<SEC-DOCUMENT>0001580642-18-003129.txt : 20180627
<SEC-HEADER>0001580642-18-003129.hdr.sgml : 20180627
<ACCEPTANCE-DATETIME>20180627170215
ACCESSION NUMBER:		0001580642-18-003129
CONFORMED SUBMISSION TYPE:	486BPOS
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20180627
DATE AS OF CHANGE:		20180627
EFFECTIVENESS DATE:		20180701

FILER:

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

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		18922393

	BUSINESS ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-470-2600

	MAIL ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788

FILER:

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

	FILING VALUES:
		FORM TYPE:		486BPOS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		18922392

	BUSINESS ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-470-2600

	MAIL ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
</SEC-HEADER>
<DOCUMENT>
<TYPE>486BPOS
<SEQUENCE>1
<FILENAME>multistrat486b.htm
<DESCRIPTION>486BPOS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> As filed with the Securities and Exchange
Commission on June 27, 2018 </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">1933 Act File No. 333-189008</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">1940 Act File No. 811-22572</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Washington, D.C. &nbsp;20549</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM N-2</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PRE-EFFECTIVE
AMENDMENT NO. _</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"> <FONT STYLE="font-family: Wingdings">&#254; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">POST-EFFECTIVE
AMENDMENT NO. 6 </FONT> </P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">REGISTRATION
STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"> <FONT STYLE="font-family: Wingdings">&#254;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AMENDMENT
NO. 12 </FONT> </P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">80 Arkay Drive, Hauppauge, NY &nbsp;11788</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1-631-470-2600</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Agent for Service</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The Corporation Trust Company</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1209 Orange Street</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Wilmington, Delaware &nbsp;19801</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>With a Copy to </U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Emile R. Molineaux, Esq.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Gemini Compliance Services, LLC</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">80 Arkay Drive</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Hauppauge, NY &nbsp;11788</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(631) 470-2616</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>With a copy to:</U></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">JoAnn Strasser, Esq.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Thompson Hine LLP<BR>
        41 South High Street, 17th floor</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Columbus, OH &nbsp;43215<BR>
        (614) 469-3265</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If any securities being registered on this form will be offered on a delayed
or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with
a dividend reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">It is proposed that this filing will become effective (check applicable
box):</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">when
declared effective pursuant to section 8(c), or as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">immediately
upon filing pursuant to paragraph (b) of Rule 486.</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"> <FONT STYLE="font-family: Wingdings">&#254; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">on
July 1, 2018 pursuant to paragraph (b) of Rule 486.</FONT> </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">60
days after filing pursuant to paragraph (a) of Rule 486.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">&#168; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">on
(date) pursuant to paragraph (a) of Rule 486.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 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>Class A Shares (MSFDX), Class L Shares (MSFYX)
Class C Shares (MCFDX) and </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>July 1, 2018</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Multi-Strategy Growth
&amp; Income Fund (the &#8220;Fund&#8221;) is a continuously offered, diversified, closed-end management investment company that
is operated as an interval fund. Pursuant to the Fund&#8217;s interval fund structure, the Fund will conduct quarterly repurchase
offers of no less than 5% and no more than 25% of the Fund&#8217;s outstanding shares at net asset value (&#8220;NAV&#8221;). Even
though the Fund will make quarterly repurchase offers, investors should consider the Fund&#8217;s shares illiquid. Repurchase offers
in excess of 5% are made solely at the discretion of the Fund&#8217;s Board of Trustees and investors should not rely on any expectation
of repurchase offers being made in excess of 5%. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> This prospectus concisely
provides the information that a prospective investor should know about the Fund before investing. You are advised to read this
prospectus carefully and to retain it for future reference. Additional information about the Fund, including a Statement of Additional
Information (&#8220;SAI&#8221;) dated July 1, 2018, is incorporated by reference (legally made a part of this prospectus) and has
been filed with the Securities and Exchange Commission (&#8220;SEC&#8221;). The SAI is available upon request and without charge
by writing the Fund at c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788, or by calling toll-free 1-855-601-3841.
The table of contents of the SAI appears on page 37 of this prospectus. You may request the Fund&#8217;s SAI, annual and semi-annual
reports and other information about the Fund or make shareholder inquiries by calling 1-855-601-3841 or by visiting www.growthandincomefund.com.
The SAI, material incorporated by reference and other information about the Fund, is also available on the SEC&#8217;s website
at http://www.sec.gov. The address of the SEC&#8217;s website is provided solely for the information of prospective shareholders
and is not intended to be an active link. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Investment Objective.
</I>The Fund&#8217;s investment objective is to seek returns from capital appreciation and income with an emphasis on income generation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Fund invests a substantial portion of
its assets in securities of unlisted public and private real estate investment funds. These investments are illiquid and expose
the Fund to real estate-related risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <I>Securities Offered.
</I>The Fund engages in a continuous offering of four classes of shares of beneficial interest of the Fund: Class A, Class L, Class
C and Class I shares. The Fund has registered 18,666,666.66 shares and is authorized as a Delaware statutory trust to issue an
unlimited number of shares (6,666,666.66 in 2011 and 12,000,000.00 in 2013). The Fund is offering to sell, through its principal
underwriter, Northern Lights Distributors, LLC (the &#8220;Distributor&#8221;), under the terms of this prospectus, 18,666,666.66
shares (less shares previously sold) of beneficial interest at NAV per share of the relevant share class, plus any applicable sales
load. As of June 15, 2018, the Fund&#8217;s NAV per share was $14.59 for Class A shares, $14.34 for Class L shares, $14.21for Class
C shares and $14.79 for Class I shares. Any sales load will be deducted from the proceeds to the Fund. The maximum sales load is
5.75% of the amount invested for Class A shares and 2.00% for Class L shares, while Class C and Class I shares are not subject
to sales charges. The minimum initial investment by a shareholder for Class A, Class L and Class C shares is $2,500 for regular
accounts and $1,000 for retirement plan accounts. Subsequent investments may be made with at least $100 for regular accounts and
$50 for retirement plan accounts. The minimum initial investment for Class I shares is $1,000,000, while subsequent investments
may be made with any amount. The Fund is offering to sell its shares, on a continual basis. The Distributor is not required to
sell any specific number or dollar amount of the Fund&#8217;s shares, but will endeavor to sell the shares. Funds received will
be invested promptly and no arrangements have been made to place such funds in an escrow, trust or similar account. During the
continuous offering, shares will be sold at the NAV of the Fund next determined plus the applicable sales load. See &#8220;Plan
of Distribution.&#8221; The Fund&#8217;s continuous offering is expected to continue in reliance on Rule 415 under the Securities
Act of 1933 until the Fund has sold shares in an amount equal to approximately $5 billion. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The shares have no history of public
trading, nor is it intended that the shares will be listed on a public exchange at this time. There currently is no secondary market
for the Fund&#8217;s shares and the Fund expects that no secondary market will develop. Investing in the Fund&#8217;s shares involves
risks. See &#8220;Risk Factors&#8221; below in this prospectus.</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">LCM Investment Management, LLC (the &#8220;Adviser&#8221;)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 463.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> &nbsp; </TD>
    <TD STYLE="text-align: right"> Page </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 79%; text-align: left; padding-left: 45pt"> Prospectus Summary </TD>
    <TD STYLE="width: 5%; text-align: right"> 1 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 45pt"> Fund Expenses </TD>
    <TD STYLE="text-align: right"> 5 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Financial Highlights </TD>
    <TD STYLE="text-align: right"> 7 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 45pt"> The Fund </TD>
    <TD STYLE="text-align: right"> 11 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 45pt"> Use of Proceeds </TD>
    <TD STYLE="text-align: right"> 11 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> Investment Objective, Policies and Strategies </TD>
    <TD STYLE="text-align: right"> 11 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Risk Factors </TD>
    <TD STYLE="text-align: right"> 15 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 45pt"> Management of the Fund </TD>
    <TD STYLE="text-align: right"> 21 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 45pt"> Determination of Net Asset Value </TD>
    <TD STYLE="text-align: right"> 23 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 45pt"> Conflicts of Interest. </TD>
    <TD STYLE="text-align: right"> 23 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 45pt"> Quarterly Repurchase of Shares </TD>
    <TD STYLE="text-align: right"> 24 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> Distribution Policy </TD>
    <TD STYLE="text-align: right"> 25 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Distribution Reinvestment Policy </TD>
    <TD STYLE="text-align: right"> 26 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> U.S. Federal Income Tax Matters </TD>
    <TD STYLE="text-align: right"> 27 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Description of Capital Structure and Shares </TD>
    <TD STYLE="text-align: right"> 27 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> Anti-Takeover Provisions in the Declaration of Trust </TD>
    <TD STYLE="text-align: right"> 28 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 45pt"> Plan of Distribution </TD>
    <TD STYLE="text-align: right"> 29 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> Legal Matters </TD>
    <TD STYLE="text-align: right"> 34 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Reports to Shareholders </TD>
    <TD STYLE="text-align: right"> 34 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> Independent Registered Public Accounting Firm </TD>
    <TD STYLE="text-align: right"> 34 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Additional Information </TD>
    <TD STYLE="text-align: right"> 34 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 45pt"> Table of Contents of the Statement of Additional Information </TD>
    <TD STYLE="text-align: right"> 35 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 45pt"> Privacy Notice </TD>
    <TD STYLE="text-align: right"> 36 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This summary does not contain all of the
information that you should consider before investing in the shares. You should review the more detailed information contained
or incorporated by reference in this prospectus and in the Statement of Additional Information, particularly the information set
forth under the heading &#8220;Risk Factors.&#8221;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>The Fund. </B>Multi-Strategy Growth &amp;
Income Fund is a continuously offered, diversified, closed-end management investment company. See &#8220;The Fund.&#8221; The Fund
is an interval fund that will offer to make quarterly repurchases of each class of shares at the NAV of that class of shares. See
&#8220;Quarterly Repurchases of Shares.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Investment Objective and Policies. </B>The
Fund&#8217;s investment objective is to seek returns from capital appreciation and income with an emphasis on income generation.
The Fund utilizes similar principles to the Endowment Model approach to investing, providing access to, and actively managing,
a multi-asset portfolio primarily consisting of illiquid investments with limited availability to provide a core alternatives solution.
The Fund pursues its investment objective by investing primarily in the income-producing securities: (1) public and private real
estate securities (including securities issued by real estate funds), (2) alternative investment funds (&#8220;AIFs&#8221;), which
include business development companies (&#8220;BDCs&#8221;) as well as funds commonly known as &#8220;hedge funds,&#8221; and other
private investment funds (3) master limited partnerships (&#8220;MLPs&#8221;), (4) common and preferred stocks, and (5) structured
notes, notes, bonds and asset-backed securities. The Fund also executes investments in the preceding types of securities through
index-linked or actively managed exchange-traded funds (&#8220;ETFs&#8221;), mutual funds and closed-end funds (collectively &#8220;Underlying
Funds&#8221;). The Fund defines AIFs as BDCs, limited partnerships and limited liability companies that pursue investment strategies
linked to real estate, small businesses or other investments that serve as alternatives to traditional stocks and bonds. In general,
the Fund defines an alternative strategy as one that is different from seeking returns from buying and holding traditional stocks
and bonds. The Fund invests in securities of issuers without restriction as to market capitalization. The majority of the Fund&#8217;s
investments are not listed on an exchange or traded in over-the-counter markets; consequently, the majority of the Fund&#8217;s
investments are illiquid. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund concentrates investments in the
real estate industry because, under normal circumstances, it invests over 25% of its net assets in real estate industry securities.
This policy is fundamental and may not be changed without shareholder approval. The Fund may employ leverage, including borrowing
from banks in an amount up to 33-1/3% of the Fund&#8217;s assets (defined as net assets plus borrowing for investment purposes).
Leverage is primarily used to increase the size of the Fund&#8217;s portfolio of securities. However, the Fund will not leverage
by issuing debt or preferred shares during the next 12 months of operations. See &#8220;Investment Objective, Policies and Strategies.&#8221;
The SAI contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading &#8220;Investment
Objective and Policies.&#8221; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Real Estate Securities. </B>Under normal
circumstances, the Fund will invest more than 25% of its net assets in real estate securities. This real estate industry securities
policy is fundamental and may not be changed without shareholder approval. The real estate securities in which the Fund invests
may be focused in various sectors of the commercial real estate market consisting of the office, retail, multifamily, hotel, healthcare
and self-storage sectors. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Alternative Investment Funds. </B>The
managers of AIFs employ a variety of &#8220;alternative&#8221; investment strategies to achieve attractive risk-adjusted returns
(i.e., returns adjusted to take into account the volatility of those returns) with low correlation to the broad equity and fixed-income
markets. AIFs selected by the Adviser include real estate property funds, private equity and other alternative private placements,
BDCs, and private debt securities, each of which may pay performance-based fees to their managers. Securities of real estate property
funds are typically privately placed and are not traded on an exchange. A BDC is a form of investment company that is required
to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies,
or short-term high quality debt securities. Private and non-traded BDCs are illiquid and it may not be possible to redeem shares
or to do so without paying a substantial penalty. Publicly-traded BDCs usually trade at a discount to their net asset value (&#8220;NAV&#8221;)
because they typically invest in unlisted securities and often have limited access to capital markets. Additionally, the Fund may
invest up to 15% of its net assets in securities of certain AIFs commonly known as &#8220;hedge funds,&#8221; which are typically
privately placed with investors without registration with the SEC, employ leverage and hedging strategies as well as pay their
managers performance fees on gains. In selecting AIFs, the Adviser assesses the likely risks and returns of the different alternative
investment strategies utilized by the AIFs, and evaluates the potential correlation among the AIF investment strategies under consideration.
The Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to
have low correlations among each other or with the broad equity and fixed-income markets. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Master Limited Partnerships</B>. An MLP
is a publicly traded or privately offered limited partnership or limited liability company. MLPs are typically engaged in one or
more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities
such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products. An investment in MLP units differs from
an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting
the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest
exist between common unit holders and the general partner, including those arising from incentive distribution</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">payments. The Adviser considers a variety of
factors, including but not limited to, market capitalization, liquidity, growth, credit rating, source of qualifying income, business
focus, and structure when selecting MLPs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Common and Preferred Stocks. </B>The
Adviser selects dividend-paying common and preferred stocks, as well as certain alternative strategies, that it believes have the
potential for strong future total returns. It also considers the sustainability and growth of a company&#8217;s dividend. The Adviser
reviews company-specific factors consisting of dividend yield, historical dividend growth and return on capital. The Adviser may
also engage in opportunistic trading strategies with securities that may not pay a dividend but have been identified as having
potential short-term pricing inefficiencies. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Structured Notes.
</B>A structured note is a debt security making interest and/or principal payments determined by a formula tied to the movement
of an interest rate, stock index, commodity, or currency (each a &#8220;reference index&#8221;). For example, a structured note
may use a reference index, such as the S&amp;P 500, to determine the amount of the interest payment. The Adviser selects structured
notes of any maturity issued by entities it believes to be creditworthy. The Adviser uses structured notes as a substitute for
investing in the assets that make up the reference index.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> <B>Debt Securities.
</B>Debt securities are notes, bonds and asset-backed securities (&#8220;ABS&#8221;). ABS represent interests in pools of loans,
leases or receivables originated by private lenders, some of which may be government approved, or affiliated lenders. Typically,
an ABS security is issued by a special purpose vehicle (&#8220;SPV&#8221;), such as a business trust or limited liability company,
whose value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying assets. The
Fund invests without limit in fixed rate or floating rate debt instruments of any maturity that the Adviser believes are creditworthy
(interest and principal will be paid on schedule) or have acceptable recovery value in the event of default (through restructuring
in or outside of bankruptcy) regardless of rating, if any, including lower-quality debt securities commonly known as &#8220;high
yield&#8221; or &#8220;junk&#8221; bonds. The Adviser employs measurers consisting of debt-to-assets, debt service coverage ratio
asset liquidation value and other metrics to assess credit quality. Junk bonds are generally rated lower than Baa3 by Moody&#8217;s
Investors Service (&#8220;Moody&#8217;s&#8221;) or lower than BBB- by Standard and Poor&#8217;s Rating Group (&#8220;S&amp;P&#8221;).
The Fund will not invest more than 25% of its net assets in junk bonds. However, the Fund does not invest in debt instruments that
are in default. The Adviser selects debt securities based upon their expected yield and other measures when compared to a peer
group with similar maturity and credit quality. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Underlying Funds. </B>The Fund also invests
in index-linked or actively managed ETFs, mutual funds and closed-end funds that each invest in real estate securities, AIFs, common
and preferred stocks, structured notes or other types of debt securities when the Adviser believes Underlying Funds offer more
efficient execution of the Fund&#8217;s strategy, such as when ample individual investments are not readily available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Investment Strategy. </B>The Adviser
pursues an investment strategy aimed to achieve the Fund&#8217;s overall investment objective utilizing a selection of securities
believed to have relatively low volatility and generally will not be highly correlated to each other or to the broad equity or
fixed income markets. The Adviser typically selects private, fair valued securities primarily invested in real estate securities
and AIFs as a significant percentage of the Fund&#8217;s overall asset allocation. </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: justify"> The Adviser manages the Fund based upon
a model allocation consisting of individual public and private securities. The model is created taking into account several factors
such as historical performance portfolio liquidity, income and capital appreciation potential, volatility, and correlation. In
addition, the model must meet certain diversification tests in order to comply with the Internal Revenue Code and is regularly
tested by the Adviser to ensure compliance with such requirements. Ongoing investments are generally invested according to the
model. Depending on certain conditions, the Adviser may overweight or underweight new allocations. The Adviser will update the
model allocation and rebalance as needed to reflect the Adviser&#8217;s outlook. The Adviser manages investments over a long-term
time horizon while being mindful of the historical context of the markets. When the Adviser believes market conditions are unfavorable,
it may temporarily invest a portion of Fund assets in ETFs linked to stock market volatility or inversely linked to a stock market
index to reduce investment risk. </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: justify"> The Adviser employs a regimen of qualitative
and quantitative criteria when selecting securities. Certain securities may occasionally be &#8220;blind pool&#8221; investments
(investment vehicles which have no operating history and have not identified the assets that will be purchased by the company)
and initially require significant reliance on qualitative factors while over time quantitative factors are utilized to monitor
the investment strategy performance. The Adviser utilizes a proprietary quantitative screening process and a qualitative selection
process when selecting securities for investment by the Fund in connection with its strategy. Generally, securities are first selected
with the highest expected income or total return expectations from a sector peer group of issuers with similar market capitalization
credit quality and/or other risk-adjusted metrics. Secondarily, the potential for capital appreciation over time is considered.
No assurance can be given that any or all investment strategies, or the Fund&#8217;s investment program, will be successful. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investment Adviser and Fee. </B>LCM Investment
Management, LLC, the investment adviser of the Fund, is registered with the SEC as an investment adviser under the Investment Advisers
Act of 1940, as amended. The Adviser was established in June 2011 for the purpose of providing investment management services to
institutional investors such as the Fund. The Adviser is entitled to receive a monthly fee at the annual rate of 1.35% of the Fund&#8217;s
daily net assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Administrator, Accounting Agent and Transfer
Agent. </B>Gemini Fund Services, LLC (&#8220;GFS&#8221;) serves as the administrator, accounting agent and transfer agent of the
Fund. See &#8220;Management of the Fund.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Distribution Fees. </B>The Class L and
Class C shares pay to the Distributor a distribution fee (the &#8220;Distribution Fee&#8221;) that accrues at annual rates equal
to 0.50% and 0.75%, respectively, of the Fund&#8217;s average daily net assets attributable to Class L and Class C shares. The
Distribution Fee is payable on a monthly basis. Class A and Class I shares are not subject to a Distribution Fee. See &#8220;Plan
of Distribution.&#8221; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Closed-End Fund Structure. </B>Closed-end
funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not
typically redeem their shares at the option of the shareholder. Rather, closed-end fund shares typically trade in the secondary
market via a stock exchange. Unlike many closed-end funds, however, the Fund&#8217;s shares will not be listed on a stock exchange.
Instead, the Fund will provide very limited liquidity to shareholders by offering to repurchase a limited amount of shares quarterly,
which is discussed in more detail below. The Fund, similar to a mutual fund, is subject to continuous asset in-flows (purchases),
although not subject to continuous out-flows (redemptions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Share Classes. </B>The Fund offers four
different classes of shares: Class A, Class L, Class C and Class I shares. The Fund began continuously offering its common shares
on March 5, 2012. As of July 1, 2014, the Fund simultaneously redesignated its issued and outstanding common shares as Class A
shares and created its Class L, Class C and Class I shares. The Fund has received exemptive relief from the SEC to issue multiple
classes of shares and to impose asset-based distribution fees and early-withdrawal charges. An investment in any share class of
the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses
for each share class are different. The fees and expenses for the Fund are set forth in &#8220;Summary of Fund Expenses.&#8221;
If an investor has hired an intermediary and is eligible to invest in more than one class of shares, the intermediary may help
determine which share class is appropriate for that investor. When selecting a share class, you should consider which share classes
are available to you, how much you intend to invest, how long you expect to own shares, and the total costs and expenses associated
with a particular share class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each investor&#8217;s financial considerations
are different. You should speak with your financial advisor to help you decide which share class is best for you. Not all financial
intermediaries offer all classes of shares. If your financial intermediary offers more than one class of shares, you should carefully
consider which class of shares to purchase.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investor Suitability. </B>An investment
in the Fund involves a considerable amount of risk. It is possible that you will lose money. An investment in the Fund is suitable
only for investors who can bear the risks associated with the illiquidity of the Fund&#8217;s shares and should be viewed as a
long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect
to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income,
age, risk tolerance and liquidity needs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Repurchases of Shares. </B>The Fund is an
interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 5% of
the shares outstanding. There is no guarantee, and it is unlikely, that shareholders will be able to sell all of the shares they
desire in a quarterly repurchase offer because shareholders, in total, may wish to sell more than 5% of the Fund&#8217;s shares.
Very limited liquidity will be provided to shareholders only through the Fund&#8217;s quarterly repurchases. The Fund maintains
liquid securities, cash or access to a bank line of credit in amounts sufficient to meet quarterly redemption requirements. See
&#8220;Quarterly Repurchases of Shares.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Summary of Risks. </B>Investing in the Fund
involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all
of your investment. Therefore, before investing you should consider carefully the following risks that you assume when you invest
in the Fund&#8217;s shares. See &#8220;Risk Factors.&#8221;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in private investment funds,
or &#8220;hedge funds,&#8221; which pursue alternative investment strategies. Hedge funds often engage in speculative investment
practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss.
Hedge funds can be highly illiquid, and often charge high fees that can erode performance.</P>

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

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

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

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


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<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; text-align: justify"><B><I>Credit Risk. </I></B>Issuers of debt
securities may not make scheduled interest and principal payments, resulting in losses to the Fund. In addition, the credit quality
of securities held may be lowered if an issuer&#8217;s financial condition changes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Distribution Policy Risk. </I></B>The
Fund&#8217;s distribution policy is expected to result in distributions that equal a fixed percentage of the Fund&#8217;s current
NAV per share. All or a portion of a distribution may consist of a return of capital (i.e. from your original investment). Shareholders
should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital
will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>High Yield Risk. </I></B>Lower-quality
debt securities, known as &#8220;high yield&#8221; or &#8220;junk&#8221; bonds, present greater risk than bonds of higher quality,
including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market
for these bonds and reduce the Fund&#8217;s ability to sell its bonds. The lack of a liquid market for these bonds could decrease
the Fund&#8217;s share price. Additionally, high yield issuers may seek bankruptcy protection which will delay resolution of bond
holder claims and may eliminate or materially reduce liquidity. The Adviser&#8217;s assessment of an issuer&#8217;s credit quality
may prove incorrect and the Fund could suffer losses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Leveraging Risk. </I></B>The use of leverage,
such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund&#8217;s gains
or losses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Liquidity Risk</I>. </B>There currently
is no secondary market for the Fund&#8217;s shares and the Fund expects that no secondary market will develop. Very limited liquidity
is provided to shareholders only through the Fund&#8217;s quarterly repurchase offers. There is no guarantee that shareholders
will be able to sell all of the shares they desire in a quarterly repurchase offer. The Fund&#8217;s investments also are subject
to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to sell, possibly preventing
the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other
investments at unfavorable times or prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Management Risk. </I></B>The Adviser&#8217;s
judgments about the attractiveness, value and potential appreciation of particular asset class and securities in which the Fund
invests may prove to be incorrect and may not produce the desired results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Market Risk. </I></B>An investment in
the Fund&#8217;s shares is subject to investment risk, including the possible loss of the entire principal amount invested. An
investment in the Fund&#8217;s shares represents an indirect investment in the securities owned by the Fund. The value of these
securities, like other market investments, may move up or down, sometimes rapidly and unpredictably.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>MLP Risk. </I></B>Investments in MLPs
involve risks different from those of investing in common stock including risks related to limited control and limited rights to
vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP&#8217;s general
partner, cash flow risks, dilution risks and risks related to the general partner&#8217;s limited call right. MLPs, typically,
do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership&#8217;s
income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could
result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required
to pay U.S. federal income tax on its taxable income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Medium and Small Capitalization Company
Risk. </I></B>Compared to investment companies that focus only on large capitalization companies, the Fund&#8217;s NAV may be more
volatile because it also invests in medium and small capitalization companies. Compared to larger companies, medium and small capitalization
companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources,
(iii) more limited management depth and (iv) shorter operating histories. Further, compared to larger companies, the securities
of small and medium capitalization companies are more likely to be harder to sell.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Real Estate Industry Concentration
Risk. </I></B>The Fund does not invest in real estate directly, but because the Fund concentrates its investments in real estate
securities, its portfolio is significantly impacted by the performance of the real estate market and may experience more volatility
and be exposed to greater risk than a more diversified portfolio. The value of real estate securities is affected by: (i) changes
in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic
conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning
laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to
tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. To the extent that the Fund invests
in real estate securities designated as real estate investment trusts (&#8220;REITs&#8221;), if a court were to disregard the limited
liability legal structure of a REIT, the Fund could be liable for a portion of claims in excess of that REIT&#8217;s assets, such
as claims arising from environmental problems. Failure to qualify as a REIT under the Internal Revenue Code would increase the
REIT&#8217;s tax liability thereby reducing the REIT&#8217;s net income available for investment or distribution; additionally
certain preferred tax treatment of distributions would no longer be passed through to investors. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Repurchase Policy Risks. </I></B>Quarterly
repurchases by the Fund of its shares typically are funded from available cash or sales of portfolio securities. The sale of securities
to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund&#8217;s NAV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Structured Note Risk. </I></B>The
value of a structured note will be influenced by time to maturity, level of supply and demand for the type </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> of note; interest rates, commodity, currency
or relevant index market volatility; changes in the issuer&#8217;s credit quality rating; and economic, legal, political or geographic
events that affect the reference index. In addition, there may be a lag between a change in the value of the reference index and
the value of the structured note. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes
in the secondary market. In the event that the issuer of the structured note defaults, it is possible that the Fund could lose
its entire investment. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Valuation Risk. </I></B>Illiquid securities
must be valued by the Fund using fair value procedures. Fair valuation involves subjective judgments, and it is possible that the
fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>U.S. Federal Income Tax Matters. </B>The
Fund intends to continue to be treated as and to qualify each year for taxation as a regulated investment company under Subchapter
M of the Code. In order for the Fund to qualify as a regulated investment company, it must meet income and asset diversification
tests each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders)
will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains
(the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form
of dividends or capital gain distributions. The Code imposes a 4% nondeductible excise tax on regulated investment companies, such
as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year. The Fund anticipates
meeting these distribution requirements. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Dividend Reinvestment Policy. </B>Unless
a shareholder elects otherwise, the shareholder&#8217;s distributions will be reinvested in additional shares under the Fund&#8217;s
dividend reinvestment policy. Shareholders who elect not to participate in the Fund&#8217;s dividend reinvestment policy will receive
all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to
such nominee). See &#8220;Dividend Reinvestment Policy.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Custodian. </B>UMB Bank, n.a. (&#8220;UMB&#8221;)
serves as the Fund&#8217;s custodian. See &#8220;Management of the Fund.&#8221; </P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Shareholder Transaction Expenses</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class A</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class L</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class C</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Maximum Sales Load</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(as a percent of offering price)</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">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; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Maximum Early Withdrawal Charge on </FONT><BR>
<FONT STYLE="font-size: 10pt">Shares Repurchased Less than 365 Days After Purchase</FONT><BR>
<FONT STYLE="font-size: 10pt">(as a percent of original purchase price) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">None</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">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; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Annual Expenses</B></P>
        <P STYLE="font: 10pt 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <FONT STYLE="font-size: 10pt">Management Fees<SUP>1</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">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; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;Shareholder Servicing Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <FONT STYLE="font-size: 10pt">&#9;Distribution Fee <SUP>2</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;Interest Expense</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.03%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.02%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.02%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.02%</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;Remaining Other Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.63%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.61%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.65%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">0.69%</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> <FONT STYLE="font-size: 10pt">Acquired Fund Fees and Expenses&nbsp;<SUP>3</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>0.94%</U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>0.94%</U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>0.94%</U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>0.94%</U></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total Annual Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.20%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.67%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.96%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.00%</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"> <FONT STYLE="font-size: 10pt">Fee Waiver and Reimbursement&nbsp;<SUP>4</SUP></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>(0.28)%</U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>(0.26)%</U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>(0.30)%</U></FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt"><U>(0.34)%</U></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Total Annual Expenses After Fee Waiver and Reimbursement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">2.92%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.41%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">3.66%</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> <FONT STYLE="font-size: 10pt">2.66%</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"> 1. &#9;The
operating expenses in this fee table will not correlate to the expense ratio in the Fund&#8217;s financial highlights because this
fee table reflects the Fund&#8217;s current management fee. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"> 2.&#9;The
Class L shares pay to the Distributor a Distribution Fee that accrues at an annual rate equal to 0.50% of the average daily net
assets attributable to Class L shares and is payable on a monthly basis. The Class C shares pay to the Distributor a Distribution
Fee that accrues at an annual rate equal to 0.75% of the average daily net assets attributable to Class C shares and is payable
on a monthly basis. Class A and Class I shares are not currently subject to a Distribution Fee. See &#8220;Plan of Distribution.&#8221; </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"> 3. &#9;Acquired
Fund Fees and Expenses are the indirect costs of investing in other investment companies, but does not include REITs and certain
private investment funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial
highlights because the financial statements, when issued, include only the direct operating expenses incurred by the Fund. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"> 4. &#9;The
Fund&#8217;s Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 4, 2019,
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% for Class A Shares, 2.45% for Class L Shares, 2.70% for Class C Shares and 1.70% for Class
I shares of each class&#8217;s net assets, respectively. 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 lesser of the foregoing expense limits or those in place at the time of recapture.
This agreement may be terminated only by the Fund&#8217;s Board of Trustees, on 60 days written notice to the Adviser. </P>

<P STYLE="font: 10pt 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><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. The example only reflects the expense limitation through the initial expiration date of the contract and total expenses
thereafter.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 24%; border: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share Class</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3 Years</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>5 Years</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><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; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">Class A Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$85</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$148</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$213</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$386</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">Class L Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$54</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$128</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$204</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$403</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">Class C Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$37</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$118</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$201</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$415</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-size: 10pt">Class I Shares</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$27</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$90</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$155</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"> <FONT STYLE="font-size: 10pt">$329</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund Expenses Table describes the fees
and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of
Class A shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information
about these and other discounts is available from your financial professional and in &#8220;Class A Shares&#8221; starting on page
30 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders who choose to participate in repurchase
offers by the Fund will not incur a repurchase fee. However, if direct shareholders (as opposed to shareholders that hold shares
through a financial intermediary) request that repurchase proceeds be paid by wire transfer, such shareholders will be assessed
an outgoing wire transfer fee at prevailing rates charged by GFS, currently $15. The purpose of the above table is to help a holder
of shares understand the fees and expenses that such holder would bear directly or indirectly. <B>The example should not be considered
a representation of actual future expenses. Actual expenses may be higher or lower than those shown. </B></P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements. For the year ended February 28, 2018 the information has been audited
by Deloitte &amp; Touche, LLP, an independent registered public accounting firm, whose report, along with this information and
additional Fund performance and portfolio information, appears in the Fund&#8217;s Annual Report dated February 28, 2018. The information
for the other periods shown was audited by the former independent registered public accounting firm. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please call
1-855-601-3841. </P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> <I>The table below sets forth financial data
for one share of beneficial interest outstanding throughout each year presented.</I> </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2018</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2017</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 29, 2016</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2015</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2014</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, Beginning of Year</B></FONT> </TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.67</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.20</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.74</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.51</FONT> </TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.73</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From Operations:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (a)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.22</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.35</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.46</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.41</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net gain (loss) on investments (both realized and unrealized)</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.52</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.06</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.04</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.80</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.29</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total from Operations</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.30</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.41</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.58</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.68</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less Distributions:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.23</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.29</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.40</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.40</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.29</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net realized gains on investments</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.37</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.55</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From paid in capital</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.69</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.65</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.56</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.21</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.06</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Distributions</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.92</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.94</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.96</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.98</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.90</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, End of Year</B></FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.45</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.67</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.20</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.74</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.51</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Return (b)</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.56</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (d)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.48</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (h)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.57</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (h)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.46</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.01</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios/Supplemental Data</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets, end of year (in 000&#8217;s)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,428</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,232</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,986</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">178,502</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129,697</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.99</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.66</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.58</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.60</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture&nbsp;(c)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.80</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.66</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.58</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.61</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (e,f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.75</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (e)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income, Net of Reimbursement/Recapture (c)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.42</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.25</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.87</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.43</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.46</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets (excluding interest expense):</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.96</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.57</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.49</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.60</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -13.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.77</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.57</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.49</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.61</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (e,f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.75</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (e)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 6pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover rate</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> &nbsp; </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and exclude the effects of sales loads. Total returns for periods less than one year are not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annualized for periods less than one year.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such ratio includes the Advisor&#8217;s recapture of waived/reimbursed fees from prior periods.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Does not include the expenses of the investment companies in which the Fund invests.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The recognition of investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.</FONT> </TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions.</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">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements. For the year ended February 28, 2018 the information has been audited
by Deloitte &amp; Touche, LLP, an independent registered public accounting firm, whose report, along with this information and
additional Fund performance and portfolio information, appears in the Fund&#8217;s Annual Report dated February 28, 2018. The
information for the other periods shown was audited by the former independent registered public accounting firm. To request the
Fund&#8217;s Annual Report or Semi-Annual Report, please call 1-855-601-3841. </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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below sets forth financial data for
one share of beneficial interest outstanding throughout each period presented.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Period</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2018</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2017</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 29, 2016</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2015 *</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, Beginning of Period</B></FONT> </TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.51</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.11</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.72</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.02</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From Operations:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (a)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.14</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.27</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.37</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.20</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net gain (loss) on investments (both realized and unrealized)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.53</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.06</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.03</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.17</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total from Operations</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.39</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.33</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.66</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.37</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less Distributions:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.23</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.28</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.39</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.13</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net realized gains on investments</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.35</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From return of capital</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.68</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.65</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.56</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.19</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Distributions</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.91</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.93</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.95</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.67</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, End of Period</B></FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.21</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.51</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.11</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.72</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Return (b)</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.13</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (d)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.01</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.03</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.25</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (d)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios/Supplemental Data</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets, end of period (in 000&#8217;s)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,570</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,192</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,143</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,356</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.46</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.16</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.08</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.05</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.28</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.16</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.08</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.05</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (c)(f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.90</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.77</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.37</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.00</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets (excluding interest expense)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.43</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.07</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.99</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.05</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.26</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.07</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.99</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.05</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover rate</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (d)</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> &nbsp; </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class L commenced operations on July 2, 2014.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any and exclude the effects of sales loads. Total returns for periods less than one year are not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annualized for periods less than one year.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Does not include the expenses of the investment companies in which the Fund invests.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The recognition of investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.</FONT> </TD></TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions.</FONT> </TD>
   </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt"><B>Class
C</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements. For the year ended February 28, 2018 the information has been audited
by Deloitte &amp; Touche, LLP, an independent registered public accounting firm, whose report, along with this information and
additional Fund performance and portfolio information, appears in the Fund&#8217;s Annual Report dated February 28, 2018. The information
for the other periods shown was audited by BBD, LLP. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please call
1-855-601-3841. </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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below sets forth financial data for
one share of beneficial interest outstanding throughout each period presented.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Period</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2018</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2017</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 29, 2016</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2015 *</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, Beginning of Period</B></FONT> </TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.42</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.06</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.71</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.02</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From Operations:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (a)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.10</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.23</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.33</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.18</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net gain (loss) on investments (both realized and unrealized)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.51</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.06</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.03</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.16</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total from Operations</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.41</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.29</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.70</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.34</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less Distributions:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.22</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.28</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.39</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.12</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net realized gains on investments</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.35</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From return of capital</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.68</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.65</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.56</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.18</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Distributions</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.90</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.93</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.95</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.65</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, End of Period</B></FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.11</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.42</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.06</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.71</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Return (b)</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.32</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (d)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.73</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.28</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.04</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (d)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios/Supplemental Data</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets, end of period (in 000&#8217;s)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,575</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,585</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,046</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,926</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.75</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.40</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.33</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (c)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.55</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.40</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.33</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (c)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (c)(f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.68</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.48</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.12</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.76</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (c)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets (excluding interest expense)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.72</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.33</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.24</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (c)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.53</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.33</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.24</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (c)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover rate</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (d)</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> &nbsp; </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class C commenced operations on July 2, 2014.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Total returns for periods less than one year are not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annualized for periods less than one year.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not annualized.</FONT> </TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Does not include the expenses of the investment companies in which the Fund invests.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The recognition of investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The financial highlights table is intended
to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information
has been derived from the Fund&#8217;s financial statements. For the year ended February 28, 2018 the information has been audited
by Deloitte &amp; Touche, LLP, an independent registered public accounting firm, whose report, along with this information and
additional Fund performance and portfolio information, appears in the Fund&#8217;s Annual Report dated February 28, 2018. The information
for the other periods shown was audited by the former independent registered public accounting firm. To request the Fund&#8217;s Annual Report or Semi-Annual Report, please call
1-855-601-3841. </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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below sets forth financial data for
one share of beneficial interest outstanding throughout each period presented.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Year</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For the Period</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ended</B></FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2018</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2017</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 29, 2016</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>February 28, 2015 *</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, Beginning of Period</B></FONT> </TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.86</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.24</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 9%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.75</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.02</FONT> </TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From Operations:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (a)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.25</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.42</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.48</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.30</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net gain (loss) on investments (both realized and unrealized)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.54</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.15</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.03</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.09</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total from Operations</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.29</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.57</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.55</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.39</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less Distributions:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net investment income</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.23</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.40</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.06</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From net realized gains on investments</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.37</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From return of capital</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.70</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.65</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.56</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.23</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Distributions</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.93</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.95</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.96</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.66</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NAV, End of Period</B></FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.64</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.86</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.24</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.75</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Return (b)</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.39</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (d)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.52</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.37</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)% (g)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.37</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (d)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios/Supplemental Data</B></FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets, end of period (in 000&#8217;s)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,395</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,820</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,806</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,185</FONT> </TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets:</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.79</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.39</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.33</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.57</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.39</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.33</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (c)(f)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.64</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.67</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.09</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.80</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio to average net assets (excluding interest expense)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Gross (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.76</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.29</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.24</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses, Net of Reimbursement/Recapture (c)(e)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.29</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.24</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.30</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover rate</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49</FONT> </TD>
    <TD NOWRAP> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">% (d)</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> &nbsp; </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class I commenced operations on July 2, 2014.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any. Total returns for periods less than one year are not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annualized for periods less than one year.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not annualized.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Does not include the expenses of the investment companies in which the Fund invests.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 29px"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The recognition of investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT> </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Includes adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions.</FONT> </TD>
    </TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund is a continuously offered, diversified,
closed-end management investment company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust
on June 3, 2011. The Fund&#8217;s principal office is located at c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788,
and its telephone number is 1-855-601-3841. </P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The net proceeds of the continuous offering
of shares, after payment of the sales load (if applicable), will be invested in accordance with the Fund&#8217;s investment objective
and policies (as stated below) as soon as practicable after receipt. Pending investment of the net proceeds in accordance with
the Fund&#8217;s investment objective and policies, the Fund will invest in money market or short-term fixed-income mutual funds.
Investors should expect, therefore, that before the Fund has fully invested the proceeds of the offering in accordance with its
investment objective and policies, the Fund&#8217;s assets would earn interest income at a modest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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>INVESTMENT OBJECTIVE, POLICIES AND STRATEGIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investment Objective and Policies</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; text-align: justify"> The Fund&#8217;s investment objective is
to seek returns from capital appreciation and income with an emphasis on income generation. The Fund pursues its investment objective
by investing primarily in the income-producing securities: (1) public and private real estate securities (including securities
issued by real estate funds), (2) alternative investment funds, which include business development companies, funds commonly known
as &#8220;hedge funds,&#8221; and other private investment funds, (3) master limited partnerships, (4)&nbsp;common and preferred
stocks, and (5) structured notes, notes, bonds and asset-backed securities. The Fund defines AIFs as BDCs, limited partnerships
and limited liability companies that pursue investment strategies linked to real estate, small businesses or other investments
that serve as alternatives to traditional stocks and bonds. The Fund invests in securities of issuers without restriction as to
market capitalization. The majority of the Fund&#8217;s investments are not traded on an exchange or in over-the-counter markets;
consequently, the majority of the Fund&#8217;s investments are illiquid. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund provides investors with access
to an actively managed portfolio of liquid and illiquid alternative investments, many of which are unavailable to the typical individual
investor due to high minimum investment and accredited/qualified investor requirements. The Adviser employs a similar multi-asset
approach to the Endowment Model while actively managing individual holdings and generating significant non-correlated income. <FONT STYLE="background-color: #FAF9F9">The
Endowment Model is a form of the strategic asset allocation model of portfolio construction that involves diversifying investments
across strategies, asset classes and investment horizons, as opposed to the standard long-only stock and bond model.</FONT> To
that end, the Fund seeks to: </P>

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

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0 0 6.15pt; font-size: 10pt"> Deliver current income to investors with low correlation to traditional equity
and fixed-income investments by pursuing securities in asset classes considered non-traditional in nature </LI>

<LI STYLE="margin: 0 0 6.15pt; font-size: 10pt"> Seek illiquidity premiums, as the Fund has no finite life and therefore can
pursue less liquid strategies as part of an overall portfolio, subject to near-term investor liquidity needs </LI>

<LI STYLE="margin: 0 0 6.15pt; font-size: 10pt"> Proactively manage security selection and asset class exposures through cutting-edge
research capability, rigorous due diligence efforts, and a consistently applied investment process </LI>

<LI STYLE="margin: 0; font-size: 10pt"> Provide institutional access on favorable terms; as the Adviser has added to the depth
of the portfolio management team, the Fund has benefited from enhanced security selection capabilities and industry relationships
in sourcing institutional-quality investments </LI>

</UL>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund concentrates investments in the real
estate industry, and under normal circumstances, it invests over 25% of its net assets in real estate securities (including securities
issued by real estate funds). This policy is fundamental and may not be changed without shareholder approval. Real estate funds
are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests.
The Statement of Additional Information contains a list of the fundamental (those that may not be changed without a shareholder
vote) and non-fundamental investment policies of the Fund under the heading &#8220;Investment Objective and Policies.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund may employ leverage, including
borrowing from banks in an amount of up to 33-1/3% of the Fund&#8217;s assets (defined as net assets plus borrowing for investment
purposes). Leverage is primarily used to increase the size of the Fund&#8217;s portfolio of securities. The Fund is authorized
to borrow money in connection with its investment activities, subject to the limits of the asset coverage requirement of the Investment
Company Act of 1940, as amended. The Fund also may borrow money to satisfy repurchase requests from Fund shareholders and to otherwise
provide the Fund with temporary liquidity. The 1940 Act requires a registered investment company to satisfy an asset coverage requirement
of 300% of its indebtedness, including amounts borrowed and measured at the time </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">indebtedness occurs. This means that the value
of the Fund&#8217;s total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets
purchased with the proceeds of its indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investment Strategy and Criteria Used in Selecting Investments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Adviser uses both a quantitative screening
process and a qualitative selection process when selecting securities for investment by the Fund in connection with its strategy.
An optimized asset allocation model is used to quantify targeted exposure ranges for various alternative sectors. No assurance
can be given that any or all investment strategies, or the Fund&#8217;s investment program, will be successful. The Adviser utilizes
a clearly defined philosophy which provides a disciplined investment strategy. When determining an asset allocation, the Adviser
typically reviews at least the last ten years (if available) of market data history, which the Adviser regards as the most relevant
for market forecasting purposes. The Adviser may strategically rebalance its asset allocation according to the current market conditions,
but will remain true to its fundamental analysis with respect to real estate asset class and sector risk over time. The Adviser
manages investments over a long-term time horizon, while being mindful of the historical context of the markets. The Adviser employs
a regimen of quantitative and qualitative criteria to arrive at a universe of investments which are considered to be &#8220;best-of-breed.&#8221;
The Adviser primarily selects securities with the highest expected income from a sector peer group of issuers with similar market
capitalization credit quality and/or risk-adjusted metrics. Secondarily, the Adviser considers potential for capital appreciation.
When constructing the Fund&#8217;s portfolio, the Adviser selects securities from sectors that it believes have relatively low
volatility and will not be highly correlated to each other or to the equity or fixed income markets, generally. The Adviser considers
low to moderate correlation or volatility strategies to be those which are expected to have 75% or less of the volatility of, or
correlation to, the relevant market or index. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Real Estate Securities</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">There are three main vehicles used to
execute real estate-related investments:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <B>Private and/or Non-Listed Real Estate Securities: </B> This investment vehicle will be used
to generate current income, and/or capital appreciation, without the volatility of other types of real estate securities. Investment
criteria will include evaluating the strength of the sponsor and management. From an operations perspective, the Adviser will focus
on the attractiveness of the specific property type; stability of income; distribution yield and distribution coverage from operations.
From a financing perspective, the Adviser will focus on availability of debt and equity financing and target leverage levels. Finally,
the Adviser will focus on a value-add liquidity event following the close of the offering. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <B>Listed (Traded) Real Estate Securities Equities:</B> Investment criteria on a macro level
will include: relative attractiveness to the broader stock market, the impact of the debt capital markets on real estate securities,
the supply and demand for commercial real estate overall, and the supply and demand for specific property types. On a micro level,
the Adviser will focus on: the attractiveness of a specific property type, quality and historic success of management, relative
value price-to-earnings or price-to-cash flow or funds-from-operations within a sector, whether the security is trading at a premium
or discount to its NAV (&#8220;NAV&#8221;), and both internal (e.g. same store growth) and external (e.g. acquisitions and development)
growth prospects to drive total earnings growth. </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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Real Estate Debt:</B> This investment vehicle will look at both current income opportunities
and the ability to acquire debt or preferred stock (which the Fund defines to be a form of debt with respect to real estate) at
a discount to face value. This vehicle could include, but is not limited to, secured property level debt, unsecured notes, unsecured
notes and preferred equity convertible into common equity and preferred equity. Preferred equity historically trades at a higher
yield and has a lower risk profile than its common equity, but also has lower capital gain potential unless it trades at a discount
to par. This portion of the Adviser&#8217;s debt strategy will focus on quality of management, sustainability of the business model,
coverage of the common dividend and liquidity of the instrument.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> AIFs selected by the Adviser include BDCs,
funds that invest in private debt securities, hedge funds and other issuers of private placement securities each of which may pay
performance-based fees to their managers. A BDC is a form of investment company that is required to invest at least 70% of its
total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high quality
debt securities. Private or non-traded BDCs are illiquid and it may not be possible to redeem shares or to do so without paying
a substantial penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they invest in unlisted securities
and have limited access to capital markets. Additionally, the Fund may invest up to 15% of its net assets in securities of issuers
commonly known as &#8220;hedge funds,&#8221; which are typically privately placed with investors without registration with the
SEC, employ leverage and hedging strategies as well as pay their managers performance fees on gains. These performance fees may
create an incentive for the manager of a hedge fund to enter into investments that are riskier or more speculative than would otherwise
be the case. The Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive
and likely to have low correlations among each other or with the broad equity and fixed-income markets. The Adviser uses both a
quantitative screening process and a qualitative selection process when selecting AIF securities for investment by the Fund in
conjunction with its AIF strategy. To analyze AIFs, the Adviser relies on both proprietary research and research provided by third
parties. The Adviser reviews each AIF&#8217;s management team, operations staff, past performance, philosophy, current holdings
and investment process. Specific market opportunities, competitive advantages, relative strengths and weaknesses, and other important
factors are also analyzed. Once an investment is made, the new AIF is re-evaluated and tracked on a monthly or quarterly basis.
An AIF may be liquidated based on manager drift in style, underperformance, change in management team, </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">deviation from risk management discipline and
change in the AIF&#8217;s investment opportunity set or strategy, or any other factor that the Adviser feels will impact future
performance. Depending on the terms of the Fund&#8217;s investment in an AIF, the Adviser may or may not be able to liquidate a
certain AIF when it desires to do so. When using Underlying Funds to execute the Fund&#8217;s AIF strategy, the Adviser will consider
each Underlying Fund&#8217;s expenses and quality of management in addition to analyzing the AIF securities held by the Underlying
Fund.</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"><B><U>Master Limited Partnerships</U></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; text-align: justify"> An MLP is a publicly traded or privately
offered limited partnership or limited liability company. MLPs are typically engaged in one or more aspects of the exploration,
production, processing, transmission, marketing, storage or delivery of energy-related commodities such as natural gas, natural
gas liquids, coal, crude oil or refined petroleum products. An investment in MLP units differ from an investment in the securities
of a corporation. An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation.
Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain
tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general
partner, including those arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity
level. If, as a result of a change in current law or a change in an MLP&#8217;s business, an MLP were treated as a corporation
for federal income tax purposes, such an MLP would be obligated to pay federal income tax on its income at the corporate tax rate.
If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution by the
MLP would be reduced and distributions received by investors would be taxed under federal income tax laws applicable to corporate
dividends (as dividend income, return of capital, or capital gain). Therefore, treatment of an MLP as a corporation for federal
income tax purposes would result in a reduction in the after-tax return to investors, as compared to an MLP that is not taxed as
a corporation, likely causing a reduction in the value of Fund shares. In constructing the model, the Adviser considers a variety
of factors, including but not limited to, market capitalization, liquidity, growth, credit rating, source of qualifying income,
business focus, and structure of the MLPs. The Adviser may also further evaluate MLP investments on potential tax liabilities,
trading costs, cash requirements and other factors, including the relative valuation of related MLP or other competing investments. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Common and Preferred Stocks</U></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; text-align: justify"> Stocks are selected by the Adviser using
a proprietary stock selection model that ranks all dividend-payers using specific fundamental characteristics that the Adviser
believes are predictive of strong future total returns, dividend sustainability and dividend growth. These characteristics include
the ability-to-pay ratio, dividend payout ratio, dividend yield, historical sales and dividend growth, cash flow conversion ratio,
earnings momentum and return on capital. In addition, the Adviser eliminates stocks that violate specific ability-to-pay, payout
ratio, and dividend yield thresholds that vary by sector. The Adviser may also engage in opportunistic trading strategies with
securities that may not pay a dividend but have been identified as having potential short-term pricing inefficiencies. </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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"><B><U>Structured Notes</U></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; text-align: justify"> Structured notes are selected by the Adviser
to generate interest income and as an economic substitute for the reference index, currency or commodity to which the structured
note payments are linked. The Adviser also may use structured notes to meet specific investment or risk management goals that cannot
be met from the standardized financial instruments available in the markets. Structured products can be used as an alternative
to a direct investment, as part of the asset allocation process to reduce risk exposure of the Fund&#8217;s portfolio or to capitalize
on a current market trend. The Adviser selects structured notes of any maturity issued by an entity that the Adviser considers
creditworthy. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Other debt securities are selected by the
Adviser to generate interest income and diversify the Fund&#8217;s portfolio returns against equity market risks. The Fund invests
without limit in fixed rate or floating rate debt instruments of any maturity that the Adviser believes are creditworthy or have
acceptable recovery value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, including
lower-quality debt securities commonly known as &#8220;high yield&#8221; or &#8220;junk&#8221; bonds. The Adviser employs measurers
consisting of debt-to-assets, debt service coverage ratio and asset liquidation values and other metrics to assess credit quality.
The Adviser selects ABS when it believes these securities offer higher yield or better prospects for capital preservation or appreciation
than competing investments in traditional debt instruments. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Underlying Funds</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Adviser will invest in Underlying Funds
when it wishes the Fund to have representation in a certain sector or security type, but cannot find sufficient or suitable individual
securities that meet its investment criteria. The Adviser ranks Underlying Funds on relative expenses, past performance and strategy
fit for the Fund. In general, the Adviser selects Underlying Funds that it believes offer more efficient execution of the Fund&#8217;s
strategy, such as when ample individual investments are not readily available or the available investments do not meet the selection
criteria of the Adviser, the Adviser may seek to invest in an Underlying Fund in order to gain indirect exposure to a particular
sector or class of securities.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Other Information Regarding Investment Strategy</I></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; text-align: justify"> The Fund may, from time to time, take defensive
positions that are inconsistent with the Fund&#8217;s principal investment strategy in attempting to respond to adverse market,
economic, political or other conditions. During such times, the Adviser may determine that the Fund should invest up to 100% of
its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury
bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities. In these and in other cases,
the Fund may not achieve its investment objective. The Adviser may invest the Fund&#8217;s cash balances in any investments it
deems appropriate. The Adviser expects that such investments will be made, without limitation and as permitted under the 1940 Act,
in money market funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any
income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the
considerations entering into recommendations and decisions of the Adviser and the Fund&#8217;s portfolio managers are subjective.
</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: justify">The frequency and amount of portfolio purchases
and sales (known as the &#8220;portfolio turnover rate&#8221;) will vary from year to year. The portfolio turnover rate is not
expected to exceed 100% for the current fiscal year but may vary greatly from year to year and will not be a limiting factor when
the Adviser deems portfolio changes appropriate. Although the Fund generally does not intend to trade for short-term profits, the
Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in
the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the
annual rate of portfolio turnover of the Fund. Higher rates of portfolio turnover would likely result in higher brokerage commissions
and may generate short-term capital gains taxable as ordinary income. If securities are not held for the applicable holding periods,
dividends paid on them will not qualify for the advantageous federal tax rates. See &#8220;Tax Status&#8221; in the Fund&#8217;s
Statement of Additional Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no assurance what portion, if any,
of the Fund&#8217;s investments will qualify for the reduced federal income tax rates applicable to qualified dividends under the
Code. As a result, there can be no assurance as to what portion of the Fund&#8217;s distributions will be designated as qualified
dividend income. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Portfolio Investments &#8211; Select Additional Information</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"><B><I>Real Estate Securities</I></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"><I>Real Estate Investment Trusts</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Distributions paid by REITs will generally
not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. See &#8220;U.S. Federal
Income Tax Matters.&#8221; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <I>Real Estate LPs, LLCs, Private Funds</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund will invest in public and private
real estate LPs, LLCs, and other private funds. These public and private funds are often pooled investment vehicles that invest
primarily in income-producing real estate or real estate-related loans or interests. The funds may or may not be publicly-traded
and the Fund may invest, without limitation, in funds which are not publicly-traded. The market value of the private fund shares
and their ability to distribute income may be affected by numerous factors, including rising interest rates, changes in the national,
state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and
attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance costs, the
cost of complying with the Americans with Disabilities Act, increasing competition and compliance with environmental laws, changes
in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in
zoning laws, and other factors beyond the control of the issuers. In addition, distributions received by the Fund from these funds
may consist of dividends, capital gains and/or return of capital. </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; text-align: justify"><I>Preferred Stocks</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in preferred stocks of
real estate companies. Preferred stocks are securities that pay dividends at a specified rate and have a preference over common
stocks in the payment of dividends and the liquidation of assets. This means that an issuer must pay dividends on its preferred
stock prior to paying dividends on its common stock. In addition, in the event a company is liquidated,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">preferred shareholders must be fully repaid
on their investments before common shareholders can receive any money from the company. Preferred shareholders, however, usually
have no right to vote for a company&#8217;s directors or on other corporate matters. Preferred stocks pay a fixed stream of income
to investors, and this income stream is a primary source of the long-term investment return on preferred stocks. As a result, the
market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks.
In this respect, preferred stocks share many investment characteristics with debt securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Convertible bonds and convertible preferred
stocks are generally obligations of a company that can be converted into a predetermined number of shares of common stock of the
company issuing the security. Convertible securities generally offer both defensive characteristics (<I>i.e</I>., provide income
during periods when the market price of the underlying common stock declines) and upside potential (<I>i.e.</I>, may provide capital
appreciation when the market price of the underlying common stock rises).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in securities that have
been privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule
144A under the Securities Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>Alternative Investment Funds. </B>The
managers of AIFs employ a variety of &#8220;alternative&#8221; investment strategies to achieve attractive risk-adjusted returns
(i.e., returns adjusted to take into account the volatility of those returns) with low correlation (expected to be less than 75%)
to the broad equity and fixed-income markets. &#8220;Alternative&#8221; investment strategies, unlike pure &#8220;relative return
strategies,&#8221; are generally managed without reference to the performance of equity, debt and other markets. AIFs selected
by the Adviser include BDCs, funds that invest in private debt and or equity securities, hedge funds and other issuers of private
placement securities, each of which may pay performance-based fees to their managers. </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Additionally, the Fund may invest up to
15% of its net assets in securities of certain AIFs commonly known as &#8220;hedge funds,&#8221; which are typically privately
placed with investors without registration with the SEC, employ leverage and hedging strategies as well as pay their managers performance
fees on gains. These fees may create an incentive for the manager of a hedge fund to enter into investments that are riskier or
more speculative than would otherwise be the case. The Adviser intends to allocate the Fund&#8217;s assets among AIFs that, in
the view of the Adviser, represent attractive investment opportunities. In selecting AIFs, the Adviser (with the aid of research
services employed by the Adviser), assesses the likely risks and returns of the different alternative investment strategies utilized
by the AIFs, and evaluates the potential correlation among the investment strategies under consideration. The Adviser generally
seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations
among each other or with the broad equity and fixed-income markets. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>An investment in the Fund&#8217;s shares
is subject to risks. The value of the Fund&#8217;s investments will increase or decrease based on changes in the prices of the
investments it holds. This will cause the value of the Fund&#8217;s shares to increase or decrease. You could lose money by investing
in the Fund. By itself, the Fund does not constitute a balanced investment program. Before investing in the Fund you should consider
carefully the following risks. There may be additional risks that the Fund does not currently foresee or consider material. You
may wish to consult with your legal or tax advisors before deciding whether to invest in the Fund. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Alternative Investment Funds Risk</I>.
</B>Fund shareholders may bear two layers of fees and expenses: asset-based fees and expenses at the Fund level, and asset-based
fees, performance-based incentive allocations or fees and expenses at the AIF level. The Fund&#8217;s performance depends in part
upon the performance of the AIF managers and selected strategies, the adherence by such AIF managers to such selected strategies,
the instruments used by such AIF managers and the Adviser&#8217;s ability to select AIF managers and strategies and effectively
allocate Fund assets among them. Each AIF is subject to its own strategy-specific risks that may include the risks described above
as well as the risk that each AIF manager&#8217;s judgments about the value of securities, currencies or commodities may prove
incorrect and result in losses or low returns. BDCs are subject to high failure rates among the companies in which they invest
and federal securities laws impose restraints upon the organization and operations of BDCs that can limit or negatively impact
the performance of a BDC. However, the Fund does not believe it would be liable for the actions of any entity in which it invests
and that only its investment is at risk. Also, BDCs may engage in certain principal and joint transactions that a mutual fund or
closed-end fund may not without an exemptive order from the SEC. Also, the Fund may purchase in the aggregate only up to 3% of
the total outstanding voting stock of any other investment company, such as a BDC, unless the other investment company has an exemptive
order from the SEC. Equity strategies are subject to equity market risk in general and event-driven strategies are subject to the
risk that the anticipated transaction may be canceled, postponed or completed on less favorable terms.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest in private investment funds,
or &#8220;hedge funds,&#8221; which pursue alternative investment strategies. Hedge funds often engage in speculative investment
practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss.
Hedge funds can be highly illiquid and often charge high fees that can erode performance. Additionally, they may involve complex
tax structures and delays in distributing tax information. Because of the speculative nature of a hedge fund&#8217;s investments
and trading strategies, the Fund may suffer a significant or complete loss of its invested capital in one or more hedge funds.
A shareholder will also bear fees and expenses charged by the underlying hedge funds in addition to the Fund&#8217;s direct fees
and expenses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Common and Preferred Stock Risk. </I></B>Equity
markets can be volatile. In other words, the prices of equity securities can fall rapidly in response to developments affecting
a specific company or industry, or to changing economic, political or market conditions. The Fund&#8217;s investments may decline
in value if the equity markets perform poorly. There is also a risk that the Fund&#8217;s investments will underperform either
the securities markets generally or particular segments of the securities markets. Market prices of equity securities in broad
market segments may be adversely affected by a prominent issuer having experienced losses, by the lack of earnings, by an issuer&#8217;s
failure to meet the market&#8217;s expectations with respect to new products or services, or even by factors wholly unrelated to
the value or condition of the issuer, such as changes in interest rates. Preferred stocks pay a fixed stream of income to investors,
and this income stream is a primary source of the long-term investment return on preferred stocks. As a result, the market value
of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks. In this respect,
preferred stocks share many investment characteristics with debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Credit Risk. </I></B>There is a risk
that debt issuers will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be
lowered if an issuer&#8217;s financial condition changes. Lower credit quality may lead to greater volatility in the price of a
security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult to sell the security.
Default, or the market&#8217;s perception that an issuer is likely to default, could reduce the value and liquidity of securities,
thereby reducing the value of your investment in Fund shares. In addition, default may cause the Fund to incur expenses in seeking
recovery of principal or interest on its portfolio holdings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Distribution Policy Risk. </I></B>The
Fund&#8217;s distribution policy is expected to result in distributions that equal a fixed percentage of the Fund&#8217;s current
NAV per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits.
However, all or a portion of a distribution may consist of a return of capital. Return of capital is the portion of a distribution
that is a return of your original investment dollars in the Fund. Shareholders should not assume that the source of a distribution
from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially
increase the taxable gain, if any, upon disposition of their shares. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>High Yield Risk</I>. </B>Lower-quality
bonds, known as &#8220;high yield&#8221; or &#8220;junk&#8221; bonds, present a significant risk for loss of principal and interest.
These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased
possibility that the bond&#8217;s issuer, obligor or guarantor may not be able to make its payments of interest and principal.
If that happens, the value of the bond may decrease, the Fund&#8217;s share price may decrease and its income may be reduced. An
economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund&#8217;s
ability to sell its bonds. Such securities also may include &#8220;Rule 144A&#8221; securities, which are subject to resale restrictions.
The lack of a liquid market for these bonds could decrease the Fund&#8217;s share price. The Adviser&#8217;s assessment of an issuer&#8217;s
credit quality may prove incorrect and the Fund could suffer losses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Leveraging Risk. </I></B>The use of leverage,
such as borrowing money to purchase securities, by the Fund will magnify the Fund&#8217;s gains or losses. Generally, the use of
leverage also will cause the Fund to have higher expenses (especially interest expenses) than those of funds that do not use such
techniques. In addition, a lender to the Fund may terminate or refuse to renew any credit facility. If the Fund is unable to access
additional credit, it may be forced to sell investments at inopportune times, which may depress the returns of the Fund.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Liquidity Risk</I>. </B>The Fund is a
closed-end investment company structured as an interval fund and designed for long-term investors. Unlike many closed-end investment
companies, the Fund&#8217;s shares are not listed on any securities exchange and are not publicly traded. There is currently no
secondary market for the shares and the Fund expects that no secondary market will develop. Very limited liquidity is provided
to shareholders only through the Fund&#8217;s quarterly repurchase offers for no less than 5% of the shares outstanding at NAV.
There is no guarantee, and it is unlikely, that shareholders will be able to sell all of the shares they desire in a quarterly
repurchase offer. The Fund&#8217;s investments are also subject to liquidity risk. Liquidity risk exists when particular investments
of the Fund would be difficult to sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time
or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its
obligations. Funds, such as this one, with principal investment strategies that involve securities of companies with smaller market
capitalizations, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity
risk.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Management Risk. </I></B>The NAV of the
Fund changes daily based on the performance of the securities in which it invests. The Adviser&#8217;s judgments about the attractiveness,
value and potential appreciation of particular asset class sector and securities in which the Fund invests may prove to be incorrect
and may not produce the desired results.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>MLP Risk. </I></B>Investments in MLPs
involve risks different from those of investing in common stock including risks related to limited control and limited rights to
vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP&#8217;s general
partner, cash flow risks, dilution risks and risks related to the general partner&#8217;s limited call right. MLPs are generally
considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive
returns. Depending on the state of interest rates in general, the use of MLPs could enhance or harm the overall performance of
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><I>MLP Tax Risk</I>. MLPs typically
do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership&#8217;s
income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could
result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required
to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax
purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned
by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your
investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Medium and Small Capitalization Company
Risk. </I></B>The Fund concentrates its investments in real estate industry securities. Many issuers of real estate securities
are medium or small capitalization companies which may be newly formed or have limited product lines, distribution channels and
financial and managerial resources. The risks associated with these investments are generally greater than those associated with
investments in the securities of larger, more-established companies. This may cause the Fund&#8217;s NAV to be more volatile when
compared to investment companies that focus only on large capitalization companies. Generally, securities of medium and small capitalization
companies are more likely to experience sharper swings in market values, less liquid markets, in which it may be more difficult
to sell and generally are more volatile than those of larger companies. Compared to large companies, smaller companies are more
likely to have (i) less information publicly available, (ii) more limited product lines or markets and less mature businesses,
(iii) fewer capital resources, (iv) more limited management depth and (v) shorter operating histories. Further, the equity securities
of smaller companies are often traded over-the-counter and generally experience a lower trading volume than is typical for securities
that are traded on a national securities exchange. Consequently, the Fund may be required to dispose of these securities over a
longer period of time (and potentially at less favorable prices) than would be the case for securities of larger companies, offering
greater potential for gains and losses and associated tax consequences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Real Estate Industry Concentration Risk.
</I></B>The Fund does not invest in real estate directly, but because the Fund concentrates its investments in real estate industry
securities, its portfolio is significantly impacted by the performance of the real estate market and may experience more volatility
and be exposed to greater risk than a more diversified portfolio. The Fund may be subject to risks similar to those associated
with direct ownership in real property. The value of the Fund&#8217;s shares is affected by factors affecting the value of real
estate and the earnings of companies engaged in the real estate industry. These factors include, among others: (i) changes in general
economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions,
overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi)
casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants;
(viii) the availability of financing and (ix) changes in interest rates. Many real estate companies utilize leverage, which increases
investment risk and could adversely affect a company&#8217;s operations and market value in periods of rising interest rates. The
value of securities of companies in the real estate industry may go through cycles of relative under-performance and over-performance
in comparison to equity securities markets in general. To the extent that the Fund invests in real estate securities designated
as REITs, if a court were to disregard the limited liability legal structure of a REIT, the Fund could be liable for a portion
of claims in excess of that REITs assets, such as claims arising from environmental problems. Failure to qualify as a REIT under
the Internal Revenue Code would increase the REITs tax</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">liability thereby reducing the REIT&#8217;s
net income available for investment or distribution; additionally certain preferred tax treatment of distributions would no longer
be passed through to investors.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Development Issues. </I>Certain
real estate companies may engage in the development or construction of real estate properties. These companies in which the Fund
invests (&#8220;portfolio companies&#8221;) are exposed to a variety of risks inherent in real estate development and construction,
such as the risk that there will be insufficient tenant demand to occupy newly developed properties, and the risk that prices of
construction materials or construction labor may rise materially during the development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> <I>Lack of Insurance. </I>Certain
of the portfolio companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss
insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured
loss occur, the portfolio company could lose its investment in, and anticipated profits and cash flows from, a number of properties
and, as a result, adversely affect the Fund&#8217;s investment performance. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Dependence on Tenants. </I>The
value of the Fund&#8217;s portfolio companies&#8217; properties and the ability to make distributions to their shareholders depend
upon the ability of the tenants at their properties to generate enough income in excess of their operating expenses to make their
lease payments. Changes beyond the control of our portfolio companies may adversely affect their tenants&#8217; ability to make
their lease payments and, in such event, would substantially reduce both their income from operations and ability to make distributions
to our portfolio companies and, consequently, the Fund.</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>Financing Issues. </I>Financial
institutions in which the Fund may invest are subject to extensive government regulation. This regulation may limit both the amount
and types of loans and other financial commitments a financial institution can make, and the interest rates and fees it can charge.
In addition, interest and investment rates are highly sensitive and are determined by many factors beyond a financial institution&#8217;s
control, including general and local economic conditions (such as inflation, recession, money supply and unemployment) and the
monetary and fiscal policies of various governmental agencies such as the Federal Reserve Board. These limitations may have a significant
impact on the profitability of a financial institution since profitability is attributable, at least in part, to the institution&#8217;s
ability to make financial commitments such as loans. Profitability of a financial institution is largely dependent upon the availability
and cost of the institution&#8217;s funds, and can fluctuate significantly when interest rates change.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For example, adverse developments relating
to sub-prime mortgages have been adversely affecting the willingness of some lenders to extend credit, in general, which may make
it more difficult for companies to obtain financing on attractive terms or at all so that they may commence or complete real estate
development projects, refinance completed projects or purchase real estate. It also may adversely affect the price at which companies
can sell real estate, because purchasers may not be able to obtain financing on attractive terms or at all. These developments
also may adversely affect the broader economy, which in turn may adversely affect the real estate markets. Such developments could,
in turn, reduce the number of real estate funds publicly-traded during the investment period and reduce the Fund&#8217;s investment
opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Real estate securities that are not publicly-traded
may be illiquid and may not provide periodic pricing or valuation information to investors. To the extent that the Fund invests
in such real estate securities, the Fund will be subject to these additional risks. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>REIT Tax Risks. </I></B>Qualification
as a REIT under the Internal Revenue Code of 1986, as amended, in any particular year is a complex analysis that depends on a number
of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed
as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not
be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character
of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly
reduce the Fund&#8217;s yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity
REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses
from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the
value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest
payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers
and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent
upon management skills, may not be diversified and are subject to the risks of financing projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Distributions paid by REITs generally will
not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See &#8220;U.S. Federal
Income Tax Matters.&#8221; Some or all of a REIT&#8217;s annual distributions to its investors may constitute a non-taxable return
of capital. Any such return of capital will generally reduce the Fund&#8217;s basis in the REIT investment, but not below zero.
To the extent the distributions from a particular REIT exceed the Fund&#8217;s basis in such REIT, the Fund will generally recognize
gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to shareholders may also
include a nontaxable return of capital. Shareholders that receive such a distribution will also reduce their tax basis in their
shares of the Fund,</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">but not below zero. To the extent the distribution
exceeds a shareholder&#8217;s basis in the Fund&#8217;s shares, such shareholder will generally recognize a capital gain. The Fund
does not have any investment restrictions with respect to investments in REITs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Repurchase Policy Risks. </I></B>Quarterly
repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. However, payment
for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate
such holdings, potentially resulting in losses, and may increase the Fund&#8217;s portfolio turnover. The Adviser may take measures
to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money
to finance repurchases of shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect
shareholders who do not tender their shares in a repurchase offer by increasing the Fund&#8217;s expenses and reducing any net
investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion
of its net assets in less liquid securities. Also, the sale of securities to fund repurchases could reduce the market price of
those securities, which in turn would reduce the Fund&#8217;s NAV.</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: justify">Repurchase of shares will tend to reduce the
amount of outstanding shares and, depending upon the Fund&#8217;s investment performance, its net assets. A reduction in the Fund&#8217;s
net assets may increase the Fund&#8217;s expense ratio, to the extent that additional shares are not sold. In addition, the repurchase
of shares by the Fund may be a taxable event to shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Structured Note Risk.</I></B> The Fund
may seek investment exposure to sectors through structured notes that may be exchange traded or trade in the over-the-counter market.
These notes are typically issued by banks, brokerage firms or special purpose corporations, companies or limited partnerships (commonly
referred to as SPVs), and have interest and/or principal payments which are linked to changes in the price level of certain assets
or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level of
supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer&#8217;s credit quality
rating, and economic, legal, political, or geographic events that affect the referenced commodity. The credit quality of an issuer
may be influenced by unfavorable industry-related conditions in the banking or brokerage industry or by limited access to additional
capital in the case of an SPV. In addition, there may be a lag between a change in the value of the underlying reference asset
and the value of the structured note. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes
in the secondary market. In the event that the issuer of the structured note defaults, it is possible that the Fund could lose
its entire investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Underlying Funds Risk. </I></B>The Fund
invests in ETFs, mutual funds, closed-end funds and AIFs. As a result, your cost of investing in a Fund will be higher than the
cost of investing directly in ETFs, mutual funds, closed-end funds and AIFs and may be higher than other mutual funds that invest
directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund&#8217;s
direct fees and expenses. Additional risks of investing in ETFs, mutual funds, closed-end funds and AIFs, where noted, are described
below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><I>Strategies Risk:</I> Each Underlying Fund is subject to specific risks, depending on the nature
of the fund. These risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with
fixed income securities and commodities. Inverse ETFs will limit the Fund&#8217;s participation in market gains.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><I>ETF Tracking Risk:</I> Investment in the Fund should be made with the understanding that the
index-linked ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because
the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the
securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain
securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede
the ETFs&#8217; ability to track their applicable indices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT> </TD><TD STYLE="text-align: justify"> <I>Risk Related to NAV and Market Price:</I> The market value of the ETF and closed-end shares
may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for fund shares
at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly,
there may be times when shares trades at a premium or discount to NAV. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 7pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify"><I>Expense Risk:</I> The Fund invests in Underlying Funds. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETF, mutual fund and closed-end fund shares and may be higher
than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying
Funds in addition to the Fund&#8217;s direct fees and expenses.</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: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT> </TD><TD STYLE="text-align: justify"> <I>Additional Risk: </I>The strategy of investing in Underlying Funds could affect the timing,
amount and character of distributions to you and therefore may increase the amount of taxes you pay. In addition, certain prohibitions
on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating investments in the manner the adviser
considers optimal. Generally, the Fund may purchase in the aggregate only up to 3% of the total outstanding voting stock of any
closed-end fund, mutual fund or ETF or AIF (if the ETF or AIF is an investment company). Additionally, in general, the Fund may
not invest more than 5% of its total assets in one Underlying Fund or more than 10% in Underlying Funds, unless it complies with
certain restrictions or is able to make purchases in reliance upon an Underlying Fund&#8217;s exemptive order that permits investments
in excess of the limits stated above. </TD></TR></TABLE>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Trustees and Officers</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; text-align: justify">The Board of Trustees is responsible for the
overall management of the Fund, including supervision of the duties performed by the Adviser. The Board is comprised of five trustees.
The Trustees are responsible for the Fund&#8217;s overall management, including adopting the investment and other policies of the
Fund, electing and replacing officers and selecting and supervising the Fund&#8217;s investment adviser. The name and business
address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years,
as well as a description of committees of the Board, are set forth under &#8220;Management&#8221; in the Statement of Additional
Information.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">LCM Investment Management, LLC, located at
13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128, serves as the Fund&#8217;s investment adviser. The Adviser is registered
with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is owned and controlled
by Raymond Lucia, Jr. and Joseph P. Lucia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Under the general supervision of the Fund&#8217;s
Board of Trustees, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will furnish continuously
an investment program with respect to the Fund, and determine which securities should be purchased, sold or exchanged. The Adviser
will furnish to the Fund office facilities, equipment and personnel for servicing the management of the Fund. The Adviser will
compensate all Adviser personnel who provide services to the Fund. In return for these services, facilities and payments, the Fund
has agreed to pay the Adviser as compensation under an investment management agreement (the &#8220;Investment Management Agreement&#8221;)
a monthly management fee computed at the annual rate of 1.35% of the daily net assets of the Fund. The Adviser may employ research
services and service providers to assist in the Adviser&#8217;s market analysis and investment selection. In addition, the Adviser
and the Fund have entered into an expense limitation agreement (the &#8220;Expense Limitation Agreement&#8221;) under which, until
August 4, 2019, the Adviser has agreed to 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% of Class A shares&#8217; net assets, 2.45% of Class L shares&#8217; net assets, 2.70% of Class C shares&#8217; net assets,
and 1.70% of Class I shares&#8217; net assets. 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 lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may
be terminated only by the Fund&#8217;s Board of Trustees, on 60 days written notice to the Adviser. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> A discussion regarding the basis for the
Board of Trustees&#8217; approval of the Fund&#8217;s Investment Management Agreement is available in the Fund&#8217;s semi-annual
report to shareholders for the period ended August 31, 2017. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Aaron Rosen, CFA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Mr. Rosen is the Fund&#8217;s Co-Portfolio
Manager and serves as the Adviser&#8217;s Senior Vice President. Mr. Rosen has been employed by the Adviser since November 2014,
has served the Fund as Co-Portfolio Manager since October 2017, and is responsible for portfolio management and security selection,
as well as due diligence, research, valuation, and sourcing of investments. Mr. Rosen also served as the Assistant Portfolio Manager
for the Fund from January 2016 until October 2017, and Director of Due Diligence for Lucia Securities, LLC and held that role from
November 2014 to September 2016. Prior to joining the Adviser, Mr. Rosen served as Senior Alternative Investment Analyst for AIG
Advisor Group, focusing specifically on illiquid alternatives. Before that, Mr. Rosen served as the Senior Analyst for Irongate
Capital Management, LLC, where he provided an extensive range of investment management services, including research and allocation
decisions on investments for a family office. Mr. Rosen graduated magna cum laude from Honors Program of Boston University with
a BSBA in Finance and a minor in Economics. He holds the Series 7, 63 and 66 licenses, and he holds the Chartered Financial Analyst
(CFA) designation from the CFA Institute. Mr. Rosen was elected to the 2017 and 2018 Editorial Advisory Board of Real Assets Adviser
magazine, and is a member of Mensa. </P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Mr. Scalzo, Chief Investment Officer of
the Adviser, is the Fund&#8217;s Co-Portfolio Manager. Mr. Scalzo has been employed by the Adviser since June 2014, has served
the Fund since March 1, 2015 and is responsible for investment management, investment strategy creation, and research communications.
Mr. Scalzo is also a Registered Principal of Lucia Securities, LLC, a registered broker-dealer and member of FINRA/SIPC (&#8220;Lucia
Securities&#8221;), as well as serving since November 2012 as Chief Investment Officer for, and a Managing Partner of, Validus
Growth Investors, LLC, a registered investment adviser. Prior to joining the Adviser, Mr. Scalzo was Executive Vice President,
Co-Portfolio Manager and Director of Research, from November 2008 to October 2012, for Aletheia. Before that, he served as Group
Vice President, Mergers &amp; Acquisitions, for Fisher Asset Management, LLC, a registered investment adviser. Mr. Scalzo graduated
cum laude from The Wharton School at the University of Pennsylvania with a B.S. in economics. He holds the Series 65 (Investment
Advisor Representative) license with LCM Investment Management, LLC and FINRA Series 7, 24 and 79 licenses with Lucia Securities. </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: justify">The Statement of Additional Information provides
additional information about the Fund&#8217;s portfolio managers&#8217; compensation, other accounts managed and ownership of Fund
shares.</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"><B>Administrator, Accounting Agent and Transfer Agent</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gemini Fund Services, LLC, (&#8220;GFS&#8221;)
located at 80 Arkay Drive, Hauppauge, NY, 11788, serves as Administrator, Accounting Agent and Transfer Agent. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Custodian</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; text-align: justify; text-indent: 0in"> UMB Bank, n.a., with principal
offices at 928 Grand Boulevard, Kansas City, MO 64106 serves as custodian for the securities and cash of the Fund&#8217;s portfolio.
Under a Custody Agreement, UMB Bank, n.a. holds the Fund&#8217;s assets in safekeeping and keeps all necessary Records and documents
relating to its duties. </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays all other expenses incurred in
the operation of the Fund including, among other things, (i) expenses for legal and independent accountants&#8217; services, (ii)
costs of printing proxies, share certificates, if any, and reports to shareholders, (iii) charges of the custodian and transfer
agent in connection with the Fund&#8217;s dividend reinvestment policy, (iv) fees and expenses of independent Trustees, (v) printing
costs, (vi) membership fees in trade associations, (vii) fidelity bond coverage for the Fund&#8217;s officers and Trustees, (viii)
errors and omissions insurance for the Fund&#8217;s officers and Trustees, (ix) brokerage costs, (x) taxes, (xi) costs associated
with the Fund&#8217;s quarterly repurchase offers, (xii) servicing fees and (xiii) other extraordinary or non-recurring expenses
and other expenses properly payable by the Fund. The expenses incident to the offering and issuance of shares to be issued by the
Fund will be recorded as a reduction of capital of the Fund attributable to the shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays offering expenses incurred with
respect to the offering of its shares from the proceeds of the offering. For tax purposes, offering costs cannot be deducted by
the Fund or the Fund&#8217;s shareholders. Therefore, for tax purposes, the expenses incident to the offering and issuance of shares
to be issued by the Fund will be recorded as a reduction of capital of the Fund attributable to the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Investment Management Agreement authorizes
the Adviser to select brokers or dealers (including affiliates) to arrange for the purchase and sale of Fund securities, including
principal transactions. Any commission, fee or other remuneration paid to an affiliated broker or dealer is paid in compliance
with the Fund&#8217;s procedures adopted in accordance with Rule 17e-1 under the 1940 Act.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> A control person is one who owns, either
directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of such control. As of
June 15, 2018, no shareholder is deemed to control the Fund because none had voting authority with respect to more than 25% of
the value of the outstanding interests in the Fund on such date. </P>

<P STYLE="font: 10pt 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>DETERMINATION OF NET ASSET VALUE</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; text-align: justify"> The NAV of shares of the Fund is determined
daily, as of the close of regular trading on the New York Stock Exchange (&#8220;NYSE&#8221;) (normally, 4:00 p.m., Eastern Time).
Each Class A and Class L share will be offered at NAV plus the applicable sales load, while each Class C and Class I share will
be offered at NAV. During the continuous offering, the price of the shares will increase or decrease on a daily basis according
to the NAV of the shares. In computing NAV, portfolio securities of the Fund are valued at their current market values determined
on the basis of market quotations or NAV in the case of mutual funds. If market quotations are not readily available, as is expected
to be the case for non-listed real estate securities, AIFs and non-listed MLPs, securities are valued at fair value as determined
by the Board of Trustees. The Board has delegated the day to day responsibility for determining these fair values in accordance
with the policies it has approved to the Adviser, subject to Board supervision. Fair valuation involves subjective judgments, and
it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the
sale of the security. There is no single standard for determining fair value of a security. Rather, in determining the fair value
of a security for which there are no readily available market quotations, the Adviser may consider several factors, including fundamental
analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the
security, the cost of the security at the date of purchase, the liquidity of the market for the security and the recommendation
of the Fund&#8217;s Portfolio Manager. Although the Fund will receive information from each non-listed real estate security, AIF
and non-listed MLP regarding its security prices, investment performance and investment strategy, the Adviser may have little or
no means of independently verifying this information. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Adviser will provide the Board of Trustees
with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable
to that period, and that identify issues and valuations problems that have arisen, if any. To the extent deemed necessary by the
Adviser, the Valuation Committee of the Board will review any securities valued by the Adviser in accordance with the Fund&#8217;s
valuation policies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Non-dollar-denominated securities, if any,
are valued as of the close of the NYSE at the closing price of such securities in their principal trading market, but may be valued
at fair value if subsequent events occurring before the computation of NAV materially have affected the value of the securities.
Trading may take place in foreign issues held by the Fund, if any, at times when the Fund is not open for business. As a result,
the Fund&#8217;s NAV may change at times when it is not possible to purchase or sell shares of the Fund. The Fund uses a third
party pricing service to assist it in determining the market value of securities in the Fund&#8217;s portfolio. The Fund&#8217;s
NAV per share is calculated by dividing the value of the Fund&#8217;s total assets (the value of the securities the Fund holds
plus cash or other assets, including interest accrued but not yet received), less accrued expenses of the Fund, less the Fund&#8217;s
other liabilities by the total number of shares outstanding. </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONFLICTS OF INTEREST</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: justify">As a general matter, certain conflicts of interest
may arise in connection with a portfolio manager&#8217;s management of a fund&#8217;s investments, on the one hand, and the investments
of other accounts for which the portfolio manager is responsible, on the other. For example, it is possible that the various accounts
managed could have different investment strategies that, at times, might conflict with one another to the possible detriment of
the Fund. Alternatively, to the extent that the same investment opportunities might be desirable for more than one account, possible
conflicts could arise in determining how to allocate them. Other potential conflicts might include conflicts created by specific
portfolio manager compensation arrangements, and conflicts relating to selection of brokers or dealers to execute Fund</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">portfolio trades and/or specific uses of commissions
from Fund portfolio trades (for example, research, or &#8220;soft dollars&#8221;, if any). The Adviser has adopted policies and
procedures and has structured its portfolio managers&#8217; compensation in a manner reasonably designed to safeguard the Fund
from being negatively affected as a result of any such potential conflicts.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUARTERLY REPURCHASE OF SHARES</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; text-align: justify"> Once each quarter, the Fund will offer to
repurchase at NAV no less than 5% of the outstanding shares of the Fund, unless such offer is suspended or postponed in accordance
with regulatory requirements (as discussed below). The offer to purchase shares is a fundamental policy that may not be changed
without the vote of the holders of a majority of the Fund&#8217;s outstanding voting securities (as defined in the 1940 Act). Shareholders
will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the &#8220;Repurchase Request
Deadline&#8221;). Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no
later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each
a &#8220;Repurchase Pricing Date&#8221;). </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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders will be notified in writing about
each quarterly repurchase offer, how they may request that the Fund repurchase their shares and the date of the Repurchase Request
Deadline. Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to
the aggregate repurchase amounts established for that Repurchase Request Deadline. The time between the notification to shareholders
and the Repurchase Request Deadline is generally 30 days, but may vary from no more than 42 days to no less than 21 days. Payment
pursuant to the repurchase will be made by checks to the shareholder&#8217;s address of record, or credited directly to a predetermined
bank account no more than seven days after the Repurchase Pricing Date (the &#8220;Repurchase Payment Date&#8221;). The Board may
establish other policies for repurchases of shares that are consistent with the 1940 Act, regulations thereunder and other pertinent
laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees, or a committee thereof,
in its sole discretion, will determine the number of shares that the Fund will offer to repurchase (the &#8220;Repurchase Offer
Amount&#8221;) for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more
than 25% of the total number of shares outstanding on the Repurchase Request Deadline.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately 30 days (but no less than 21
days and more than 42 days) before each Repurchase Request Deadline, the Fund shall send to each shareholder of record and to each
beneficial owner of the shares that are the subject of the repurchase offer a notification (&#8220;Shareholder Notification&#8221;).
The Shareholder Notification will contain information shareholders should consider in deciding whether to tender their shares for
repurchase. The notice also will include detailed instructions on how to tender shares for repurchase, state the Repurchase Offer
Amount and identify the date of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the Repurchase Payment
Date. The notice also will set forth the NAV that has been computed no more than seven days before the date of notification, and
how shareholders may ascertain the NAV after the notification date.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares tendered for repurchase by shareholders
prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that
Repurchase Request Deadline. Payment pursuant to the repurchase offer will be made by check to the shareholder&#8217;s address
of record, or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven
days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of shares that are consistent with
the 1940 Act, regulations thereunder and other pertinent laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If shareholders tender for repurchase more
than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount
of shares not to exceed 2% of the outstanding shares of the Fund on the Repurchase Request Deadline. If the Fund determines not
to repurchase more than the Repurchase Offer Amount, or if shareholders tender shares in an amount exceeding the Repurchase Offer
Amount plus 2% of the outstanding shares on the Repurchase Request Deadline, the</P>


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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund must maintain liquid assets equal
to the Repurchase Offer Amount from the time that the notice is sent to shareholders until the Repurchase Pricing Date. The Fund
will ensure that a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets that can
be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment
within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board of Trustees has adopted
procedures that are reasonably designed to ensure that the Fund&#8217;s assets are sufficiently liquid so that the Fund can comply
with the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out
of compliance with these liquidity requirements, the Board of Trustees will take whatever action it deems appropriate to ensure
compliance.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Repurchase offers will typically be funded
from available cash or sales of portfolio securities. Payment for repurchased shares, however, may require the Fund to liquidate
portfolio holdings earlier than the Adviser otherwise would, thus increasing the Fund&#8217;s portfolio turnover and potentially
causing the Fund to realize losses. The Adviser intends to take measures to attempt to avoid or minimize such potential losses
and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows
to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their shares in a repurchase
offer by increasing the Fund&#8217;s expenses and reducing any net investment income. To the extent the Fund finances repurchase
amounts by selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. The sale of
portfolio securities to fund repurchases also could reduce the market price of those underlying securities, which in turn would
reduce the Fund&#8217;s NAV. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Repurchase of the Fund&#8217;s shares will
tend to reduce the amount of outstanding shares and, depending upon the Fund&#8217;s investment performance, its net assets. A
reduction in the Fund&#8217;s net assets would increase the Fund&#8217;s expense ratio, to the extent that additional shares are
not sold and expenses otherwise remain the same (or increase). In addition, the repurchase of shares by the Fund will be a taxable
event to shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund is intended as a long-term investment.
The Fund&#8217;s quarterly repurchase offers are a shareholder&#8217;s only means of liquidity with respect to his or her shares.
Shareholders have no rights to redeem or transfer their shares, other than limited rights of a shareholder&#8217;s descendants
to transfer shares in the event of such shareholder&#8217;s death pursuant to certain conditions and restrictions. The shares are
not traded on a national securities exchange and no secondary market exists for the shares, nor does the Fund expect a secondary
market for its shares to exist in the future. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DISTRIBUTION POLICY</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: justify"> The Fund&#8217;s distribution policy is
to make monthly distributions to shareholders. The level of monthly distributions (including any return of capital) is not fixed,
but is expected to represent an annual rate of approximately 6.00% of the Fund&#8217;s current NAV per share. However, this distribution
policy is subject to change. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving
net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that
the source of a distribution from the Fund is net profit. A return of capital is not taxable to a shareholder unless it exceeds
a shareholder&#8217;s tax basis in the shares. Returns of capital reduce a shareholder&#8217;s tax cost (or &#8220;tax basis&#8221;).
Once a shareholder&#8217;s tax basis is reduced to zero, any further return of capital would be taxable. Shareholders should note
that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition
of their shares. As required under the 1940 Act, the Fund will provide a notice to shareholders at the time of distribution when
such distribution does not consist solely of net income. Additionally, each distribution payment will be accompanied by a written
statement which discloses the source or sources of each distribution. The IRS requires you to report these amounts, excluding returns
of capital, on your income tax return for the year declared. The Fund will provide disclosures, with each distribution, that estimate
the percentages of the current and year-to-date distributions that represent (1) net investment income, (2) capital gains and (3)
return of capital. At the end of the year, the Fund may be required under applicable law to re-characterize distributions made
previously during that year among (1) ordinary income, (2) capital gains and (3) return of capital for tax purposes. An additional
distribution may be made in December, and other additional distributions may be made with respect to a particular fiscal year in
order to comply with applicable law. Distributions declared in December, if paid to shareholders by the end of January, are treated
for federal income tax purposes as if received in December. </P>


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<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; text-align: justify">The distribution rate may be modified by the
Board from time to time. If, for any quarterly distribution, investment company taxable income (which term includes net short-term
capital gain), if any, and net tax-exempt income, if any, is less than the amount of the distribution, then the difference will
generally be a tax-free return of capital distributed from the Fund&#8217;s assets. The Fund&#8217;s final distribution for each
calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year,
as well as all net capital gain realized during the year. If the total distributions made in any calendar year exceed investment
company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary
income to the extent of the Fund&#8217;s current and accumulated earnings and profits. Distributions in excess of the earnings
and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the shares. After such adjusted
tax basis is reduced to zero, the distribution would constitute capital gain (assuming the shares are held as capital assets).
This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because
it may result in a return of capital resulting in less of a shareholder&#8217;s assets being invested in the Fund and, over time,
increase the Fund&#8217;s expense ratio. The distribution policy also may cause the Fund to sell a security at a time it would
not otherwise do so in order to manage the distribution of income and gain.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless the registered owner of shares elects
to receive cash, all distributions declared on shares will be automatically reinvested in additional shares of the Fund. See &#8220;Distribution
Reinvestment Policy.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The distribution described above may result
in the payment of approximately the same amount or percentage to the Fund&#8217;s shareholders each month. Section 19(a) of the
1940 Act and Rule 19a-1 thereunder require the Fund to provide a written statement accompanying any such payment that adequately
discloses its source or sources. Thus, if the source of the distribution were the original capital contribution of the shareholder,
and the payment amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. Nevertheless,
persons who periodically receive the payment of a distribution may be under the impression that they are receiving net profits
when they are not. Shareholders should read any written disclosure provided pursuant to Section 19(a) and Rule 19a-1 carefully
and should not assume that the source of any distribution from the Fund is net profit.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will operate under a distribution
reinvestment policy administered by GFS (the &#8220;Agent&#8221;). Pursuant to the policy, the Fund&#8217;s income dividends or
capital gains or other distributions (each, a &#8220;Distribution&#8221; and collectively, &#8220;Distributions&#8221;), net of
any applicable U.S. withholding tax, are reinvested in the same class of shares of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders automatically participate in the
distribution reinvestment policy, unless and until an election is made to withdraw from the policy on behalf of such participating
shareholder. Shareholders who do not wish to have Distributions automatically reinvested should so notify the Agent in writing
at Multi-Strategy Growth &amp; Income Fund, c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788. Such written notice
must be received by the Agent 30 days prior to the record date of the Distribution or the shareholder will receive such Distribution
in shares through the dividend reinvestment policy. Under the distribution reinvestment policy, the Fund&#8217;s Distributions
to shareholders are reinvested in full and fractional shares as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> When the Fund declares a Distribution, the
Agent, on the shareholder&#8217;s behalf, will receive additional authorized shares from the Fund either newly issued or repurchased
from shareholders by the Fund and held as treasury stock. The number of shares to be received when Distributions are reinvested
will be determined by dividing the amount of the Distribution by the Fund&#8217;s NAV per share. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Agent will maintain all shareholder accounts
and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal
and tax records. The Agent will hold shares in the account of the shareholders in non-certificated form in the name of the participant,
and each shareholder&#8217;s proxy, if any, will include those shares purchased pursuant to the dividend reinvestment policy. Each
participant, nevertheless, has the right to request certificates for whole and fractional shares owned. The Fund will issue certificates
in its sole discretion. The Agent will distribute all proxy solicitation materials, if any, to participating shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 138.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of shareholders, such as banks,
brokers or nominees, that hold shares for others who are beneficial owners participating under the distribution reinvestment policy,
the Agent will administer the distribution reinvestment policy on the basis of the number of shares certified from time to time
by the record shareholder as representing the total amount of shares registered in the shareholder&#8217;s name and held for the
account of beneficial owners participating under the distribution reinvestment policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Neither the Agent nor the Fund shall have any
responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the dividend reinvestment
policy, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall
they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation,
failure to terminate a participant&#8217;s account prior to receipt of written notice of his or her death or with respect to prices
at which shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject
to applicable provisions of the federal securities laws.</P>


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<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; text-align: justify">The automatic reinvestment of distributions
will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such
Dividends. See &#8220;U.S. Federal Income Tax Matters.&#8221;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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"><B>U.S. FEDERAL INCOME TAX MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following briefly summarizes some of the
important federal income tax consequences to shareholders of investing in the Fund&#8217;s shares, reflects the federal tax law
as of the date of this prospectus, and does not address special tax rules applicable to certain types of investors, such as corporate,
tax-exempt and foreign investors. Investors should consult their tax advisers regarding other federal, state or local tax considerations
that may be applicable in their particular circumstances, as well as any proposed tax law changes.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund intends to make distributions of investment
company taxable income after payment of the Fund&#8217;s operating expenses no less frequently than annually. Unless a shareholder
is ineligible to participate or elects otherwise, all distributions will be automatically reinvested in additional shares of the
Fund pursuant to the distribution reinvestment policy. For U.S. federal income tax purposes, all distributions are generally taxable
whether a shareholder takes them in cash or they are reinvested pursuant to the policy in additional shares of the Fund. Distributions
of the Fund&#8217;s investment company taxable income (including short-term capital gains) will generally be treated as ordinary
income to the extent of the Fund&#8217;s current and accumulated earnings and profits. Distributions of the Fund&#8217;s net capital
gains (&#8220;capital gain dividends&#8221;), if any, are taxable to shareholders as capital gains, regardless of the length of
time shares have been held by shareholders. Distributions, if any, in excess of the Fund&#8217;s earnings and profits will first
reduce the adjusted tax basis of a holder&#8217;s shares and, after that basis has been reduced to zero, will constitute capital
gains to the shareholder of the Fund (assuming the shares are held as a capital asset). A corporation that owns Fund shares generally
will not be entitled to the dividends received deduction with respect to all of the distributions it receives from the Fund. Fund
distribution payments that are attributable to qualifying dividends received by the Fund from certain domestic corporations may
be designated by the Fund as being eligible for the dividends received deduction. There can be no assurance as to what portion
of Fund distribution payments may be classified as qualifying dividends. The determination of the character for U.S. federal income
tax purposes of any distribution from the Fund (i.e. ordinary income dividends, capital gains dividends, qualified dividends or
return of capital distributions) will be made as of the end of the Fund&#8217;s taxable year. Generally, no later than 60 days
after the close of its taxable year, the Fund will provide shareholders with a written notice designating the amount of any capital
gain distributions and any other distributions.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"><B>DESCRIPTION OF CAPITAL STRUCTURE AND SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an unincorporated statutory trust
established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware
on June 3, 2011. The Fund&#8217;s Declaration of Trust (the &#8220;Declaration of Trust&#8221;) provides that the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trustees of the Fund may authorize separate
classes of shares of beneficial interest. The Trustees have authorized an unlimited number of shares, subject to a $5 billion limit
on the Fund. The Fund does not intend to hold annual meetings of its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Declaration of Trust, which has been filed
with the SEC, permits the Fund to issue an unlimited number of full and fractional shares of beneficial interest, no par value.
The Fund offers four different classes of shares: Class A, Class L, Class C and Class I shares. The Fund began continuously offering
its common shares on March 5, 2012. As of July 1, 2014, the Fund simultaneously redesignated its issued outstanding common shares
as Class A shares and created its Class L, Class C and Class I shares. An investment in any share class of the Fund represents
an investment in the same assets of the Fund. However, the minimum investment amounts, sales loads and ongoing fees and expenses
for each share class are different. The fees and expenses of the Fund are set forth in &#8220;Summary of Fund Expenses.&#8221;
The details of each share class is set forth in &#8220;Plan of Distribution.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The following table shows the amounts of
Fund Shares that have been authorized and are outstanding as of June 15, 2018. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 17%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>(1)</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>(2)</B></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>(3)</B></FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>(4)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Authorized</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount Held by Fund</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>or for its Account</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount Outstanding Excluding Amount Shown Under (3)</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-size: 10pt">Class A Shares </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">9,957,012.186</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-size: 10pt">Class L Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">436,269.393</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-size: 10pt">Class C Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">1,644,502.720</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-size: 10pt">Class I Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">434,924.359</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-indent: 67.5pt">* subject to a $5 billion limit on the
Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Holders of shares will be entitled to the payment
of distributions when, as and if declared by the Board of Trustees. The Fund currently intends to make distributions to its shareholders
after payment of Fund operating expenses including interest on outstanding borrowings, if any, no less frequently than quarterly.
Unless the registered owner of shares elects to receive cash, all distributions declared on shares will be automatically reinvested
for shareholders in additional shares of the same class of the Fund. See &#8220;Distribution Reinvestment Policy.&#8221; The 1940
Act may limit the payment of distributions to the holders of shares. Each whole share shall be entitled to one vote as to matters
on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the
Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities
and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund
among its shareholders. The shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights
associated with the shares. The Declaration of Trust provides that the Fund&#8217;s shareholders are not liable for any liabilities
of the Fund. Although shareholders of an unincorporated statutory trust established under Delaware law, in certain limited circumstances,
may be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration
of Trust described in the foregoing sentence make the likelihood of such personal liability remote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Fund generally will not issue share
certificates. However, upon written request to the Fund&#8217;s transfer agent, a share certificate may be issued at the Fund&#8217;s
discretion for any or all of the full shares credited to an investor&#8217;s account. Share certificates that have been issued
to an investor may be returned at any time. The Fund&#8217;s transfer agent will maintain an account for each shareholder upon
which the registration of shares are recorded, and transfers, permitted only in rare circumstances, such as death or bona fide
gift, will be reflected by bookkeeping entry, without physical delivery. GFS will require that a shareholder provide requests in
writing, accompanied by a valid signature guarantee form, when changing certain information in an account such as wiring instructions
or telephone privileges. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </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; text-align: justify"><B>ANTI-TAKEOVER PROVISIONS IN THE DECLARATION
OF TRUST</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; text-align: justify">The Agreement and Declaration of Trust includes
provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to
change the composition of the Board of Trustees, and could have the effect of depriving the Fund&#8217;s shareholders of an opportunity
to sell their shares at a premium over prevailing market prices, if any, by discouraging a third party from seeking to obtain control
of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could
have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are
elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office without cause only by a written
instrument signed or adopted by a majority of the remaining Trustees or by a vote of the holders of at least two-thirds of the
class of shares of the Fund that are entitled to elect a Trustee and that are entitled to vote on the matter. The Declaration of
Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction
such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund&#8217;s asset, or liquidation.
Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLAN OF DISTRIBUTION</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; text-align: justify"> Northern Light Distributors, LLC, located
at 17605 Wright Street, Omaha, NE 68130, serves as the Fund&#8217;s principal underwriter and acts as the distributor of the Fund&#8217;s
shares, subject to various conditions. The Distributor is compensated through retention of a portion of the sales load applied
to Fund shares. The Fund&#8217;s shares are offered for sale through the Distributor at NAV plus the applicable sales load. The
Distributor also may enter into selected dealer agreements with other broker dealers for the sale and distribution of the Fund&#8217;s
shares. The Distributor has entered into an agreement with Lucia Securities, LLC, a registered broker and affiliate of the Adviser,
under which Lucia Securities, LLC provides wholesaling services with respect to the Fund. In reliance on Rule 415, the Fund intends
to offer to sell up to $5,000,000,000 of its shares, on a continual basis, through the Distributor. No arrangement has been made
to place funds received in an escrow, trust or similar account. The Distributor is not required to sell any specific number or
dollar amount of the Fund&#8217;s shares, but will endeavor to sell the shares. Shares of the Fund will not be listed on any national
securities exchange and the Distributor will not act as a market marker in Fund shares. The Class L shares pay to the Distributor
a Distribution Fee that accrues at an annual rate equal to 0.50% of the average daily net assets attributable to Class L shares
and is payable on a quarterly basis. The Class C shares pay to the Distributor a Distribution Fee that accrues at an annual rate
equal to 0.75% of the average daily net assets attributable to Class C shares and is payable on a quarterly basis. Class A and
Class I shares are not currently subject to a Distribution Fee. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Adviser or its affiliates, in the Adviser&#8217;s
or affiliate&#8217;s discretion and from their own resources, including out of the Adviser&#8217;s own legitimate profits from
advising the Fund, may pay additional compensation to financial intermediaries in connection with the sale and distribution of
shares of the Fund (the &#8220;Additional Compensation&#8221;). Financial intermediaries include brokers, dealers, financial planners,
investment advisers, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments may be in
addition to the Distribution Fees that are disclosed elsewhere in this prospectus. A portion of these payments are generally made
to financial intermediaries that provide shareholder or administrative services, or marketing support. Marketing support may include
access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of the Fund on
a sales list, including a preferred or select sales list, or other sales program. In return for the Additional Compensation, the
Fund may receive certain marketing advantages including access to a broker&#8217;s or dealer&#8217;s registered representatives,
placement on a list of investment options offered by a financial intermediary, or the ability to assist in training and educating
a broker&#8217;s or dealer&#8217;s registered representatives. The Additional Compensation may differ among financial intermediaries
in amount or in the manner of calculation: payments of Additional Compensation may be fixed dollar amounts, or based on the aggregate
value of outstanding shares held by shareholders introduced by the financial intermediary, or determined in some other manner.
The receipt of Additional Compensation by a financial intermediary, such as a selling broker or dealer may create potential conflicts
of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments. Additionally,
the Adviser or its affiliates pay a servicing fee to the Distributor and to other selected securities dealers and other financial
industry professionals for providing ongoing broker-dealer services in respect of clients with whom they have distributed shares
of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the
Fund, account reconciliations with the Fund&#8217;s transfer agent, facilitation of electronic delivery to clients of Fund documentation,
monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records
with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Purchasing Shares</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; text-align: justify">Investors may purchase shares directly from
the Fund in accordance with the instructions below. Investors will be assessed fees for returned checks and stop payment orders
at prevailing rates charged by GFS, the Fund&#8217;s administrator. The returned check and stop payment fee is currently $25. Investors
may buy and sell shares of the Fund through financial intermediaries and their agents that have made arrangements with the Fund
and are authorized to buy and sell shares of the Fund (collectively, &#8220;Financial Intermediaries&#8221;). Orders will be priced
at the appropriate price next computed after it is received by a Financial Intermediary and accepted by the Fund. A Financial Intermediary
may hold shares in an omnibus account in the Financial Intermediary&#8217;s name or the Financial Intermediary may maintain individual
ownership records. The Fund may pay the Financial Intermediary for maintaining individual ownership records as well as providing
other shareholder services. Financial intermediaries may charge fees for the services they provide in connection with processing
your transaction order or maintaining an investor&#8217;s account with them. Investors should check with their Financial Intermediary
to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and
promptly with the Fund, forwarding payment promptly. Orders transmitted with a Financial Intermediary before the close of regular</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">trading (generally 4:00 p.m., Eastern Time)
on a day that the NYSE is open for business, will be priced based on the Fund&#8217;s NAV next computed after it is received by
the Financial Intermediary.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Omaha, NE 68130</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: justify">All checks must be in US Dollars drawn on a
domestic bank. The Fund will not accept payment in cash or money orders. The Fund also does not accept cashier&#8217;s checks in
amounts of less than $10,000. To prevent check fraud, the Fund will neither accept third party checks, Treasury checks, credit
card checks, traveler&#8217;s checks or starter checks for the purchase of shares, nor post-dated checks, post-dated on-line bill
pay checks, or any conditional purchase order or payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transfer agent will charge a $25.00 fee
against an investor&#8217;s account, in addition to any loss sustained by the Fund, for any payment that is returned. It is the
policy of the Fund not to accept applications under certain circumstances or in amounts considered disadvantageous to shareholders.
The Fund reserves the right to reject any application.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>By Wire &#8212; Initial Investment</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; text-align: justify">To make an initial investment in the Fund,
the transfer agent must receive a completed account application before an investor wires funds. Investors may mail or overnight
deliver an account application to the transfer agent. Upon receipt of the completed account application, the transfer agent will
establish an account. The account number assigned will be required as part of the instruction that should be provided to an investor&#8217;s
bank to send the wire. An investor&#8217;s bank must include both the name of the Fund, the account number, and the investor&#8217;s
name so that monies can be correctly applied. If you wish to wire money to make an investment in the Fund, please call the Fund
at 1-855-601-3841 for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer
same-day funds via wire. The Fund will normally accept wired funds for investment on the day received if they are received by the
Fund&#8217;s designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day
funds. The bank should transmit funds by wire to:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>By Wire &#8212; Subsequent Investments</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; text-align: justify"> Before sending a wire, investors must contact
GFS to advise them of the intent to wire funds. This will ensure prompt and accurate credit upon receipt of the wire. Wired funds
must be received prior to 4:00 p.m. Eastern Time to be eligible for same day pricing. The Fund, and its agents, including the transfer
agent and custodian, are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system,
or from incomplete wiring instructions. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You may participate in the Fund&#8217;s Automatic
Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the
use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum
of $100 on specified days of each month into your established Fund account. Please contact the Fund at 1-855-601-3841 for more
information about the Fund&#8217;s Automatic Investment Plan.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In compliance with the USA Patriot Act of 2001,
GFS will verify certain information on each account application as part of the Fund&#8217;s Anti-Money Laundering Program. As requested
on the application, investors must supply full name, date of birth, social security number and permanent street address. Mailing
addresses containing only a P.O. Box will not be accepted. Investors may call Gemini Fund Services, LLC at 1-855-601-3841 for additional
assistance when completing an application.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share Class Considerations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: justify">When selecting a share class, you should
consider the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">which share classes are available to you;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">how much you intend to invest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">how long you expect to own the shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">total costs and expenses associated with a particular share class.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each investor&#8217;s financial considerations
are different. You should speak with your financial advisor to help you decide which share class is best for you. Not all financial
intermediaries offer all classes of shares. If your financial intermediary offers more than one class of shares, you should carefully
consider which class of shares to purchase.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify"> Class A shares are sold at the prevailing
NAV per Class A share plus the applicable sales load (which may be reduced as described below); however, the following are additional
features that should be taken into account when purchasing Class A shares: </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a minimum initial investment of $2,500 for regular accounts and $1,000 for retirement plan accounts,
and a minimum subsequent investment of $100 for regular accounts and $50 for retirement plan accounts; and</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets
of the Fund attributable to Class A shares.</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: justify">Investors in Class A shares will pay a sales
load based on the amount of their investment, but may range from 0.00% to 5.75%, as set forth in the table below. A reallowance
will be made by the Distributor from the sales load paid by each investor. There are no sales loads on reinvested distributions.
The Fund reserves the right to waive sales loads. The following sales loads apply to your purchases of Class A shares of the Fund:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount Invested</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Sales Charge as a % of Offering Price</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sales Charge as a %</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of Amount Invested</B></P></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dealer </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Reallowance</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Under $100,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6.10%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">5.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$100,000 to $299,999</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.99%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">4.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$300,000 to $749,999</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.90%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">3.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$750,000 to $999,999</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.75%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.83%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">2.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,000,000 and above*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 13.5pt"> * </TD><TD STYLE="text-align: justify"> Investors that purchase $1,000,000 or more of the Fund&#8217;s Class A shares will not pay any
initial sales charge on the purchase. </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 13.5pt; text-align: justify; text-indent: -13.5pt">You may
be able to buy Class A shares without a sales charge (i.e. &#8220;load-waived&#8221;) when you are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">participating in an investment advisory or agency commission program under which you pay a fee
to an investment advisor or other firm for portfolio management or brokerage services;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exchanging an investment in Class A (or equivalent type) shares of another fund for an investment
in the Fund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a current or former director or Trustee of the Fund;</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: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an employee (including the employee&#8217;s spouse, domestic partner, children, grandchildren,
parents, grandparents, siblings, and any dependent of the employee, as defined in section 152 of the Internal Revenue Code) of
the Adviser or its affiliates or of a broker-dealer authorized to sell shares of the Fund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchasing shares through 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: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchasing shares through a special arrangement to accept payment in kind; or</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchasing shares through a financial services firm (such as a broker-dealer, investment adviser
or financial institution) that has a special arrangement with the Fund.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, concurrent purchases by related
accounts may be combined to determine the application of the sales load. The Fund will combine purchases made by an investor, the
investor&#8217;s spouse or domestic partner, and dependent children when it calculates the sales load.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is the investor&#8217;s responsibility to
determine whether a reduced sales load would apply. The Fund is not responsible for making such determination. To receive a reduced
sales load, notification must be provided at the time of the purchase order. If you purchase Class A shares directly from the Fund,
you must notify the Fund in writing. Otherwise, notice should be provided to the Financial Intermediary through whom the purchase
is made so they can notify the Fund.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an individual and spouse purchasing shares for your own account or trust or custodial accounts
for your minor children; or</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a fiduciary purchasing for any one trust, estate or fiduciary account, including employee benefit
plans created under Sections 401, 403 or 457 of the Internal Revenue Code, including related plans of the same employer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you plan to rely on this right of accumulation,
you must notify the Fund&#8217;s distributor at the time of your purchase. You will need to give the Distributor your account numbers.
Existing holdings of family members or other related accounts of a shareholder may be combined for purposes of determining eligibility.
If applicable, you will need to provide the account numbers of your spouse and your minor children as well as the ages of your
minor children.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Class L Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> Class L shares are sold at the prevailing
NAV per Class L share plus a sales load of 2.00% based on the amount of their investment; however, the following are additional
features that should be taken into account when purchasing Class L shares: </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a minimum initial investment of $2,500
for regular accounts and $1,000 for retirement plan accounts, and a minimum subsequent investment of $100 for regular accounts
and $50 for retirement plan accounts; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a monthly shareholder servicing fee at
an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class L shares; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Distribution Fee which will accrue at an annual rate equal to 0.50% of the average daily net assets of the Fund attributable
to Class L shares.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors in Class L shares will pay a sales
load of 2.00% based on the amount of their investment. A reallowance will be made by the Distributor from the sales load paid by
each investor. There are no sales loads on reinvested distributions. The Fund reserves the right to waive sales loads. The following
sales loads apply to your purchases of Class L shares of the Fund:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 25%; border: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales Charge as a % </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Offering Price</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales Charge as a % </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Amount Invested</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dealer </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reallowance</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Invested</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.00%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">You may be able to buy Class L shares without a sales charge
(i.e. &#8220;load-waived&#8221;) when you are:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
reinvesting distributions;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
participating in an investment advisory or agency commission program under which you pay a fee to an investment advisor or other
firm for portfolio management or brokerage services;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
exchanging an investment in Class L (or equivalent type) shares of another fund for an investment in the Fund;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
purchasing shares through the Adviser; or</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
purchasing shares through a financial services firm (such as a broker-dealer, investment adviser or financial institution) that
has a special arrangement with the Fund.</FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext"> a
                                         minimum initial investment of $2,500 for regular accounts and $1,000 for retirement plan
                                         accounts, and a minimum subsequent investment of at least $100 for regular accounts and
                                         $50 for retirement plan accounts; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">a
                                         monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily
                                         net assets of the Fund attributable to Class C shares; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: windowtext">a
                                         Distribution Fee which will accrue at an annual rate equal to 0.75% of the average daily
                                         net assets of the Fund attributable to Class C shares.</FONT></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"> Because the Class C shares of the Fund are sold at the prevailing
NAV per Class C share without an upfront sales load, the entire amount of your purchase is invested immediately. </P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has adopted a &#8220;Shareholder Services
Plan&#8221; with respect to its Class A, Class C and Class L shares under which the Fund may compensate financial industry professionals
for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Such services may include
electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the
Fund&#8217;s transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for
back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing,
and such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Shareholder Services
Plan, the Fund, with respect to its Class A, Class C and Class L shares, may incur expenses on an annual basis equal to 0.25% of
its average net assets attributable to Class A, Class C and Class L shares, respectively.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund, with respect to its Class L and Class
C shares, is authorized under a &#8220;Distribution Plan&#8221; to pay to the Distributor a Distribution Fee for certain activities
relating to the distribution of shares to investors and maintenance of shareholder accounts. These activities include marketing
and other activities to support the distribution of the Class L and Class C shares. The Plan operates in a manner consistent with
Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear
the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with
the terms of Rule 12b&#45;1 as a condition of an exemptive order under the 1940 Act which permits it to have asset based distribution
fees. Under the Distribution Plan, the Fund pays the Distributor a Distribution Fee at an annual rate of (i) 0.50% of average daily
net assets attributable to Class L shares and (ii)&nbsp;0.75% of average daily net assets attributable to Class C shares. Class
A and Class I shares are not subject to a Distribution Fee.</P>

<P STYLE="font: 10pt 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"><B>&nbsp;</B></P>

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

<P STYLE="font: 12pt 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: justify">Certain legal matters in connection with the
shares will be passed upon for the Fund by Thompson Hine LLP, 41 South High Street, 17th floor, Columbus, OH 43215.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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"><B>REPORTS TO SHAREHOLDERS</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">The Fund will send to its shareholders unaudited semi-annual and
audited annual reports, including a list of investments held.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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: justify"> Deloitte &amp; Touche, LLP (&#8220;Deloitte&#8221;)
is the independent registered public accounting firm for the Fund and will audit the Fund&#8217;s financial statements. Deloitte
is located at 695 Town Center Drive, Suite 1000, Costa Mesa, CA 92636. </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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The prospectus and the Statement of Additional
Information do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC
(file No. 333-189008). The complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this
prospectus for information about how to obtain a paper copy of the Registration Statement or Statement of Additional Information
without charge.</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 89%; padding: 0.7pt 2.9pt; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">General Information and History</FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.7pt 2.9pt; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Investment Objective and Policies</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Management of the Fund</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">12</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Codes of Ethics</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">19</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Proxy Voting Policies and Procedures</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">19</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Control Persons and Principal Holders</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">20</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">21</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Portfolio Managers</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">23</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Allocation of Brokerage</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">25</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Tax Status</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">25</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Other Information</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">30</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">31</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Financial Statements</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">32</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.7pt 2.9pt"><FONT STYLE="font-size: 10pt">Appendix A</FONT></TD>
    <TD STYLE="padding: 0.7pt 2.9pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">33</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="5" STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>PRIVACY NOTICE</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>Rev. Feb. 2012 </I></B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt"><B>FACTS</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHAT DOES MULTI-STRATEGY GROWTH &amp; INCOME FUND DO WITH YOUR PERSONAL INFORMATION?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt"><B>Why?</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Financial companies choose how they share your personal information.&nbsp;&nbsp;Federal law gives consumers the right to limit some but not all sharing.&nbsp;&nbsp;Federal law also requires us to tell you how we collect, share, and protect your personal information.&nbsp;&nbsp;Please read this notice carefully to understand what we do.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt"><B>What?</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; text-align: justify">&nbsp; The types of personal information we collect and share depend on the product or service you have with us.&nbsp; This information can include: &sect; Social Security number &sect; Purchase History &sect; Assets &sect; Account Balances &sect; Retirement Assets &sect; Account Transactions &sect; Transaction History &sect; Wire Transfer Instructions &sect; Checking Account Information &nbsp; &nbsp; When you are no longer our customer, we continue to share your information as described in this notice.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt"><B>How?</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">All financial companies need to share customers&#8217; personal information to run their everyday business.&nbsp;&nbsp;In the section below, we list the reasons financial companies can share their customers&#8217; personal information; the reasons the Multi-Strategy Growth &amp; Income Fund chooses to share; and whether you can limit this sharing.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #BFBFBF">
    <TD COLSPAN="3" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Reasons we can share your personal information</B></FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Does the Multi-Strategy Growth &amp; Income Fund share?</B></FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Can you limit </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>this sharing?</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>For our everyday business purposes &#8211; </B>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>For our marketing purposes &#8211; </B>to offer our products and services to you</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">We don&#8217;t share</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>For joint marketing with other financial companies</B></FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">We don&#8217;t share</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>For our affiliates&#8217; everyday business purposes &#8211; </B>information about your transactions and experiences</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">We don&#8217;t share</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>For our affiliates&#8217; everyday business purposes &#8211; </B>information about your creditworthiness</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">We don&#8217;t share</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>For nonaffiliates to market to you</B></FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="padding: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">We don&#8217;t share</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt; background-color: #BFBFBF"><FONT STYLE="font-size: 10pt"><B>Questions?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt">Call 1-855-601-3841</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 3pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Who we are</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Who is providing this notice?</B></FONT></TD>
    <TD STYLE="width: 76%; padding: 3pt"><FONT STYLE="font-size: 10pt">Multi-Strategy Growth &amp; Income Fund </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>What we do</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>How does the Multi-Strategy Growth &amp; Income Fund protect my personal information?</B></FONT></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">To protect your personal information
        from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards
        and secured files and buildings.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our service providers are held accountable
        for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>How does the Multi-Strategy Growth &amp; Income Fund collect my personal information?</B></FONT></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">We collect your personal information, for example, when you</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Open an account</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Provide account information</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Give us your contact information</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Make deposits or withdrawals from your account</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Make a wire transfer</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Tell us where to send the money</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Tells us who receives the money</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Show your government-issued ID</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Show your driver&#8217;s license</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We also collect your personal information from other companies.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Why can&#8217;t I limit all sharing?</B></FONT></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Federal law gives you the right to limit only</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Sharing for affiliates&#8217; everyday business purposes &#8211; information about your creditworthiness</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Affiliates from using your information to market to you</FONT></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        Sharing for nonaffiliates to market to you</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">State laws and individual companies may give you additional rights
        to limit sharing.</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Definitions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Affiliates</B></FONT></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Companies related by common ownership or control. They can
        be financial and nonfinancial companies.</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        <I>Multi-Strategy Growth &amp; Income Fund does not share with our affiliates.</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Nonaffiliates</B></FONT></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Companies not related by common ownership or control. They
        can be financial and nonfinancial companies</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        <I>Multi-Strategy Growth &amp; Income Fund does not share with nonaffiliates so they can market to you.</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt"><FONT STYLE="font-size: 10pt"><B>Joint marketing</B></FONT></TD>
    <TD STYLE="padding: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">A formal agreement between nonaffiliated financial companies
        that together market financial products or services to you.</P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 23.3pt; text-indent: -13.5pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
        <I>Multi-Strategy Growth &amp; Income Fund doesn&#8217;t jointly market.</I></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 25.05pt">&nbsp;</P>


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

<P STYLE="font: 10pt 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>Multi-Strategy Growth &amp; Income Fund</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"><B>Shares of Beneficial Interest</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"> <B>July 1, 2018</B> </P>

<P STYLE="font: 12pt 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"><B>Investment Adviser</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 87.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All dealers that buy, sell or trade the Fund&#8217;s
shares, whether or not participating in this offering, may be required to deliver a prospectus when acting on behalf of the Fund&#8217;s
Distributor.</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: justify; background-color: white">You should rely only
on the information contained in or incorporated by reference into this prospectus. The Fund has not authorized any other person
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"><B>&nbsp;</B></P>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Class A Shares (MSFDX), Class L Shares (MSFYX),
Class C Shares (MCFDX) and </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Class I Shares (MSFIX) of Beneficial Interest<BR>
<BR>
</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> <B>July 1, 2018</B> </P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">80 Arkay Drive, Hauppauge, NY 11788</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1-631-470-2600</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> This Statement of Additional Information
(&#8220;SAI&#8221;) is not a prospectus. This SAI should be read in conjunction with the prospectus of Multi-Strategy Growth &amp;
Income Fund, dated July 1, 2018 (the &#8220;Prospectus&#8221;), as it may be supplemented from time to time. The Prospectus is
hereby incorporated by reference into this SAI (legally made a part of this SAI). Capitalized terms used but not defined in this
SAI have the meanings given to them in the Prospectus. This SAI does not include all information that a prospective investor should
consider before purchasing the Fund's securities. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">You should obtain and read the Prospectus and
any related Prospectus supplement prior to purchasing any of the Fund's securities. A copy of the Prospectus may be obtained without
charge by calling the Fund toll-free at 1-855-601-3841. The Prospectus and other Fund information is also available on the Fund&#8217;s
website at www.growthandincomefund.com. The registration statement of which the Prospectus is a part can be reviewed and copied
at the Public Reference Room of the SEC at 100 F Street NE, Washington, D.C. You may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-202-551-8090. Copies of these filings may be obtained, after paying a duplicating
fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section,
100 F Street NE, Washington, D.C. 20549.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund's filings with the SEC also are available to the public
on the SEC's Internet web site at www.sec.gov.</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 95%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">General Information and History</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Objective and Policies</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Management of the Fund</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Codes of Ethics</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Proxy Voting Policies and Procedures</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Control Persons and Principal Holders</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Managers</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Allocation of Brokerage</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tax Status</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other Information</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">30</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial Statements</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Appendix A</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">33</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Fund is a continuously
offered, diversified, closed-end management investment company that is operated as an interval fund (the &#8220;Fund&#8221; or
the &#8220;Trust&#8221;). The Fund was organized as a Delaware statutory trust on June 3, 2011. The Fund's principal office is
located at Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788, and its telephone number is 1-855-601-3841. The investment
objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment
strategies, are set forth in the Prospectus. Certain additional investment information is set forth below. The Fund may issue an
unlimited number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share of the Fund
is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled
to participate, on a class-specific basis, equally with other shares (i) in distributions declared by the Fund and (ii) on liquidation
to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully
paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares
have proportionately the same rights, including voting rights, as are provided for a full share. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Fund offers four
classes of shares: Class A shares, Class L shares, Class C shares and Class I shares. Each share class represents an interest in
the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares
may be subject to different (or no) sales loads, (ii) each class of shares may bear different (or no) distribution and shareholder
servicing fees; (iii) each class of shares may have different shareholder features, such as minimum investment amounts; (iv) certain
other class-specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent
fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials
to current shareholders of a specific class, registration fees paid by a specific class of shares, the expenses of administrative
personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to
a class of shares, Trustees' fees or expenses paid as a result of issues relating to a specific class of shares and accounting
fees and expenses relating to a specific class of shares and (v) each class has exclusive voting rights with respect to matters
relating to its own distribution arrangements. The Fund&#8217;s Board of Trustees (the &#8220; Board,&#8221; &#8220;Trustees&#8221;
or &#8220;Board of Trustees&#8221;) may classify and reclassify the shares of the Fund into additional classes of shares at a future
date. </P>

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

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

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

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

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

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

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

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


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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund's investment objective
is to seek returns from capital appreciation and income with an emphasis on income generation.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund's stated fundamental
policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund (the
shares), are listed below. For the purposes of this SAI, &#8220;majority of the outstanding voting securities of the Fund&#8221;
means the vote, at an annual or special meeting of shareholders, duly called, (a) of 67% or more of the shares present at such
meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy; or (b) of more than 50%
of the outstanding shares, whichever is less. The Fund may not:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1) Borrow money, except
to the extent permitted by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) (which currently limits
borrowing to no more than 33-1/3% of the value of the Fund's total assets, including the value of the assets purchased with the
proceeds of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases
of its shares.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(2) Issue senior securities,
except to the extent permitted by Section 18 of the 1940 Act (which currently limits the issuance of a class of senior securities
that is indebtedness to no more than 33-1/3% of the value of the Fund's total assets or, if the class of senior security is stock,
to no more than 50% of the value of the Fund's total assets).</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(3) Underwrite securities
of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;) in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those
that must be registered under the Securities Act before they may be offered or sold to the public) to the extent permitted by the
1940 Act.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(4) Invest 25% or more of
the market value of its net assets in the securities of companies or entities engaged in any one industry, except the REIT industry.
This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. Under
normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the REIT industry.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(5) Purchase or sell real
estate or interests in real estate. This limitation is not applicable to investments in securities that are secured by or represent
interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing
in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real
estate investment trusts).</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(6) Purchase or sell commodities,
commodity contracts, except commodity futures contracts, unless acquired as a result of ownership of securities or other investments,
except that the Fund may invest in securities or other instruments backed by or linked to commodities, and invest in companies
that are engaged in a commodities business or have a significant portion of their assets in commodities, and may invest in commodity
pools and other entities that purchase and sell commodities and commodity contracts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.45pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(7) Make loans to others,
except (a) through the purchase of debt securities in accordance with its investment objectives and policies, (b) to the extent
the entry into a repurchase agreement is deemed to be a loan, and (c) by loaning portfolio securities up to one-third of total
Fund assets.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, the Fund has adopted a fundamental
policy that:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">(8) The Fund will make quarterly
repurchase offers for no less than for 5% of the Fund's shares outstanding at net asset value (&#8220;NAV&#8221;) less any repurchase
fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later
than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th is not a business day.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a restriction on the
Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested
in certain securities or other instruments resulting from changes in the value of the Fund's total assets, will not be considered
a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained
in the manner contemplated by applicable law.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">The Fund&#8217;s portfolio
turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly
average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the
numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover
involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. A
100% turnover rate would occur if all of the Fund&#8217;s portfolio securities were replaced once within a one-year period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> For the fiscal year ended February 28, 2018,
the Fund&#8217;s portfolio turnover rate was 27%. For the fiscal year ended February 28, 2017, the Fund&#8217;s portfolio turnover
rate was 13%. For the fiscal year ended February 29, 2016, the Fund&#8217;s portfolio turnover rate was 21%. </P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Certain Portfolio Securities and Other Operating Policies</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As discussed in the Prospectus,
the Fund invests in real estate securities and securities issued by other issuers. No assurance can be given that any or all investment
strategies, or the Fund's investment program, will be successful. The Fund's investment adviser is LCM Investment Management, LLC
(the &#8220;Adviser&#8221;). The Adviser is responsible for allocating the Fund's assets among various securities, using its investment
strategies, subject to policies adopted by the Board of Trustees. Additional information regarding the types of securities and
financial instruments is set forth below. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other Investment Policies and Techniques</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Money Market Instruments</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund may invest, for
defensive purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments and
money market mutual funds, or hold cash or cash equivalents in such amounts as the Adviser deems appropriate under the circumstances.
In addition, the Fund may invest in these instruments pending allocation of its respective offering proceeds. Money market instruments
are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include
U.S. Government securities, commercial paper, certificates of deposit and banker&#8217;s acceptances issued by domestic branches
of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Fund may sell securities
short. A short sale is a transaction in which the Fund sells a security it does not own or have the right to acquire (or that it
owns but does not wish to deliver) in anticipation that the market price of that security will decline. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> When the Fund makes a
short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party
purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to
pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed
securities. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> If the price of the security
sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a
loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased,
by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation
between movements in the price of the security sold short and the securities being hedged. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> To the extent the Fund
sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales &quot;against the
box&quot;) will maintain </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> additional asset coverage in the form of
cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal
to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral
with the selling broker (not including the proceeds of the short sale). The Fund does not intend to enter into short sales (other
than short sales &quot;against the box&quot;) if immediately after such sales the aggregate of the value of all collateral plus
the amount in such segregated account exceeds 50% of the value of the Fund's net assets. This percentage may be varied by action
of the Board of Trustees. A short sale is &quot;against the box&quot; to the extent the Fund contemporaneously owns, or has the
right to obtain at no added cost, securities identical to those sold short. </P>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Hedge funds are unregistered
private funds. As such, hedge fund investors, including the Fund, do not enjoy the same shareholder protections as those afforded
by the 1940 Act. A hedge fund adviser may not fully describe the strategies that the hedge fund may employ or the risks that it
may be subject to in the hedge fund&#8217;s offering documents. A hedge fund adviser may change its investment strategy without
giving notice to the hedge fund&#8217;s investors.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund&#8217;s investment
in a hedge fund may only be valued on a periodic basis. Such periodic valuations may be estimated or subject to future revision.
The investments held by the hedge fund may be illiquid and thus subject to valuation by the hedge fund&#8217;s adviser which may
have a conflict of interest in determining such valuation due to the asset and performance-based fees that the adviser may receive
in connection with managing the hedge fund. It is possible that certain valuation information needed for the Fund&#8217;s reports
to shareholders with respect to its investment in hedge funds may not be provided to the Fund in a timely manner, which could cause
delays in the Fund&#8217;s reports to shareholders.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Fund investors may invest
directly in hedge funds, subject to eligibility conditions. By investing in the Fund, Fund investors incur additional indirect
expenses due to the expenses the Fund bears as a result of its investment in a hedge fund. </P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As discussed in the Prospectus,
the Fund invests may invest in various types of private funds, including, but not limited to, limited partnerships, limited liability
companies, private debt funds, and private equity funds. No assurance can be given that any or all investments in private funds
will be successful. The Fund&#8217;s investment in private funds may encompass a variety of alternative investment sectors. These
private funds may potentially be unregistered private funds, wherein investors, including the Fund, do not enjoy the same shareholder
protections as those afforded by the 1940 Act. The Fund&#8217;s investment in private funds may only be valued on a periodic basis.
Such periodic valuations may be estimated or subject to future revision. The investments held by the private funds may be illiquid
and thus subject to valuation by the private fund&#8217;s adviser which may have a conflict of interest in determining such valuation
due to </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> the asset and performance-based fees that
the adviser may receive in connection with managing the fund. It is possible that certain valuation information needed for the
Fund&#8217;s reports to shareholders with respect to its investment in private funds may not be provided to the Fund in a timely
manner, which could cause delays in the Fund&#8217;s reports to shareholders </P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>When-Issued, Delayed Delivery and Forward
Commitment Securities</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">To reduce the risk of changes
in securities prices and interest rates, the Fund may purchase securities on a forward commitment, when-issued or delayed delivery
basis. This means that delivery and payment occur a number of days after the date of the commitment to purchase. The payment obligation
and the interest rate receivable with respect to such purchases are determined when the Fund enters into the commitment, but the
Fund does not make payment until it receives delivery from the counterparty. The Fund may, if it is deemed advisable, sell the
securities after it commits to a purchase but before delivery and settlement takes place.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Securities purchased on
a forward commitment, when-issued or delayed delivery basis are subject to changes in value based upon the public's perception
of the creditworthiness of the issuer and changes (either real or anticipated) in the level of interest rates. Purchasing securities
on a when-issued or delayed delivery basis can present the risk that the yield available in the market when the delivery takes
place may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment, when-issued or
delayed delivery basis when the Fund is fully, or almost fully invested, results in a form of leverage and may cause greater fluctuation
in the value of the net assets of the Fund. In addition, there is a risk that securities purchased on a when-issued or delayed
delivery basis may not be delivered, and that the purchaser of securities sold by the Fund on a forward basis will not honor its
purchase obligation. In such cases, the Fund may incur a loss. The Fund will segregate liquid assets in amounts sufficient to satisfy
its when-issued, delayed delivery and forward commitments.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Repurchases and Transfers of Shares</B></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has adopted a
resolution setting forth the Fund's fundamental policy that it will conduct quarterly repurchase offers (the &#8220;Repurchase
Offer Policy&#8221;). The Repurchase Offer Policy sets the interval between each repurchase offer at one quarter and provides that
the Fund shall conduct a repurchase offer each quarter (unless suspended or postponed in accordance with regulatory requirements).
The Repurchase Offer Policy also provides that the repurchase pricing shall occur not later than the 14<SUP>th</SUP> day after
the Repurchase Request Deadline or the next business day if the 14<SUP>th</SUP> day is not a business day. The Fund's Repurchase
Offer Policy is fundamental and cannot be changed without shareholder approval. The Fund may, for the purpose of paying for repurchased
shares, be required to liquidate portfolio holdings earlier than the Adviser</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">would otherwise have liquidated these holdings.
Such liquidations may result in losses, and may increase the Fund's portfolio turnover.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> <U>Repurchase Offer Policy Summary of Terms</U> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 1. </TD><TD STYLE="text-align: justify"> The Fund will make repurchase offers at periodic intervals pursuant to Rule 23c-3 under the
1940 Act, as that rule may be amended from time to time. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 2. </TD><TD STYLE="text-align: justify"> The repurchase offers will be made in March, June, September and December of each year. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 3. </TD><TD STYLE="text-align: justify"> The Fund must receive repurchase requests submitted by shareholders in response to the Fund's
repurchase offer within 30 days of the date the repurchase offer is made (or the preceding business day if the New York Stock Exchange
is closed on that day) (the &#8220;Repurchase Request Deadline&#8221;). </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"> 4. </TD><TD STYLE="text-align: justify"> The maximum time between the Repurchase Request Deadline and the next date on which the Fund
determines the net asset value applicable to the purchase of shares (the &#8220;Repurchase Pricing Date&#8221;) is 14 calendar
days (or the next business day if the fourteenth day is not a business day). </TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Fund may not condition a repurchase offer
upon the tender of any minimum amount of shares. The Fund may deduct from the repurchase proceeds only a repurchase fee that is
paid to the Fund and that is reasonably intended to compensate the Fund for expenses directly related to the repurchase. The repurchase
fee may not exceed 2% of the proceeds. However, the Fund does not currently charge a repurchase fee. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"> The Fund may rely on
Rule 23c-3 only so long as the Board of Trustees satisfies the fund governance standards defined in Rule 0-1(a)(7) under the 1940
Act. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Procedures:</B>
All periodic repurchase offers must comply with the following procedures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0"><U>Repurchase
Offer Amount</U>: Each quarter, the Fund may offer to repurchase at least 5% and no more than 25% of the outstanding shares of
the Fund on the Repurchase Request Deadline (the &#8220;Repurchase Offer Amount&#8221;). The Board of Trustees shall determine
the quarterly Repurchase Offer Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0"><U>Shareholder
Notification</U>: Thirty days before each Repurchase Request Deadline, the Fund shall send to each shareholder of record and to
each beneficial owner of the shares that are the subject of the repurchase offer a notification (&#8220;Shareholder Notification&#8221;)
providing the following information:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">A statement that the Fund is offering to repurchase its shares from shareholders at net asset value
per share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Any fees applicable to such repurchase, if any;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">The Repurchase Offer Amount;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The dates of the Repurchase Request Deadline, Repurchase Pricing Date, and the date by which the
Fund must pay shareholders for any shares repurchased (which shall not be more than seven days after the Repurchase Pricing Date)
(the &#8220;Repurchase Payment Deadline&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The risk of fluctuation in net asset value between the Repurchase Request Deadline and the Repurchase
Pricing Date, and the possibility that the Fund may use an earlier Repurchase Pricing Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The procedures for shareholders to request repurchase of their shares and the right of shareholders
to withdraw or modify their repurchase requests until the Repurchase Request Deadline;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">The procedures under which the Fund may repurchase such shares on a pro rata basis if shareholders
tender more than the Repurchase Offer Amount;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">The circumstances in which the Fund may suspend or postpone a repurchase offer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">The net asset value of each class of shares computed no more than seven days before the date of
the notification and the means by which shareholders may ascertain the net asset value thereafter; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">The market price, if any, of the shares on the date on which such net asset value was computed,
and the means by which shareholders may ascertain the market price thereafter.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Fund must file Form N-23c-3 (&#8220;Notification
of Repurchase Offer'') and three copies of the Shareholder Notification with the Securities and Exchange Commission (&#8220;SEC&#8221;)
within three business days after sending the notification to shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Notification of Beneficial Owners</U>:
Where the Fund knows that shares subject of a repurchase offer are held of record by a broker, dealer, voting trustee, bank, association
or other entity that exercises fiduciary powers in nominee name or otherwise, the Fund must follow the procedures for transmitting
materials to beneficial owners of securities that are set forth in Rule 14a-13 under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Repurchase Requests</U>: Repurchase
requests must be submitted by shareholders by the Repurchase Request Deadline. The Fund shall permit repurchase requests to be
withdrawn or modified at any time until the Repurchase Request Deadline, but shall not permit repurchase requests to be withdrawn
or modified after the Repurchase Request Deadline.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-bottom: 12pt; margin-left: 0"><U>Repurchase
Requests in Excess of the Repurchase Offer Amount</U>: If shareholders tender more than the Repurchase Offer Amount, the Fund may,
but is not required to, repurchase an additional amount of shares not to exceed 2% of the outstanding shares of the Fund on the
Repurchase Request Deadline. If the Fund determines not to</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">repurchase more than the Repurchase Offer
Amount, or if shareholders tender shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding shares on
the Repurchase Request Deadline, the Fund shall repurchase the shares tendered on a pro rata basis. This policy, however, does
not prohibit the Fund from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Accepting all repurchase requests by persons who own, beneficially or of record, an aggregate of
less than 100 shares and who tender <U>all</U> of their stock for repurchase, before prorating shares tendered by others, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Accepting by lot shares tendered by shareholders who request repurchase of all shares held by them
and who, when tendering their shares, elect to have either (i) all or none or (ii) at least a minimum amount or none accepted,
if the Fund first accepts all shares tendered by shareholders who do not make this election.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Suspension or Postponement of Repurchase
Offers</U>: The Fund shall not suspend or postpone a repurchase offer except pursuant to a vote of a majority of the Board of Trustees,
including a majority of the Trustees who are not interested persons of the Fund, and only:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">If the repurchase would cause the Fund to lose its status as a regulated investment company under
Subchapter M of the Internal Revenue Code;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">If the repurchase would cause the shares that are the subject of the offer that are either listed
on a national securities exchange or quoted in an inter-dealer quotation system of a national securities association to be neither
listed on any national securities exchange nor quoted on any inter-dealer quotation system of a national securities association;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">For any period during which the New York Stock Exchange or any other market in which the securities
owned by the Fund are principally traded is closed, other than customary week-end and holiday closings, or during which trading
in such market is restricted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">For any period during which an emergency exists as a result of which disposal by the Fund of securities
owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the
value of its net assets; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">For such other periods as the SEC may by order permit for the protection of shareholders of the
Fund.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If a repurchase offer is suspended or
postponed, the Fund shall provide notice to shareholders of such suspension or postponement. If the Fund renews the repurchase
offer, the Fund shall send a new Shareholder Notification to shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"> <U>Computing Net Asset Value</U>:
The Fund's current NAV per share by share class shall be computed no less frequently than weekly, and daily on the five business
days preceding a Repurchase Request Deadline, on such days and at such specific time or times during the day as set by the Board
of Trustees. Currently, the Board has determined </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">that the Fund's NAV shall be determined
daily following the close of the New York Stock Exchange. The Fund's NAV need not be calculated on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Days on which changes in the value of the Fund's portfolio securities will not materially affect
the current NAV of the shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Days during which no order to purchase shares is received, other than days when the NAV would otherwise
be computed; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Customary national, local, and regional business holidays described or listed in the Prospectus.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify"><U>Liquidity Requirements</U>: From
the time the Fund sends a Shareholder Notification to shareholders until the Repurchase Pricing Date, a percentage of the Fund's
assets equal to at least 100% of the Repurchase Offer Amount (the &#8220;Liquidity Amount&#8221;) shall consist of assets that
individually can be sold or disposed of in the ordinary course of business, at approximately the price at which the Fund has valued
the investment, within a period equal to the period between a Repurchase Request Deadline and the Repurchase Payment Deadline,
or of assets that mature by the next Repurchase Payment Deadline. This requirement means that individual assets must be salable
under these circumstances. It does not require that the entire Liquidity Amount must be salable. In the event that the Fund's assets
fail to comply with this requirement, the Board of Trustees shall cause the Fund to take such action as it deems appropriate to
ensure compliance.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify"><U>Liquidity Policy</U>: The Board
of Trustees may delegate day-to-day responsibility for evaluating liquidity of specific assets to the Fund's investment adviser,
but shall continue to be responsible for monitoring the investment adviser's performance of its duties and the composition of the
portfolio. Accordingly, the Board of Trustees has approved this policy that is reasonably designed to ensure that the Fund's portfolio
assets are sufficiently liquid so that the Fund can comply with its fundamental policy on repurchases and comply with the liquidity
requirements in the preceding paragraph.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
evaluating liquidity, the following factors are relevant, but not necessarily determinative:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The frequency of trades and quotes for the security.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The number of dealers willing to purchase or sell the security and the number of potential purchasers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Dealer undertakings to make a market in the security.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The nature of the marketplace trades (e.g., the time needed to dispose of the security, the method
of soliciting offer and the mechanics of transfer).</TD></TR></TABLE>


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The size of the fund's holdings of a given security in relation to the total amount of outstanding
shares of such security or to the average trading volume for the security.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
market developments impair the liquidity of a security, the investment adviser should review the advisability of retaining the
security in the portfolio. The investment adviser should report to the Board of Trustees the basis for its determination to retain
such a security at the next Board of Trustees meeting.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Trustees shall review the overall composition and liquidity of the Fund's portfolio on a quarterly basis.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
procedures may be modified as the Board deems necessary.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Registration Statement Disclosure</U>:
The Fund's registration statement must disclose its intention to make or consider making such repurchase offers.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Annual Report Disclosure</U>: The
Fund shall include in its annual report to shareholders the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Disclosure of its fundamental policy regarding periodic repurchase offers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Disclosure regarding repurchase offers by the Fund during the period covered by the annual report,
which disclosure shall include:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">the number of repurchase offers,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">the repurchase offer amount and the amount tendered in each repurchase offer,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">and the extent to which the Fund repurchased stock in any repurchase offer pursuant to the procedures
in paragraph (b)(5) of this section.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify"><U>Advertising</U>: The Fund, or any
underwriter for the Fund, must comply, as if the Fund were an open-end company, with the provisions of Section 24(b) of the 1940
Act and the rules thereunder and file, if necessary, with FINRA or the SEC any advertisement, pamphlet, circular, form letter,
or other sales literature addressed to or intended for distribution to prospective investors.</P>

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

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Fund may, at any
time, repurchase at NAV shares held by a shareholder, or any person acquiring shares from or through a shareholder, if: the shares
have been transferred or have vested in any person other than by operation of law as the result of the death, dissolution, bankruptcy
or incompetency of a shareholder; ownership of the shares by the shareholder or other person will cause the Fund to be in violation
of, or require registration of the shares, or subject the Fund to additional registration or </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">regulation under, the securities, commodities
or other laws of the United States or any other relevant jurisdiction; continued ownership of the shares may be harmful or injurious
to the business or reputation of the Fund or may subject the Fund or any shareholders to an undue risk of adverse tax or other
fiscal consequences; or the shareholder owns shares having an aggregate net asset value less than an amount determined from time
to time by the Trustees. The Adviser may tender for repurchase in connection with any repurchase offer made by the Fund shares
that it holds in its capacity as a shareholder.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Transfers of Shares</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">No person may become a substituted
shareholder without the written consent of the Board, which consent may be withheld for any reason in the Board's sole and absolute
discretion. Shares may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency or dissolution
of a shareholder or (ii) with the written consent of the Board, which may be withheld in its sole and absolute discretion. The
Board may, in its discretion, delegate to the Adviser its authority to consent to transfers of shares. Each shareholder and transferee
is required to pay all expenses, including attorney and accountant fees, incurred by the Fund in connection with such transfer.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has overall responsibility
to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish
policies regarding the management, conduct and operation of the Fund's business. The Board exercises the same powers, authority
and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company
organized as a corporation. The business of the Trust is managed under the direction of the Board in accordance with the Agreement
and Declaration of Trust and the Trust's By-laws (the &#8220;Governing Documents&#8221;), each as amended from time to time, which
have been filed with the Securities and Exchange Commission and are available upon request. The Board consists of five individuals,
one of whom is an &#8220;interested person&#8221; (as defined under the 1940 Act) of the Trust; and four are not interested persons
(&#8220;Independent Trustees&#8221;). Pursuant to the Governing Documents of the Trust, the Trustees shall elect officers including
a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the
power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the
opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and
agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad
faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Board Leadership Structure</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trust is led by Mr.
Raymond J. Lucia, Jr., who has served as the Chairman of the Board and President since the Trust was organized in 2011. Mr. Lucia
is an &#8220;interested person&#8221; as defined by the 1940 Act, by virtue of his position as President of the Trust and his controlling
interest in the Adviser. The Board of Trustees is comprised</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">of Mr. Lucia and four Independent Trustees.
The Independent Trustees have not selected a Lead Independent Trustee. Additionally, under certain 1940 Act governance guidelines
that apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Under the Trust's Agreement
and Declaration of Trust and By-Laws, the Chairman of the Board/President is responsible for (a) presiding at board meetings, (b)
calling special meetings on an as-needed basis, and, more generally, in-practice (c) execution and administration of Trust policies
including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting
and between Board meetings. Generally, the Trust believes it best to have a single leader who is seen by shareholders, business
partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman/President together with the
Audit Committee and the full Board of Trustees, provide effective leadership that is in the best interests of the Trust and Fund
shareholders because of the Board's collective business acumen and understanding of the regulatory framework under which investment
companies must operate.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Board Risk Oversight</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">The
Board of Trustees is comprised of Mr. Lucia and four Independent Trustees with a standing independent Audit Committee with a separate
chair. The Audit Committee is composed of only Independent Trustees. The Board is responsible for overseeing risk management, and
the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of
risk management from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit
Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight
of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary
recipient and communicator of such risk-related information.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Trustee Qualifications</I>.</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Generally, the Trust
believes that each Trustee is competent to serve because of his or her individual overall merits including: (i) experience, (ii)
qualifications, (iii) attributes and (iv) skills. Mr. Lucia has over 15 years of business experience in the investment management
business and possesses a strong understanding of the regulatory framework under which investment companies must operate based on
his years of experience in the investment management business. Mr. Lucia also has over 10 years of experience managing investment
advisory client interactions with brokerage and insurance business. Additionally, Mr. Lucia received a B.S. in Accounting from
Loyola Marymount University in Los Angeles, currently holds the CPA designation and has earned the Personal Financial Specialist
designation from the American Institute of Certified Public Accountants (AICPA). Dr. Mark Riedy, PhD, has over a decade of academic
experience in the real estate and real estate finance areas serving as the Executive Director of the Burnham-Moores Center for
Real Estate and the Ernest W. Hahn Professor of Real Estate Finance at the University of San Diego, has over two decades of experience
as an executive and/or board member of companies in the </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">commercial and residential real estate markets,
and has a Doctor of Philosophy degree in Business Economics and Public Policy from the University of Michigan. Additionally, Dr.
Riedy served as Chairman of the Board of Neighborhood Bancorp, the holding company for Neighborhood National Bank in San Diego,
California. Dr. Riedy possesses a strong understanding of the regulatory framework under which financial enterprises must operate
based on his years of service to public and private company boards. John D. Frager has over 30 years of business experience in
the real estate industry including serving as Executive Managing Director of CBRE, a Fortune 200 global real estate and services
company. He also served for 8 years as CEO and President of Cassidy Turley BRE San Diego. For over 8 years, Mr. Frager has also
served as an advisory board member for Pathfinder Partners, LLC, a real estate investment fund. Mr. Frager holds a Bachelor&#8217;s
degree in Business Administration from the University of Southern California and has taken numerous finance and management courses
at universities after graduating. Prior to his real estate career, he served for over 6 years as an Officer and pilot in the United
States Navy. Based on his years of experience in real estate-related financial matters, Mr. Frager is well qualified to serve as
a Trustee. Ira J. Miller has over 25 years of business planning and financial management experience at a variety of major corporations
spanning a broad range of industries and markets. He started and served as Managing Director, President, Chief Financial Officer,
and Treasurer of SAIC Venture Capital Corporation, a $4.0 billion investment subsidiary of Science Applications International Corporation.
Mr. Miller holds a Bachelor&#8217;s Degree in Mathematics from the University of Michigan and completed all course requirements
for a Doctor of Philosophy degree in Economics from the Massachusetts Institute of Technology. Darlene T. DeRemer has over 30 years
of investment banking experience and has had significant experience structuring and executing strategic transactions involving
asset management businesses. Ms. DeRemer is a founding partner of Grail Partners LLC, an advisory merchant bank with offices in
several major U.S. cities that has worked on over 250 strategic transactions involving financial service providers. Ms. DeRemer
is also a Trustee of Syracuse University and serves as the Chair of the university&#8217;s Investment &amp; Endowment Committee.
Ms. DeRemer holds a Bachelor&#8217;s Degree in Finance and Marketing and an MBA from Syracuse University. The Trust does not believe
any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes
them each highly qualified.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">Following
is a list of the Trustees and executive officers of the Trust and his or her principal occupation over the last five years. Unless
otherwise noted, the address of each Trustee and Officer is 80 Arkay Drive, Suite 110, Hauppauge, NY 11788.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 25.05pt"><B><U>Independent Trustees
</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; width: 21%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name, Address and Age(Year of Birth)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Position/Term of Office<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During the Past Five Years</B></P></TD>
    <TD STYLE="vertical-align: top; width: 16%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund Complex</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by Trustee</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships held by Trustee </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mark J. Riedy, PhD.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1942</P></TD>
    <TD STYLE="width: 14%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="width: 33%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Director of the Burnham-Moores Center for Real Estate and the Ernest W. </FONT></TD>
    <TD STYLE="width: 16%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 16%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BioMed Realty Trust Board of Directors; </FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 14%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hahn Professor of Real Estate Finance at the University of San Diego, January 1993 to January 2015. Retired January 2015.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Southwest Property Strategies Advisory Board</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Ira J. Miller</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1946</P></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Retired as of August 2007. </FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John D. Frager</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1958</P></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee since Sept. 2011</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Executive Managing Director of CBRE, Inc. (2010) to present), CEO and President of Cassidy Turley San Diego (2002 to 2010); Senior Managing Director of CB Richard Ellis (Prior to 2002) </FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Darlene T. DeRemer</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1955</P></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee since Oct. 2015</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Managing Partner of Grail Partners, LLC (2011-present)</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Syracuse University Board of Trustees; United Capital Wealth Management Board of Directors; Hillcrest Asset Management Board of Directors; Ark Investments Funds Trust Independent Chair; American Independence Funds Board of Directors. </FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 25.05pt"><B><U>Interested Trustee
&amp; Officers</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 12%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name, Address and Age(Year of Birth)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Position/Term of Office<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 51%; border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Principal Occupation</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>During the Past Five Years</B></P></TD>
    <TD STYLE="vertical-align: top; width: 10%; border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Number of Portfolios in Fund Complex </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Overseen by Trustee</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Directorships held by Trustee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Raymond J. Lucia, Jr.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> 1975<SUP>(2)</SUP> </P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustee, President since Sept. 2011 </FONT></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Executive Officer for LCM Investment Management, LLC (2012-Present); Chief Executive Officer for Lucia Wealth Services, LLC (2010-Present); Chief Executive Officer for Lucia Securities, LLC (2010-Present) </FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Felicia Tarantino</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1987</P></TD>
    <TD STYLE="border: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasurer since June 2016 and Secretary since March 2018</FONT> </TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operations Manager for LCM Investment Management, LLC (2012-Present); Financial Analyst for Lucia Management Company, LLC (2012-Present); Accounting Specialist for Lucia Management Company, LLC (2010-2012)</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">James Colantino</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1969</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.5pt">&nbsp;</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assistant Treasurer since Sept. 2011</FONT></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior Vice President (2011-present) Vice President (2004 &#8211; 2011); Senior Fund Administrator (1999-2004), Gemini Fund Services, LLC. </FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> Monica Giron </P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> 1976 </P></TD>
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> Assistant Secretary </P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> since January 2018 </P></TD>
    <TD STYLE="border: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior Paralegal, Gemini Fund Services, LLC, (2015-Present); Senior Paralegal, The Dreyfus Corporation (2007-2015)&nbsp;&nbsp;</FONT> </TD>
    <TD STYLE="border: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT> </TD>
    <TD STYLE="border: black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Emile R. Molineaux</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">1962</P></TD>
    <TD STYLE="border: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief Compliance Officer and Anti-Money Laundering Officer Since December 2010</FONT></TD>
    <TD STYLE="border: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CCO of various clients of Northern Lights Compliance Services, LLC (Secretary since 2003 and Senior Compliance Officer since 2011); General Counsel, CCO and Senior Vice President, Gemini Fund Services, LLC (2003-2011)&nbsp;&nbsp;&nbsp;</FONT> </TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">(1) The term of office for each Trustee and officer listed above will
continue indefinitely.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"> (2) Raymond J. Lucia, Jr. is an interested person of the Trust
by virtue of his position as President of the Trust and his indirect controlling interest in the Trust's adviser. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><B><U>Board Committees</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt"><U>Audit Committee</U></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Board has an Audit
Committee that consists of three Trustees (Ira J. Miller, Darlene T. DeRemer and Mark J. Riedy, Chairman of the Audit Committee),
each of whom is not an &#8220;interested person&#8221; of the Trust within the meaning of the 1940 Act. The Audit Committee's responsibilities
include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing
with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent
auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended
by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement
from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or
services </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> disclosed in the statement that may impact
the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in
response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors
and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies
and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. The Audit Committee is
responsible for seeking and reviewing nominee candidates for consideration as Independent Trustees as is from time to time considered
necessary or appropriate. The Audit Committee generally will consider shareholder nominees to the extent required pursuant to rules
under the Securities Exchange Act of 1934. The Audit Committee is also responsible for reviewing and setting Independent Trustee
compensation from time to time when considered necessary or appropriate. During the fiscal period ended February 28, 2018, the
Audit Committee held two meetings. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><B><U>Trustee Ownership</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"> The following table indicates the dollar
range of equity securities that each Trustee beneficially owned in the Fund as of December 31, 2017. </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 30%; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Dollar Range of Equity </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Securities in the Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 45%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Aggregate Dollar Range of Equity Securities in </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>All Registered Investment Companies Overseen </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>by Trustee in Family of Investment Companies</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark J. Riedy, PhD.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ira J. Miller</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000 </FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Over $100,000</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John D. Frager</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; border-bottom: Black 1.5pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Darlene T. DeRemer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1.5pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: Black 1.5pt solid; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 25.05pt"><B><U>Compensation</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.35in; margin-right: 0; margin-left: 0">Each
Trustee who is not affiliated with the Trust or the Trust&#8217;s investment adviser (&#8220;Independent Trustee&#8221;) receives
a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred in attending regularly scheduled meetings
(&#8220;Regular Board Meetings&#8221;) of the Board. In addition to the fees and reimbursements described above:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">as compensation for attendance
and participation at the regularly scheduled meetings (&#8220;Regular Audit Committee Meetings&#8221;) of the Audit Committee of
the Board (&#8220;Audit Committee&#8221;), each member (&#8220;Member&#8221;) of the Audit Committee who is not the Chairperson
of the Audit Committee (this includes Ira Miller and Darlene DeRemer) receives a quarterly fee of $2,500; </FONT></TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">as compensation for attendance
and participation at the Regular Audit Committee Meetings, the Chairperson of the Audit Committee (Mark Riedy) receives a quarterly
fee of $2,750; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">each Independent Trustee
receives a fee of $3,000 for each in-person Board meeting attended by such Trustee, provided such meeting is not a Regular Board
Meeting; </FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">each Independent Trustee
receives a fee of $1,500 for each telephonic Board meeting attended by such Trustee, provided such meeting is not a Regular Board
Meeting;</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">each Member receives
a fee of $1,500 for each in-person Audit Committee meeting attended by such Member, provided such meeting is not a Regular Audit
Committee Meeting or a meeting conducted in conjunction with a Board meeting; </FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">each Member receives
a fee of $750 for each telephonic Audit Committee meeting attended by such Member, provided such meeting is not a Regular Audit
Committee Meeting or a meeting conducted in conjunction with a Board meeting; and </FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">each Member receives
a fee of $750 for each in-person or telephonic Audit Committee meeting attended by such Member if such meeting is conducted in
conjunction with a Board meeting and provided such meeting is not a Regular Audit Committee Meeting. </FONT> </TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">None of the executive officers receive compensation from the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.35in; margin-right: 0; margin-left: 0"> The
table below details the amount of compensation the Trustees received from the Trust during the fiscal period ended February 28,
2018. The Trust does not have a bonus, profit sharing, pension or retirement plan. </P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.35in; margin-right: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Name and Position</B></P></TD>
    <TD STYLE="width: 18%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Aggregate Compensation From Trust</B></P></TD>
    <TD STYLE="width: 18%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Pension or Retirement Benefits Accrued as Part of Fund Expenses</B></FONT></TD>
    <TD STYLE="width: 18%; border: Black 1pt solid">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Estimated Annual Benefits Upon Retirement</B></P></TD>
    <TD STYLE="width: 21%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Compensation From Trust Paid to Directors</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark J. Riedy</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$32,500</FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$32,500</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ira J. Miller</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$31,500</FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$31,500</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John D. Frager</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$20,000</FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$20,000</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Darlene DeRemer</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$31,500</FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$31,500</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raymond J. Lucia, Jr.</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">None</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> <B>&nbsp;</B> </P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each of the Fund, the Adviser
and the Trust's distributor has adopted a code of ethics under Rule 17j-1 of the 1940 Act (collectively the &#8220;Ethics Codes&#8221;).
Rule 17j-1 and the Ethics Codes are designed to prevent unlawful practices in connection with the purchase or sale of securities
by covered personnel (&#8220;Access Persons&#8221;). The Ethics Codes permit Access Persons, subject to certain restrictions, to
invest in securities, including securities that may be purchased or held by the Fund. Under the Ethics Codes, Access Persons may
engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes.
In addition, certain Access Persons are required to obtain approval before investing in initial public offerings or private placements.
The Ethics Codes can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation
of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. The codes are available on the EDGAR database
on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following
e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, Washington, D.C. 20549.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board has adopted Proxy
Voting Policies and Procedures (&#8220;Policies&#8221;) on behalf of the Trust, which delegate the responsibility for voting proxies
to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote, or cause to be voted,
proxies received in a manner consistent with the best interests of the Fund and shareholders. A summary of the proxy policies and
procedures of the Adviser is attached to this SAI. The Adviser will vote such proxies in accordance with its proxy policies and
procedures. The Policies also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies and
a record of the proxy voted, or those caused to be voted, by the Adviser on behalf of the Fund, including a report on the resolution
of all proxies identified by the Adviser involving a conflict of interest.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Where a proxy proposal raises
a material conflict between the interests of the Adviser, any affiliated person(s) of the Adviser, the Fund's principal underwriter
(distributor) or any affiliated person of the principal underwriter (distributor), or any affiliated person of the Trust and the
Fund's or its shareholder's interests, the Adviser</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">will resolve the conflict by voting in accordance
with the policy guidelines or at the Trust's directive using the recommendation of an independent third party. If the third party's
recommendations are not received in a timely fashion, the Adviser will abstain from voting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Information regarding how
the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30
will be available (1) without charge, upon request, by calling the Fund toll-free at 1-855-601-3841; and (2) on the U.S. Securities
and Exchange Commission's website at http://www.sec.gov. In addition, a copy of the Fund's proxy voting policies and procedures
are also available by calling toll-free at 1-855-601-3841 and will be sent within three business days of receipt of a request.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> A control person
is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the
existence of such control. A control person may be able to determine the outcome of a matter put to a shareholder vote. A
principal shareholder is any person who owns (either of record or beneficially) 5% or more of any class of the Fund&#8217;s
outstanding shares. As of June 4, 2018, the following shareholders of record owned 5% or more of a class of the outstanding
shares of the Fund. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Multi-Strategy Growth &amp; Income Fund</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left"> Name &amp; Address </TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="width: 25%; text-align: right"> Percentage of Shares </TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"> Class I </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> RBC Capital Markets LLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 11.46% </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Mr. James Hoppie </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> 3704 Illinois Lane </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Bellingham, WA 98226-4365 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> RBC Capital Markets LLC </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 7.75% </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Mr. William Coburn </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> 1200 Coronado Drive </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Punta Gorda, FL 33950 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Charles Schwab &amp; Co Inc. </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 5.46% </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> FBO Customers Attn: Mutual Funds </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> 211 Main Street </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> San Francisco, CA 94105 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"> Class L </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> &nbsp; </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> FPSC Defined Benefit Plan </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> 7.02% </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"> Dart McGregory TTEE </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> 8841 South Redwood Road, Suite B </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> West Jordan, UT 84088 </P>

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">LCM Investment Management,
LLC, located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128, serves as the Fund's investment adviser. The Adviser
is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser was established
in June 2011 for the purpose of providing investment advisory services to the Fund and other institutional investors. As of the
date of this SAI, it had no clients other than the Fund. The majority of interests of the Adviser are owned by Raymond Lucia, Jr.,
who is deemed to control the Adviser because he owns more than 25% of the voting interests of the Adviser.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Under the general supervision
of the Board of Trustees, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will furnish
continuously an investment program with respect to the Fund, and will determine which securities should be purchased, sold or exchanged.
In addition, the Adviser will supervise and provide oversight of the Fund's service providers. The Adviser will furnish to the
Fund office facilities, equipment and personnel for servicing the management of the Fund. The Adviser will compensate all Adviser
personnel who provide services to the Fund. In return for these services, facilities and payments, the Fund has agreed to pay the
Adviser as compensation under the Investment Management Agreement a monthly management fee computed at the annual rate of 0.75%
of the Fund's daily net assets until August 3, 2017. Effective August 4, 2017, the Fund has agreed to pay the Adviser as compensation
under the Investment Management Agreement a monthly management fee computed at the annual rate of 1.35% of the Fund's daily net
assets. The Adviser may employ research services and service providers to assist in the Adviser's market analysis and investment
selection. During the fiscal year ended February 28, 2018, the Fund paid $2,222,113 in advisory fees. During the fiscal year ended
February 28, 2017, the Fund paid $1,492,225 in advisory fees. During the fiscal year ended February 29, 2016, the Fund paid $1,535,007
in advisory fees. </P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In addition, the Adviser
and the Fund have entered into an expense limitation agreement (the &#8220;Expense Limitation Agreement&#8221;) under which, until
August 4, 2019, the Adviser has agreed to 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% of Class A shares&#8217; net assets, 2.45% of Class L shares&#8217; net assets, 2.70% of Class C shares&#8217; net assets,
and 1.70% of Class I shares&#8217; net assets. During fiscal year </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> ended February 28, 2018, the Adviser waived
fees/reimbursed expenses of $386,639 under the Expense Limitation Agreement. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> <B>Other Services.</B> Gemini Fund Services,
LLC, with principal offices at 80 Arkay Drive, Hauppauge, NY, 11788 and 17605 Wright Street, Suite 2, Omaha, NE 68130, serves as
Administrator, Accounting Agent and Transfer Agent. For
the fiscal year ended February 28, 2018, the Fund paid $192,001, $71,485 and $211,001 in administration, fund accounting and transfer
agency fees, respectively. For the fiscal year ended February 28, 2017, the Fund paid $188,655, $70,224 and $189,636 in administration,
fund accounting and transfer agency fees, respectively. For the fiscal year ended February 29, 2016, the Fund paid $191,262, $71,505
and $211,658 for administration, fund accounting and transfer agency fees, respectively. </P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>Conflicts of Interest</U></B></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser may provide
investment advisory and other services, directly and through affiliates, to various entities and accounts other than the Fund (&#8220;Adviser
Accounts&#8221;). The Fund has no interest in these activities. The Adviser and the investment professionals, who on behalf of
the Adviser, provide investment advisory services to the Fund, are engaged in substantial activities other than on behalf of the
Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their
time and activity between the Fund and the Adviser Accounts. Such persons devote only so much time to the affairs of the Fund as
in their judgment is necessary and appropriate. Set out below are practices that the Adviser follows.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Participation in Investment Opportunities</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Directors, principals, officers,
employees and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual
or potential conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing trading and
investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the
Adviser, or by the Adviser for the Adviser Accounts, if any, that are the same as, different from or made at a different time than,
positions taken for the Fund.</P>

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

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

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Aaron Rosen</I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Mr. Rosen is the Fund&#8217;s
Co-Portfolio Manager, and has served in this capacity since January 2016. As of June 1, 2016, Mr. Rosen receives a salary, a discretionary
bonus and is eligible for retirement plan benefits from the Adviser. Because the portfolio manager may manage assets for other
Client Accounts, or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another,
resulting in conflicts of interest. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that
are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client
Account. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Adviser
has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other
conflicts of interest. As of February 28, 2018, Mr. Rosen owned no Fund shares. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of February 28, 2018,
Mr. Rosen was responsible for the management of accounts other than the Fund as provided below. </P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 21%; border: Black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Accounts By Type</FONT> </TD>
    <TD STYLE="width: 14%; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Number of Accounts by Account Type</FONT> </TD>
    <TD STYLE="width: 15%; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Assets</FONT> <BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By Account</FONT> <BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Type</FONT> </TD>
    <TD STYLE="width: 22%; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of Accounts by Type Subject to a Performance Fee</FONT> </TD>
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Assets By Account Type Subject to a Performance Fee</FONT> </TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registered Investment Companies</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT> </TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Pooled Investment Vehicles</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT> </TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Accounts</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$375,568,031</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Mark C. Scalzo</I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Mr. Scalzo is the Fund&#8217;s
Co-Portfolio manager and has served in this capacity since March 1, 2015. As of February 29, 2016, Mr. Scalzo receives a salary,
a discretionary bonus and is eligible for retirement plan benefits from the Adviser. Because the portfolio manager may manage assets
for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net
worth individuals (collectively, &#8220;Client Accounts&#8221;)) or may be affiliated with such Client Accounts, there may be an
incentive to favor one Client Account over another, resulting in conflicts of interest. For example, the Adviser may, directly
or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or
indirectly, receive a performance-based fee on a Client Account. In those instances, a portfolio manager may have an incentive
to not favor the Fund over the Client Accounts. The Adviser has adopted trade allocation and other policies and procedures that
it believes are reasonably designed to address these and other conflicts of interest. As of February 28, 2018, Mr. Scalzo owned
no Fund shares. </P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As of February 28, 2018,
Mr. Scalzo was responsible for the management of accounts other than the Fund as provided below. </P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 21%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Accounts By Type</FONT></TD>
    <TD STYLE="width: 14%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Number of Accounts by Account Type</FONT></TD>
    <TD STYLE="width: 15%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Assets</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By Account</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Type</FONT></TD>
    <TD STYLE="width: 22%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of Accounts by Type Subject to a Performance Fee</FONT></TD>
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total Assets By Account Type Subject to a Performance Fee</FONT></TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
<TR>
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Accounts</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$449,766,575</FONT> </TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Northern Lights Distributors,
LLC (the &#8220;Distributor&#8221;), located at 17605 Wright Street, Omaha, NE 68130, is serving as the Fund's principal underwriter
and acts as the distributor of the Fund's shares, subject to various conditions.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The Distributor has entered
into an agreement with Lucia Securities, LLC (&#8220;Lucia Securities&#8221;), a registered broker and affiliate of the Adviser,
under which Lucia Securities provides wholesaling services with respect to the Fund. For the fiscal year ended February 28, 2018,
Lucia Securities received $42,201.01 under the agreement. For the fiscal year ended February 28, 2017, Lucia Securities received
$105,027.22 under the agreement. For the fiscal year ended February 29, 2016, Lucia Securities received $138,927.62 under the 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: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> <B>&nbsp;</B> </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 33.4pt"><I>Adviser</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 33.4pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Specific decisions to purchase
or sell securities for the Fund are made by the portfolio managers who are employees of the Adviser. The Adviser is authorized
by the Trustees to allocate the orders placed on behalf of the Fund to brokers or dealers who may, but need not, provide research
or statistical material or other services to the Fund or the Adviser for the Fund's use. Such allocation is to be in such amounts
and proportions as the Adviser may determine.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">In selecting a broker or
dealer to execute each particular transaction, the Adviser will take the following into consideration:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the best net price available; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the reliability, integrity and financial condition of the broker or
dealer; </FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the size of and difficulty in executing the order; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.15pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the value of the expected contribution of the broker or dealer to the
investment performance of the Fund on a continuing basis. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"> Brokers or dealers
executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another
broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission
is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage,
the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which
the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit
accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other
accounts may primarily benefit the Fund. During the fiscal years ended February 28, 2018, February 28, 2017 and February 29, 2016,
Lucia Securities, an affiliate of the Adviser, received $14,579 $14,726 and $85,816, respectively, in placement fees which could
be deemed to be a form of brokerage commissions. During the fiscal year ended February 28, 2018, the percentage of the Fund&#8217;s
(i) aggregate brokerage commissions paid to Lucia Securities was 100%; and (ii) aggregate dollar amount of transactions involving
the payment of commissions effected through Lucia Securities was 100%. </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Affiliated Party Brokerage</U></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser, and its affiliates
will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may
in accordance with rules under the 1940 Act engage in transactions with accounts that are affiliated with the Fund as a result
of common officers, directors, advisers, members, managing general partners or common control. These transactions would be effected
in circumstances in which the Adviser has determined that it would be appropriate for the Fund to purchase and another client to
sell, or the Fund to sell and another client to purchase, the same security or instrument each on the same day.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Adviser executes trades,
on behalf of the Fund, through its affiliated broker, Lucia Securities. The Adviser may realize a profit from such trading activity.
Any commission, fee or other remuneration paid to an affiliated broker or dealer is paid in compliance with the Fund's procedures
adopted in accordance with Rule 17e-1 under the 1940 Act. The policy of the Fund with respect to brokerage is reviewed by the Trustees
from time to time. Because of the possibility of further regulatory developments affecting the securities exchanges and brokerage
practices generally, the foregoing practices may be modified.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following discussion
is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders
should consult a qualified tax adviser regarding their investment in the Fund.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund intends to qualify
as regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), which
requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount
and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices
or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax
on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing
requirements. Net investment income and net capital gain of the Fund will be computed in accordance with Section 852 of the Code.
Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking
into account any capital loss carryforward of the Fund. Capital losses incurred after January 31, 2011 may now be carried forward
indefinitely and retain the character of the original loss. Under pre-enacted laws, capital losses could be carried forward to
offset any capital gains for eight years, and carried forward as short-term capital, irrespective of the character of the original
loss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry forwards
are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> At February 28, 2018,
the Fund had capital loss carry forward for federal income tax purposes available to offset future capital gains as follows: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-Expiring Short Term</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-Expiring Long Term</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</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: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$5,350,034</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0</FONT> </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$5,350,034</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund intends to distribute
all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess
of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Code
and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income will be
made quarterly and net capital gain will be made after the end of each fiscal year, and no later than December 31 of each year.
Both types of distributions will be in shares of the Fund unless a shareholder elects to receive cash.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">To be treated as a regulated
investment company under Subchapter M of the Code, the Fund must also (a) derive at least 90% of its gross income from dividends,
interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale
or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures
or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its
holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by
cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of
this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's
assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">the value of its assets is invested in the securities
of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more
issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities
of certain publicly traded partnerships.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Fund fails to qualify
as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income
tax purposes. As such, the Fund would be required to pay income taxes on its net investment income and net realized capital gains,
if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax
on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders,
whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent
of current or accumulated earnings and profits of the Fund.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund is subject to a
4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained
in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing
at least 98% of the Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess
of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any
income that was neither distributed nor taxed to the Fund during the preceding calendar year. Under ordinary circumstances, the
Fund expects to time its distributions so as to avoid liability for this tax.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following discussion
of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other
qualified retirement plans are exempt from income taxation under the Code.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Distributions of taxable
net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders
as ordinary income.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Distributions of net capital
gain (&#8220;capital gain dividends&#8221;) generally are taxable to shareholders as long-term capital gain, regardless of the
length of time the shares of the Fund have been held by such shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A redemption of Fund shares
by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount
realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the
shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of
their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during
such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares
are</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">purchased (including shares acquired by means
of reinvested dividends) within 30 days before or after such redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Distributions of taxable
net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders
electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each
share so received equal to the net asset value of a share on the reinvestment date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">All distributions of taxable
net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder
on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date
in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following
year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting
requirements.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Under the Code, the Fund
will be required to report to the Internal Revenue Service all distributions of taxable income and capital gains as well as gross
proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding
provisions of Section 3406 of the Code, distributions of taxable net investment income and net capital gain and proceeds from the
redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the
case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with
required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker
that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding
provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will
be reduced by the amounts required to be withheld. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Original Issue Discount
and Pay-In-Kind Securities</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Current federal tax law
requires the holder of a U.S. Treasury or other fixed-income zero coupon security to accrue as income each year a portion of the
discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during
the year. In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even
though the Fund holding the security receives no interest payment in cash on the security during the year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of the debt securities
(with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as
debt securities that are issued originally at a discount. Generally, the amount of the original issue discount (&#8220;OID&#8221;)
is treated as interest income and is included in income over the term of the debt security, even though payment of that amount
is not received until a later time, usually when the debt security matures. A portion of the OID includable in</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">income with respect to certain high-yield corporate
debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The higher interest rates
of OID instruments reflect the payment deferral and increased credit risk associated with these instruments. OID instruments generally
represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the
issuer of OID instruments could still default when the Fund&#8217;s collection is supposed to occur at the maturity of the obligation.
OID instruments may have unreliable valuations because their continuing accruals require ongoing judgments about the collectability
of the deferred payments and the value of any associated collateral. OID instruments create the risk that advisory fees may be
paid to the Adviser based on non-cash accruals that ultimately may not be realized. In such instances, the Adviser may not be obligated
to reimburse the Fund for such fees.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Some of the debt securities
(with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund in the secondary
market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment
of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment,
does not exceed the &#8220;accrued market discount&#8221; on such debt security. Market discount generally accrues in equal daily
installments. The Fund may make one or more of the elections applicable to debt securities having market discount, which could
affect the character and timing of recognition of income.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">Pay-in-kind securities
may cause the generation of investment income and increase the advisory fees payable at a compounding rate. In addition, the deferral
of pay-in-kind interest also reduces the loan-to-value ratio at a compounding rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">Some debt securities (with
a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Fund may be treated as having
acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include the
acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received
until a later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities
having acquisition discount, or OID, which could affect the character and timing of recognition of income.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A fund that holds the foregoing
kinds of securities may be required to pay out as an income distribution each year an amount, which is greater than the total amount
of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation
of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from
such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger
capital gain distribution, if any, than they would in the absence of such transactions.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0">Payments
to a shareholder that is either a foreign financial institution (&#8220;FFI&#8221;) or a non-financial foreign entity (&#8220;NFFE&#8221;)
within the meaning of the Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;) may be subject to a generally nonrefundable
30% withholding tax on: (a) income dividends paid by the Fund after June 30, 2014 and (b) certain capital gain distributions and
the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2016. FATCA withholding tax generally can
be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid
agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of
foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial
U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information
that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA.
Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate
certifications or other documentation concerning its status under FATCA.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders of the Fund
may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund's shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A brief explanation of the
form and character of the distribution accompany each distribution. In January of each year the Fund issues to each shareholder
a statement of the federal income tax status of all distributions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 25.05pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders should consult
their tax advisers about the application of federal, state and local and foreign tax law in light of their particular situation.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each share represents a
proportional interest in the assets of the Fund. Each share has one vote at shareholder meetings, with fractional shares voting
proportionally, on matters submitted to the vote of shareholders. There are no cumulative voting rights. Shares do not have pre-emptive
or conversion or redemption provisions. In the event of a liquidation of the Fund, shareholders are entitled to share pro rata
in the net assets of the Fund available for distribution to shareholders after all expenses and debts have been paid.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Portfolio Holdings Disclosure</B>:
The Trust has adopted policies and procedures that govern the disclosure of the Fund&#8217;s portfolio holdings. These policies
and procedures are designed to ensure that such disclosure is in the best interests of Fund shareholders.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund discloses its portfolio
holdings by mailing its annual and semi-annual reports to shareholders approximately two months after the end of the fiscal year
and semi-annual period.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> In addition, the Fund&#8217;s
adviser will publish a schedule of the Fund&#8217;s 10 largest portfolio holdings on a quarterly basis, approximately 10 days after
the end of each </P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> quarter. The schedule shall be published
on the Fund&#8217;s website at www.growthandincomefund.com. This information will remain on the website until new information for
the next quarter is posted. This information also is available by calling toll-free 1-855-601-3841. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund may choose to make
available its portfolio holdings to rating agencies such as Lipper, Morningstar or Bloomberg more frequently, on a confidential
basis.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Compliance Service Provider</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Northern Lights Compliance
Services, LLC (&#8220;NLCS&#8221;), located at 80 Arkay Drive, Suite 110, Hauppauge, NY 11788 provides a Chief Compliance Officer
to the Fund as well as related compliance services pursuant to a consulting agreement between NLCS and the Fund.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Gemini Fund Services, LLC
(&#8220;GFS&#8221;), located at 80 Arkay Drive, Suite 110, Hauppauge, NY 11788 serves as the Fund's administrator, fund accountant
and transfer agent pursuant to a fund services agreement between GFS and the Fund.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Thompson Hine LLP, 41 South
High Street, 17th floor, Columbus, Ohio 43215, acts as legal counsel to the Fund.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> UMB Bank, n.a. (the &#8220;Custodian&#8221;)
serves as the primary custodian of the Fund's assets, and may maintain custody of the Fund's assets with domestic and foreign sub
custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Trustees. Assets
of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities
are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account of such custodian.
The Custodian's principal business address is 928 Grand Boulevard, Kansas City, MO 64106 </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"> Deloitte &amp; Touche,
LLP (&#8220;Deloitte&#8221;) is the independent registered public accounting firm for the Fund and will audit the Fund's financial
statements. Deloitte is located at 695 Town Center Drive, Suite 1000, Costa Mesa, CA 92636. </P>

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

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

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

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

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

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> The Financial Statements and independent
registered public accounting firm&#8217;s report thereon contained in the Fund&#8217;s annual report dated February 28, 2018, are
incorporated by reference in this Statement of Additional Information. The Fund&#8217;s annual report is available upon request,
without charge, by calling the Fund toll-free at 1-855-601-3841. </P>

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

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


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

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

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

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: justify">PROXY VOTING: <FONT STYLE="font-weight: normal">LCM
Investment Management, LLC</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><U>SUMMARY OF PROXY VOTING GUIDELINES</U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the absence of specific voting guidelines
from the client, LCM Investment Management, LLC (&#8220;LCM&#8221;) will vote proxies in the best interests of each particular
client. LCM&#8217;s policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions
from a client. Clients are permitted to place reasonable restrictions on LCM's voting authority in the same manner that they may
place such restrictions on the actual selection of account securities.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">LCM will generally vote in favor of routine
corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised
by an auditor&#8217;s non-audit services.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">LCM will generally vote against proposals that
cause board members to become entrenched or cause unequal voting rights.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In reviewing proposals, LCM will further consider
the opinion of management and the effect on management, and the effect on shareholder value and the issuer&#8217;s business practices.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If LCM is voting proxies on behalf of a registered
investment company (&#8220;RIC&#8221;), any proxies received for holdings in other RICs will vote proxies proportionally to reflect,
or echo, the way that previous voters split on a particular issue. For example, if 100 shareholders cast 60 votes for a proposal
and 40 votes against, the brokerage firm would follow the 3:2 proportion in voting the proxies of the non-voting shareholders.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Conflicts of Interest: </B>LCM will identify
any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of LCM or LCM&#8217;s
affiliates with the issuer of each security to determine if LCM or any of its employees has any financial, business or personal
relationship with the issuer.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">If a material conflict of interest exists, the
portfolio manager will vote in a manner consistent with an independent third party voting recommendation.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">LCM will maintain a record of the voting resolution
of any conflict of interest.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PART C &ndash; Other Information</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 25</U>. <U>Financial Statements and Exhibits</U></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">1. Financial Statements</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"> Part A: The financial highlights
of the Multi-Strategy Growth &amp; Income Fund (the &quot;Registrant&quot;) for the fiscal year ended February 28, 2018, are included
in Part A of this registration statement in the section entitled &quot;Financial Highlights.&quot; </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"> Part B: The Registrant's audited
Financial Statements and the notes thereto in the Registrant's Annual Report to Shareholders for the fiscal year ended February
28, 2018, filed electronically with the Securities and Exchange Commission pursuant to Section 30(b)(2) of the Investment Company
Act of 1940, as amended, are incorporated by reference into Part B of this registration statement. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">2. Exhibits</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">a. (1) Amended Agreement and Declaration of Trust*</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">a. (2) Certificate of Trust**</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">b. By-Laws***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">c. Voting Trust Agreements: None</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">d. Instruments Defining Rights of Security Holders.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(1) See Article III, &quot;Shares&quot; and Article V
&quot;Shareholders' Voting Powers and Meetings&quot; of the Registrant's Agreement and Declaration of Trust. See also, Article
12, &quot;Meetings&quot; of shareholders of the Registrant's By-Laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(2) Multiple Class Plan*****</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">e. Dividend reinvestment plan: None.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">f. Rights of subsidiaries long-term debt holders:
Not applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> g. (1) Investment Advisory Agreement (filed
herewith) </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> h. (1) Underwriting Agreement dated as of
April 30, 2015******* </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(2) Shareholder Servicing Plan and Agreement*****</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(3) Selling Agreement Form***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(4) Distribution Plan Class C*****</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(5) Distribution Plan Class L*****</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">i. Bonus, profit sharing, pension
and similar arrangements for Fund Trustees and Officers: None.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">j. Custodian Agreement***</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">k. (1) Fund Services Agreement (Administration,
Accounting and Transfer Agency)***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt"> (2) Compliance Consulting Agreement*** </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt"> (3) Expense Limitation Agreement (filed herewith) </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">l. Opinion and Consent of Counsel</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">(1) Opinion of Counsel***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt">(2) Consent of Counsel (filed herewith)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">m. Non-resident Trustee Consent to Service of
Process: Not applicable</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">n. Consent of Independent Registered Public Accounting
Firm (filed herewith)</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">o. Omitted Financial Statements: None</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">p. Initial Capital Agreement***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">q. Model Retirement Plan: None</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">r. (1) Code of Ethics-Fund***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(2) Code of Ethics-Adviser***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt">(3) Code of Ethics-Principal Underwriter/Distributor***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">s. (1) Powers of Attorney (Mark J. Riedy, Ira J. Miller,
John D. Frager and Raymond J Lucia, Jr.)***</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(2) Powers of Attorney (Darlene T. DeRemer and Felicia
Tarantino******</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">*Previously filed on May 31, 2013, as an exhibit to the Registrant's
Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">** Previously filed on June 15, 2011, as an exhibit to the Registrant's
Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">*** Previously filed on November 16, 2011, as an exhibit to Pre-Effective
Amendment No. 1 to the Registrant's Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">**** Previously filed on March 1, 2012, as an exhibit to Pre-Effective
Amendment No. 3 to the Registrant's Registration Statement on Form N-2, and hereby incorporated by reference.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">*****Previously filed on June 27, 2014, as an exhibit to Post-Effective
Amendment No. 8 to the Registrant&rsquo;s Registration Statement on Form N-2, and hereby incorporated by reference.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">****** Previously filed on June 27, 2016, as an exhibit to Post-Effective
Amendment No. 4 to the Registrant&rsquo;s Registration Statement on Form N-2, and hereby incorporated by reference.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"> *******Previously filed on June 28, 2017, as an exhibit to Post-Effective
Amendment No. 5 to the Registrant&rsquo;s Registration Statement on Form N-2, and hereby incorporated by reference. </P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 26</U>. <U>Marketing Arrangements</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Not Applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 27</U>. <U>Other Expenses of Issuance and Distribution </U></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Not Applicable.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 28</U>. <U>Persons Controlled by or Under Common Control
with Registrant</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">None.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"> <U>Item 29</U>. <U>Number of Holders of Securities as of
June 15, 2018</U>: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR>
    <TD STYLE="width: 55%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid">
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Title of Class</U></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Shares of Beneficial Ownership.</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>Number of Record Holders</U></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> 3,777 </P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Item 30</U>. <U>Indemnification</U></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Reference is made to Article VIII Section 2
of the Registrant's Agreement and Declaration of Trust (the &quot;Declaration of Trust&quot;), filed as Exhibit (a)(2) hereto,
and to Section 8 of the Registrant's Underwriting Agreement, to be filed as Exhibit (h)(1) hereto. The Registrant hereby undertakes
that it will apply the indemnification provisions of the Declaration of Trust and Underwriting Agreement in a manner consistent
with Release 40-11330 of the Securities and Exchange Commission (the &quot;SEC&quot;) under the Investment Company Act of 1940,
as amended (the &quot;1940 Act&quot;), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains
in effect. &nbsp;The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee,
or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position.
However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for
any act for which the Registrant itself is not permitted to indemnify.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 4.5pt 0; text-align: justify">Insofar as indemnification for liability
arising under the Securities Act of 1933 (the &quot;1933 Act&quot;) may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, trustee, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be
governed by the final adjudication of such issue.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 31</U>. <U>Business and Other Connections of Investment
Adviser </U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">A description of any other business,
profession, vocation, or employment of a substantial nature in which the investment adviser or sub-adviser of the Registrant, and
each member, director, executive officer, or partner of any such investment adviser or sub-adviser, is or has been, at any time
during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee,
partner or</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">director, is set forth in the Registrant's
prospectus in the section entitled &quot;Management of the Fund.&quot; Information as to the members and officers of the Adviser
is included in its Form ADV as filed with the SEC (File No. 801-72595), and is incorporated herein by reference. &nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 32</U>. <U>Location of Accounts and Records</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify">Gemini Fund Services, LLC, the Fund's
administrator, maintains certain required accounting related and financial books and records of the Registrant at 80 Arkay Drive,
Suite 110, Hauppauge, New York 11788. The other required books and records are maintained by the Adviser at 13520 Evening Creek
Drive N., Suite 300, San Diego, CA 92128and by the Custodian at 350 California Street, 6th Floor San Francisco, California &nbsp;94104.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 33</U>. <U>Management Services</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Not Applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Item 34</U>. <U>Undertakings</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">1. The Registrant undertakes to suspend
the offering of shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the
net asset value of the Fund declines more than ten percent from its net asset value as of the effective date of the registration
statement or (2) the net asset value of the Fund increases to an amount greater than its net proceeds as stated in the prospectus.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2. The Registrant undertakes to file, during
any period in which offers or sales are being made, a post-effective amendment to the registration statement: (a) (i) to include
any prospectus required by Section 10(a)(3) of the 1933 Act; (ii) to reflect in the prospectus any facts or events after the effective
date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration statement; and (iii) to include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement. (b) &nbsp;For the purpose of determining any liability under the 1933 Act, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (c) The
Registrant undertakes to remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. (d) The Registrant undertakes that, for the purpose of determining liability
under the 1933 Act, if the Registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under
the 1933 Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A
under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness; <I>provided however</I>,</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use. (e) The Registrant
undertakes that, for the purpose of determining liability under the 1933 Act, in a primary offering of securities of the undersigned
Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (i) any preliminary
prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under
the 1933 Act; (ii) the portion of any advertisement pursuant to Rule 482 under the 1933 Act relating to the offering containing
material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant;
and (iii) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3. For purposes of determining any liability
under the Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration
statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 497(h) under the
1933 Act shall be deemed to be part of this registration statement as of the time it was declared effective. The Registrant undertakes
that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">4. The Registrant undertakes to send by first
class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request,
the Registrant's statement of additional information.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"> Pursuant to the
requirements of the Securities Act of 1933 the Registrant certifies that it meets all of the requirements for effectiveness of
this registration statement pursuant to Rule 486(b) under the Securities Act. Pursuant to the requirements of the Securities Act
of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this amendment to its registration statement to
be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Hauppauge, State of New York, on the 27<SUP>th
</SUP>day of June 2018. </P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 99pt">By: <U>/s/ JoAnn Strasser</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 99pt">Name: JoAnn Strasser</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 99pt">Title: Attorney-in-Fact*</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 99pt">*Pursuant to Powers of Attorney</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this amendment to the registration statement has been signed below by the following persons in the
capacities and on the dates shown below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark J. Riedy **</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ira J. Miller **</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">John D. Frager **</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Darlene T. DeRemer**</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Raymond J. Lucia, Jr.**</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee, President</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and Principal Executive Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 27, 2018</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Felicia Tarantino**</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Treasurer</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and Principal Financial Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June 27, 2018</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"> **By: <U>/s/ JoAnn Strasser</U> </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">JoAnn Strasser</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">**Attorney-in-Fact &ndash; Pursuant to Powers
of Attorney.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> June 27, 2018 </P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6.75pt; text-align: center">EXHIBIT INDEX</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Description</FONT></TD>
    <TD STYLE="width: 15%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Exhibit</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory Agreement</FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99(g)(1)</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Expense Limitation Agreement</FONT> </TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99(k)(3)</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Counsel</FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99(l)(2)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Independent Registered Public Accounting Firm </FONT></TD>
    <TD STYLE="border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">99(n) </FONT></TD></TR>
</TABLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B>INVESTMENT ADVISORY
AGREEMENT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B>between</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B>MULTI-STRATEGY GROWTH
&amp; INCOME FUND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B>and</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B>LCM INVESTMENT MANAGEMENT,
LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; color: #171413">This AGREEMENT, dated
August 4, 2017, is between MULTI-STRATEGY GROWTH &amp; INCOME FUND, a Delaware statutory trust (the &quot;Trust&quot;), and LCM
INVESTMENT MANAGEMENT, LLC, a California limited liability company (the &quot;Adviser&quot;), located at 13520 Evening Creek Drive
N., Suite 300, San Diego, CA 92128.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413">RECITALS:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #171413">WHEREAS,
the Trust is an closed-end management investment company and is registered as such under the Investment Company Act of 1940, as
amended (the &quot;Act&quot;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #171413">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #171413">WHEREAS,
the Trust offers shares in the series named on Appendix A hereto and made subject to this Agreement in accordance with Section
1.3, (being herein referred to as the &quot;Fund&quot;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #171413">WHEREAS,
the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #171413">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171413">NOW, THEREFORE, the parties hereto agree
as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171413">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services
of the Adviser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #171413">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
Advisory Services. The Adviser shall act as the investment adviser to the 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 and in the name of the
Trust as its agent to:</P>


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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #171413"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #170502"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #170502"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">give its instructions to the custodian through any means that has been agreed to by the custodian;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #170502"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #170502">The
Adviser shall carry out its duties with respect to the Fund's investments in accordance with applicable law and the investment
objectives, policies and restrictions set forth in the Fund'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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #170502">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &quot;Exchange Act&quot;), 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's overall responsibility to the accounts for</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; color: #170502">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's or dealer'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's principal underwriter, the Adviser, or any affiliated person of the Trust, the Trust'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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #170502">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in; color: #170502">1.3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office
Space, Equipment and Facilities. Provide such office space, office equipment and office facilities as are adequate to fulfill the
Adviser's obligations hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in; color: #170502">1.3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in; color: #170502">1.3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents.
Assist the Trust in selecting and coordinating the activities of the other agents engaged by the Trust, including the Trust's shareholder
servicing agent, custodian, administrator, independent auditors and legal counsel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in; color: #1A1B1D">1.3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees
and Officers. Authorize and permit the Adviser'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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in; color: #1A1B1D">1.3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; color: #1A1B1D">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Series. In the event that the Trust establishes one or more series after the effectiveness of this Agreement (&quot;Additional
Series&quot;), 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #1A1B1D">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
of the Funds.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; color: #1A1B1D">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #1A1B1D">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #1A1B1D">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.1</TD><TD>Custody. All charges of depositories, custodians, and other agents for the transfer, receipt, safekeeping, and servicing of
the Fund' s cash, securities, and other property.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.2</TD><TD>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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.3</TD><TD>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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.4</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'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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.5</TD><TD STYLE="text-align: justify">Pricing and Portfolio Valuation. All expenses of computing the Fund's net asset value per share,
including any equipment or services obtained for the purpose of pricing shares or valuing the Fund's investment portfolio.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.6</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.7</TD><TD STYLE="text-align: justify">Legal and Accounting Fees. All charges for services and expenses of the Trust's legal counsel and
independent accountants.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.8</TD><TD>Trustees' Fees and Expenses. All compensation of Trustees other than those affiliated with the Adviser, all expenses incurred
in connection with such unaffiliated Trustees' 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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.9</TD><TD>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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.10</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' s shares under the Securities Act of 1933 (the &quot;1933 Act&quot;),
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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.11</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'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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.12</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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.13</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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.14</TD><TD STYLE="text-align: justify">Brokerage Commissions. All brokers' commissions and other charges incident to the purchase, sale
or lending of the Fund's portfolio securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.15</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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.16</TD><TD STYLE="text-align: justify">Trade Association Fees. All fees, dues and other expenses incurred in connection with the Trust's
membership in any trade association or other investment organization.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #1A1B1D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.17</TD><TD STYLE="text-align: justify">Compliance Fees. All charges for services and expenses of the Trust's Chief Compliance Officer.</TD></TR></TABLE>


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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.2.18</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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #1A1B1D">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory
Fee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #1A1B1D">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's average </FONT><FONT STYLE="color: #150C08">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #150C08">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy
Voting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #150C08">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'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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #150C08">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; color: #150C08">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser will maintain all books and records with respect to the securities transactions of the Fund and will furnish the Trust'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'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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; color: #150C08">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; color: #150C08">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #150C08">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
to Adviser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #150C08">The
Trust shall furnish or otherwise make available to the Adviser such copies of the Fund'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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #150C08">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports
to the Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #150C08">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #150C08">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
of Ethics.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #150C08">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
&quot;access persons&quot; (as that term is defined in Rule 17j-1) from violating the code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171412">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retention
of Sub-Adviser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #171412">Subject
to the Trust'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'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's duties hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171412">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services
to Other Clients.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #171412">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171412">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation
of Liability of Adviser and its Personnel.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #171412">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</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; color: #171412">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171412">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
of Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #171412">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171412">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term
of Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #171412">The
term of this Agreement shall begin as of August 4, 2017, 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 the 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 (&quot;Independent Trustees&quot;). 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #171412">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment
or Assignment of Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.55in; color: #171412">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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #271C14">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.45in; color: #271C14">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' 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'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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #271C14">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
of Name.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.45in; color: #271C14">The
Trust is named Multi-Strategy Growth &amp; Income Fund and the Fund may be identified, in part, by the name &quot;Multi-Strategy.&quot;
The Trust and the Adviser acknowledge that all rights to the name &quot;Multi-Strategy Growth &amp; Income Fund&quot; or any variation
thereof belong to the Adviser and that the Trust is being granted a limited license to use &quot;Multi-Strategy Growth &amp; Income
Fund&quot; in its name, in the name of any of the Fund(s) 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's right to the use of the name &quot;Multi-Strategy Growth &amp; Income Fund&quot;
shall automatically cease on the ninetieth day following the termination of this Agreement. The right to &quot;Multi-Strategy Growth
&amp; Income Fund&quot; may also be withdrawn by the 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's right to use the name
&quot;Multi-Strategy Growth &amp; Income Fund&quot; 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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #271C14">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declaration
of Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.45in; color: #271C14">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #271C14">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.45in; color: #271C14">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'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's portfolio holdings. The Adviser agrees that, consistent with the Adviser's Code of Ethics, neither the
Adviser nor the Adviser's officers, directors, members or employees may engage in personal securities transactions based on nonpublic
information about a Fund's portfolio holdings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #271C14">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be governed and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #271C14">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interpretation
and Definition of Terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.45in; color: #271C14">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</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: #271C14">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 &quot;vote of a majority of the outstanding voting
securities,&quot; &quot;interested persons,&quot; &quot;assignment&quot; and &quot;affiliated person,&quot; as used in this Agreement
shall have the meanings assigned to them by </FONT><FONT STYLE="color: #241D1D">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #241D1D">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Captions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #241D1D">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: #241D1D">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution
in Counterparts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; color: #241D1D">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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #241D1D"><I>[Signature Page Follows]</I></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 63%; padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt"><B>MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">By:<U>&#9;/s/ Raymond J. Lucia, Jr.&#9;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Name:&#9;Raymond J. Lucia, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Title: &#9;President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Date: &#9;08/04/2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt"><B>LCM INVESTMENT MANAGEMENT, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">By:<U>&#9;/s/ Joseph P. Lucia&#9;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Name:&#9;Joseph P. Lucia</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Title:&#9;President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Date: &#9;08/04/2017</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B><U>APPENDIX A</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; color: #171413"><B>FUNDS OF THE TRUST</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 12pt; color: #171413"><B>NAME OF FUND</B></FONT></TD>
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 12pt; color: #171413"><B>ANNUAL ADVISORY FEE AS A % OF AVERAGE NET ASSETS OF THE FUND</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 12pt; color: #171413">Multi-Strategy Growth &amp; Income Fund</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 12pt; color: #171413">1.35%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<TYPE>EX-99.2K OTH CONTRCT
<SEQUENCE>4
<FILENAME>ex99k.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B><U>Expense Limitation Agreement</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">To:&#9;Multi-Strategy Growth &amp; Income Fund</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">80 Arkay Drive</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Hauppauge, NY 11788</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 0 12pt">August 4, 2017</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">You have engaged us to act as the sole investment adviser
to Multi-Strategy Growth &amp; Income Fund (the &#8220;Trust,&#8221; or the &#8220;Fund&#8221;), pursuant to an Investment Advisory
Agreement dated as of August 4, 2017.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Effective from the date hereof until at least August 4, 2019,
we agree to reduce our 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% of Class A shares&#8217;
net assets, 2.45% of Class L shares&#8217; net assets, 2.70% of Class C shares&#8217; net assets, and 1.70% of Class I shares&#8217;
net assets.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Additionally, this Expense Limitation Agreement may not be
terminated by LCM Investment Management, LLC but may be terminated by the Fund&#8217;s Board of Trustees, on 60 days written notice
to LCM Investment Management, LLC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Any waiver or reimbursement by us is subject to repayment
by the Fund within three years from the date we waived any payment or reimbursed any expense, provided that the Fund is able to
make the repayment without exceeding the expense limitation in place at the time of waiver or the current expense limitation and
the repayment is approved by the Board of Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">Yours very truly,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>LCM INVESTMENT MANAGEMENT, LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By:<U>&#9;/s/ Joseph Lucia&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name:&#9;<U>Joseph Lucia&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title:<U>&#9;President&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Date:<U>&#9;08/04/2017&#9;&#9;</U></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing Agreement is hereby accepted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>MULTI-STRATEGY GROWTH &amp; INCOME FUND</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By:<U>&#9;/s/ Raymond J. Lucia Jr.&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name:<U>&#9;Raymond J. Lucia Jr.&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title:<U>&#9;President&#9;&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Date:<U>&#9;08/04/2017&#9;</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.2L OPIN COUNSL
<SEQUENCE>5
<FILENAME>ex99l.htm
<TEXT>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0pt"><IMG SRC="image_002.gif" ALT="" STYLE="width: 800px; height: 75px">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 82pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 82pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 82pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0pt">June 27, 2018</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 82pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 82pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Multi-Strategy Growth &amp; Income Fund</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">80 Arkay Drive</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Hauppauge, NY 11788</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Multi-Strategy Growth &amp; Income Fund</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">File Nos. 333-189008 and 811-22572</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A legal opinion (the &#8220;Legal
Opinion&#8221;) that we prepared was filed with Amendment No. 1 under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;)
to the Registration Statement of Multi-Strategy Growth &amp; Income Fund. We hereby give you our consent to incorporate by reference
the Legal Opinion into Amendment No. 12 under the 1940 Act (Post-Effective Amendment No. 6 under the Securities Act of 1933) and
consent to all references to us in Amendment No.&nbsp;12.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">Very truly yours,</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4in"><U>/s/ Thompson Hine LLP</U></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4in">Thompson Hine LLP</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;<IMG SRC="image_003.gif" ALT="" STYLE="width: 800px; height: 75px"></P>


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<DOCUMENT>
<TYPE>EX-99.2N OTH CONSENT
<SEQUENCE>6
<FILENAME>ex99n.htm
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We consent to the incorporation by reference in this Post-Effective
Amendment No. 6 to Registration Statement No. 333-189008 on Form N-2 of our report dated June 27, 2018, relating to the financial
statements and financial highlights of the Multi-Strategy Growth and Income Fund, appearing in the Annual Report on Form N-CSR
of the Fund for the year ended February 28, 2018, and to the references to us under the headings &quot;Financial Highlights&quot;
in the Prospectus and &quot;Independent Registered Public Accounting Firm&quot; and &ldquo;Policies and Procedures For Disclosure
Of Portfolio Holdings&rdquo; in the Statement of Additional Information, which are part of such Registration Statement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 60px; width: 243px"></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">June 27, 2018</P>


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