N-Q 1 multistratnq.htm N-Q Blu Giant, LLC

united states
securities and exchange commission
washington, d.c. 20549

form n-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22572

 

Multi-Strategy Growth & Income Fund

(Exact name of registrant as specified in charter)

 

80 Arkay Drive Suite 110, Hauppauge, NY 11788

(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: 5/31/16

 

 

Item 1. Schedule of Investments.

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)
May 31, 2016
Shares   Security         Value
    COMMON STOCKS - 7.97 %        
    AEROSPACE/DEFENSE - 0.18 %        
                      1,988   Boeing Co. ^          $                     250,786
                         824   General Dynamics Corp.                                 116,901
                                      367,687
    AIRLINES - 0.12 %          
                      2,813   Ryanair Holdings PLC - ADR ^                               245,856
               
    AUTO MANUFACTURERS - 0.11 %        
                      6,783   General Motors Co. ^                                 212,172
               
    AUTO PARTS & EQUIPMENT - 0.11 %        
                      2,898   Johnson Controls, Inc. ^                                 127,947
                      2,479   Mobileye NV *^                                    94,128
                                      222,075
    BANKS - 0.23 %          
                      1,783   Goldman Sachs Group, Inc.                               284,353
                      3,465   Wells Fargo & Co. ^                                 175,745
                                      460,098
    BIOTECHNOLOGY - 0.45 %          
                      1,678   Celgene Corp. *^                                 177,063
                      5,260   Gilead Sciences, Inc.                                 457,936
                         582   Illumina, Inc. *^                                    84,291
                    48,704   PDL BioPharma, Inc. ^                                 174,847
                                      894,137
    CHEMICALS - 0.11 %          
                         715   Air Products & Chemicals, Inc. ^                               101,988
                      1,007   Monsanto Co. ^                                 113,257
                                      215,245
    COMMERCIAL SERVICES - 0.33 %        
                      1,435   Euronet Worldwide, Inc. *^                               114,527
                      7,403   Macquarie Infrastructure Co. ^                               530,129
                                      644,656
    COMPUTERS - 0.13 %          
                      2,499   Apple, Inc. ^                                 249,550
               
    DISTRIBUTION/WHOLESALE - 0.09 %        
                      5,103   HD Supply Holdings, Inc *^                               180,136
               
    DIVERSIFIED FINANCIAL SERVICES - 0.08 %        
                      1,916   Visa, Inc. ^                                 151,249
               
    ELECTRONICS - 0.08 %          
                      7,002   TASER International, Inc. *^                               156,635
               
    ENTERTAINMENT - 0.33 %          
                    10,988   Cedar Fair LP ^                                 659,610

 

 

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
May 31, 2016
Shares   Security         Value
    FOOD - 0.05 %          
                      2,100   Mondelez International, Inc. ^        $                       93,429
               
    HEALTHCARE-PRODUCTS - 0.15 %        
                      2,311   DENTSPLY SIONA, Inc. ^                                 143,652
                      1,263   Zimmer Biomet Holdings, Inc. ^                               154,225
                                      297,877
    HEALTHCARE-SERVICES - 0.07 %        
                      2,032   ICON PLC *^                                 143,134
               
    HOME BUILDERS - 0.08 %          
                      8,231   PulteGroup, Inc. ^                                 154,414
               
    INSURANCE - 0.51 %          
                      3,821   Aflac, Inc. ^                                 265,406
                      2,684   Allstate Corp. ^                                 181,197
                      1,521   Aon PLC ^                                 166,200
                      1,354   Chubb Ltd. ^                                 171,430
                      2,021   Travelers Cos, Inc. ^                                 230,677
                                   1,014,910
    INTERNET - 0.15 %          
                      1,437   F5 Networks, Inc. *^                                 158,357
                         106   Priceline Group, Inc. *^                                 134,019
                                      292,376
    LEISURE TIME - 0.06 %          
                      1,335   Polaris Industries, Inc. ^                                 113,502
               
    LISTED BUSINESS DEVELOPMENT COMPANIES - 1.94 %        
                    25,194   Ares Capital Corp. ^                                 373,879
                    51,792   BlackRock Capital Investment Corp. ^                               399,834
                    30,782   FS Investment Corp. ^                                 272,421
                    33,990   Garrison Capital, Inc. ^                                 349,417
                    24,505   Golub Capital BDC, Inc. ^                                 425,162
                    17,971   New Mountain Finance Corp. ^                               226,075
                    27,634   PennantPark Floating Rate Capital Ltd. ^                               331,884
                    15,492   THL Credit, Inc. ^                                 170,257
                    27,852   TPG Specialty Lending, Inc. ^                               456,773
                    11,292   Triangle Capital Corp. ^                                 210,596
                    27,527   TriplePoint Venture Growth BDC Corp. ^                               296,741
                    32,516   WhiteHorse Finance, Inc. ^                               340,117
                                   3,853,156
    MEDIA - 0.24 %          
                      2,783   Comcast Corp. ^                                 176,164
                      7,090   Naspers Ltd. - ADR                                 104,251
                      2,558   Time Warner, Inc. ^                                 193,538
                                      473,953
    MISCELLANEOUS MANUFACTURING - 0.06 %        
                      1,118   Illinois Tool Works, Inc. ^                               118,542

 

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
May 31, 2016
Shares   Security         Value
    OIL & GAS - 0.09 %          
                      2,189   Marathon Petroleum Corp. ^        $                       76,243
                      1,939   Valero Energy Corp. ^                                 106,063
                                      182,306
    PHARMACEUTICALS - 0.24 %        
                      2,405   AmerisourceBergen Corp. ^                               180,327
                      1,190   Express Scripts Holding Co. *^                                  89,904
                      3,722   Novo Nordisk A/S - ADR ^                                 208,581
                                      478,812
    PIPELINES - 0.07 %          
                      5,322   Sunoco Logistics Partners LP ^                               146,089
               
    PRIVATE EQUITY - 0.19 %          
                    30,249   Hercules Capital, Inc. ^                                 371,155
               
    RETAIL - 0.67 %          
                      1,538   Foot Locker, Inc. ^                                    86,005
                      2,035   Lowe's Cos., Inc. ^                                 163,064
                      2,900   Luxottica Group SpA - ADR ^                               158,050
                      3,559   Pandora A/S - ADR                                 132,146
                      4,310   Starbucks Corp. ^                                 236,576
                      1,712   Target Corp. ^                                 117,751
                         622   Ulta Salon Cosmetics & Fragrance, Inc. *^                               144,932
                      3,877   Walgreens Boots Alliance, Inc.^                               300,080
                                   1,338,604
    SEMICONDUCTORS - 0.37 %        
                      6,664   Applied Materials, Inc. ^                                 162,735
                      1,230   Broadcom Ltd. ^                                 189,863
                      2,458   Skyworks Solutions, Inc. ^                               164,096
                      2,198   NXP Semiconductors NV *^                               207,689
                                      724,383
    SOFTWARE - 0.16 %          
                      1,150   Check Point Software Technologies Ltd. *^                                  97,715
                      1,128   Fiserv, Inc. *^                                 118,812
                      1,976   Microsoft Corp. ^                                 104,728
                                      321,255
    TELECOMMUNICATIONS - 0.52 %        
                    18,618   AT&T, Inc. ^                                 728,895
                      6,035   Cisco Systems, Inc. ^                                 175,317
                      2,467   Verizon Communications, Inc. ^                               125,570
                                   1,029,782
               
    TOTAL COMMON STOCKS                            15,806,785
    (Cost - $16,557,659)          
               
    EXCHANGE TRADED FUND - 0.04 %        
    DEBT FUND - 0.04 %          
                      5,525   Global X SuperIncome Preferred ETF                                  74,753
    TOTAL EXCHANGED TRADED FUND        
    (Cost - $79,505)          

 

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
May 31, 2016
Shares   Security          Value
    REAL ESTATE INVESTMENT TRUSTS - 47.33 %        
    LISTED REAL ESTATE INVESTMENT TRUSTS - 2.66 %        
                      5,785   Care Capital Properties, Inc. ^        $                     150,352
                      4,401   Colony Financial, Inc. ^                                    80,626
                    16,423   Corrections Corporation Of America ^                               551,813
                      4,201   Crown Castle International Corp. ^                               381,493
                    10,456   Digital Realty Trust, Inc. ^                                 998,025
                    14,357   HCP, Inc. ^                                 471,915
                    19,001   Iron Mountain, Inc. ^                                 698,097
                    12,600   Omega Healthcare Investors, Inc. ^                               402,192
                    23,144   Ventas, Inc. ^                              1,535,141
    TOTAL LISTED REAL ESTATE INVESTMENT TRUSTS                            5,269,654
    (Cost - $5,251,325)          
               
    NON-LISTED REAL ESTATE INVESTMENT TRUSTS - 33.93%      
                 432,433   American Realty Capital Hospitality Trust, Inc. #                            9,215,226
                 707,027   American Realty Capital Retail Centers of America, Inc. #                          6,521,601
                 188,108   American Finance Trust #                              4,640,495
                 228,122   Carey Watermark Investors, Inc. #                            2,402,633
                 738,378   Carter Validus Mission Critical REIT, Inc. #                            7,809,858
                 397,838   Healthcare Trust, Inc. #                              9,022,739
                 198,378   Hines Global REIT, Inc. #                              2,060,940
                 432,433   NorthStar Real Estate Income II, Inc. #                            4,066,880
                 764,346   NorthStar Real Estate Income Trust, Inc. #                            7,605,050
              1,081,081   NorthStar Health Care Income, Inc. #                            9,501,259
                 388,931   Steadfast Income REIT, Inc. #                            4,458,305
    TOTAL NON-LISTED REAL ESTATE INVESTMENT TRUSTS                          67,304,986
    (Cost - $65,281,250)          
               
    PRIVATE REAL ESTATE INVESTMENT TRUSTS - 10.74%        
                      7,354   Clarion Lion Industrial Trust #                          10,447,479
                 661,928   Cottonwood Residential, Inc. #                          10,849,000
    TOTAL PRIVATE REAL ESTATE INVESTMENT TRUSTS                          21,296,479
    (Cost - $18,049,995)          
               
    TOTAL REAL ESTATE INVESTMENT TRUSTS                          93,871,119
    (Cost - $88,582,570)          
               
    NON-LISTED BUSINESS DEVELOPMENT COMPANIES - 17.12 %      
                 727,273   Business Development Corporation of America #                            6,443,640
              1,005,598   Cion Investment Corp. #                              9,069,239
              1,188,055   Corporate Capital Trust #                            10,300,431
                 978,323   Sierra Income Corp. #                              8,144,540
    TOTAL NON-LISTED BUSINESS DEVELOPMENT COMPANIES                        33,957,850
    (Cost - $38,440,230)          
               
    PRIVATE INVESTMENT FUNDS - 12.28 %        
                              8   Aim Infrastructure MLP Fund II LP #                            3,708,213
                      9,910   Clarion Lion Properties Fund #                          13,137,867
                              3   Ovation Alternative Income Fund #                            7,500,000
    TOTAL PRIVATE INVESTMENT FUNDS                          24,346,080
    (Cost - $22,460,000)          

 

 

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)
May 31, 2016
Shares   Security         Value
    NON-TRADED PARTNERSHIP FUND - 3.78 %        
                 818,599   TriLinc Global Impact Fund Class I #        $                  7,500,000
    TOTAL NON-TRADED PARTNERSHIP FUND                            7,500,000
    (Cost - $7,500,000)          
               
    CLOSED-END FUNDS - 6.18 %        
                    68,399   Apollo Tactical Income Fund, Inc. ^                               975,370
                 246,847   BlackRock Debt Strategies Fund, Inc. ^                               876,307
                 113,427   BlackRock Multi-Sector Income Trust ^                            1,873,814
                    80,314   Cohen & Steers REIT and Preferred Income Fund, Inc. ^                        1,548,454
                    98,042   DoubleLine Income Solutions Fund ^                            1,770,639
                    57,907   Flaherty & Crumrine Preferred Securities Income Fund, Inc. ^                        1,200,991
                 167,215   Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. ^                        4,008,143
    TOTAL CLOSED-END FUNDS                        12,253,718
    (Cost - $12,794,902)          
               
    HEDGE FUND - 13.34 %          
                    27,040   Collins Master Access Fund Ltd. # *                          26,467,964
    TOTAL HEDGE FUND          
    (Cost - $27,000,000)          
               
    SHORT-TERM INVESTMENT - 1.01 %        
    MONEY MARKET FUND - 1.01 %        
              2,007,679   AIM STIT-Government & Agency Portfolio, Private Class, 0.14% +                        2,007,679
    TOTAL SHORT-TERM INVESTMENT        
    (Cost - $2,007,679)          
               
    TOTAL INVESTMENTS - 109.05 %        
    (Cost - $215,422,545) (a)        $             216,285,948
    LIABILITIES IN EXCESS OF OTHER ASSETS - (9.05) %                      (17,947,078)
    NET ASSETS - 100.00 %          $             198,338,870
               
ADR - American Depositary Receipt.          
ETF - Exchange Traded Fund.          
LP - Limited Partnership.          
PLC - Public Limited Company.          
REIT - Real Estate Investment Trust.          
* Non-income producing security.          
^ All or a portion of this security is segregated as collateral.        
# Fair Value estimated using Fair Valuation Procedures adopted by the Board of Trustees. Total value of such securities is $180,873,359 or 91.19% of net assets.
+ Money market fund; interest rate reflects the seven-day effective yield on May 31, 2016.    
(a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes is $213,812,281 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:
    Unrealized appreciation:          $               11,493,505
    Unrealized depreciation:                            (9,019,838)
    Net unrealized appreciation:          $                  2,473,667
               
               
The Fund has unfunded commitments on the below Private Investment Fund. The commitments will be funded when called through current assets at that time.
               
    Aim Infrastructure MLP Fund II LP  $               3,540,000    

 

 

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited)
May 31, 2016
               
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 may be valued at amortized cost, provided such valuations represent fair value. The Fund follows the specialized accounting and reporting requirements under generally accepted accounting principles in the United States  that are applicable to investment companies.
 
Valuation of Fund of Funds - The Fund may invest in funds of open-end or closed-end investment companies (the “Underlying Funds”).  The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value using the methods established by the board of directors of the Underlying Funds. Open-end funds are valued at their net asset value per share and closed-end fund that trade on an exchange are valued as described under security valuation.
 
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 Fair 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 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 Board’s Valuation Committee has established a methodology for fair value of each type of security. 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. Non-traded REITs that are in their offering period are generally categorized as Level 3 in the fair value hierarchy. 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. Non-traded REITs that have closed to new investors are generally categorized in Level 2 of the fair value hierarchy, due to the significance of the effect of the application of the movement of the market index on the overall fair valuation of the REIT. Other non-traded private investments are monitored for any independent audits of the investment or impairments reported on the potential value of the investment. For non-traded private investments that are themselves treated as investment companies under GAAP, the Fund follows the guidance in GAAP that allows, as practical expedient, the Fund to value such investments at their reported NAV per share (or if not unitized, at an equivalent percentage of the capital of the investee entity). Such investments typically provide an updated NAV or its equivalent on a quarterly basis. 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.

 

 

Multi-Strategy Growth & Income Fund
PORTFOLIO OF INVESTMENTS (Unaudited) (Continued)
May 31, 2016
               
The non-traded Business Development Companies provide quarterly fair value pricing which is used as an indicator of the valuation for the fund. If the value fluctuates, the Advisor will provide an updated price. If a significant event occurs that causes a large change in price, the Fair Valuation Committee will call a meeting to evaluate the fair value. Non-traded Business Development Companies are categorized as Level 2 in the fair value hierarchy.
 
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 May 31, 2016 for the Fund’s assets and liabilities measured at fair value:
               
Assets *   Level 1 Level 2 Level 3 Total    
Common Stocks  $     15,806,785  $                      -     $                      -     $      15,806,785    
Exchange Traded Fund                    74,753                          -                             -                      74,753    
Listed Real Estate Investment Trusts              5,269,654                          -                             -                5,269,654    
Non-Listed Real Estate Investment Trusts                           -            63,238,106           4,066,880           67,304,986    
Private Real Estate Investment Trusts                           -                             -            21,296,479           21,296,479    
Private Investment Funds                           -                             -            24,346,080           24,346,080    
Non-Traded Partnership Fund                           -                             -              7,500,000             7,500,000    
Closed-End Funds            12,253,718                          -                             -              12,253,718    
Hedge Fund                           -                             -            26,467,964           26,467,964    
Short-Term Investment            2,007,679                          -                             -                2,007,679    
Subtotals  $     35,412,589  $     63,238,106  $     83,677,403  $    182,328,098    
Non-Listed Business Development Companies (1)                             -                               -                          -              33,957,850    
Totals  $     35,412,589  $     63,238,106  $     83,677,403  $    216,285,948    
               
*Refer to the Portfolio of Investments for industry classifications.        
There were no transfers between Level 1, Level 2 or Level 3 during the period ended May 31, 2016.
It is the Fund’s policy to record transfers into or out of any Level at the end of the reporting period.
               
(1) The fair value amount presented in this table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Portfolio of Investments.

 

The following is a reconciliation of assets in which Level 3 inputs were used in determining value:    
                   
  Non-Listed Real Estate Investment Trusts Private Real Estate Investment Trusts Private Investment Funds Non-Traded Partnership Fund Hedge Fund Total
Beginning Balance  $       4,066,880  $     20,737,806  $      23,849,209  $     7,500,000  $   26,237,195  $    82,391,090
Total Realized Gain (loss)                            -                            -                              -                           -                           -  $                       -
Change in Appreciation (Depreciation)                            -               558,673                384,371                           -             230,769  $      1,173,813
Cost of Purchases                            -                            -                112,500                           -                           -  $         112,500
Proceeds from Sales and Return of Capital                            -                            -                              -                           -                           -  $                       -
Net transfers in/out of Level 3                            -                            -                              -                           -                           -  $                       -
Ending Balance  $       4,066,880  $     21,296,479  $      24,346,080  $     7,500,000  $   26,467,964  $    83,677,403
                   
Exchange Traded Funds – The Fund may invest in exchange traded funds (“ETFs”).  ETFs are a type of index fund bought and sold on a securities exchange.  An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index.  The Fund may purchase an ETF to gain exposure to a portion of the U.S. or a foreign market.  The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile.  Additionally, ETFs have fees and expenses that reduce their value.      
     

 

Item 2. Controls and Procedures.

 

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) 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) Multi-Strategy Growth & Income Fund

 

By (Signature and Title)

 

*/s/ Raymond J. Lucia, Jr.

Raymond J. Lucia, Jr., President

 

Date 7/26/16

 

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 7/26/16

 

By (Signature and Title)

 

*/s/ Felicia Tarantino

Felicia Tarantino, Treasurer

 

Date 7/26/16