0000910472-13-004711.txt : 20131112 0000910472-13-004711.hdr.sgml : 20131111 20131112164331 ACCESSION NUMBER: 0000910472-13-004711 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130831 FILED AS OF DATE: 20131112 DATE AS OF CHANGE: 20131112 EFFECTIVENESS DATE: 20131112 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: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22572 FILM NUMBER: 131210885 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 N-CSRS 1 multistratncsr.htm N-CSRS GemCom, LLC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811-22572


The Multi-Strategy Growth & Income Fund

(Exact name of registrant as specified in charter)


13520 Evening Creek Drive N. Suite 300 San Diego, CA 92128

  

(Address of principal executive offices)(Zip code)


James Ash, Gemini Fund Services, LLC.

 

80 Arkay Drive, Suite 110 Hauppauge, NY 11788

              (Name and address of agent for service)


Registrant's telephone number, including area code:

631-470-2619


Date of fiscal year end:

2/28


Date of reporting period: 8/31/13


Item 1.  Reports to Stockholders.  


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Multi-Strategy Growth & Income Fund

PORTFOLIO REVIEW (Unaudited)

Since Inception through August 31, 2013*



The Fund’s performance figures for the period ending August 31, 2013, compared to its benchmarks:




Annualized Total Returns as of August 31, 2013

Six Months+

One

Year

Since Inception*

Multi-Strategy Growth & Income Fund

 

 

     

           Without Load

     3.51%

      9.75%

     7.48%

           With Load

   (2.21)%

      3.71%

     3.41%

Barclays Aggregate Bond Index

   (2.61)%

    (2.47)%

     0.91%

S&P 500 Total Return Index

     8.95%

    18.70%

   13.36%


________________

* The Fund commenced operations March 16, 2012.

+ Non-Annualized.


The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities).  Investors cannot invest directly in an index or benchmark.


The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends.  Investors cannot invest directly in an index or benchmark.


Past performance is not predictive of future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions.  The Fund’s total gross annual operating expenses, per its prospectus dated May 31, 2013, including underlying funds, are 2.44%.  The chart does not reflect the deduction of taxes that a shareholder would have to pay on Fund distributions or the redemption of the fund shares.  





Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited)

August 31, 2013

Shares

 

Security

 

 

 

 

Value

 

 

 

 

 

 

 

 

 

 

COMMON STOCK - 13.02 %

 

 

 

 

 

 

AGRICULTURE - 0.31 %

 

 

 

 

 

5,500

 

Reynolds American, Inc.

 

 

 

 

 $                     261,965

 

 

 

 

 

 

 

 

 

 

AUTO MANUFACTURERS - 0.32 %

 

 

 

 

4,000

 

Daimler AG

 

 

 

 

274,600

 

 

 

 

 

 

 

 

 

 

BANKS - 0.66 %

 

 

 

 

 

6,000

 

Bank of Hawaii Corp.

 

 

 

 

309,000

4,000

 

Bank of Montreal

 

 

 

 

251,320

 

 

 

 

 

 

 

560,320

 

 

CHEMICALS - 0.33 %

 

 

 

 

 

5,000

 

EI du Pont de Nemours & Co. ^

 

 

 

283,100

 

 

 

 

 

 

 

 

 

 

COMPUTERS - 0.26 %

 

 

 

 

 

5,700

 

Seagate Technology PLC ^

 

 

 

 

218,424

 

 

 

 

 

 

 

 

 

 

ELECTRIC - 0.34 %

 

 

 

 

 

9,500

 

PPL Corp.

 

 

 

 

291,650

 

 

 

 

 

 

 

 

 

 

ENVIRONMENTAL CONTROL - 0.28 %

 

 

 

 

6,000

 

Waste Management, Inc. ^

 

 

 

242,640

 

 

 

 

 

 

 

 

 

 

GAS - 0.90 %

 

 

 

 

 

7,000

 

AGL Resources, Inc.

 

 

 

 

307,650

15,000

 

NGL Energy Partners LP

 

 

 

 

463,200

 

 

 

 

 

 

 

770,850

 

 

OIL & GAS - 0.26 %

 

 

 

 

 

3,500

 

Diamond Offshore Drilling, Inc. ^

 

 

 

224,105

 

 

 

 

 

 

 

 

 

 

PHARMACEUTICALS - 1.02 %

 

 

 

 

5,500

 

Eli Lilly & Co. ^

 

 

 

 

282,700

5,500

 

Merck & Co., Inc.

 

 

 

 

260,095

4,500

 

Novartis AG - ADR ^

 

 

 

 

328,410

 

 

 

 

 

 

 

871,205

 

 

PIPELINES - 4.90 %

 

 

 

 

 

5,000

 

Buckeye Partners LP ^

 

 

 

 

350,000

10,000

 

Crestwood Midstream Partners LP

 

 

 

259,400

5,500

 

DCP Midstream Partners LP

 

 

 

263,615

7,000

 

El Paso Pipeline Partners LP

 

 

 

292,110

12,000

 

Enbridge Energy Partners LP

 

 

 

357,840

7,000

 

Energy Transfer Partners LP

 

 

 

358,890

4,061

 

Inergy Midstream LP

 

 

 

 

94,378

4,500

 

Kinder Morgan Energy Partners LP ^

 

 

 

367,020

4,500

 

MarkWest Energy Partners LP ^

 

 

 

300,555

15,000

 

NuStar GP Holdings LLC

 

 

 

 

355,350

7,000

 

Targa Resources Partners LP ^

 

 

 

342,020

6,000

 

TC Pipelines LP

 

 

 

 

289,920

4,500

 

TransMontaigne Partners LP

 

 

 

186,165

7,500

 

Williams Partners LP ^

 

 

 

 

369,975

 

 

 

 

 

 

 

4,187,238

 

 

RETAIL - 0.21 %

 

 

 

 

 

13,000

 

Inergy LP

 

 

 

 

178,620

 

 

 

 

 

 

 

 

 

 

SEMICONDUCTORS - 0.63 %

 

 

 

 

13,000

 

Intel Corp.

 

 

 

 

285,740

6,500

 

Microchip Technology, Inc. ^

 

 

 

252,265

 

 

 

 

 

 

 

538,005

 

The accompanying notes are an integral part of these financial statements.

 

 

Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

August 31, 2013

Shares

 

Security

 

 

 

 

Value

 

 

 

 

 

 

 

 

 

 

SOFTWARE - 0.34 %

 

 

 

 

 

10,000

 

CA, Inc. ^

 

 

 

 

 $                     292,500

 

 

 

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 0.32 %

 

 

 

 

8,000

 

AT&T, Inc. ^

 

 

 

 

270,640

 

 

 

 

 

 

 

 

 

 

TOYS/GAMES/HOBBIES - 0.27 %

 

 

 

 

5,000

 

Hasbro, Inc. ^

 

 

 

 

227,900

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 1.67 %

 

 

 

 

11,000

 

Global LNG Partners LP

 

 

 

 

357,500

7,500

 

Martin Midstream Partners LP ^

 

 

 

341,175

7,500

 

Teekay LNG Partners LP

 

 

 

 

315,600

13,000

 

Teekay Offshore Partners LP ^

 

 

 

413,010

 

 

 

 

 

 

 

1,427,285

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCK

 

 

 

 

11,121,047

 

 

(Cost - $10,513,719)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS - 55.87 %

 

 

 

 

507,400

 

American Realty Capital Healthcare Trust #

 

 

 

3,914,207

165,189

 

American Realty Capital Trust IV #

 

 

 

5,058,093

168,649

 

American Realty Capital Trust V #

 

 

 

3,900,000

447,027

 

American Realty Capital New York Recovery #

 

 

 

4,135,000

219,521

 

American Realty Capital Properties Trust

 

 

 

2,943,777

231,892

 

American Realty Capital Retail Centers of America, Inc. #

 

 

2,145,000

200,047

 

Carey Watermark Investors, Inc. #

 

 

 

 

1,850,436

340,145

 

Cottonwood Residential, Inc. #

 

 

 

 

2,010,255

232,432

 

CV Mission Critical REIT #

 

 

 

 

2,150,000

198,378

 

Hines Global REIT, Inc #

 

 

 

 

1,886,380

10,000

 

Hospitality Properties Trust

 

 

 

270,200

764,346

 

NorthStar Real Estate Income Trust #

 

 

 

7,223,373

447,027

 

Phillips Edison Shopping Center REIT #

 

 

 

4,135,000

10,000

 

Senior Housing Properties Trust

 

 

 

227,500

283,357

 

Steadfast Income REIT #

 

 

 

 

2,683,388

218,219

 

United Development Funding IV #

 

 

 

3,201,863

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS

 

 

 

47,734,472

 

 

(Cost - $46,441,178)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS DEVELOPMENT CORPORATIONS - 17.62 %

 

 

 

 

692,087

 

Business Development Corporation of America #

 

 

 

7,107,730

650,315

 

Corporate Capital Trust #

 

 

 

 

6,677,438

134,727

 

Sierra Income Corp. #

 

 

 

 

1,271,154

 

 

TOTAL BUSINESS DEVELOPMENT CORPORATIONS

 

 

 

15,056,322

 

 

(Cost - $14,801,150)

 

 

 

 

 

 

 

 

 

Interest Rate (%)

 

 

 

 

 

PREFERRED STOCK - 10.72 %

 

 

 

 

 

 

BANKS - 2.12 %

 

 

 

 

 

22,500

 

Deutsche Bank Contingent Capital Trust V

8.0500

 

 

621,450

25,000

 

JP Morgan Chase Capital XXIX

6.7000

 

 

650,000

21,265

 

SVB Capital II

 

7.0000

 

 

541,832

 

 

 

 

 

 

 

1,813,282

 

 

CLOSED-END FUNDS - 0.59 %

 

 

 

 

20,000

 

General American Investors Co., Inc.

5.9500

 

 

508,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

August 31, 2013

Shares

 

Security

 

Interest Rate (%)

 

 

Value

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES - 1.19 %

 

 

 

 

16,000

 

Morgan Stanley Capital Trust VI

6.6000

 

 

 $                     396,960

13,500

 

SLM Corp.

 

6.9700

 

 

616,680

 

 

 

 

 

 

 

1,013,640

 

 

ELECTRIC - 1.67 %

 

 

 

 

 

5,472

 

Duquesne Light Co.

 

6.5000

 

 

274,420

24,964

 

NextEra Energy Capital Holdings, Inc.

8.7500

 

 

639,328

20,000

 

San Diego Gas & Electric Co.

1.7000

 

 

514,000

 

 

 

 

 

 

 

1,427,748

 

 

INSURANCE - 1.36 %

 

 

 

 

 

20,000

 

Aegon NV

 

7.2500

 

 

503,600

26,000

 

Partnerre, Ltd.

 

7.2500

 

 

657,800

 

 

 

 

 

 

 

1,161,400

 

 

 

 

 

 

 

 

 

 

REITS - 3.79 %

 

 

 

 

 

21,198

 

BRE Properties, Inc.

 

6.7500

 

 

535,250

28,500

 

CommonWealth REIT

 

7.2500

 

 

655,500

20,000

 

Digital Realty Trust, Inc.

 

7.0000

 

 

474,000

25,500

 

Health Care REIT, Inc.

 

6.5000

 

 

605,625

15,818

 

Realty Income Corp.

 

6.7500

 

 

395,450

23,522

 

Vornado Realty Trust

 

6.6250

 

 

572,290

 

 

 

 

 

 

 

3,238,115

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCK

 

 

 

9,162,185

 

 

(Cost - $9,570,324)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS - 2.34 %

 

 

 

 

MONEY MARKET FUND - 2.34 %

 

 

1,999,203

 

AIM STIT-Government & Agency Portfolio, 0.02% +

 

 

1,999,203

 

 

TOTAL SHORT-TERM INVESTMENTS

 

 

 

 

( Cost - $1,999,203)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.57 %

 

 

 

 

( Cost - $83,325,574) (a)

 

 

 

 $               85,073,229

 

 

CALL OPTIONS WRITTEN - (0.13) %

 

 

 

                      (115,061)

 

 

OTHER ASSETS LESS LIABILITIES - 0.56 %

 

                        475,787

 

 

NET ASSETS - 100.00 %

 

 $               85,433,955

 

# Fair Value estimated using Fair Valuation Procedures adopted by the Board of Trustees. Total value of such securities is $59,349,317 or 69.47% of net assets.

+ Money market fund; interest rate reflects the seven-day effective yield on August 31, 2013.

^ Each stock position is subject to written call options.

 

ADR - American Depository Receipt

 

 

 

REIT - Real Estate Investment Trust

 

 

 

 

 

 

 

 

(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes including call options written is $83,268,014 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

 

 

Unrealized appreciation:  

 

 

 $                 4,001,226

 

 

Unrealized depreciation:  

 

 

                   (2,196,010)

 

 

Net unrealized appreciation:  

 

 

 $                 1,805,216

 

 

 

 

 

 

 

 

Contracts (1)

 

SCHEDULE OF CALL OPTIONS WRITTEN - (0.13) %

 

 

 

Value

70

 

AT&T, Inc.

 

 

 

 

 $                            490

 

 

    Expiration January 2014, Exercise Price $40.00

 

 

 

 

50

 

Buckeye Partners LP

 

 

 

 

6,500

 

 

    Expiration February 2014, Exercise Price $75.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

Multi-Strategy Growth & Income Fund

PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)

August 31, 2013

Contracts (1)

 

Security

 

 

 

 

Value

 

 

 

 

 

 

 

 

 

 

SCHEDULE OF CALL OPTIONS WRITTEN - (0.13) % (Continued)

 

 

 

 

 

100

 

CA, Inc.

 

 

 

 

 $                         4,500

 

 

    Expiration February 2014, Exercise Price $33.00

 

 

 

 

35

 

Diamond Offshore Drilling, Inc.

 

 

 

4,935

 

 

    Expiration December 2013, Exercise Price $68.50

 

 

 

 

50

 

El du Pont de Nemours & Co.

 

 

 

6,200

 

 

    Expiration January 2014, Exercise Price $60.00

 

 

 

 

55

 

Eli Lilly & Co.

 

 

 

 

1,540

 

 

    Expiration January 2014, Exercise Price $60.00

 

 

 

 

50

 

Hasbro, Inc.

 

 

 

 

8,000

 

 

    Expiration January 2014, Exercise Price $47.50

 

 

 

 

45

 

Kinder Morgan Energy Partners LP

 

 

 

1,350

 

 

    Expiration January 2014, Exercise Price $92.50

 

 

 

 

45

 

MarkWest Energy Partners LP

 

 

 

20,250

 

 

    Expiration January 2014, Exercise Price $65.00

 

 

 

 

75

 

Martin Midstream Partners LP

 

 

 

6,375

 

 

    Expiration January 2014, Exercise Price $50.00

 

 

 

 

65

 

Microchip Technology, Inc.

 

 

 

9,100

 

 

    Expiration January 2014, Exercise Price $40.00

 

 

 

 

45

 

Novartis AG - ADR

 

 

 

 

8,550

 

 

    Expiration January 2014, Exercise Price $75.00

 

 

 

 

57

 

Seagate Technology PLC

 

 

 

 

14,421

 

 

    Expiration January 2014, Exercise Price $40.00

 

 

 

 

70

 

Targa Resources Partners LP

 

 

 

2,800

 

 

    Expiration December 2013, Exercise Price $55.00

 

 

 

 

130

 

Teekay Offshore Partners LP

 

 

 

5,200

 

 

    Expiration February 2014, Exercise Price $35.00

 

 

 

 

60

 

Waste Management, Inc.

 

 

 

 

11,100

 

 

    Expiration January 2014, Exercise Price $40.00

 

 

 

 

75

 

Williams Partners LP

 

 

 

 

3,750

 

 

    Expiration January 2014, Exercise Price $55.00

 

 

 

 

 

 

TOTAL CALL OPTIONS WRITTEN

 

 

 

115,061

 

 

(Proceeds - $159,311)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Each option contract allows the holder of the option to purchase 100 shares of the underlying stock.

 

Portfolio Composition as of August 31, 2013 (Unaudited)

 

 

 

 

 

 

Percent of Net Assets

 

 

 

 

REITS

 

59.66%

 

 

 

 

Business Development Corporations

17.62%

 

 

 

 

Financial

 

5.92%

 

 

 

 

Energy

 

5.16%

 

 

 

 

Utilities

 

2.91%

 

 

 

 

Industrial

 

1.95%

 

 

 

 

Consumer, Non-Cyclical

 

1.33%

 

 

 

 

Technology

 

1.23%

 

 

 

 

Consumer, Cyclical

 

0.80%

 

 

 

 

Basic Materials

 

0.33%

 

 

 

 

Communications

 

0.32%

 

 

 

 

Short-term Investments

 

2.34%

 

 

 

 

Call Options Written

 

(0.13)%

 

 

 

 

Other Assets Less Liabilities

 

0.56%

 

 

 

 

Net Assets

 

100.00%

 

 

 

The accompanying notes are an integral part of these financial statements.

 





Multi-Strategy Growth & Income Fund

 

 

 

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

 

 

 

August 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

Investments in Securities at Value (identified cost $83,325,574)

 

 $  85,073,229

 

Dividends and Interest Receivable

 

 

           370,093

 

Receivable for Securities Sold

 

 

           194,917

 

Receivable for Fund Shares Sold

 

 

             60,119

 

Prepaid Expenses and Other Assets

 

 

             99,186

 

Total Assets

 

 

     85,797,544

 

 

 

 

 

 

Liabilities:

 

 

 

 

Call Options Written, at value (proceeds $159,311)

 

 

           115,061

 

Payable for Securities Purchased

 

 

           165,281

 

Shareholder Servicing Fees Payable

 

 

             13,407

 

Accrued Advisory Fees

 

 

             51,048

 

Payable to Other Affiliates

 

 

               8,131

 

Other Accrued Expenses

 

 

             10,661

 

Total Liabilities

 

 

           363,589

 

 

 

 

 

 

Net Assets (Unlimited shares of no par value benficial interest

 

 

 

 

authorized; 5,411,409 shares of beneficial interest outstanding)

 

 $  85,433,955

 

 

 

 

 

 

Net Asset Value and Redemption Price Per Share

 

 

 

 

($85,433,955/5,411,409 shares of beneficial interest outstanding)

 

 $            15.79

Maximum Offering Price Per Share

 

 

 

 

($15.79/0.945)

 

 

 $            16.71

 

 

 

 

 

 

Composition of Net Assets:

 

 

 

 

At August 31, 2013, Net Assets consisted of:

 

 

 

 

 

Paid-in-Capital

 

 

 $  83,737,987

 

 

Accumulated Net Investment Loss

 

 

         (359,159)

 

 

Accumulated Net Realized Gain (Loss) on:

 

 

 

 

 

  Investments

 

 

           721,516

 

 

  Options Written

 

 

         (458,294)

 

 

Net Unrealized Appreciation on:

 

 

 

 

 

  Investments

 

 

        1,747,655

 

 

  Options Written

 

 

             44,250

Net Assets

 

 

 $  85,433,955

 

The accompanying notes are an integral part of these financial statements.

 



Multi-Strategy Growth & Income Fund

 

 

 

STATEMENT OF OPERATIONS (Unaudited)

 

 

 

For the Six Months Ended August 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income:

 

 

 

 

Dividend Income (less $635 foreign taxes withholding)

 

 

 $      2,262,301

 

Interest Income

 

 

                     233

 

Total Investment Income

 

 

          2,262,534

 

 

 

 

 

 

Expenses:

 

 

 

 

Investment Advisory Fees

 

 

             249,095

 

Shareholder Servicing Fees

 

 

               88,046

 

Administration Fees

 

 

               36,218

 

Transfer Agent Fees

 

 

               21,541

 

Registration & Filing Fees

 

 

               16,548

 

Chief Compliance Officer Fees

 

 

               16,296

 

Fund Accounting Fees

 

 

               16,319

 

Trustees' Fees and Expenses

 

 

               19,044

 

Audit Fees

 

 

               13,537

 

Insurance Expense

 

 

               13,035

 

Legal Fees

 

 

               15,034

 

Printing Expense

 

 

               12,534

 

Custody Fees

 

 

                 7,082

 

Miscellaneous Expenses

 

 

                 1,254

 

Total Expenses

 

 

             525,583

 

Plus: Expense Reimbursment Recaptured

 

 

               39,605

 

Net Expenses

 

 

             565,188

 

 

 

 

 

 

 

Net Investment Income

 

 

          1,697,346

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments:

 

 

 

 

Net Realized Gain (Loss) on:

 

 

 

 

 

Investments

 

 

                (6,418)

 

 

Options Written

 

 

                 1,042

 

Total Net Realized Loss

 

 

                (5,376)

 

Net Change in Unrealized Appreciation on:

 

 

   

 

 

Investments

 

 

             138,666

 

 

Options Written

 

 

               43,979

 

Total Net Change in Unrealized Appreciation

 

 

             182,645

 

 

 

 

 

 

 

Net Realized and Unrealized Gain on Investments

 

 

             177,269

 

 

 

 

 

 

Net Increase in Net Assets Resulting From Operations

 

 

 $      1,874,615

 

The accompanying notes are an integral part of these financial statements.

 



Multi-Strategy Growth & Income Fund

 

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six

 

For the Period

 

 

 

 

Months Ended

 

Ended

 

 

 

 

August 31, 2013

 

 February 28, 2013*

 

 

 

 

(Unaudited)

 

 

Operations:

 

 

 

 

 

Net Investment Income

 

 $             1,697,346

 

 $                529,968

 

Net Realized Gain (Loss) on Investments

 

 

 

 

 

 

and Options Written

 

                       (5,376)

 

                    527,521

 

Net Change in Unrealized Appreciation

 

 

 

 

 

 

on Investments and Options Written

 

182,645

 

1,609,260

 

Net Increase in Net Assets

 

 

 

 

 

 

Resulting From Operations

 

1,874,615

 

2,666,749

 

 

 

 

 

 

 

Distributions to Shareholders From:

 

 

 

 

 

Net Investment Income ($0.49 and $0.36 per share, respectively)

 

(2,106,994)

 

(738,402)

 

Total Distributions to Shareholders

 

(2,106,994)

 

(738,402)

 

 

 

 

 

 

 

From Shares of Beneficial Interest:

 

 

 

 

 

Proceeds from Shares Issued (2,357,116 and 2,973,794 shares, respectively)

              37,628,993

 

              44,860,835

 

Distributions Reinvested (123,728 and 46,346 shares, respectively)

                1,957,228

 

                    705,651

 

Cost of Shares Redeemed (49,860 and 46,382 shares, respectively)

(807,766)

 

(706,954)

 

Net Increase in Net Assets From Shares of Beneficial Interest

 

38,778,455

 

44,859,532

 

 

 

 

 

 

 

Total Increase in Net Assets

 

              38,546,076

 

              46,787,879

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

Beginning of Period

 

              46,887,879

 

                    100,000

 

End of Period

 

 $           85,433,955

 

 $           46,887,879

 

 

 

 

 

 

 

 

Accumulated Net Investment Income (Loss) at End of Period

 

 $               (359,159)

 

 $                   50,489

_______

 

 

 

 

*The Fund commenced operations on March 16, 2012.

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 




Multi-Strategy Growth & Income Fund

 

 

STATEMENT OF CASH FLOWS (Unaudited)

 

 

For the Six Months Ended August 31, 2013

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

Net increase in net assets resulting from operations

 

 $      1,874,615

 

Adjustments to reconcile net increase in net assets resulting from operations

 

 

 

  to net cash used in operating activities:

 

 

 

Purchases of investments and options written

 

      (71,122,405)

 

Proceeds from sales

 

       34,566,900

 

Net realized gain from investments and options written

 

           (263,222)

 

Net unrealized (appreciation)/depreciation from investments and options written

 

        (1,791,905)

 

 

 

 

 

 

 

 

 

Changes in assets and liabilities

 

 

 

(Increase)/Decrease in assets:

 

 

 

      Due From Investment Adviser

 

               21,571

 

      Dividends Receivable

 

           (142,343)

 

      Receivable Securities Sold

 

           (194,917)

 

      Subscriptions Receivable

 

             469,671

 

      Deferred Cost

 

                 4,159

 

      Prepaid Expenses and Other Assets

 

              (53,791)

 

Increase/(Decrease) in liabilities:

 

 

 

      Payable to Affiliates

 

              (11,112)

 

      Payable for Securities Purchased

 

              (62,584)

 

      Accrued Advisory Fee

 

               51,048

 

      Accrued Shareholder Servicing Fee

 

                 4,943

 

      Accrued Expenses and Other Liabilities

 

              (22,089)

Net cash used in operating activities

 

      (36,671,461)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from shares sold

 

       37,628,993

 

Payment on shares redeemed

 

           (807,766)

 

Cash distributions paid

 

           (149,766)

 

Net cash provided by financing activities

 

       36,671,461

 

 

 

 

 

    Net decrease in cash

 

                        -   

 

    Cash at beginning of period

 

                        -   

 

    Cash at end of period

 

                        -   

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash activity:

 

 

 

     Noncash financing activities not including herein consists of reinvestment of dividends

 $          807,766

 

The accompanying notes are an integral part of these financial statements.

 



Multi-Strategy Growth & Income Fund

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

 

 

 

 

 

 

 

 

 

 

 

 

For the Six

 

Since Inception*

 

 

 

 

 

Months Ended

 

Through

 

 

 

 

 

August 31, 2013

 

February 28, 2013

 

 

 

 

 

(Unaudited)

 

 

 

Net Asset Value, Beginning of Period

 

 

 $                      15.73

 

 $                     15.00

 

 

Increase From Operations:

 

 

 

 

 

 

 

  Net investment income (a)

 

 

                           0.41

 

                          0.32

 

 

  Net gain from investments

 

 

 

 

 

 

 

    (both realized and unrealized)

 

 

                           0.14

 

                          0.77

 

 

Total from operations

 

 

                           0.55

 

                          1.09

 

 

 

 

 

 

 

 

 

 

Less Distributions:

 

 

 

 

 

 

 

From net investment income

 

 

                          (0.49)

 

                         (0.36)

 

 

Total Distributions

 

 

                          (0.49)

 

                         (0.36)

 

 

 

 

 

 

 

 

 

Net Asset Value, End of Period

 

 

 $                      15.79

 

 $                     15.73

 

 

 

 

 

 

 

 

 

Total Return (b)

 

 

3.51%

 

7.34%

 

 

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

 

Net assets, end of period (in 000's)

 

 

 $                    85,434

 

 $                   46,888

 

       

Ratio to average net assets:

 

 

 

 

 

 

 

    Expenses, Gross (c)

 

 

1.59%

 

2.61%

 

 

    Expenses, Net of Reimbursement (c)

 

 

1.75%

(e)

1.75%

 

 

    Net investment income, Net of Reimbursement (c)

 

5.12%

 

2.19%

 

 

Portfolio turnover rate (d)

 

 

12%

 

108%

 

 

 

 

 

 

 

 

 

__________

 

 

 

 

 

 

*The Fund commenced operations on March 16, 2012.

 

 

 

(a) Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period.  

(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.  Had the Advisor not absorbed a portion of Fund expenses, total return would have been lower.  Total returns for periods less than one year are not annualized.

(c) Annualized for periods less than one year.

 

 

 

(d) Not annualized.

 

 

 

 

 

 

(e) Such ratio includes Adviser's recapture of waived/reimbursed fees from prior periods.

 

 

The accompanying notes are an integral part of these financial statements.

 

 



Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited)

August 31, 2013



1.

ORGANIZATION


Multi-Strategy Growth & Income Fund (the “Fund”) was organized as a Delaware statutory trust on June 3, 2011 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as a non-diversified, closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares.  The investment objective of the Fund 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 of: real estate investment trusts and alternative investment funds, as well as common stocks and structured notes, notes, bonds and asset-backed securities. The Fund commenced operations on March 16, 2012.   


2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements.  These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.


Security Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”).  In the absence of a sale such securities shall be valued at the mean of the closing bid and asked prices on the day of valuation.  Short-term investments that mature in 60 days or less are valued at amortized cost, provided such valuations represent fair value.  


When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Advisor, those securities will be valued at “fair value” as determined in good faith by the RJL Capital Management, LLC (the “Advisor”) Valuation Committee using procedures adopted by and under the supervision of the Fund’s Board of Trustees (the “Board”). There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s Net Asset Value (“NAV”).


Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Advisor determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate.


The “fair value” of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality.


The values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing

 

Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2013


 

service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material.


The Fund invests in some securities which are not traded and the Valuation Committee has established a methodology for fair value of each type of security. Investments in non-traded Real Estate Investment Trusts represent 100% of Level III assets as of August 31, 2013.  Non-traded Real Estate Investment Trusts (“REITs”) that are in the public offering period (or start-up phase) are valued at cost according to management’s fair valuation methodology unless the REIT issues an updated valuation. The Fund generally purchases REITs at NAV or without a commission.  However, start-up REITs amortize a significant portion of their start-up costs and therefore potentially carry additional risks that may impact valuation should the REIT be unable to raise sufficient capital and execute their business plan.  As such, start-up REITs pose a greater risk than seasoned REITs because, if they encounter going concern issues, they may see significant deviation in value from the fair value, cost basis approach as represented.  Management is not aware of any information which would cause a change in cost basis valuation methodology currently being utilized for non-traded REITs in their offering period.  Once a REIT closes to new investors, the Fund values the security based on the movement of an appropriate market index or a similar security that is publicly traded until the REIT issues an updated market valuation. Other non-traded private investments are monitored for any independent audits of the security or impairments reported on the potential value of the security. The Valuation Committee meets frequently to discuss the valuation methodology and will adjust the value of a security if there is a public update to such valuation.


The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:


Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.


The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.


The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.


The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following tables summarize the inputs used as of August 31, 2013 for the Fund’s assets and liabilities measured at fair value:

 

Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2013


 

 


Assets*

Level 1

Level 2

Level 3

Total

Investments:

 

 

 

 

Common Stock

 $ 11,121,047 

 $ -   

 $ -   

 $ 11,121,047 

Real Estate Investment Trusts

  3,441,477 

  19,397,536 

  24,895,459 

  47,734,472 

Business Development Corporations

  -   

  15,056,322 

  -   

  15,056,322 

Preferred Stock

  9,162,186 

 

  -   

  9,162,186 

Short-Term Investments

  1,999,203 

  -   

  -   

  1,999,203 

Total Investments:

 $ 25,723,913 

 $ 34,453,858 

 $ 24,895,459 

 $ 85,073,230 

Liabilities

 

 

 

 

Call Options Written

 $ 115,061 

 $ -   

 $ -   

 $ 115,061 

 

 

 

 

 

 

 

 

 

 

       


*Refer to the Portfolio of Investments for industry classifications.

  There were no transfers into or out of Level 1 and Level 2 during the current period presented.

   It is the Fund’s policy to record transfers into or out of any level at the end of the reporting period.


The following is a reconciliation of assets in which Level 3 inputs were used in determining value:  


 

Real Estate Investment Trusts

Beginning Balance

 $                   22,313,329

Total realized gain (loss)

                                          -

Appreciation (Depreciation)

                             376,250

Cost of Purchases

                       13,120,000

Proceeds from Sales and returns of capital

                          (353,420)

Accrued Interest

                                          -

Net transfers in/out of level 3

                    (10,560,700)

Ending Balance

 $                   24,895,459


Security Transactions and Investment Income – Investment security transactions are accounted for on a trade date basis.  Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes.  Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis.  Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.


Option Transactions – The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk.  When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability.  The amount of the liability is subsequently marked-to-market to reflect the current market value of the option.  If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized.  If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received.  As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.


The Fund may purchase put and call options.  Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio.  If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit.  The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund.  In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction

 

Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2013


 

costs.  Written and purchased options are non-income producing securities.  With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.


As of August 31, 2013, the amount of unrealized appreciation and realized gain on option contracts subject to equity price risk amounted to $43,979 and $1,042, respectively.  Such figures can be found on the Statement of Operations.  The table presented under Note 4 provides an indication of the volume of derivative activity during the six months ended August 31, 2013.


Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any to shareholders.  Accordingly, no provision for Federal income taxes is required in the financial statements.


The Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities.  Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Fund’s 2013 tax returns.  The Fund identifies its major tax jurisdiction as U.S. Federal.  The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties. Generally tax authorities can examine tax returns filed for the last three years.


Distributions to Shareholders – Distributions from investment income were declared and paid quarterly through June 2013.  Effective July 2013, distributions from investment income were declared and paid monthly.  Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date.  The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.


Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust.  Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities.  The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.  However, based on industry experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.


3.

ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS


Advisory Fees – Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), investment advisory services are provided to the Fund by RJL Capital Management, LLC (the “Advisor”).  Under the terms of the Advisory Agreement, the Advisor receives monthly fees calculated at an annual rate of 0.75% of the average daily net assets of the Fund.  For the six months ended August 31, 2013, the Advisor earned advisory fees of $249,095.  


The Advisor has contractually agreed to waive all or part of its advisory fees and/or make reimbursement payments to limit Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired underlying fund fees and expenses, or extraordinary expenses such as litigation) at least until June 30, 2014, so that the total annual operating expenses of the Fund do not exceed 1.75% of the Fund’s average daily net assets. During the six months ended August 31, 2013, the Advisor did not waive or reimburse any fees.

 

Waivers and expense reimbursement payments may be recouped by the Advisor from the Fund, to the extent that overall expenses fall below the expense limitation, within three years of when the amounts were waived or reimbursed. For the six months ended August 31, 2013, the Advisor recouped $39,605 from the Fund in prior

 

Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2013


 

period fee waivers/expense reimbursements. As of August 31, 2013, the cumulative expenses subject to recapture amounted to $186,615 and will expire on February 28, 2016.


Sub-advisory services were provided to the Fund pursuant to agreements between the Advisor and First Allied Asset Management, Inc. (the “Sub-Advisor”). Under the terms of the sub-advisory agreements, the Advisor compensated the Sub-Advisor based on a portion of the Fund’s average daily net assets which the Sub-Advisor had been allocated to manage.


Pursuant to separate servicing agreements with Gemini Fund Services LLC, (“GFS”), the Fund pays GFS customary fees for providing administration, fund accounting and transfer agency services to the Fund.    


In addition, certain affiliates of GFS provide ancillary services to the Fund as follows:


Northern Lights Compliance Services, LLC  (“NLCS”) - NLCS, an affiliate of GFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Fund.


Gemcom, LLC (“Gemcom”) - Gemcom, an affiliate of GFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis.   For the provision of these services, Gemcom receives customary fees from the Fund.


Distributor – The distributor of the Fund is Northern Lights Distributors, LLC (the “Distributor”).  The Board of Trustees has adopted, on behalf of the Fund, a Shareholder Services Plan 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.   Under the Shareholder Services Plan, the Fund may pay 0.25% per year of its average daily net assets for such services.  For the six months ended August 31, 2013, the Fund incurred distribution fees of $88,046.  


The Distributor acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.   The Distributor is an affiliate of GFS. For the six months ended August 31, 2013, the Distributor received $3,201,075 in underwriting commissions for sales of the Fund’s shares, of which $265,579 was retained by the principal underwriter or other affiliated broker-dealers.


Trustees – The Fund pays each Trustee who is not affiliated with the Trust or Advisor a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending meetings.  The “interested persons” who serve as Trustees of the Trust receive no compensation for their services as Trustees.  None of the executive officers receive compensation from the Trust.


Other Affiliates – During the six months ended August 31, 2013, Lucia Securities, a registered broker/dealer and an affiliate of the Advisor, executed trades on behalf of the Fund for which it received trade commissions of $295,600.  Additionally, during the six months ended August 31, 2013, First Allied Securities, Inc., a registered broker/dealer and an affiliate of the Sub-Advisor, executed trades on behalf of the Fund for which it received $20,888 in trade commissions.



4.

INVESTMENT TRANSACTIONS


The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the six months ended August 31, 2013, amounted to $47,278,944 and $7,735,112, respectively.  


Transactions in option contracts written during the six months ended August 31, 2013 were as follows:


Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2013


 


 

Contracts

Premium

Outstanding at Beginning of Period

                20

 $               7,071

Options Written

           1,097

              163,086

Options Closed

               (20)

                 (7,071)

Options Exercised

               (20)

                 (3,775)

Options Expired

                  -   

                         -   

Outstanding at End of Period

           1,077

 $           159,311


5.   

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL


The tax character of Fund distributions for the following period was as follows:

 

 

 

Period Ended

 

 

February 28, 2013

Ordinary Income

 

 $                  738,402

Long-Term Capital Gain

 

                                 -   

 

 

 $                  738,402


As of February 28, 2013, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Undistributed

 

Undistributed

 

Other

 

Unrealized

 

Total

Ordinary

 

Long-Term

 

Book/Tax

 

Appreciation/

 

Accumulated

Income

 

Gains

 

Differences

 

(Depreciation)

 

Earnings/(Deficits)

 $         243,171

 

 $            25,427

 

 $                     -   

 

 $      1,659,749

 

 $           1,928,347


The differences between book basis and tax basis unrealized appreciation/ (depreciation) of investments and undistributed net investment income are primarily attributable to the adjustment for publicly traded partnerships and the tax treatment of short-term capital gains.


Permanent book and tax differences, primarily attributable to distribution reclass and adjustment related to grantor trust, resulted in reclassification for the period ended February 28, 2013 as follows: a decrease in accumulated net investment loss of $258,923 and a decrease in accumulated net realized gain on investments of $258,923.


6.

NEW ACCOUNTING PRONOUNCEMENTS


In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 related to disclosures about offsetting assets and liabilities.  In January 2013, the FASB issued ASU No. 2013-01 which gives additional clarification to ASU 2011-11.  The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented.  Management is currently evaluating the impact this amendment may have on the Fund’s financial statements.


Multi-Strategy Growth & Income Fund

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2013



7.

SUBSEQUENT EVENTS


Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements.








PRIVACY NOTICE

Rev: April 2013

FACTS

WHAT DOES MULTI-STRATEGY GROWTH & INCOME FUND DO WITH YOUR PERSONAL INFORMATION?

  

 

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

  

  

What?

 

  The types of personal information we collect and share depend on the product or service you have with us. This information can include:

§ Social Security number

§ Purchase History

§ Assets

§ Account Balances

§ Retirement Assets

§ Account Transactions

§ Transaction History

§ Wire Transfer Instructions

§ Checking Account Information


  When you are no longer our customer, we continue to share your information as described in this notice.

 

 

How?

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons The Multi-Strategy Growth & Income Fund chooses to share; and whether you can limit this sharing.

  

  

  

  

Reasons we can share your personal information

Does Multi-Strategy Growth & Income Fund share?

Can you limit this sharing?

For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

No

For our marketing purposes – to offer our products and services to you

No

We don't share

For joint marketing with other financial companies

No

We don't share

For our affiliates' everyday business purposes – information about your transactions and experiences

No

We don't share

For our affiliates' everyday business purposes – information about your creditworthiness

No

We don't share

For nonaffiliates to market to you

No

We don't share

  

  

Questions?

Call 1-855-601-3841

 

 

Who we are

Who is providing this notice?

Multi-Strategy Growth & Income Fund

What we do

How does The Multi-Strategy Growth & Income Fund protect my personal information?

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.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does The Multi-Strategy Growth & Income Fund collect my personal information?

We collect your personal information, for example, when you

§ Open an account

§ Provide account information

§ Give us your contact information

§ Make deposits or withdrawals from your account

§ Make a wire transfer

§ Tell us where to send the money

§ Tells us who receives the money

§ Show your government-issued ID

§ Show your driver's license

We also collect your personal information from other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

   Sharing for affiliates' everyday business purposes information about your creditworthiness

   Affiliates from using your information to market to you

   Sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates

    Companies related by common ownership or control. They can be financial and nonfinancial companies.

§ The Multi-Strategy Growth & Income Fund does not share with our affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies

§ The Multi-Strategy Growth & Income Fund does not share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

§ The Multi-Strategy Growth & Income Fund doesnt jointly market.




Multi-Strategy Growth & Income Fund

DISCLOSURE OF FUND EXPENSES (Unaudited)

August 31, 2013


As a shareholder of the Fund you incur two types of cost, transaction costs or sales loads and ongoing costs, including management fees, shareholder service fees and other Fund operating expenses.  This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.  Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

 

This example is based on an investment of $1,000 invested for the period of time as indicated in the table below.


Actual Expenses:  The first line of the table provides information about actual account values and actual expenses.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.


Hypothetical Examples for Comparison Purposes:  The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Fund and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account.  Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.  In addition, if these transactional costs were included, your costs would have been higher.



 


Beginning Account Value (3/1/13)


Ending Account Value

 (8/31/13)


Expenses Paid

During the Period*

(3/1/13 to 8/31/13)

Actual

$1,000.00

      $1,035.10

            $8.93

Hypothetical

(5% return before expenses)


$1,000.00

    

      $1,016.29


            $8.85


*  Expenses Paid During Period are equal to the Fund’s annualized expense ratio of 1.75%, multiplied by the number of days in the period from March 1, 2013 through August 31, 2013 (183) divided by the number of days in the fiscal year (365).







Investment Advisor

RJL Capital Management

13520 Evening Creek Drive N. Suite 300

San Diego, CA 92128


Distributor

Northern Lights Distributors, LLC

17605 Wright Street

Omaha, NE 68130


Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215


Independent Registered Public Accounting Firm

BBD, LLP

1835 Market Street, 26th Floor

Philadelphia, PA 19103













 


How to Obtain Proxy Voting Information

Information regarding how the Fund votes proxies relating to portfolio securities for the 12 month period ended June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-855-601-3841 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.


How to Obtain 1st and 3rd Fiscal Quarter Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.  Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330).  The information on Form N-Q is available without charge, upon request, by calling 1-855-601-3841.



Item 2. Code of Ethics.  Not applicable.


Item 3. Audit Committee Financial Expert.  Not applicable.


Item 4. Principal Accountant Fees and Services.  Not applicable.


Item 5. Audit Committee of Listed Companies.  Not applicable.


Item 6.  Schedule of Investments.  Schedule of investments in securities of unaffiliated issuers is included under Item 1.


Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.  Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.  Not applicable.


Item 9.  Purchases of Equity Securities by Closed-End Funds.  Not applicable.


Item 10.  Submission of Matters to a Vote of Security Holders.  None


Item 11.  Controls and Procedures.  


(a)

Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.


(b)

There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


Item 12.  Exhibits.  


(a)(1)

Not applicable.


(a)(2)

Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.


(a)(3)

Not applicable.


(b)

Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) The Multi-Strategy Growth & Income Fund


By (Signature and Title)

/s/ Raymond J. Lucia, Jr.

       Raymond J. Lucia, Jr., President

       

Date  

11/07/13


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)

/s/ Raymond J. Lucia, Jr.

       Raymond J. Lucia, Jr., President

       

Date

11/07/13



By (Signature and Title)

/s/Stephanie Pimentel

       Stephanie Pimentel, Treasurer

        

Date

11/07/13



EX-99.CERT 2 cert1.htm GemCom, LLC

CERTIFICATIONS


I, Raymond J. Lucia, Jr., certify that:


1.

I have reviewed this report on Form N-CSR of The Multi-Strategy Growth & Income Fund;


2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;


4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:


a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:

11/07/13

         

/s/ Raymond J. Lucia, Jr.                    

Raymond J. Lucia, Jr.

President



I, Stephanie Pimentel, certify that:


1.

I have reviewed this report on Form N-CSR of The Multi-Strategy Growth & Income Fund;


2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;


4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:


a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:

    11/07/13                  

 /s/ Stephanie Pimentel                         

Stephanie Pimentel

 Treasurer



EX-99.906 CERT 3 cert2.htm GemCom, LLC


CERTIFICATION

Raymond J. Lucia, Jr., President, and Stephanie Pimentel, Treasurer of The Multi-Strategy Growth & Income Fund (the “Registrant”), each certify to the best of his knowledge that:

1.

The Registrant’s periodic report on Form N-CSR for the period ended August 31, 2013 (the “Form N-CSR”) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2.

The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President

Treasurer

The Multi-Strategy Growth & Income Fund

The Multi-Strategy Growth & Income Fund



     /s/ Raymond J. Lucia, Jr.        

/s/ Stephanie Pimentel

Raymond J. Lucia, Jr.

Stephanie Pimentel

Date:

11/07/13

Date:

11/07/13      



A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the The Multi-Strategy Growth & Income Fund and will be retained by the The Multi-Strategy Growth & Income Fund and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.


This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.




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