PSTRQ PostRock Energy Corporation (CE)

Investment Adviser

RJL Capital Management, LLC (the "Adviser")

PROSPECTUS SUMMARY

This summary does not contain all of the information that you should consider before investing in the shares. You should review the more detailed information contained or incorporated by reference in this prospectus and in the Statement of Additional Information, particularly the information set forth under the heading "Risk Factors."

The Fund.  The Multi-Strategy Growth & Income Fund is a continuously offered, non-diversified, closed-end management investment company.  See "The Fund."  The Fund is an interval fund that will offer to make quarterly repurchases of shares at NAV.  See "Quarterly Repurchases of Shares."

Investment Objective and Policies.  The Fund's investment objective is to seek returns from capital appreciation and income with an emphasis on income generation.  The Fund pursues its investment objective by investing primarily in the income-producing securities: (1) real estate investment trusts ("REITs"), (2) alternative investment funds ("AIFs"), (3) master limited partnerships ("MLPs"), (4) common and preferred stocks and (5) structured notes, notes, bonds and asset-backed securities.  The Fund also executes investments in the preceding types of securities through index-linked or actively managed exchange-traded funds ("ETFs"), mutual funds and closed-end funds (collectively "Underlying Funds").  The Fund defines AIFs as limited partnerships and limited liability companies that pursue investment strategies linked to real estate, small businesses or other investments that serve as alternatives to traditional stocks and bonds.  In general, the Fund defines an alternative strategy as one that is different from seeking returns from buying and holding traditional stocks and bonds.  However, the Fund does not invest in securities of funds commonly known as hedge funds, which are typically privately placed with investors without registration with the SEC, employ leverage and hedging strategies as well as pay their managers performance fees on gains.  The Fund invests in securities of issuers without restriction as to market capitalization.  The majority of the Fund's investments will be in private placements or other investments that are not publicly traded, or are traded in over-the-counter markets that have less liquidity than exchange-traded securities.  Consequently, the majority of the Fund's investments are illiquid.  The Fund ’ s Adviser employs a sub-adviser that focuses on selection of dividend-paying common stocks, preferred stocks and MLPs.  The sub-adviser is paid by the Adviser on only the portion of Fund assets allocated to the sub-adviser, which is expected to range between 10% to 50%.  

The Fund concentrates investments in the REIT industry because, under normal circumstances, it invests over 25% of its net assets in REIT industry securities.  This policy is fundamental and may not be changed without shareholder approval.  The Fund may employ leverage, including borrowing from banks in an amount up to 33-1/3% of the Fund's assets (defined as net assets plus borrowing for investment purposes).  Leverage is primarily used to increase the size of the Fund's portfolio of securities.  However, the Fund will not leverage by issuing debt or preferred shares during the next 12 months of operations.  See "Investment Objective, Policies and Strategies."  The Statement of Additional Information contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading "Investment Objective and Policies." REITS.   Under normal circumstances, the Fund will invest more than 25% of its net assets in REIT securities.  This real estate industry securities policy is fundamental and may not be changed without shareholder approval.  The REITs in which the Fund invests may be focused in various sectors of the commercial real estate market consisting of the office, retail, multifamily, hotel, healthcare and self-storage sectors.  The value of retail properties are affected by shifts in consumer demand due to demographic changes, changes in spending patterns and lease terminations.

Alternative Investment Funds.   The managers of AIFs employ a variety of " alternative " investment strategies to achieve attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns) with low correlation to the broad equity and fixed-income markets.   AIFs selected by the Adviser include real estate property funds and business development companies ( " BDCs " ), each of which may pay performance-based fees to their managers.   Securities of real estate property funds are typically privately placed and are not traded on an exchange.   A BDC is a form of investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high quality debt securities.   BDCs usually trade at a discount to their net asset value because the invest in unlisted securities and have limited access to capital markets.   In selecting AIFs, the Adviser assesses the likely risks and returns of the different alternative investment strategies utilized by the AIFs, and evaluates the potential correlation among the AIF investment strategies under consideration. The Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations among each other or with the broad equity and fixed-income markets.

Master Limited Partnerships .  The Fund's Adviser employs a sub-adviser to select MLPs that the sub-adviser believes have the potential for strong future total returns.  An MLP is a publicly traded or privately offered limited partnership or limited liability company.  MLPs are typically engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products.  An investment in MLP units differs from an investment in the securities of a corporation.  Holders of MLP units have limited control and voting rights on matters affecting the partnership.  In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.  The sub-adviser considers a variety of factors, including but not limited to, market capitalization, liquidity, growth, credit rating, source of qualifying income, business focus, and structure when selecting MLPs.

Common and Preferred Stocks.  The Fund's Adviser employs a sub-adviser to select dividend-paying common and preferred stocks that the sub-adviser believes have the potential for strong future total returns.  The sub-adviser also considers the sustainability and growth of a company's dividend.  The sub-adviser reviews company-specific factors consisting of dividend yield, historical dividend growth and return on capital.  

Structured Notes.   A structured note is a debt security making interest and/or principal payments determined by a formula tied to the movement of an interest rate, stock index, commodity, or currency (each a " reference index " ).   For example, a structured note may use a reference index, such as the S&P 500, to determine the amount of the interest payment .   The Adviser selects structured notes of any maturity issued by entities it believes to be creditworthy.   The Adviser uses structured notes as a substitute for the reference index to which payments are linked.

Debt Securities.   Debt securities are notes, bonds and asset-backed securities ( " ABS " ).   ABS represent interests in pools of loans, leases or receivables originated by private lenders, some of which may be government approved, or affiliated lenders.   Typically, an asset-backed security is issued by a special purpose vehicle ( " SPV " ), such as a business trust or limited liability company, whose value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying assets.   The Fund invests without limit in fixed rate or floating rate debt instruments of any maturity that the Adviser believes are creditworthy (interest and principal will be paid on schedule) or have acceptable recovery value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, if any, including lower-quality debt securities commonly

known as " high yield " or " junk " bonds.   The Adviser employs measurers consisting of debt-to-assets, debt service coverage ratio and asset liquidation value to assess credit quality.   Junk bonds are generally rated lower than Baa3 by Moody ' s Investors Service ( " Moody ' s " ) or lower than BBB- by Standard and Poor ' s Rating Group ( " S&P " ).   However, the Fund does not invest in debt instruments that are in default.   The Adviser selects debt securities based upon their expected yield when compared to a peer group with similar maturity and credit quality.    

Underlying Funds.  The Fund also invests in index-linked or actively managed ETFs, mutual funds and closed-end funds that each invest primarily in REITs, AIFs, common and preferred stocks, structured notes or other types of debt securities when the Fund's Adviser believes Underlying Funds offer more efficient execution of the Fund's strategy, such as when ample individual investments are not readily available.

Investment Strategy.  The Adviser seeks to design an investment strategy aimed to achieve the Fund’s overall investment objective utilizing a selection of securities believed to have relatively low volatility and generally will not be highly correlated to each other or to the broad equity or fixed income markets.  The Adviser typically selects Non-Listed, Fair Valued securities primarily invested in Real Estate Investment Trusts and Alternative Investment Funds as a significant percentage of the funds overall asset allocation and has employed a sub-adviser that focuses on selection of dividend-paying common stocks, preferred stocks and MLPs.   The sub-adviser is paid by the Adviser on only the portion of Fund assets allocated to the sub-adviser, which is expected to range between 10% to 50%.

The Adviser develops a model allocation consisting of individual Non-Listed securities and an allocation to the sub-adviser earmarked for investment in listed securities. The model is created taking into account several factors such as portfolio liquidity, income and capital appreciation potential, volatility, and correlation. In addition, the model must meet diversification tests and is regularly tested by the adviser to ensure compliance with the diversification requirements set forth by the internal revenue code that apply to the Fund.  Ongoing investments are generally invested according to the model.  Depending on certain conditions, the Adviser may overweight or underweight new allocations. The Adviser will update the model allocation and rebalance as needed to reflect the Advisers outlook. The Adviser manages investments over a long-term time horizon while being mindful of the historical context of the markets. When the sub-adviser believes market conditions are unfavorable, it may temporarily invest a portion of Fund assets in ETFs linked to stock market volatility or inversely linked to a stock market index to reduce investment risk. 

The adviser employs a regimen of qualitative and quantitative criteria when selecting securities.  Non-listed securities are generally “blind pool” investments and initially require significant reliance on qualitative factors while overtime quantitative factors are utilized to monitor the investment strategy performance. The sub-adviser will utilizes a proprietary quantitative screening process and a qualitative selection process when selecting securities for investment by the Fund in connection with its strategy. Generally, securities are first selected with the highest expected income from a sector peer group of issuers with similar market capitalization and/or credit quality.  Secondarily, the potential for capital appreciation over time is considered.  No assurance can be given that any or all investment strategies, or the Fund's investment program, will be successful.

Investment Adviser and Fee.   RJL Capital Management, LLC, the investment adviser of the Fund, is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended.  The Adviser was established in June 2011 for the purpose of providing investment management services to institutional investors such as the Fund.  The Adviser is entitled to receive a monthly fee at the annual rate of 0.75% of the Fund's daily net assets.  The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including offering expenses, but excluding interest, brokerage commissions and extraordinary expenses), to the extent that they exceed 1.75% per annum of the Fund's average daily net assets (the "Expense Limitation").  In consideration of the Adviser's agreement to limit the Fund's expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) any reimbursement for fees and expenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) any reimbursement may not be made if it would cause the Expense Limitation to be exceeded.  The Expense Limitation Agreement will remain in effect at least until June 30, 2014, unless and until the Board approves its modification

or termination.   The Expense Limitation Agreement may be terminated only by the Fund ' s Board of Trustees on 60 days written notice to the Adviser.   After June 30 , 201 4 , the Expense Limitation Agreement may be renewed at the Adviser ' s and Board ' s discretion.   See " Management of the Fund. "

Sub-Adviser.  First Allied Asset Management, Inc., the sub-adviser of the Fund, is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended.  The sub-adviser was formed in 2006 and provides investment management services to institutions, such as other investment advisers and the Fund.  The sub-adviser is paid by the Adviser on only the portion of Fund assets allocated to the sub-adviser.  The Fund does not pay the sub-adviser.    

Administrator, Accounting Agent and Transfer Agent.   Gemini Fund Services, LLC ("GFS") will serve as the administrator, accounting agent and transfer agent of the Fund.  See "Management of the Fund."

Closed-End Fund Structure.   Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not typically redeem their shares at the option of the shareholder.  Rather, closed-end fund shares typically trade in the secondary market via a stock exchange.  Unlike many closed-end funds, however, the Fund's shares will not be listed on a stock exchange.  Instead, the Fund will provide very limited liquidity to shareholders by offering to repurchase a limited amount of shares quarterly, which is discussed in more detail below.  The Fund, similar to a mutual fund, is subject to continuous asset in-flows (purchases), although not subject to continuous out-flows (redemptions).  

Investor Suitability.   An investment in the Fund involves a considerable amount of risk.  It is possible that you will lose money.  An investment in the Fund is suitable only for investors who can bear the risks associated with the illiquidity of the Fund's shares and should be viewed as a long-term investment.  Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs.

Repurchases of Shares.   The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 5% of the shares outstanding.  There is no guarantee, and it is unlikely, that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer because shareholders, in total, may wish to sell more than 5% of the Fund's shares.  Very limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases.  The Fund maintains liquid securities, cash or access to a bank line of credit in amounts sufficient to meet quarterly redemption requirements.  See "Quarterly Repurchases of Shares."

Summary of Risks.   Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or all of your investment.  Therefore, before investing you should consider carefully the following risks that you assume when you invest in the Fund's shares.  See "Risk Factors."

Alternative Investment Funds Risk .  AIFs are subject to management and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in AIFs and also may be higher than other funds that invest directly in stocks and bonds.  Each AIF is subject to specific risks, depending on the nature of its investment strategy.

Common and Preferred Stock Risk.  Equity markets can be volatile.  In other words, the prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to

changing economic, political or market conditions.  P referred stock prices generally decline when interest rates rise.

Credit Risk.  Issuers of debt securities may not make scheduled interest and principal payments, resulting in losses to the Fund.  In addition, the credit quality of securities held may be lowered if an issuer's financial condition changes.

Fixed Income Risk.  Typically, a rise in interest rates causes a decline in the value of fixed income securities.

High Yield Risk.  Lower-quality debt securities, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price.  Additionally, high yield issuers may seek bankruptcy protection which will delay resolution of bond holder claims and may eliminate or materially reduce liquidity.  The Adviser's assessment of an issuer's credit quality may prove incorrect and the Fund could suffer losses.

Issuer and Non-Diversification Risk.   The value of a specific security can perform differently from the market as a whole for reasons related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's properties and services.  Because the Fund is non-diversified, it may invest more than 5% of its total assets in the securities of one of more issuers.  As a result, the performance of the Fund's shares may be more sensitive to any single economic, business, political or regulatory occurrence than are the shares of a diversified investment company.  

Leveraging Risk. The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses.

Liquidity Risk .  There currently is no secondary market for the Fund's shares and the Fund expects that no secondary market will develop.  Very limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers.  There is no guarantee, and it is unlikely, that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer.  The Fund's investments also are subject to liquidity risk.  Liquidity risk exists when particular investments of the Fund would be difficult to sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices.

Management Risk.   The Adviser's judgments about the attractiveness, value and potential appreciation of particular asset class and securities in which the Fund invests may prove to be incorrect and may not produce the desired results.  The Adviser's judgment about the sub-adviser's investment selection skills may also prove incorrect.  The sub-adviser's judgments about securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

Market Risk.   An investment in the Fund's shares is subject to investment risk, including the possible loss of the entire principal amount invested.  An investment in the Fund's shares represents an indirect investment in the securities owned by the Fund.  The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably.

MLP Risk.  Investments in MLPs involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow

risks, dilution risks and risks related to the general partner ' s limited call right.   MLPs, typically, do not pay U.S. federal income tax at the partnership level.   Instead, each partner is allocated a share of the partnership ' s income, gains, losses, deductions and expenses.   A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income.  

Medium and Small Capitalization Company Risk.   Compared to investment companies that focus only on large capitalization companies, the Fund's NAV may be more volatile because it also invests in medium and small capitalization companies. Compared to larger companies, medium and small capitalization companies are more likely to have (i) more limited product lines or markets and less mature businesses, (ii) fewer capital resources, (iii) more limited management depth and (iv) shorter operating histories. Further, compared to larger companies, the securities of small and medium capitalization companies are more likely to be harder to sell.

REIT Concentration Risk.   The Fund will not invest in real estate directly, but because the Fund will concentrate its investments in securities of REITs, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio.  The value of REITs is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage.  If a court were to disregard the limited liability legal structure of a REIT, the Fund could be liable for a portion of claims in excess of that REIT's assets, such as claims arising from environmental problems.

Repurchase Policy Risks.   Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities.  The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV.

Structured Note Risk.  The value of a structured note will be influenced by time to maturity, level of supply and demand for the type of note; interest rates, commodity, currency or relevant index market volatility; changes in the issuer's credit quality rating; and economic, legal, political or geographic events that affect the reference index.  In addition, there may be a lag between a change in the value of the reference index and the value of the structured note.  The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market.  

Underlying Funds Risk.  ETFs, mutual funds and closed-end funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs, mutual funds and closed-end funds and may be higher than other mutual funds that invest directly in stocks and bonds.  The index-linked ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF and closed-end fund shares may differ from their net asset value.  Inverse ETFs will limit the Fund ’ s participation in market gains.  Underlying Funds are subject to specific risks, depending on the nature of the fund.

U.S. Federal Income Tax Matters.   The Fund intends to continue to be treated as and to qualify each year for taxation as a regulated investment company under Subchapter M of the Code.  In order for the Fund to qualify as a regulated investment company, it must meet income and asset

diversification tests each year.   If the Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its shareholders) will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its shareholders in the form of dividends or capital gain distributions.   The Code imposes a 4% nondeductible excise tax on regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year.   The Fund anticipates meeting these distribution requirements.   See " U.S. Federal Income Tax Matters. "

Dividend Reinvestment Policy.   Unless a shareholder elects otherwise, the shareholder's distributions will be reinvested in additional shares under the Fund's dividend reinvestment policy.  Shareholders who elect not to participate in the Fund's dividend reinvestment policy will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee).  See "Dividend Reinvestment Policy."

Custodian.   Union Bank, N.A. ("Union Bank") serves as the Fund's custodian. See "Management of the Fund."

Investment Adviser

RJL Capital Management, LLC, located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128, serves as the Fund's investment adviser.  The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended.  The Adviser is controlled by Raymond Lucia, Jr. through his indirect ownership of the majority of interests of the Adviser.

Under the general supervision of the Fund's Board of Trustees, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will furnish continuously an investment program with respect to the Fund, determine which securities should be purchased, sold or exchanged, directly or through a sub-adviser.  In addition, the Adviser will supervise and provide oversight of the Fund's service providers.  The Adviser will furnish to the Fund office facilities, equipment and personnel for servicing the management of the Fund.  The Adviser will compensate all Adviser personnel who provide services to the Fund.  In return for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement a monthly management fee computed at the annual rate of 0.75% of the daily net assets.  The Adviser may employ research services and service providers to assist in the Adviser's market analysis and investment selection.

A discussion regarding the basis for the Board of Trustees' initial approval of the Fund's Investment Management Agreement and Sub-Advisory Agreement between the Adviser and sub-adviser is available in the Fund's semi-annual report to shareholders for the period ended August 31, 2012.

The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense Limitation Agreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary operating expenses of the Fund (including offering expenses, but excluding interest, brokerage commissions, extraordinary expenses and acquired fund fees and

expenses), to the extent that they exceed 1.75% per annum of the Fund ' s average daily net assets (the Expense Limitation).   In consideration of the Adviser ' s agreement to limit the Fund ' s expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement will be made only for fees and expenses incurred not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitation to be exceeded.   The Expense Limitation Agreement will remain in effect, at least until June 3 0 , 201 4 , unless and until the Board approves its modification or termination.   This agreement may be terminated only by the Fund ' s Board of Trustees on 60 days written notice to the Adviser.   After June 30 , 201 4 , the Expense Limitation Agreement may be renewed at the Adviser ' s and Board ' s discretion.

Sub-Adviser

First Allied Asset Management, Inc., located at 655 W. Broadway, 12th Floor, San Diego, CA 92101, serves as the Fund's investment sub-adviser.  The sub-adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended.  The sub-adviser is indirectly controlled by Jeffrey Lovell through his ownership of more than 25% voting interesting in Lovell Minnick Holdings, LLC which indirectly controls the sub-adviser through various subsidiaries.  Under the general supervision of the Fund's Board of Trustees and the Adviser, the sub-adviser will carry out a portion of investment program of the Fund.  As compensation, the sub-adviser is paid a monthly fee computed at the annual rate of 0.50% of the daily net assets allocated by the Adviser to the sub-adviser.  The sub-adviser is paid by the Adviser, not the Fund.

Portfolio Managers

Raymond J. Lucia, Jr.

Mr. Lucia, Chief Executive Officer of the Adviser, is the Fund's portfolio manager.  Mr. Lucia has primary responsibility for management of the Fund's investment portfolio and has served the Fund in this capacity since it commenced operations in 2012.  Mr. Lucia is also CEO of RJL Wealth Management, LLC, a Registered Investment Advisor, and Lucia Securities, LLC, a Registered Broker Dealer and member FINRA/SIPC.  Mr. Lucia was previously with Raymond J. Lucia Companies, Inc. for 10 years where he held the position of Executive Vice President and was responsible for creating and managing the firm's strategic plans, including: developing and implementing the firm's investment strategies, growing the fee-based asset management platform, and expanding the firm's client base in over 15 office locations nationwide.  Prior to joining RJL, Inc. in 2000, Mr. Lucia worked for Deloitte and Touche as a tax accountant in the Personal Financial Services group providing financial advice to high-net-worth individuals.  Mr. Lucia graduated from Loyola Marymount University in 1997 with a Bachelor of Science in Accounting.  Mr. Lucia is a Certified Public Accountant and holds the Personal Financial Specialist designation offered by the AICPA.  Mr. Lucia holds the Series 7, 24, 63, and 65 licenses.

Jeffrey J. Mindlin, CFA

Mr. Mindlin, Managing Director and Chief Operating Officer of the sub-adviser, is the portfolio manager for that portion allocated by the Adviser to the sub-adviser and has served the Fund in this capacity since it commenced operations in 2012.  Mr. Mindlin has served as the sub-adviser's Managing Director and Chief Operating Officer since 2006.  Mr. Mindlin is responsible for the sub-adviser's portfolio management team and its efforts, including portfolio selection, trading, execution, proprietary money management and product development.  Prior to joining the sub-adviser, Mr. Mindlin was the Director of Research and Co-Portfolio Manager of Greenbook Investment

Management, Inc., where he was instrumental in the design of sophisticated, proprietary investment strategies.   Before that, he worked as the Assistant Portfolio Manager and Senior Financial Engineer for Pinnacle Investment Advisors, LLC, which operated a hedge fund and a series of managed accounts for institutional and high-net-worth clients, and sub-advised a mutual fund.   Previously, Mr. Mindlin was the Manager of Financial Engineering at Camelback Research, leading the development of several successful institutional grade quantitative products, including the popular MSN Money Stockscouter system.   Mr. Mindlin earned his Chartered Financial Analyst (CFA) designation, as well as a BS in Economics and a BS in Finance from the College of Business Honor ' s Program at Arizona State University, where he received the prestigious Moore Award.

The Statement of Additional Information provides additional information about the Fund's portfolio managers' compensation, other accounts managed and ownership of Fund shares.

Administrator, Accounting Agent and Transfer Agent

Gemini Fund Services, LLC, located at 80 Arkay Drive, Hauppauge, NY, 11788, serves as Administrator, Accounting Agent and Transfer Agent.  Gemini Fund Services, LLC receives the following fees: for administrative services 0.10% on the first $100 million of net assets, 0.08% on the next $150 million of net assets and 0.06% on net assets greater than $250 million, paid monthly at the preceding annual rates, subject to a minimum fee of $32,000; for accounting services a $21,600 base fee plus 0.02% of net assets from $25 to $100 million and 0.01% of net assets over $100 million, paid monthly at the preceding annual rates; for transfer agent services $14 per account plus various other account-related charges, subject to a minimum fee of $14,400; plus out of pocket expenses for each of the preceding services.

Custodian

Union Bank, N.A., with principal offices at 350 California Street, 6th Floor San Francisco, California 94104 serves as custodian for the securities and cash of the Fund's portfolio.  Under a Custody Agreement, Union Bank, N.A. holds the Fund's assets in safekeeping and keeps all necessary Records and documents relating to its duties.