<SEC-DOCUMENT>0001193125-24-133967.txt : 20240909
<SEC-HEADER>0001193125-24-133967.hdr.sgml : 20240909
<ACCEPTANCE-DATETIME>20240508122627
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-133967
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIDUS INVESTMENT Corp
		CENTRAL INDEX KEY:			0001513363
		ORGANIZATION NAME:           	
		IRS NUMBER:				275017321
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1603 ORRINGTON AVENUE
		STREET 2:		SUITE 820
		CITY:			EVANSTON
		STATE:			IL
		ZIP:			60201
		BUSINESS PHONE:		847-859-3940

	MAIL ADDRESS:	
		STREET 1:		1603 ORRINGTON AVENUE
		STREET 2:		SUITE 820
		CITY:			EVANSTON
		STATE:			IL
		ZIP:			60201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>CORRESP</TITLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Eversheds Sutherland (US) LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">700 Sixth
Street, NW, Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20001-3980</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g637780g0508035554922.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;8, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Samantha A. Brutlag, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christina DiAngelo
Fettig, Senior Staff Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>Re:<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fidus Investment Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-277540)</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the Fiscal Year Ended December&nbsp;31, 2023 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mses. Brutlag and Fettig: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Fidus Investment Corporation (the &#147;<B><I>Company</I></B>&#148;), set forth below are the Company&#146;s responses to the
comments provided by the staff of the Division of Investment Management (the <I>&#147;</I><B><I>Staff</I></B><B>&#148;</B>) of the Securities and Exchange Commission (the &#147;<B><I>SEC</I></B>&#148;) to the Company on April&nbsp;2, 2024 and
April&nbsp;4, 2024: (i) with respect to the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277540),</FONT> filed with the SEC on February&nbsp;29, 2024
(the &#147;<B><I>Registration Statement</I></B>&#148;); and (ii)&nbsp;in connection with the SEC&#146;s review of the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for fiscal year ended December&nbsp;31, 2023
(File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00861)</FONT> (the &#147;<B><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;) as required by Section&nbsp;408 of the Sarbanes-Oxley Act of 2002, as amended. The Staff&#146;s
comments are set forth below and are followed by the Company&#146;s responses. Where revisions to the Registration Statement are referenced in the responses set forth below, such revisions have been included in
<FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registration Statement filed with the SEC on May&nbsp;8, 2024 (the &#147;<B><I>Amended Registration Statement</I></B>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Legal Comments &#150; Registration Statement </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please file a cover letter with all future filings of new registration statements on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> explaining the basis for the filing and providing contact information for the Company&#146;s legal counsel. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company acknowledges the Staff&#146;s comments and will file a cover letter with all future filings of new
registration statements on Form <FONT STYLE="white-space:nowrap">N-2</FONT> explaining the basis for the filing and providing the contact information for the Company&#146;s legal counsel. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff refers to the following disclosure that was included in the Company&#146;s Registration Statement on
Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-253525)</FONT> filed with the SEC on April&nbsp;30, 2021 that was deleted from the Registration Statement: &#147;Although we are classified as a <FONT
STYLE="white-space:nowrap">non-diversified</FONT> investment company within the meaning of the 1940 Act, we maintain the flexibility to operate as a diversified investment company and have done so for an extended period of time.&#148; Please note
that, pursuant to Section&nbsp;13(a)(1) of the Investment Company Act of 1940, as amended, and related guidance, a <FONT STYLE="white-space:nowrap">non-diversified</FONT> investment company that
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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operates as a diversified investment company for a period of greater than three years has <FONT STYLE="white-space:nowrap">de-facto</FONT> changed its status to a diversified investment company
and will then require shareholder approval to change its status to become a <FONT STYLE="white-space:nowrap">non-diversified</FONT> investment company. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company acknowledges the Staff&#146;s comments and confirms that the Company has been operating as a <FONT
STYLE="white-space:nowrap">non-diversified</FONT> investment company. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please hyperlink all of the information that is incorporated by reference in the Registration Statement.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has hyperlinked all of the information that is incorporated by reference in the
Amended Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Accounting Comments &#150; Registration Statement </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please file a new consent of RSM US LLP (&#147;<B><I>RSM</I></B>&#148;) in connection with the filing of the
Amended Registration Statement. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has filed a new consent of RSM as Exhibit (n)(1) to
the Amended Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please advise if RSM should consent to the reference of their name in Item 25(1) of the Registration Statement
in their consent. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: RSM has consented to the reference of their name in Item 25 of the
Registration Statement in the new consent of RSM filed as Exhibit (n)(1) to the Amended Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the first full paragraph on page 3 of the Registration Statement, please disclose the total return based on
market value and the total return based on net asset value as of December&nbsp;31, 2023. The Staff requests that the Registration Statement disclose the total return based on market value and the total return based on net asset value alongside any
disclosure regarding the weighted average yield on the Company&#146;s debt investment. On a supplemental basis, please confirm whether the weighted average yield on the Company&#146;s debt investments (excluding investments on <FONT
STYLE="white-space:nowrap">non-accrual</FONT> status) is not materially different from the weighted average yield on the Company&#146;s debt investments (including investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status). If the
difference between the weighted average yield on the Company&#146;s debt investments (including investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status) and the weighted average yield on the Company&#146;s debt investments
(excluding investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status) is material, please also disclose the weighted average yield on the Company&#146;s debt investments (including investments on
<FONT STYLE="white-space:nowrap">non-accrual</FONT> status). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised page 3 of
the Amended Registration statement to delete the disclosure relating to the weighted average yield on the Company&#146;s debt investment. The Company acknowledges the Staff&#146;s comments and will disclose the total return based on market value and
the total return based on net asset value in any future prospectus disclosing the weighted average yield on the Company&#146;s debt investment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully advises the Staff on a supplemental basis that the weighted average yield on the Company&#146;s debt investments
(excluding investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status) of 14.2% is not materially different from the weighted average yield on the Company&#146;s total portfolio (including investments on
<FONT STYLE="white-space:nowrap">non-accrual</FONT> status), which was 14.1% as of December&nbsp;31, 2023. To the extent the difference between the weighted average yield on the Company&#146;s debt investments (including investments on <FONT
STYLE="white-space:nowrap">non-accrual</FONT> status) and the weighted average yield on the Company&#146;s debt investments (excluding investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status) is material in future periods, the
Company will disclose the weighted average yield on the Company&#146;s debt investments (including investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status) with any disclosure of the weighted average yield on the Company&#146;s
debt investments (including investments on <FONT STYLE="white-space:nowrap">non-accrual</FONT> status) in future filings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff refers to the heading entitled &#147;Taxation&#148; on page 5 of the Registration Statement, which
indicates that the Company will not pay U.S. federal income taxes at the corporate level. The Staff notes that the Company has Taxable Subsidiaries that may be subject to excise tax. Please consider modifying the disclosure in this paragraph to
reference the Taxable Subsidiaries and the potential payment of excise tax. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has
revised page 5 of the Amended Registration Statement to reflect the Staff&#146;s comment. The Company respectfully advises the Staff on a supplemental basis that the Company does not expect the Taxable Subsidiaries to be subject to U.S. federal
excise tax unless the Taxable Subsidiaries are also treated as regulated investment companies for U.S. federal income tax purposes, which is currently not the case. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please hyperlink all of the information that is incorporated by reference in the Registration Statement.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has hyperlinked all of the information that is incorporated by reference in the
Amended Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please explain how the information incorporated by reference in the section entitled &#147;Price Range of
Common Stock&#148; on page 13 of the Registration Statement meets the requirements under subsection c. and d. of Item 8.5 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplemental basis that the disclosure under the section entitled
&#147;Item 5. Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities&#148; beginning on page 58 of the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> which is incorporated by reference
into the Registration Statement, satisfies the requirements under subsections c. and d. of Item 8.5 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> The Price Range of Common Stock table on page 58 of the Form
<FONT STYLE="white-space:nowrap">10-K</FONT> includes the share price and corresponding net asset value and premium/discount to net asset value as required by subsection c. of Item 8.5 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> The first
full paragraph under the Price Range of Common Stock table on page 58 of the Form <FONT STYLE="white-space:nowrap">10-K</FONT> and the disclosure under the subsection entitled &#147;Issuer Purchases of Equity Securities&#148; on page 62 of the Form <FONT
STYLE="white-space:nowrap">10-K</FONT> includes the disclosures required by subsection d. of Item 8.5 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the Company has revised page 15 to include the Price Range of Common Stock table and related disclosures in
order to include information as of the fiscal quarter ended March&nbsp;31, 2024. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please add some additional narrative disclosure to the section entitled &#147;Financial Highlights&#148; on
page 14 of the Registration Statement in accordance with General Instructions 2 and 8 to Item 4.1 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised page 16 of the Amended Registration Statement to reflect the Staff&#146;s comment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the second sentence under the section entitled &#147;Senior Securities&#148; on page 16 of the Registration
Statement, please delete &#147;as of December&nbsp;31, 2023&#148;, which suggests that the Senior Securities table was audited only as of December&nbsp;31, 2023. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised page 18 of the Amended Registration Statement to reflect the Staff&#146;s comment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The information incorporated by reference in the section entitled &#147;Portfolio Companies&#148; does not
satisfy all of the requirements under Item 8.6.a of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> including the address of each portfolio company and the percentage of class held by the registrant. Please revise the Registration Statement to
include all of the information required under Item 8.6.a of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> In addition, please revise the first sentence in the section entitled &#147;Portfolio Companies&#148; to delete &#147;brief&#148; in
describing the description of each portfolio company in which the Company had made an investment that represents greater than 5.0% of its total assets. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised pages <FONT STYLE="white-space:nowrap">20-36</FONT> of the Amended Registration Statement to
reflect the Staff&#146;s comment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the section entitled &#147;Incorporation of Certain Information by Reference,&#148; please hyperlink the
Form <FONT STYLE="white-space:nowrap">10-K</FONT> and update the list of filings to include any Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC subsequent to the filing of the Registration Statement. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has hyperlinked the Form <FONT STYLE="white-space:nowrap">10-K</FONT> and revised page 92 of the Amended
Registration Statement to include subsequent filings made with the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Accounting Comments &#150; Form
<FONT STYLE="white-space:nowrap">10-K</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please explain why the Company has not furnished its &#147;glossy&#148; annual report using Form ARS. Please
confirm on a supplemental basis that, when Form ARS is required in the future, the Company will furnish it to the SEC on Form ARS. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplemental basis that the Company has not furnished any
&#147;glossy&#148; annual reports to its shareholders in connection with any meeting of the Company&#146;s shareholders relating to the election of directors. To the extent the Company furnishes &#147;glossy&#148; annual reports to shareholders in
connection with a shareholder meeting relating to the election of directors in the future, the Company will furnish such report to the SEC on Form ARS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In future filings, please use the standardized tag when tagging <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">payment-in-kind</FONT></FONT> data rather than a customized tag. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The
Company acknowledges the Staff&#146;s comment and has used the standardized tag when tagging <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">payment-in-kind</FONT></FONT> data in the Company&#146;s Quarterly Report on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> for fiscal quarter ended March&nbsp;31, 2024, which was filed with the SEC on May&nbsp;2, 2024 (the &#147;<B><I>Form <FONT STYLE="white-space:nowrap">10-Q</FONT></I></B>&#148;). </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes that the disclosure on pages 22 and 37 of the Form <FONT STYLE="white-space:nowrap">10-K</FONT>
with respect to reverse repurchase agreements are not consistent. In future filings, please revise such disclosures to be consistent. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company acknowledges the Staff&#146;s comments and will ensure the disclosure relating to reverse repurchase
agreements are consistent in future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please include the Fees and Expenses table in the Amended Registration Statement and reflect the foregoing
changes: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In footnote 11, please disclose how long the voluntary,
<FONT STYLE="white-space:nowrap">non-contractual,</FONT> and unconditional waiver will be in effect. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please advise if the Company has any &#147;Acquired Fund Fees and Expenses&#148; that should be disclosed in
the Fees and Expenses table. The Staff notes that the Company has an investment in a money market fund. To the extent the Company&#146;s investment in the money market fund generated acquired fund fees and expenses, then the foregoing must disclosed
in the Fees and Expenses table under a separate caption entitled &#147;Acquired Fund Fees and Expenses.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please include the Company&#146;s tax expenses in the amount disclosed under the caption entitled &#147;Other
Expenses&#148; and revise footnote 9 to the Fees and Expenses table to reflect the foregoing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please explain why the examples to the Fees and Expenses table include an assumption that none of the
Company&#146;s assets are cash and cash equivalents. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please disclose whether or not the voluntary, <FONT STYLE="white-space:nowrap">non-contractual,</FONT> and
unconditional waiver described in footnote 11 of the Fees and Expenses table is reflected in the examples to the Fees and Expenses table. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has included the Fees and Expenses table in the Amended Registration. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company respectfully advises the Staff on a supplemental basis that the voluntary, <FONT
STYLE="white-space:nowrap">non-contractual,</FONT> and unconditional waiver is a permanent waiver from Fidus Investment Advisors, LLC to exclude any investments recorded as secured borrowings as defined under agreement from the base management fee,
effective as of and beginning on April&nbsp;1, 2021. The Company has revised footnote 11 to the Fees and Expenses table on pages <FONT STYLE="white-space:nowrap">9-10</FONT> of the Amended Registration Statement to reflect the foregoing.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company respectfully advises the Staff on a supplemental basis that the fees and expenses associated with
the Company&#146;s investment in the money market fund is less than 0.01% of the Company&#146;s average net assets and, therefore, the Company has included such fees and expenses under the caption entitled &#147;Other Expenses&#148;, rather than
separately disclosing such information under a separate caption entitled &#147;Acquired Fund Fees and Expenses&#148;, in accordance with General Instruction 10.a. of Item 3 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> The Company has revised
footnote 9 to the Fees and Expenses table on page 9 of the Amended Registration Statement to reflect the foregoing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company respectfully advises the Staff that the Company&#146;s income tax provision (benefit) relating to
(a)&nbsp;deferred and current tax provision (benefit) for U.S. federal income taxes and (b)&nbsp;excise, state and other taxes is reflected in the caption entitled &#147;Other Expenses.&#148; The Company has revised footnote 9 to the Fees and
Expenses table on page 9 of the Amended Registration Statement to reflect the foregoing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company has revised page 10 of the Amended Registration Statement to delete the assumption that none of the
Company&#146;s assets are cash and cash equivalents and reflect that the examples assume that the Company&#146;s annual operating expenses would remain at the levels set forth in the Fees and Expenses table. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company respectfully advises the Staff on a supplemental basis that the voluntary, <FONT
STYLE="white-space:nowrap">non-contractual,</FONT> and unconditional waiver described in footnote 11 to the Fees and Expenses table on pages <FONT STYLE="white-space:nowrap">9-10</FONT> of the Amended Registration Statement is reflected in the
examples to the Fees and Expenses table. The Company has revised the disclosure under the heading entitled &#147;Examples&#148; on page 10 of the Amended Registration Statement to reflect the foregoing. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff refers to comment 25 in the response letter filed by the Company with the SEC on April&nbsp;30, 2021,
which provided as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Item 303(a)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> requires describing
&#147;any unusual or infrequent events or transactions or any significant economic changes that materially affected the amount of reported income from continuing operations and, in each case&#148; indicating &#147;the extent to which the income was
so affected.&#148; The Staff notes that according to the table on page 66 of the Annual Report, it appears that a majority of the Company&#146;s losses for the year ended December&nbsp;31, 2020 related to the sale of 50% of an equity investment. On
a supplemental basis, please explain why narrative disclosure, as required by Item 303 (a)(3), was not included in the MD&amp;A to describe such events. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please advise if the foregoing comment has been addressed in the Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplemental basis that the Company&#146;s realized gain/(loss) on its
equity investments during the year ended December&nbsp;31, 2023 was a result of ordinary course sales of equity investments in portfolio companies and did not rise to the level of an unusual or infrequent event(s) or transaction(s) that materially
affected the Company&#146;s reported income during the period. Accordingly, the Company does not believe any additional narrative disclosure in the section entitled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations&#148; is required pursuant to Item 303(a)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In future filings, please revise disclosure relating to the critical accounting policies included in the
section entitled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; to supplement but not duplicate the disclosure included in the notes to the financial statements in accordance with Instruction 3
to Item 303(b)(3) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company
acknowledges the Staff&#146;s comment and has revised the disclosure under the heading entitled &#147;Critical Accounting Policies and Use of Estimates&#148; under the section entitled &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; in the Form <FONT STYLE="white-space:nowrap">10-Q</FONT> to reflect the Staff&#146;s comment in future filings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please include all of the information required with respect to restricted securities in accordance with
footnote 8 to Rule <FONT STYLE="white-space:nowrap">12-12</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplement basis that the Company has included a footnote to denote
each investment in the Schedule of Investments that is a restricted security in the Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and disclosed the aggregate value of all restricted securities and the percentage which the aggregate value bears
to net assets. The Company notes that the other information required by footnote 8 to Rule <FONT STYLE="white-space:nowrap">12-12</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> is otherwise disclosed in the Company&#146;s Schedule
of Investments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff notes that the Company&#146;s investments in unitranche loans have increased. On a supplemental
basis, please advise whether the Company has any specific accounting policies it applies to <FONT STYLE="white-space:nowrap">co-lending</FONT> arrangements, how the valuation of these investments takes into account the payment prioritization, the
impact of such arrangements on the calculation of interest income and whether any of the <FONT STYLE="white-space:nowrap">co-lenders</FONT> are affiliates. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplemental basis that unitranche loans commonly refer to a first out
/ last out structure whereby the &#147;last out&#148; first lien loans have a secondary priority behind super-senior &#147;first out&#148; first lien loans in the collateral securing the loans.&nbsp;The applicable interest rates and prioritization
payments are documented in an agreement among lenders executed at closing.&nbsp;The Company typically invests in the last out tranche of the unitranche loan, and does not <FONT STYLE="white-space:nowrap">co-invest</FONT> with affiliates whereby an
affiliate is the first out tranche of the unitranche loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The primary valuation technique generally used for estimating fair value of the
Company&#146;s debt investments is the discounted cash flow method. In the case of unitranche loans, the Company uses the interest rate and payment terms for the &#147;last out&#148; loan as defined in the agreement entered in by the
lenders.&nbsp;There are no specific accounting policies for unitranche loans other than consideration of FASB ASC 860, if applicable, in the event that the Company sells a portion of unitranche loan that did not meet the definition of a
&#147;participating interest.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff refers to the senior securities table included on page 119 of the Form
<FONT STYLE="white-space:nowrap">10-K.</FONT> Please advise if the secured borrowings of $15,880 (in thousands) as of December&nbsp;31, 2023 represents the par value of the secured borrowings. The Staff notes that the senior securities table should
reflect the par value of such secured borrowings. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on
a supplemental basis that the secured borrowings of $15,880 (in thousands) as of December&nbsp;31, 2023 presented in the senior securities table represents the par value of the secured borrowings. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff refers to the foregoing disclosure on page 74 of the Form
<FONT STYLE="white-space:nowrap">10-K:</FONT> &#147;As of December&nbsp;31, 2023, the carrying value of secured borrowings totaled $15.9&nbsp;million and the fair value of the associated loans included in investments was $15.8&nbsp;million.&#148;
Please reconcile the foregoing disclosure with footnotes (o), (aa), and (an) to the Schedule of Investments as of December&nbsp;31, 2023. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplemental basis that, with respect to each of American Allwaste
(footnote (o)), 2KDirect (footnote (aa)), and ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) (footnote (an)), the $0.3&nbsp;million, $4.0&nbsp;million, and $13.5&nbsp;million referenced in each footnote, respectively, refers to the original
amount that was sold and recorded as a secured borrowing. As of December&nbsp;31, 2023, the secured borrowing had (in thousands): (a) principal or par value of $330 and a fair value of $304 with respect to American Allwaste; (b)&nbsp;principal or
par value of $3,328 and a fair value of $3,328 with respect to 2KDirect; and (c)&nbsp;principal or par value of $12,222 and a fair value of $12,168 with respect to ISI PSG Holdings, LLC. Subsequent to each original closing, there have been
amortization payments paid against the secured borrowing reducing the original par value: (a)&nbsp;from $4.0&nbsp;million to $3.3&nbsp;million with respect to 2KDirect; and (b)&nbsp;from $13.5&nbsp;million to $12.2&nbsp;million with respect to ISI
PSG Holdings, LLC. Since the original closing of American Allwaste, there has been no amortization payments and therefore no reduction in the par value for this investment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Staff refers to the foregoing disclosure in the second paragraph under &#147;Note 2. Significant Accounting
Policies&#148; on page 101 of the Form <FONT STYLE="white-space:nowrap">10-K:</FONT> &#147;During fiscal year ended December&nbsp;31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies
that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at
fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished.&#148; Please advise how the foregoing presentation complies with the requirements under footnote 1 to the Rule <FONT
STYLE="white-space:nowrap">12-12</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X,</FONT> which requires each issue to be listed separately. Please advise if these residual interests are securities and when the Company determines that a
residual security is no longer required to be listed in the consolidated schedule of investments. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company acknowledges the Staff&#146;s comment and has disclosed each
residual investment in the Company&#146;s portfolio companies in the Consolidated Schedule of Investments in the Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Please confirm that escrow receivables and residual investments are fair valued. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully advises the Staff on a supplemental basis that escrow receivables refers to investments that
were previously exited and the Company no longer holds the security of the portfolio company and therefore are not fair valued. The carrying amount of the escrow receivables, however, approximate fair value. On the other hand, residual investments
refer to portfolio investments in which the portfolio company has sold its operations and are in the process of winding down, but the Company continues to hold a security in the portfolio company and therefore are fair valued. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In future filings, as it relates to deferred financing costs, please include disclosure required by FASB ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">835-30-45,</FONT></FONT> which requires the disclosure of the effective interest rate. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company acknowledges the Staff&#146;s comment and has disclosed the effective interest rate in the Form <FONT
STYLE="white-space:nowrap">10-Q.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or additional comments concerning the foregoing, please contact the undersigned at (202) <FONT
STYLE="white-space:nowrap">383-0278</FONT> or Sara Sabour Nasseri at (202) <FONT STYLE="white-space:nowrap">383-0806.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Payam Siadatpour</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Payam Siadatpour, Esq.</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Edward H. Ross, Chief Executive Officer </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Shelby E. Sherard, Chief Financial Officer, Chief Compliance Officer and Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sara Sabour Nasseri, Esq., Eversheds Sutherland (US) LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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end
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