as a Delaware statutory
trust. The Trust&rsquo;s principal executive offices are located at c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY
11788, and its telephone number is 1-855-601-3841. The Board supervises the business activities of the Fund. Like other investment
companies, the Fund retains various organizations to perform specialized services. The Fund currently retains LCM as the investment
adviser for the Fund. Northern Light Distributors, LLC, located at 17605 Wright Street, Omaha, NE 68130, serves as the Fund&rsquo;s
principal underwriter and acts as the distributor of the Fund&rsquo;s shares. The distributor has entered into an agreement with
Lucia Securities, LLC, a registered broker and affiliate of LCM, located at 13520 Evening Creek Drive North, Suite 300, San Diego,
CA 92128, under which Lucia Securities, LLC provides wholesaling services with respect to the Fund. Gemini Fund Services, LLC,
located at 80 Arkay Drive, Hauppauge, NY, 11788, serves as Administrator, Accounting Agent and Transfer Agent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE PROXY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board solicits proxies
so that each shareholder has the opportunity to vote on the proposal to be considered at the Meeting. A proxy for voting your shares
at the Meeting is enclosed. The shares represented by each valid proxy received in time will be voted at the Meeting as specified.
If no specification is made, the shares represented by a duly executed proxy will be voted (i) for approval of the Proposed Advisory
Agreement and (ii) at the discretion of the holder(s) of the proxy on any other matter that may come before the Meeting that the
Fund did not have notice of by a reasonable time prior to the mailing of this Proxy Statement. You may revoke your proxy at any
time before it is exercised by (i) submitting a duly executed proxy bearing a later date, (ii) submitting a written notice to the
Secretary of the Fund revoking the proxy, or (iii) attending and voting in person at the Meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTING SECURITIES AND VOTING</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of the Record Date,
there were [ ] shares of beneficial interest of the Fund issued and outstanding. All shareholders of record of the Fund on the
Record Date are entitled to vote at the Meeting on Proposal I. Each shareholder is entitled to one (1) vote per share held, and
fractional votes for fractional shares held, on any matter submitted to a vote at the Meeting. There are no dissenters&rsquo; rights
of appraisal in connection with any shareholder vote to be taken at the Meeting.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">An affirmative vote of
the holders of a majority of the outstanding shares of the Fund is required for the approval of the Proposed Advisory Agreement.
As defined in the 1940 Act, a vote of the holders of a majority of the outstanding shares of the Fund means the vote of (1)&nbsp;67%
or more of the voting shares of the Fund present at the meeting, if the holders of more than 50% of the outstanding shares of the
Fund are present in person or represented by proxy, or (2) more than 50% of the outstanding voting shares of the Fund, whichever
is less. For Proposal I, the presence at the Meeting of holders of a majority of the outstanding shares the Fund entitled to vote
at the Meeting (in person or by proxy) constitutes a quorum.</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">When a proxy is returned
as an abstention or &ldquo;broker non-vote&rdquo; (i.e., shares held by brokers or nominees, typically in &ldquo;street name,&rdquo;
as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker
or nominee does not have discretionary voting power on a particular matter), the shares represented by the proxy will be treated
as present for purposes of determining a quorum and as votes against Proposal I. In addition, under the rules of the New York Stock
Exchange (&ldquo;NYSE&rdquo;), if a broker has not received instructions from beneficial owners or persons entitled to vote and
the proposal to be voted upon may &ldquo;affect substantially&rdquo; a shareholder&rsquo;s rights or privileges, the broker may
not vote the shares as to that proposal even if it has discretionary voting power. The NYSE considers Proposal I to be a non-routine
matter that affects substantially a shareholder&rsquo;s rights or privileges. As a result, these shares also will be treated as
broker non-votes for purposes of Proposal I (but will not be treated as broker non-votes for other proposals, including adjournment
of the special meeting).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Treating broker non-votes
as votes against Proposal I may result in the proposal not being approved, even though the votes cast in favor would have been
sufficient to approve the proposal if some or all of the broker non-votes had been withheld.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Security
Ownership of Management AND Certain Beneficial Owners</B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 46.1pt">As of the Record Date,
the following shareholders of record owned 5% or more of the outstanding shares of a class of the Fund:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 46.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Address</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class of the Fund</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of the Fund</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME AND ADDRESS]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME AND ADDRESS]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table provides
information about Fund shares held by the Trustees and executive officers of the Fund as of [_____]:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 46%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B>*</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Percentage</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Fund</B></P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark J. Riedy, PhD.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ira J. Miller</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John D. Frager</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darlene T. DeRemer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Felicia Tarantino</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">*The address of each Trustee and officer is c/o Gemini
Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders owning more
than 25% of the shares of the Fund are considered to &ldquo;control&rdquo; the Fund, as that term is defined under the 1940 Act.
Persons controlling the Fund may determine the outcome of any proposal submitted to the shareholders for approval. As a group,
the Trustees and officers of the Fund owned approximately [ ]% of the outstanding shares of the Fund as of [_____].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHAREHOLDER PROPOSALS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund has not received
any shareholder proposals to be considered for presentation at the Meeting. Under the proxy rules of the SEC, shareholder proposals
may, under certain conditions, be included in the Trust&rsquo;s Proxy Statement and proxy for a particular meeting. Under these
rules, proposals submitted for inclusion in the Trust&rsquo;s proxy materials must be received by the Fund within a reasonable
time before the solicitation is made. The fact that the Fund receives a shareholder proposal in a timely manner does not ensure
its inclusion in its proxy materials, because there are other requirements in the proxy rules relating to such inclusion. You should
be aware that annual meetings of shareholders are not required as long as there is no particular requirement under the 1940 Act
that must be met by convening such a shareholder meeting. Any shareholder proposal should be sent to Multi-Strategy Growth &amp;
Income Fund, Attention: Secretary, 80 Arkay Drive, Hauppauge, NY 11788. Shareholder proposals may also be raised from the floor
at the Meeting without prior notice to the Trust.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COST OF SOLICITATION</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Trustees is
making this solicitation of proxies. The Fund has engaged [ ] a proxy solicitation firm, to assist in the solicitation. The estimated
fees anticipated to be paid to [ ] are approximately $[ ]. The cost of preparing and mailing this Proxy Statement, the accompanying
Notice of Special Meeting and proxy and any additional materials relating to the Meeting and the cost of soliciting proxies will
be borne by LCM. In addition to solicitation by mail, the Fund will request the insurance companies, banks, brokers and other custodial
nominees and fiduciaries, to supply proxy materials to the respective beneficial owners of shares of the Fund of whom they have
knowledge, and LCM will reimburse them for their expenses in so doing. Certain officers, employees and agents of the Fund and LCM
may solicit proxies in person or by telephone, facsimile transmission, or mail, for which they will not receive any special compensation.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board knows of no other
matter to be presented at the Meeting other than as set forth above. If any other matter properly comes before the Meeting that
the Fund did not have notice of a reasonable time prior to the mailing of this Proxy Statement, the holders of the proxy will vote
the shares represented by the proxy on such matters in accordance with their best judgment, and discretionary authority to do so
is included in the proxy.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you and another shareholder
share the same address, the Fund may only send one Proxy Statement unless you or the other shareholder(s) request otherwise. Call
or write to the Fund if you wish to receive a separate copy of the Proxy Statement, and the Fund will promptly mail a copy to you.
You may also call or write to the Fund if you wish to receive a separate proxy in the future or if you are receiving multiple copies
now and wish to receive a single copy in the future. For such requests, call the Fund at [ ], or write the Fund at [&nbsp;].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy materials for the Shareholder Meeting</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to be Held on [MEETING DATE]</B></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>A copy of the Notice of Shareholder Meeting,
the Proxy Statement, and Proxy Card are available at</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>www.growthandincomefund.com.</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 238.5pt">BY ORDER OF THE BOARD
OF TRUSTEES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 238.5pt">Dawn M. Dennis, Assistant
Secretary</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 238.5pt">Dated: [DATE], 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">[If you have any questions before you vote,
please call our proxy information line at [1-855-601-3841]. Representatives are available Monday through Friday, 9:00 a.m. to 10:00
p.m., Eastern Time to answer your questions about the proxy material or about how to how to cast your vote. You may also receive
a telephone call reminding you to vote your shares. Thank you for your participation in this important initiative.]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Please
date and sign the enclosed proxy and return it promptly in the enclosed reply envelope, fax YOUR PROXY CARD to THE NUMBER LISTED
ON YOUR PROXY CARD.</B></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Exhibit A</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>INVESTMENT ADVISORY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>MULTI-STRATEGY GROWTH &amp; INCOME
FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>LCM INVESTMENT MANAGEMENT, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">AGREEMENT, is between MULTI-STRATEGY
GROWTH &amp; INCOME FUND, a Delaware statutory trust (the &ldquo;Trust&rdquo;), and LCM INVESTMENT MANAGEMENT, LLC, a California
limited liability company (the &ldquo;Adviser&rdquo;), located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RECITALS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
is an closed-end management investment company and is, or will be, registered as such under the Investment Company Act of 1940,
as amended (the &ldquo;Act&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
is authorized to issue shares of beneficial interest in separate series, each having its own investment objective or objectives,
policies and limitations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
offers shares in the series named on Appendix A and made subject to this Agreement in accordance with Section 1.4, (being herein
referred to as the &ldquo;Fund&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Adviser
is registered as an investment adviser under the Investment Advisers Act of 1940; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
desires to retain the Adviser to render investment advisory services to the Trust with respect to the Fund in the manner and on
the terms and conditions hereinafter set forth;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Services
of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Investment
Advisory Services. The Adviser shall act as the investment adviser to each Fund and, as such, shall (i) formulate a continuing
program for the investment of the assets of the Fund in a manner consistent with its investment objective(s), policies and restrictions,
and (ii) determine from time to time securities to be purchased, sold, retained or lent by the Fund, and implement those decisions,
including the selection of entities with or through which such purchases, sales or loans are to be effected. Subject always to
the terms of this Agreement, the Adviser shall have full power and discretionary authority for the Fund(s) and in the name of the
Trust as its agent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>open
and close accounts, including prime brokerage accounts, and select and place orders with reputable banks, members of a national
securities exchange, brokers and dealers, and others selected by the Investment Manager in accordance with the provisions of this
Section to purchase, sell, and otherwise trade in or deal with any Investment or other asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>instruct
the custodian to deliver investments or other assets sold, exchanged, or otherwise disposed of for the Trust and to pay cash for
investments or other assets delivered to the custodian upon the acquisition of such investments or other assets, or otherwise to
instruct the custodian to deliver Investments or other assets in connection with any investment transaction for the Trust;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>invest
and reinvest all or any part of the Fund including by effecting or instructing the custodian to effect the exercise of any option,
privilege, or right, or the tender, exchange, conversion, or other transactions with respect to any Investment or asset held in
the Fund;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>give
its instructions to the custodian through any means that has been agreed to by the custodian;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>consult
with legal counsel concerning any question which may arise with reference to its duties under this Agreement; and generally to
perform any other act necessary to enable the Adviser to carry out its obligations under this Agreement provided that in no event
shall the Adviser have any authority to take or maintain possession of cash, investments, or any other assets of the Trust or to
issue instructions to the custodian to deliver or pay the Adviser any cash, investments, or other assets in payment of fees or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser shall
carry out its duties with respect to each Fund&rsquo;s investments in accordance with applicable law and the investment objectives,
policies and restrictions set forth in each Fund&rsquo;s then-current Prospectus and Statement of Additional Information, and subject
to such further limitations as the Trust may from time to time impose by written notice to the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Brokerage
Execution. The Adviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker
or dealer. In placing orders with brokers and dealers, the Adviser will attempt to obtain prompt execution of orders in an effective
manner at the most favorable price. Consistent with this obligation and to the extent permitted by the Securities Exchange Act
of 1934, as amended, (the &ldquo;Exchange Act&rdquo;), and the 1940 Act, when the execution and price offered by two or more brokers
or dealers are comparable, the Adviser may, in its discretion, purchase and sell portfolio securities to and from brokers and dealers
who provide the Adviser with research advice and other services, provided that (i) the Adviser determines in good faith that such
amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker utilized
by the Adviser, viewed in terms of either the specific transaction or the Adviser&rsquo;s overall responsibility to the accounts
for which the Adviser exercises investment discretion and provided further that the commission is reasonable in relation to the
benefits received by such accounts and (ii) the broker&rsquo;s or dealer&rsquo;s sale or promotion of Fund shares shall not be
a factor considered by the Adviser or its personnel responsible for selecting brokers or dealers to effect securities transactions
on behalf of the Fund (s), nor shall the Adviser enter into any agreement or understanding under which it will direct brokerage
transactions or revenue generated by those transactions to brokers or dealers to pay for distribution of Fund shares. In no instance
will portfolio securities be purchased from or sold to the Trust&rsquo;s principal underwriter, the Adviser, or any affiliated
person of the Trust, the Trust&rsquo;s principal underwriter, or the Adviser, except to the extent permitted by the 1940 Act and
the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Administrative
Services. The Trust has engaged the services of an administrator. The Adviser shall provide such additional administrative services
as reasonably requested by the Board of Trustees or officers of the Trust; provided, that the Adviser shall not have any obligation
to provide under this Agreement any direct or indirect services to Trust shareholders, any services related to the distribution
of Trust shares, or any other services which are the subject of a separate agreement or arrangement between the Trust and the Adviser.
Subject to the foregoing, in providing administrative services hereunder, the Adviser shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.3.1</FONT></TD><TD STYLE="text-align: justify">Office Space, Equipment and Facilities. Provide such office space, office equipment and office
facilities as are adequate to fulfill the Adviser&rsquo;s obligations hereunder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.3.2</FONT></TD><TD STYLE="text-align: justify">Personnel. Provide, without remuneration from or other cost to the Trust, the services of individuals
competent to perform the administrative functions which are not performed by employees or other agents engaged by the Trust or
by the Adviser acting in some other capacity pursuant to a separate agreement or arrangement with the Trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.3.3</FONT></TD><TD STYLE="text-align: justify">Agents. Assist the Trust in selecting and coordinating the activities of the other agents engaged
by the Trust, including the Trust&rsquo;s shareholder servicing agent, custodian, administrator, independent auditors and legal
counsel.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.3.4</FONT></TD><TD STYLE="text-align: justify">Trustees and Officers. Authorize and permit the Adviser&rsquo;s directors, officers and employees
who may be elected or appointed as Trustees or officers of the Trust to serve in such capacities, without remuneration from or
other cost to the Trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.3.5</FONT></TD><TD STYLE="text-align: justify">Reports and Filings. Assist in the preparation of (but not pay for) all periodic reports by the
Fund to its shareholders and all reports and filings required to maintain the registration and qualification of the Funds and Fund
shares, or to meet other regulatory or tax requirements applicable to the Fund, under federal and state securities and tax laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Additional
Series. In the event that the Trust establishes one or more series after the effectiveness of this Agreement (&ldquo;Additional
Series&rdquo;), Appendix A to this Agreement may be amended to make such Additional Series subject to this Agreement upon the approval
of the Board of Trustees of the Trust and the shareholder(s) of the Additional Series, in accordance with the provisions of the
Act and the regulations thereunder. The Trust or the Adviser may elect not to make any such series subject to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Expenses
of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Expenses
to be Paid by Adviser. The Adviser shall pay all salaries, expenses and fees of the officers, Trustees and employees of the Trust
who are officers, directors, members or employees of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
the Adviser pays or assumes any expenses of the Trust not required to be paid or assumed by the Adviser under this Agreement, the
Adviser shall not be obligated hereby to pay or assume the same or any similar expense in the future; provided, that nothing herein
contained shall be deemed to relieve the Adviser of any obligation to the Funds under any separate agreement or arrangement between
the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Expenses
to be Paid by the Fund. The Fund shall bear all expenses of its operations, except those specifically allocated to the Adviser
under this Agreement or under any separate agreement between the Trust and the Adviser. Subject to any separate agreement or arrangement
between the Trust and the Adviser, the expenses hereby allocated to the Fund, and not to the Adviser, include but are not limited
to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.1</FONT></TD><TD STYLE="text-align: justify">Custody. All charges of depositories, custodians, and other agents for the transfer, receipt, safekeeping,
and servicing of the Fund&rsquo;s cash, securities, and other property.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.2</FONT></TD><TD STYLE="text-align: justify">Shareholder Servicing. All expenses of maintaining and servicing shareholder accounts, including
but not limited to the charges of any shareholder servicing agent, dividend disbursing agent, transfer agent or other agent engaged
by the Trust to service shareholder accounts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.3</FONT></TD><TD STYLE="text-align: justify">Shareholder Reports. All expenses of preparing, setting in type, printing and distributing reports
and other communications to shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.4</FONT></TD><TD STYLE="text-align: justify">Prospectuses. All expenses of preparing, converting to EDGAR format, filing with the Securities
and Exchange Commission or other appropriate regulatory body, setting in type, printing and mailing annual or more frequent revisions
of the Fund &lsquo;s Prospectus and Statement of Additional Information and any supplements thereto and of supplying them to shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.5</FONT></TD><TD STYLE="text-align: justify">Pricing and Portfolio Valuation. All expenses of computing the Fund&rsquo;s net asset value per
share, including any equipment or services obtained for the purpose of pricing shares or valuing the Fund&rsquo;s investment portfolio.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.6</FONT></TD><TD STYLE="text-align: justify">Communications. All charges for equipment or services used for communications between the Adviser
or the Trust and any custodian, shareholder servicing agent, portfolio accounting services agent, or other agent engaged by the
Trust.</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>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.7</FONT></TD><TD STYLE="text-align: justify">Legal and Accounting Fees. All charges for services and expenses of the Trust&rsquo;s legal counsel
and independent accountants.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.8</FONT></TD><TD STYLE="text-align: justify">Trustees&rsquo; Fees and Expenses. All compensation of Trustees other than those affiliated with
the Adviser, all expenses incurred in connection with such unaffiliated Trustees&rsquo; services as Trustees, and all other expenses
of meetings of the Trustees and committees of the Trustees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.9</FONT></TD><TD STYLE="text-align: justify">Shareholder Meetings. All expenses incidental to holding meetings of shareholders, including the
printing of notices and proxy materials, and proxy solicitations therefor, other than the expense of a shareholder meeting necessitated
by a change in control of the Adviser or other action initiated by the Adviser.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.10</FONT></TD><TD STYLE="text-align: justify">Federal Registration Fees. All fees and expenses of registering and maintaining the registration
of the Fund under the Act and the registration of the Fund&rsquo;s shares under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;),
including all fees and expenses incurred in connection with the preparation, converting to EDGAR format, setting in type, printing,
and filing of any Registration Statement, Prospectus and Statement of Additional Information under the 1933 Act or the Act, and
any amendments or supplements that may be made from time to time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.11</FONT></TD><TD STYLE="text-align: justify">State Registration Fees. All fees and expenses of taking required action to permit the offer and
sale of the Fund&rsquo;s shares under securities laws of various states or jurisdictions, and of registration and qualification
of the Fund under all other laws applicable to the Trust or its business activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.12</FONT></TD><TD STYLE="text-align: justify">Confirmations. All expenses incurred in connection with the issue and transfer of Fund shares,
including the expenses of confirming all share transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.13</FONT></TD><TD STYLE="text-align: justify">Bonding and Insurance. All expenses of bond, liability, and other insurance coverage required by
law or regulation or deemed advisable by the Trustees of the Trust, including, without limitation, such bond, liability and other
insurance expenses that may from time to time be allocated to the Fund in a manner approved by its Trustees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.14</FONT></TD><TD STYLE="text-align: justify">Brokerage Commissions. All brokers&rsquo; commissions and other charges incident to the purchase,
sale or lending of the Fund&rsquo;s portfolio securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.15</FONT></TD><TD STYLE="text-align: justify">Taxes. All taxes or governmental fees payable by or with respect to the Fund to federal, state
or other governmental agencies, domestic or foreign, including stamp or other transfer taxes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.16</FONT></TD><TD STYLE="text-align: justify">Trade Association Fees. All fees, dues and other expenses incurred in connection with the Trust&rsquo;s
membership in any trade association or other investment organization.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.17</FONT></TD><TD STYLE="text-align: justify">Compliance Fees. All charges for services and expenses of the Trust&rsquo;s Chief Compliance Officer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.2.18</FONT></TD><TD STYLE="text-align: justify">Nonrecurring and Extraordinary Expenses. Such nonrecurring and extraordinary expenses as may arise
including the costs of actions, suits, or proceedings to which the Trust is a party and the expenses the Trust may incur as a result
of its legal obligation to provide indemnification to its officers, Trustees and agents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Advisory
Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As compensation
for all services rendered, facilities provided and expenses paid or assumed by the Adviser under this Agreement, the Fund shall
pay the Adviser on the last day of each month, or as promptly as possible thereafter, a fee calculated by applying a monthly rate,
based on an annual percentage rate, to the Fund&rsquo;s average</P>


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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>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">daily net assets for the month. The
annual percentage rate applicable to the Fund is set forth in Appendix A to this Agreement, as it may be amended from time to time
in accordance with Section 1.3 of this Agreement. If this Agreement shall be effective for only a portion of a month with respect
to a Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Proxy
Voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser will
vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets
of a Fund may be invested from time to time. Such proxies will be voted in a manner that the Adviser deems, in good faith, to be
in the best interest of the Fund and in accordance with the Adviser&rsquo;s proxy voting policy. The Adviser agrees to provide
a copy of its proxy voting policy to the Trust prior to the execution of this Agreement, and any amendments thereto promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Adviser will maintain all books and records with respect to the securities transactions of the Fund and will furnish the Trust&rsquo;s
Board of Trustees with such periodic and special reports as the Board may request. In compliance with the requirements of Rule
31a-3 under the 1940 Act, the Investment Adviser hereby agrees that all records which it maintains for the Fund are the property
of the Trust and further agrees to surrender promptly to the Trust any of such records upon the Trust&rsquo;s request. The Adviser
further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by
Rule 31a-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Tax
Treatment. Both the Adviser and the Trust shall maintain, or arrange for others to maintain, the books and records of the Trust
in such a manner that treats the Fund as a separate entity for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Ownership.
All records required to be maintained and preserved by the Trust pursuant to the provisions or rules or regulations of the Securities
and Exchange Commission under Section 31(a) of the Act and maintained and preserved by the Adviser on behalf of the Trust are the
property of the Trust and shall be surrendered by the Adviser promptly on request by the Trust; provided, that the Adviser may
at its own expense make and retain copies of any such records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Reports
to Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trust shall
furnish or otherwise make available to the Adviser such copies of the Fund&rsquo;s Prospectus, Statement of Additional Information,
financial statements, proxy statements, reports and other information relating to its business and affairs as the Adviser may,
at any time or from time to time, reasonably require in order to discharge its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Reports
to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser shall
prepare and furnish to the Trust such reports, statistical data and other information in such form and at such intervals as the
Trust may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Code
of Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser has
adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Trust with a
copy of the code and evidence of its adoption. Annually while this Agreement is in effect, the Adviser will provide to the Board
of Trustees of the Trust a written report that describes any issues arising under the code of ethics since the last report to the
Board of Trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response
to the material violations; and which certifies that the Adviser has adopted procedures reasonably necessary to prevent &ldquo;access
persons&rdquo; (as that term is defined in Rule 17j-1) from violating the code.</P>


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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>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Retention
of Sub-Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the Trust&rsquo;s
obtaining the initial and periodic approvals required under Section 15 of the Act, except as otherwise permitted under the terms
of any exemptive relief obtained by the Adviser and the Trust from the U.S. Securities and Exchange Commission, the Adviser may
retain one or more sub-advisers, at the Adviser&rsquo;s own cost and expense, for the purpose of managing the investments of the
assets of one or more Funds of the Trust. Retention of one or more sub-advisers shall in no way reduce the responsibilities or
obligations of the Adviser under this Agreement and the Adviser shall, subject to Section 11 of this Agreement, be responsible
to the Trust for all acts or omissions of any sub-adviser in connection with the performance of the Adviser&rsquo;s duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Services
to Other Clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Nothing herein contained
shall limit the freedom of the Adviser or any affiliated person of the Adviser to render investment management and administrative
services to other investment companies, to act as investment adviser or investment counselor to other persons, firms or corporations,
or to engage in other business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Limitation
of Liability of Adviser and its Personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser shall
not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the performance
of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services
or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its
duties or from reckless disregard by it of its obligations and duties under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Effect
of Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Nothing herein contained
shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable
law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of
their responsibility for and control of the conduct of the business and affairs of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Term
of Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The term of this
Agreement shall begin as of the date and year upon which a Fund listed on Appendix A commences investment operations, and unless
sooner terminated as hereinafter provided, this Agreement shall remain in effect for a period of two years. Thereafter, this Agreement
shall continue in effect with respect to the Fund from year to year, subject to the termination provisions and all other terms
and conditions hereof; PROVIDED, such continuance with respect to a Fund is approved at least annually by vote of the holders of
a majority of the outstanding voting securities of the Fund or by the Trustees of the Trust; PROVIDED, that in either event such
continuance is also approved annually by the vote, cast in person at a meeting called for the purpose of voting on such approval,
of a majority of the Trustees of the Trust who are not interested persons as that term is defined in Section 2(a)(19) of the Act
(&ldquo;Independent Trustees&rdquo;). The Adviser shall furnish to the Trust, promptly upon its request, such information as may
reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Amendment
or Assignment of Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any amendment to
this Agreement shall be in writing signed by the parties hereto; PROVIDED, that no such amendment shall be effective unless authorized
(i) by resolution of a majority of the Trustees of the Trust, including the vote or written consent of a majority of the Independent
Trustees, and (ii) by vote of a majority of the outstanding voting securities of the Fund affected by such amendment, if required
by applicable law. This Agreement shall terminate automatically and immediately in the event of its assignment.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Termination
of Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement may
be terminated as to any Fund at any time by either party hereto, without the payment of any penalty, upon sixty (60) days&rsquo;
prior written notice to the other party; PROVIDED, that in the case of termination by any Fund, such action shall have been authorized
(i) by resolution of a majority of the Trust&rsquo;s Board of Trustees, including the vote or written consent of a majority for
the Independent Trustees of the Trust, or (ii) by vote of majority of the outstanding voting securities of the Fund. This Agreement
will terminate immediately if the Adviser ceases to be registered with the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Use
of Name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Trust is named
Multi-Strategy Growth &amp; Income Fund and the Fund may be identified, in part, by the name &ldquo;Multi-Strategy.&rdquo; The
Trust and the Adviser acknowledge that all rights to the name &ldquo;Multi-Strategy Growth &amp; Income Fund&rdquo; or any variation
thereof belong to the Adviser and that the Trust is being granted a limited license to use &ldquo;Multi-Strategy Growth &amp; Income
Fund&rdquo; in its name, in the name of any of the Fund or in the name of any class of shares. In the event that the Adviser ceases
to be an adviser to the Trust, the Trust&rsquo;s right to the use of the name &ldquo;Multi-Strategy Growth &amp; Income Fund&rdquo;
shall automatically cease on the ninetieth day following the termination of this Agreement. The right to &ldquo;Multi-Strategy
Growth &amp; Income Fund&rdquo; may also be withdrawn by the Investment Adviser during the term of this Agreement upon ninety (90)
days written notice by the Adviser to the Trust. Nothing contained herein shall impair or diminish in any respect, the Adviser&rsquo;s
right to use the name &ldquo;Multi-Strategy Growth &amp; Income Fund&rdquo; in the name of, or in connection with, any other business
enterprises with which the Adviser is or may become associated. There is no charge to the Trust for the right to use this name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Declaration
of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notice is hereby
given that this Agreement is executed by the Trust on behalf of the Fund by an officer of the Trust as an officer and not individually
and that the obligations of or arising out of this Agreement are not binding upon any of the Trustees, officers or shareholders
individually but are binding only upon the assets and property belonging to the Trust. The Adviser understands that the rights
and obligations of any Fund under the Declaration of Trust are separate and distinct from those of any and all other Funds. The
Adviser further understands and agrees that no Fund of the Trust shall be liable for any claims against any other Fund of the Trust
and that the Adviser must look solely to the assets of the pertinent Fund of the Trust for the enforcement or satisfaction of any
claims against the Trust with respect to that Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Confidentiality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Adviser agrees
to treat all records and other information relating to the Trust and the securities holdings of the Fund as confidential and shall
not disclose any such records or information to any other person unless (i) the Board of Trustees of the Trust has approved the
disclosure or (ii) such disclosure is compelled by law. In addition, the Adviser and the Adviser&rsquo;s officers, directors and
employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result
of disclosing the Fund&rsquo;s portfolio holdings. The Adviser agrees that, consistent with the Adviser&rsquo;s Code of Ethics,
neither the Adviser nor the Adviser&rsquo;s officers, directors, members or employees may engage in personal securities transactions
based on nonpublic information about a Fund&rsquo;s portfolio holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement shall be governed and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Interpretation
and Definition of Terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any question of
interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision
of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United
States courts, or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the Securities
and Exchange Commission validly issued pursuant to the Act. Specifically, the terms &ldquo;vote of a majority of the outstanding
voting securities,&rdquo; &ldquo;interested persons,&rdquo; &ldquo;assignment&rdquo; and &ldquo;affiliated person,&rdquo; as used
in this Agreement shall have the meanings assigned to them by</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Section 2(a) of the Act. In addition,
when the effect of a requirement of the Act reflected in any provision of this Agreement is modified, interpreted or relaxed by
a rule, regulation or order of the Securities and Exchange Commission, whether of special or of general application, such provision
shall be deemed to incorporate the effect of such rule, regulation or order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Captions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The captions in
this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="text-transform: uppercase; color: #010000">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Execution
in Counterparts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Agreement may
be executed simultaneously in counterparts, each of which shall be deemed an original, but both of which together shall constitute
one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date and year
first written below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 117pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 69%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#9;<U>&#9;</U></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Raymond J. Lucia, Jr.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;President</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#9;<U>[ DATE ]</U></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 117pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LCM INVESTMENT MANAGEMENT, LLC</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&#9;<U>&#9;</U></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;Joseph P. Lucia</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;President</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#9;<U>[ DATE ]</U></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>APPENDIX A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FUNDS OF THE TRUST</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAME OF FUND</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNUAL ADVISORY FEE AS A % OF AVERAGE NET ASSETS OF THE FUND</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multi-Strategy Growth &amp; Income Fund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35%</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Proxy Ballot</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SPECIAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>[ ], 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PROXY SOLICITED ON BEHALF OF THE BOARD
OF TRUSTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The undersigned, revoking all previous
proxies, if any, with respect to the Shares (defined below), hereby appoints [______] and [____] as proxies, each with full power
of substitution, to vote at the Special Meeting of Shareholders (the &ldquo;Meeting&rdquo;) of Multi-Strategy Growth &amp; Income
Fund (the &ldquo;Fund&rdquo;) to be held on [ ], 2017, at held at 80 Arkay Drive, Suite&nbsp;110, Hauppauge, NY 11788, [TIME] Eastern
Time, and any adjournments or postponements thereof, all shares of beneficial interest on the proposal set forth on the reverse
regarding approval of a new advisory agreement between the Fund and LCM Investment Management, LLC (&ldquo;LCM&rdquo;), and any
other matters properly brought before the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>This proxy is solicited on behalf
of the Trust&rsquo;s Board of Trustees, and may be revoked prior to its exercise by filing with the Secretary of the Trust an instrument
revoking this proxy or a duly executed proxy bearing a later date, or by appearing in person and voting at the Meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PLEASE SIGN, DATE AND RETURN PROMPTLY
IN ENCLOSED ENVELOPE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 279pt; text-align: justify">The undersigned acknowledges receipt
with this Proxy of a copy of the Notice of Special Meeting of Shareholders and the Proxy. Your signature(s) on this Proxy should
be exactly as your name(s) appear(s) on this Proxy. If the shares are held jointly, each holder should sign this Proxy. Attorneys-in-fact,
executors, administrators, trustees or guardians should indicate the full title and capacity in which they are signing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; text-align: left; padding-bottom: 1pt">Shareholder Signature&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;</U></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 45%">Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Joint Shareholder Signature&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD>Date&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Meeting to be held on [ ], 2017:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Notice of Special Meeting and Proxy Statement
are available at www.vericimetryfunds.com.</B></P>


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Please
fill in box(es) as shown using black or blue ink. </FONT><FONT STYLE="font-family: Wingdings">&#253;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-indent: -1in"><B><U>Proposal 1</U>.&#9;To approve
a new advisory agreement between the Fund and LCM Investment Management, LLC, the Fund&rsquo;s current investment adviser:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>for</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>AGAINST</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B>THIS PROXY WILL, WHEN PROPERLY EXECUTED,
BE VOTED AS DIRECTED HEREIN BY THE SIGNING SHAREHOLDER(S). IF NO CONTRARY DIRECTION IS GIVEN WHEN THE DULY EXECUTED PROXY IS RETURNED,
THIS PROXY WILL BE VOTED FOR THE FOREGOING PROPOSALS AND WILL BE VOTED IN THE APPOINTED PROXIES&rsquo; DISCRETION UPON SUCH OTHER
BUSINESS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING.</B></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 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>THREE OPTIONS FOR VOTING YOUR PROXY</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-align: center"><IMG SRC="img_001.jpg" ALT="computer.png" STYLE="height: 49px; width: 59px"></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&nbsp;&nbsp;Internet</B></FONT></TD>
    <TD STYLE="width: 51%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Log on to <B>www.____</B> Make sure to have this proxy card available when you plan to vote your shares. You will need the control number found in the box at the right at the time you execute your vote.</FONT></TD>
    <TD STYLE="width: 4%; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD rowspan=3 STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONTROL NUMBER</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><IMG SRC="img_002.jpg" ALT="" STYLE="height: 103px; width: 65px"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><IMG SRC="img_003.jpg" ALT="telephone" STYLE="height: 55px; width: 87px"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>2.&nbsp;&nbsp;Telephone</B></P>
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simply dial toll-free _________ and have this proxy card available at the time of the call.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><IMG SRC="img_004.jpg" ALT="envelope.jpg" STYLE="height: 55px; width: 73px"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;Mail</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simply sign, date, and complete this proxy card and return it in the postage paid envelope provided.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>9
<FILENAME>filename9.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="img_005.jpg" ALT="" STYLE="height: 57px; width: 624px"></P>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 11pt Times New Roman, Times, Serif">May 26, 2017</TD>
    <TD STYLE="width: 71%; font: italic 11pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Public Filing Desk</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P></TD></TR>
</TABLE>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 13pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt">Re:</TD><TD>Multi-Strategy Growth &amp; Income Fund</TD></TR></TABLE>

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt">On behalf of Multi-Strategy Growth &amp; Income Fund (the
&ldquo;Trust&rdquo;), we hereby file a preliminary proxy statement pursuant to Schedule 14A under the Securities Exchange Act of
1934. The proxy relates to the approval of a new investment advisory agreement between the Trust and LCM Investment Management,
LLC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt">Please call the undersigned at 614-469-3280 with any comments
or questions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 52pt">/s/ Craig A. Foster</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt">Craig A. Foster</P>

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    <TD STYLE="vertical-align: top; width: 72%; font: 8pt Times New Roman, Times, Serif">Craig.Foster@ThompsonHine.com&nbsp;&nbsp;&nbsp;Fax: 614.469.3361&nbsp;&nbsp;&nbsp;Phone: 614.469.3280</TD>
    <TD STYLE="vertical-align: bottom; width: 28%; font: 6pt Times New Roman, Times, Serif; text-align: right">cf&nbsp;852973.1</TD></TR>
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