<SEC-DOCUMENT>0001144204-12-009883.txt : 20120808
<SEC-HEADER>0001144204-12-009883.hdr.sgml : 20120808
<ACCEPTANCE-DATETIME>20120217165753
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-009883
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
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<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;<IMG SRC="logo.jpg" ALT=""></TD>
    <TD NOWRAP STYLE="width: 40%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">SUTHERLAND ASBILL &amp; BRENNAN LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">1275 Pennsylvania Ave., NW</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Washington, DC 20004-2415</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">202.383.0100 Fax 202.637.3593</P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 6pt 0 0">www.sutherland.com&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0">CYNTHIA M. KRUS</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">DIRECT LINE: 202.383.0218</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">E-mail: Cynthia.krus@sutherland.com</P>

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

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    <TD STYLE="width: 50%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt">February 17, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline; text-transform: uppercase">Via EDGAR
and Courier</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

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

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    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt">Re:</TD>
    <TD STYLE="font-size: 10pt">C&#298;ON Investment Corporation (File Nos. 333-178646 and 814-00941)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On behalf of C&#298;ON Investment Corporation
(the &ldquo;Company&rdquo;), set forth below is the Company&rsquo;s response to the comments provided by the staff of the Division
of Investment Management (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to the Company
in a letter dated January 19, 2012, regarding the Company&rsquo;s Registration Statement on Form N-2 (File No. 333-178646) (the
&ldquo;Registration Statement&rdquo;) and the prospectus included therein (the &ldquo;Prospectus&rdquo;). The Staff&rsquo;s comments
are set forth below and are followed by the Company&rsquo;s responses. Where revisions to the Registration Statement or Prospectus
are referenced in the Company&rsquo;s responses set forth below, such revisions have been included in Amendment No.1 to the Registration
Statement, filed concurrently herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Front Cover</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The first sentence of the sixth paragraph on the cover page states that the Fund does not intend to list its shares on any
securities exchange during the &ldquo;offering stage.&rdquo; Please define the &ldquo;offering stage&rdquo; in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the front cover of the Prospectus accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">ATLANTA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOUSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON DC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The fifth sentence of the sixth paragraph on the cover page states that an investor should consider that he may not have access
to the money he invests &ldquo;for an indefinite period of time until we complete a liquidity event.&rdquo; Please briefly define
the term &ldquo;liquidity event&rdquo; in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company acknowledges
the Staff&rsquo;s comment, but respectfully declines to make the requested revision. The Company believes that the current disclosure
located on the front cover, although not including the definition of liquidity event, does include a cross-reference to the section
entitled &ldquo;Liquidity Strategy&rdquo; where the term &ldquo;liquidity event,&rdquo; which is quite detailed, is defined and
the circumstances surrounding any such liquidity event are explained in detail. The Company believes that the term &ldquo;liquidity
event&rdquo; adequately captures the issue for the purposes of the cover. Also, the Company notes that the summary section of the
Prospectus contains a section entitled &ldquo;Liquidity Strategy&rdquo; where the term is also defined. Finally, the Company notes
that the section entitled &ldquo;Questions and Answers About this Offering&rdquo; also includes a question explaining liquidity
events (see &ldquo;Will I otherwise be able to liquidate my investment?&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Revise the first sentence of the eighth paragraph on the cover page to state that the prospectus &ldquo;sets forth concisely&rdquo;
important information about us, rather than the prospectus &ldquo;contains&rdquo; important information about us. Also revise the
fourth sentence of the paragraph to indicate that the Fund may be contacted toll free or collect by dialing the applicable number.
<U>See</U> Item 1.d of Form N-2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the cover page of the Prospectus accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Please revise the statement required by Item 1.1.j of Form N-2 to state that investing in the Fund should be considered &ldquo;highly
speculative&rdquo; and &ldquo;involves an extremely high degree of risk.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company acknowledges
the Staff&rsquo;s comment but notes that the language of Item 1.1.j of Form N-2 requires, &ldquo;A cross-reference to the prospectus
discussion of any factors that make the offering <B><I>speculative</I></B> or one of <B><I>high risk</I></B>, printed in boldface
common type at least as large as 10-point modern type and at least two points leaded&rdquo; (emphasis added). The Company believes
that the current disclosure included on the front cover of its Prospectus (&ldquo;Investing in our common stock may be considered
speculative and involves a high degree of risk, including the risk of a substantial loss of investment.&rdquo;) satisfies the requirement
set forth in Item 1.1.j. of Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Please consider disclosing the following information on the front cover:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The securities in which the Fund invests will generally not be rated by any rating agency.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>If the securities were rated, they would be below investment grade or &ldquo;junk.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Indebtedness of below investment grade quality is regarded as having predominantly speculative characteristics with respect
to the issuer&rsquo;s capacity to pay interest and repay principal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has considered
the Staff&rsquo;s comments and respectfully submits that it believes the existing disclosure is adequate. We note that the lack
of credit ratings, which are intended to reflect the probability of default, has not been shown to have any correlation to a borrower&rsquo;s
ability to pay interest or repay principal. The historical recovery rates for senior secured loans, which will be the Company&rsquo;s
focus, have been substantial and the loss rates correspondingly low. Moreover, we respectfully note that disclosure relating to
the risks of debt securities of private companies is found throughout the Prospectus, including the &ldquo;Risk Factors&rdquo;
section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Footnote 4 to the Pricing Table states that, &ldquo;[t]he sales load includes up to 7% of sales commissions and up to 3% for
dealer manager fees.&rdquo; Please explain to us why the Fund qualifies as a direct participation plan or otherwise explain to
us why the Fund is permitted to impose this level of sales charges. Also confirm to us that your FINRA examiner has agreed with
this characterization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: FINRA Rule 2310(a)(4)
defines a &ldquo;direct participation program&rdquo; to include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">(4) Direct participation program (program)
&mdash; a program which provides for flow-through tax consequences regardless of the structure of the legal entity or vehicle for
distribution including, but not limited to, oil and gas programs, real estate programs, agricultural programs, cattle programs,
condominium securities, Subchapter S corporate offerings and all other programs of a similar nature, regardless of the industry
represented by the program, or any combination thereof. A program may be composed of one or more legal entities or programs but
when used herein and in any rules or regulations adopted pursuant hereto the term shall mean each of the separate entities or programs
making up the overall program and/or the overall program itself. Excluded from this definition are real estate investment trusts,
tax qualified pension and profit sharing plans pursuant to Sections 401 and 403(a) of the Internal Revenue Code and individual
retirement plans under Section 408 of that Code, tax sheltered annuities pursuant to the provisions of Section 403(b) of the Internal
Revenue Code, and any company including separate accounts, registered pursuant to the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><FONT STYLE="color: black">FINRA
has made a determination that a business development company that elects to be taxed as a regulated investment company, or RIC,
under Subchapter M of the Internal Revenue Code of 1986 qualifies as a </FONT>direct participation program because, as defined
above, they qualify as &ldquo;<FONT STYLE="color: black">a program which provides for flow-through tax consequences.&rdquo; </FONT>The
Company notes that the Company&rsquo;s qualification as a direct participation program is consistent with other listed and non-listed
business development companies that have conducted and/or have filed registration statements to conduct public offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">The dealer manager of the Company&rsquo;s
offering has submitted the Registration Statement to FINRA and received comments. FINRA did not question the dealer manager&rsquo;s
eligibility to file the Company&rsquo;s offering as an offering of a direct participation program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>The second to last sentence of the paragraph immediately after the Pricing Table states, &ldquo;[i]f you are eligible to purchase
shares without a sales commission, then $95.50 of your investment will be used by us for investment.&rdquo; Please tell us how
many people will be eligible for this. If only a small number will be eligible, please remove this sentence, as it dilutes the
language that 13% of investment will be used for sales.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The dealer manager
of the Company&rsquo;s offering will use its best efforts to enter into as many selling arrangements as it can with both broker
dealers, which may charge a sales commission, and registered investment advisers, which cannot charge a sales commission. Therefore,
while neither the Company nor the dealer manager can predict the number of people who will be eligible to purchase shares without
a sales commission, the Company believes it is appropriate to provide this disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><B>Prospectus Summary, pages 1-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>The last sentence of the fourth paragraph under &ldquo;C&#298;ON Investment Corporation&rdquo; on page 1 refers to &ldquo;non-qualifying
assets.&rdquo; Please briefly define the term &ldquo;non-qualifying assets&rdquo; in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company believes
that the paragraph already provides a definition of the term &ldquo;non-qualifying assets&rdquo; in the preceding portion of that
paragraph which provides that, &ldquo;In addition, we may from time to time invest up to 30% of our assets opportunistically in
other types of investments, including the securities of larger public companies and foreign securities, which for purposes of the
1940 Act may be deemed &lsquo;non-qualifying assets.&rsquo;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>The fourth sentence of the second paragraph on page 2 states that &ldquo;because our common stock will not be listed on a national
securities exchange, we will be able to pursue our investment objective without subjecting our investors to daily share price volatility
associated with the public markets.&rdquo; This disclosure suggests that the ability to sell shares in the market at a fluctuating
market price would be less appealing to investors than the complete inability to sell those shares in the market along with an
extremely limited ability to sell them back to the Fund. Please explain to us why you believe that not listing the Fund&rsquo;s
shares on a national securities exchange is more beneficial to investors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company believes
that not listing the Company&rsquo;s shares on a national securities exchange can benefit its stockholders because the value of
the Company&rsquo;s common stock will not change based on securities market movements. The Company acknowledges that a necessary
trade-off resulting from the Company&rsquo;s common stock not being listed is the limitation on the liquidity of its common stock;
however, the Company believes the benefits its stockholders will receive (as outlined above) outweigh the limitations associated
with limited liquidity for a period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>The seventh sentence of the second paragraph on page 2 refers to a &ldquo;liquidity event.&rdquo; Please briefly explain the
term &ldquo;liquidity event&rdquo; in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company acknowledges
the Staff&rsquo;s comment, but respectfully declines to make the requested revision. The Company notes that the next paragraph
includes a cross-reference to the section entitled &ldquo;Liquidity Strategy&rdquo; where a complete discussion of the Company&rsquo;s
liquidity strategy and the definition of the term &ldquo;liquidity event&rdquo; is located. The Company also notes that the Summary
section of the Prospectus also includes a summary of the &ldquo;Liquidity Strategy&rdquo; section. The Company believes that including
the detailed definition in this introductory section Prospectus Summary would not be helpful to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD>The last paragraph prior to &ldquo;Capital Contribution by IIG and Apollo&rdquo; on page 2 states that &ldquo;[a]s a BDC, we
will be subject to certain regulatory restrictions in negotiating certain investments with entities with which we may be prohibited
from doing so under the 1940 Act, such as CIM, AIM and their respective affiliates, unless we obtain an exemptive order from the
SEC. However, there can be no assurance that we will be able to obtain such exemptive relief.&rdquo; Please disclose in this section
whether the Fund has applied for any such exemptive relief. Please tell us the status of the application.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has not
applied for any such exemptive relief and has revised the summary section of the Prospectus accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD>The paragraph under &ldquo;Capital Contribution by IIG and Apollo&rdquo; on page 2 states that &ldquo;IIG will not tender its
shares for repurchase as along as CIM remains our investment adviser&rdquo; and &ldquo;Apollo will not tender its shares for repurchase
as long as AIM remains our sub-adviser.&rdquo; Please disclose in this section whether there is any current intention for CIM and
AIM to discontinue in their respective roles.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the summary section of the Prospectus accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD>The disclosure under &ldquo;About CIM,&rdquo; &ldquo;About ICON,&rdquo; and &ldquo;About AIM&rdquo; on pages 2 through 4 is
too extensive for a synopsis section. Please significantly summarize the marketing disclosure in these sections.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the summary section of the Prospectus accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD>The second to last sentence prior to &ldquo;Market Opportunity&rdquo; on page 4 states that, &ldquo;[w]e will develop allocation
procedures to mitigate any potential conflicts of interest that may develop between us, CIM and CIM&rsquo;s affiliates and AIM
and AIM&rsquo;s affiliates.&rdquo; Please tell us whether these procedures will be approved by the Fund&rsquo;s Board (including
the independent directors). Please provide us with copies of any such procedures once they are developed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The allocation procedures
will be approved by the Company&rsquo;s board of directors, including the independent directors of the Company&rsquo;s board of
directors. The Company will provide a copy of such approved allocation procedures as soon as such procedures are available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD>The last sentence of the carry-over paragraph on page 5 states that &ldquo;adding to this imbalance in the availability of
credit is the vast sum of unallocated private equity capital raised from 2006 to 2008 and since that time, much of which will require
debt financing in the coming years.&rdquo; Please disclose in this section what this &ldquo;vast sum&rdquo; is.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the summary section of the Prospectus. Rather than including the words &ldquo;vast sum,&rdquo; the Company has revised the sentence
to provide that, &ldquo;adding to this imbalance in the availability of credit is the <U>significant amount</U> of unallocated
private equity capital raised from 2006 to 2008 and since that time, much of which will require debt financing in the coming years.&rdquo;
The Company notes that, on page [67] of Amendment No.1, the Company discloses that over $750 billion of unfunded private equity
commitments were outstanding as of December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD>The last sentence of the first paragraph under &ldquo;Estimated Use of Proceeds&rdquo; on page 9 states that &ldquo;[i]f we
sell only a portion of the shares we are registering, we may be unable to achieve our investment objective or provide portfolio
<U>diversification</U>.&rdquo; (emphasis added.) As the Fund will not be diversified under the 1940 Act, please use a different
term here. (Please make a similar revision to the second sentence of the third paragraph from the bottom of page 43, the third
paragraph from the bottom of page 70, and any other place where the term &ldquo;diversified&rdquo; is used.)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD>The last full sentence on page 9 under &ldquo;Distributions&rdquo; states that a &ldquo;portion of the distributions we make
may represent a return of capital for tax purposes.&rdquo; Please disclose in this section that this would be a return of the shareholder&rsquo;s
original investment and that, while not immediately taxable, it will lower the shareholder&rsquo;s basis in the investment, which
will result in higher taxes when sold, possibly even if it is sold for a loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD>The second sentence of the first full paragraph on page 11 states that, &ldquo;[i]f you wish to tender your common stock to
be repurchased, you must either tender at least 25% of the common stock you purchased in the offering.&rdquo; Please delete the
word &ldquo;either&rdquo; or, if applicable, describe what the other option is.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure and deleted the word &ldquo;either.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">19.</TD><TD>The first sentence under &ldquo;Liquidity Strategy&rdquo; on page 11 states that the Fund intends to &ldquo;seek to complete
a liquidity event.&rdquo; Please briefly define the term &ldquo;liquidity event&rdquo; in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The paragraph under
the section entitled &ldquo;Liquidity Strategy&rdquo; already includes the definition of the term &ldquo;liquidity event.&rdquo;
The Company respectfully refers the Staff to the fifth sentence in the paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">20.</TD><TD>Under &ldquo;Advisory Fees&rdquo; on page 12, please disclose that the Fund could pay the incentive fee in one or more quarters,
even if the Fund experienced a loss for the year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The risks associated
with the Company&rsquo;s investment advisory and investment sub-advisory relationships with both CIM and AIM, respectively, are
discussed in great detail in the Risk Factors section of the Prospectus, including the risk that, &ldquo;We may be obligated to
pay CIM incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.&rdquo; The Company has
added a cross-reference to &ldquo;Risk Factors &ndash; Risks Related to CIM and its Affiliates; Risks Related to AIM and its Affiliates&rdquo;
under the &ldquo;Advisory Fees&rdquo; section of the Summary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">21.</TD><TD>The first sentence of the first bullet point under &ldquo;Advisory Fees&rdquo; on page 12 states that &ldquo;[t]he first part,
which we refer to as the subordinated incentive fee on income, will be calculated and payable quarterly in arrears based upon our
&lsquo;pre-incentive fee net investment income&rsquo; for the immediately preceding quarter and will be subordinated to a preferred
return on adjusted capital equal to [ ]% per quarter or an annualized rate of [ ]%.&rdquo; The statement &ldquo;subordinated to
a preferred return&rdquo; is complicated and difficult to understand. Please revise this language to describe this as a &ldquo;hurdle
rate&rdquo; or other more easily understood term.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">22.</TD><TD>The first bullet point on page 13 states that &ldquo;[w]e may compete with certain of Apollo&rsquo;s affiliates and Apollo-managed
funds for investments, subjecting Apollo and its affiliates and Apollo-managed fund to certain conflicts of interest in evaluating
the suitability of investment opportunities and recommending acquisitions on our behalf.&rdquo; Please tell us how these conflicts
will be dealt with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company included
this disclosure in the Registration Statement to highlight the issue that certain conflicts may exist among certain of Apollo&rsquo;s
affiliates and Apollo-managed funds. Any conflicts of interest that arise within Apollo in evaluating the suitability of investment
opportunities will be resolved and addressed by Apollo and the Company will not be involved in such determinations. To the extent
the Company&rsquo;s investment adviser or board of directors believes the Company may be adversely affected by Apollo&rsquo;s resolution
of potential conflicts, the Company&rsquo;s investment adviser or board will work with Apollo to minimize such impact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">23.</TD><TD>The sixth bullet point on page 13 states that &ldquo;CIM, AIM and their respective affiliates may give advice and recommend
securities to other clients that may differ from advice given to, or securities recommended or bought for, us, even though their
investment objective may be similar to ours.&rdquo; Please disclose in this section why this might occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">24.</TD><TD>The last sentence of the seventh bullet point on page 13 states that &ldquo;Apollo and its affiliates have no obligation to
make any particular originated investment opportunities available to us and may be precluded from doing so by, for example, regulatory
limitations under the 1940 Act.&rdquo; Please tell us what preclusions there are other than regulatory ones. If there are contractual
preclusions, please disclose them in this section, indicate whether the independent directors have approved such arrangements,
and explain why the Fund believes this is consistent with the respective parties&rsquo; fiduciary duties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: <FONT STYLE="color: black">There
are no preclusions other than regulatory preclusions and the Company's investment objective and strategy.</FONT> The Company has
revised this section by deleting the words &ldquo;for example.&rdquo; Further, the provisions of the investment sub-advisory agreement
are described in the Registration Statement in the section entitled &ldquo;Investment Sub-Advisory Agreement.&rdquo; As described
in that section and pursuant to the terms of the investment sub-advisory agreement, AIM will have no responsibility with respect
to any action relating to any security or other asset insofar as AIM determines in good faith after consultation with CIM that
its involvement in any such action would require it to be treated as one subject to approval by the SEC in the absence of an applicable
exemptive order. Furthermore, all of the Company&rsquo;s investment decisions will be the sole responsibility of, and will be made
at the sole discretion of, CIM, and AIM will not be responsible or liable for any such investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">The independent directors will approve
the investment sub-advisory agreement as required by Section 15 of 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">25.</TD><TD>The first sentence of the first paragraph under &ldquo;Risk Factors&rdquo; on page 14 states that &ldquo;[a]n investment in
our common stock involves a high degree of risk and may be considered speculative.&rdquo; Please revise the last part of this sentence
to indicate that an investment may be considered &ldquo;highly&rdquo; speculative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company refers
the Staff to its response to Comment 4 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">26.</TD><TD>The first bullet point on page 15 states that &ldquo;[o]ur investments in prospective portfolio companies may be risky.&rdquo;
Please revise this to state that the Fund&rsquo;s investments &ldquo;are subject to a high degree of risk.&rdquo; Please also move
this particular risk to the top of the list of risks beginning on page 14.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company refers
the Staff to its response to Comment 4 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">27.</TD><TD>The third bullet point on page 15 states that &ldquo;[i]f we borrow money, the potential for gain and loss on amounts invested
in us will be magnified and may increase the risk of investing in us.&rdquo; Please delete the reference to &ldquo;the potential
for gain,&rdquo; as this is not a risk of the Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">28.</TD><TD>Please also disclose the following in the bullet points on pages 14 to 15:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The loans in which the Fund invests will generally not be rated by any rating agency and if they were rated, they would be
rated as below investment grade or &ldquo;junk.&rdquo; Also disclose that indebtedness of below investment grade quality is regarded
as having predominantly speculative characteristics with respect to the issuer&rsquo;s capacity to pay interest and repay principal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Shares of business development companies frequently trade below net asset value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Because the portfolio will lack diversification among portfolio companies, the Fund will be subject to a risk of significant
loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Any rise in general interest rates will result in an increase in the income incentive fees payable by the Fund to its adviser,
without a corresponding increase in Fund performance relative to the market as a whole.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: With respect to the
Staff&rsquo;s request in paragraph (a), please refer to the Company&rsquo;s response to Comment 5 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">With respect to the Staff&rsquo;s
request in paragraph (b), please refer to the Company&rsquo;s response to Comment 42 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">With respect to the Staff&rsquo;s
request in paragraph (c), the Company acknowledges the Staff&rsquo;s comment, but respectfully declines to make the requested revision.
The Company acknowledges that it will not be a &ldquo;diversified investment company&rdquo; as such term is defined in Section
5(b)(1) of the 1940 Act. However, the Company will invest in a variety of portfolio companies in accordance with its investment
objective and strategy. See &ldquo; Risk Factors &ndash; Risks Related to Business Development Companies &ndash; We are a non-diversified
investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets
that may be invested in securities of a single issuer.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in">With respect to the Staff&rsquo;s
request in paragraph (d), the Company believes this concept is already addressed in its risk factors. The Company respectfully
refers the Staff to &ldquo;Risk Factors &ndash; Risks Related to CIM and Its Affiliates; Risks Related to AIM and Its Affiliates
&ndash; We may be obligated to pay CIM incentive compensation even if we incur a net loss due to a decline in the value of our
portfolio.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Fees and Expenses, pages 16-18</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">29.</TD><TD>The line item &ldquo;Other Organizational and Offering Expenses&rdquo; in the Fee Table should go under Annual Expenses. <U>CF</U>.
Instruction 11(a) to Item 3.1 of Form N-2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has modified
the line item &ldquo;Other Organization and Offering Expenses&rdquo; to now only include &ldquo;Offering Expenses.&rdquo; The other
organizational expenses are included in the line item &ldquo;Other expenses&rdquo; under the annual expense subsection. The contents
of the &ldquo;Other expenses&rdquo; line item are described in footnote 8 to the table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">30.</TD><TD>In the body of the fee table, please insert a parenthetical &ldquo;( ___% of income and realized capital gains)&rdquo; at the
end of the line item &ldquo;Incentive fees payable pursuant to our investment advisory agreement.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has added
the following parenthetical at the end of the line item &ldquo;Incentive fees payable pursuant to our investment advisory agreement&rdquo;:
&ldquo;( ___% of investment income and realized capital gains).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">31.</TD><TD>In the first sentence under &ldquo;Example&rdquo; on page 16, the Fund states that it is assumed that &ldquo;we have no indebtedness.&rdquo;
This is inconsistent with note (7) to the fee table, which states that &ldquo;[t]he figure in the table assumes we borrow for investment
purposes an amount equal to 50% of our average net assets (including such borrowed funds) during such period and that the annual
interest rate on the amount borrowed is 3.0%.&rdquo; The example should track the assumptions from the fee table. <U>See</U> Instruction
11(a) to Item 3.1 of Form N-2. Please revise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the Example included under the Fees and Expenses Table and respectfully refers the Staff to the revised Example, which no longer
references the assumptions cited above. This format is consistent with the format included in the Fees and Expenses Tables of other
non-traded business development companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">32.</TD><TD>The fourth sentence of the first paragraph after the Example on page 16 states that &ldquo;[i]f we achieve sufficient returns
on our investments to trigger an incentive fee on income of a material amount, both our distributions to our shareholders and our
expenses would likely be higher.&rdquo; Please disclose in this section what the amounts would be if all of the returns were capital
gains (which are not subject to the hurdle rate).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company respectfully
refers the Staff to its response to Comment 31 above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Compensation of the Dealer Manager, the Adviser
and Certain Affiliates, pages 18-20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">33.</TD><TD>Please confirm that the dollar amounts in the third column are correct.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has reviewed
the dollar amounts and hereby confirms that such amounts are correct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Questions and Answers About the Offering, pages
21-24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">34.</TD><TD>The last sentence of the answer to the third question on page 21 states &ldquo;[b]eginning with the second anniversary of the
date of the investment advisory agreement, our board of directors will annually review the compensation we pay to CIM and the compensation
CIM pays to AIM to determine that the provisions of the investment advisory agreement and the investment sub-advisory agreement,
respectively, are carried out.&rdquo; Please also disclose that the board will determine whether to renew the contract at such
time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Risk Factors, pages 25-47</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">35.</TD><TD>The first sentence under &ldquo;Our board of directors may change our operating policies and strategies&hellip;&rdquo; on page
25 states that &ldquo;Our board of directors has the authority to modify or waive our current operating policies, investment criteria
and strategies without prior notice and without shareholder approval.&rdquo; Please confirm to us that the Fund has no intention
to change its investment policies and strategies during the next year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has no
intention to change its investment policies and strategies during the next year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">36.</TD><TD>The last sentence of the paragraph under &ldquo;Our board of directors may change our operating policies and strategies&hellip;&rdquo;
on page 25 states that &ldquo;we will have significant flexibility in investing the net proceeds of this offering and may use the
net proceeds from our public offering in ways with which investors may not agree or for purposes other than those contemplated
in this prospectus.&rdquo; Please confirm for us that any use of proceeds that represents a material investment strategy is included
in the prospectus. Please also confirm that if material investment policies and strategies change subsequent to the sale, and the
offering is continuing, the registration statement and prospectus will be amended or supplemented to reflect the change in strategy
and risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company hereby
confirms that any use of proceeds that represents a material investment strategy is included in the prospectus. In addition, the
Company hereby confirms that if material investment policies and strategies change subsequent to the sale, and the offering is
continuing, the registration statement and prospectus will be amended or supplemented to reflect the change in strategy and risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">37.</TD><TD>The first sentence in the second full paragraph on page 27 states that &ldquo;[b]oth the investment advisory agreement and
the investment sub-advisory agreement that CIM has entered into with AIM have termination provisions that allow the parties to
terminate the agreements.&rdquo; Please revise this sentence to indicate that the Fund has entered into the agreement with AIM
and that the contract has been approved pursuant to Section 15 of the 1940 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">38.</TD><TD>The third sentence of the second full paragraph on page 27 states that &ldquo;[t]he investment sub-advisory agreement may be
terminated at any time, upon 60 days&rsquo; written notice by AIM or, if a majority of the independent directors of our board of
directors or the holders of a majority of our outstanding voting securities determine that the investment subadvisory agreement
with AIM should be terminated, <U>by CIM</U>.&rdquo; (emphasis added.) Please revise to indicate that it is the Fund, not CIM that
has the authority to terminate the sub-advisory agreement with AIM.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">39.</TD><TD>The first sentence of the fourth full paragraph on page 27 states that &ldquo;[t]he investment sub-advisory agreement also
provides that if the agreement is terminated by AIM for good reason or the agreement is not renewed or is terminated otherwise
without cause by us or our shareholders, as applicable, AIM will be entitled to the payment of all amounts and any accrued but
unreimbursed expenses payable to it and not yet paid, as well as an amount equal to 37.5% of the gross amount of management fees
and incentive fees paid by us over the three year period commencing in the calendar quarter following the calendar quarter in which
such termination occurs.&rdquo; Please disclose in this section what constitutes &ldquo;good reason&rdquo; under the contract.
Please also clarify that it is CIM&rsquo;s obligation, and not the Fund&rsquo;s, to pay such amounts and that the Fund will not
be liable for any such monies in the event that CIM is unable or unwilling to pay.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure and included the definition of &ldquo;good reason.&rdquo; The Company has also clarified that it is CIM&rsquo;s
obligation to pay such amounts and that the Company is not obligated to pay such amounts in the event that CIM is unable or unwilling
to pay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">40.</TD><TD>The second to last sentence of the second paragraph on page 36 states that &ldquo;[i]n the event that we encounter delays in
locating suitable investment opportunities, we may pay all or a substantial portion of our distribution from the proceeds of our
public offering or from borrowings in anticipation of future cash flow, which may constitute a return of your capital and will
lower your tax basis in your common stock.&rdquo; Please revise to make consistent with comment 17.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has located
the disclosure that the Staff has referenced in this comment but believes the page the Staff intended to reference was page 29.
The Company has revised the disclosure included on page 29 as requested by the Staff and consistent with the revisions made in
response to Comment 17 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">41.</TD><TD>The last two sentences on page 32 state that &ldquo;we may compete with any such investment entity for the same investors and
investment opportunities. We will be unable to participate in certain transactions originated by CIM or its affiliates unless we
seek and receive exemptive relief from the SEC.&rdquo; Please tell us how these opportunities will be allocated. See also comment
11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company refers
the Staff to its response to Comments 11 and 22 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">42.</TD><TD>Under &ldquo;Risks Related to Business Development Companies&rdquo; on page 34, please disclose that shares of business development
companies frequently trade below net asset value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has elected
not to include the requested risk factor because shares of the Company&rsquo;s common stock will not be listed on a national securities
change and, as a result, shares of its common stock will not be traded on a national securities exchange. Also, the Company has
included disclosure throughout the Prospectus acknowledging the limitations placed on business development companies regarding
the sale of shares of common stock at prices below current net asset value. Further, throughout the Prospectus, the Company provides
that, &ldquo;&hellip; to the extent that our net asset value increases, we will sell at a price necessary to ensure that shares
are not sold at a price, after deduction of selling commissions and dealer manager fees, that is below our net asset value per
share. In the event of a material decline in our net asset value per share, which we consider to be a 5% decrease below our current
net offering price, and subject to certain conditions, we will reduce our offering price accordingly.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">43.</TD><TD>Please revise the first part of the first heading under &ldquo;Risks Related to Our Investments&rdquo; on page 35 to state
that &ldquo;[o]ur investments in prospective portfolio companies are subject to a high degree of risk.&rdquo; Please also disclose
under this heading that the loans in which the Fund invests will generally not be rated by any rating agency and that if they were
rated, they would be rated as below investment grade or &ldquo;junk.&rdquo; Also disclose that indebtedness of below investment
grade quality is regarded as having predominantly speculative characteristics with respect to the issuer&rsquo;s capacity to pay
interest and repay principal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company respectfully
refers the Staff to its responses to Comments 4 and 5 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">44.</TD><TD>Please disclose the following risks created by investing in original issue discount (&ldquo;OID&rdquo;) instruments under the
heading &ldquo;Risks Related to Our Investments&rdquo; on pages 35-40:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>The higher interest rates of OID instruments reflect the payment deferral and credit risk associated with them. Investors in
the Fund share the risks and rewards of OID and market discount. Investors in the Fund share the risks and rewards of OID and market
discount. These risks, however, are not shared by the adviser, who collects higher incentive fees and, in the case of payment-in-kind
loans, higher asset-based fees with no deferral or cash payments and no repayment obligation to the Fund should any of these loans
prove ultimately uncollectible.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>OID instruments may have unreliable valuations because their continuing accruals require continuing judgment about the collectability
of the deferred payments and the value of any associated collateral;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>OID instruments generally represent a significantly higher credit risk than coupon loans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>OID income received by the Fund may create uncertainty about the source of the Fund&rsquo;s cash distributions. For accounting
purposes, any cash distributions to shareholders representing OID or market discount income are not treated as coming from paid-in
capital, even though the cash to pay them comes from the offering proceeds. Thus, although a distribution of OID or market discount
interest comes from the cash invested by the shareholders, Section 19(a) of the 1940 Act does not require that shareholders be
given notice of this fact by reporting it as a return of capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>In the case of payment-in-kind debt, the deferral of PIK interest has the simultaneous effects of increasing the assets under
management and increasing the base management fee at a compounding rate, while generating investment income and increasing the
incentive fee at a compounding rate. In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding
rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>OID and market discount instruments create the risk of non-refundable cash payments to the adviser based on non-cash accruals
that ultimately may not be realized.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the risk factor entitled, &ldquo;We may have difficulty paying our required distributions if we recognize income before or without
receiving cash representing such income&rdquo; to include the following sentence to address the risks associated with investments
in OID/ market discount instruments: &ldquo;Loans structured with these features may represent a higher level of credit risk than
loans the interest on which must be paid in cash at regular intervals.&rdquo; The Company believes that this risk factor and this
new sentence address the points the Staff raised in paragraphs (a) and (c) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">With respect to the risk set forth
in paragraph (b), the Company believes that the disclosure throughout the registration statement regarding the Company&rsquo;s
valuation process (See &ldquo;Determination of Net Asset Value&rdquo;) and the risk factor entitled, &ldquo;A significant portion
of our investment portfolio will be recorded at fair value as determined in good faith by our board of directors and, as a result,
there will be uncertainty as to the value of our portfolio investments,&rdquo; adequately addresses this risk. The value of all
of the Company&rsquo;s investments will be determined on a quarterly basis pursuant to a valuation policy in accordance with the
Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards Codification (&ldquo;ASC&rdquo;) 820, <I>Fair Value
Measurements</I>, and a valuation process approved by the Company&rsquo;s board of directors in accordance with the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">With respect to paragraph (d), the
Company believes this risk is addressed by the risk factor entitled, &ldquo;We may have difficulty paying our required distributions
if we recognize income before or without receiving cash representing such income.&rdquo; This risk factor informs investors that
the Company may recognize income before or without receiving cash representing such income and, as a result, may have difficulty
meeting the annual distribution requirement necessary to maintain RIC tax treatment under the Code. The recognition of taxable
income is further discussed in &ldquo;Material U.S. Federal Income Tax Considerations &mdash; Taxation as a Regulated Investment
Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">With respect to the risks set forth
in paragraphs (e) and (f), the Company believes that the risk factors entitled, &ldquo;CIM and its affiliates, including our officers
and some of our directors, will face conflicts of interest caused by compensation arrangements with us and our affiliates, which
could result in actions that are not in the best interests of our shareholders&rdquo; and &ldquo;We may be obligated to pay CIM
incentive compensation even if we incur a net loss due to a decline in the value of our portfolio,&rdquo; address these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">45.</TD><TD>The second sentence of the paragraph under &ldquo;The dealer manager in our continuous offering may be unable to sell a sufficient
number of shares of common stock for us to achieve our investment objective&rdquo; on page 44 notes that &ldquo;The dealer manager
has no experience selling shares on behalf of a BDC.&rdquo; Please explain to us why this entity was selected as the dealer manager.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company elected
to use ICON Investments as its dealer manager despite its lack of experience selling shares of a business development company because
ICON Investments is an affiliate of the Company and has a significant amount of experience acting as dealer manager for other products
offered by the Company&rsquo;s affiliates. ICON Investments&rsquo; experience working with members of the Company&rsquo;s management
team will benefit the Company in its selling efforts. In addition, the Company expects to benefit from ICON Investments&rsquo;
experience in this distribution network and established relationships with dealers. ICON Investments, over the years, raised approximately
$1.6 billion in capital from more than 53,000 investors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 17</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Special Note Regarding Forward-Looking Statements,
page 48</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">46.</TD><TD>The first sentence of the last paragraph on page 48 states that, &ldquo;we assume no obligation to update any such forward-looking
statements.&rdquo; Please revise the disclosure to clarify that the Fund has a continuing obligation to update the prospectus during
the offering period to reflect material changes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company acknowledges
its obligation to update the Prospectus during the offering period to reflect material changes and this disclosure is outlined
in the section entitled &ldquo;About This Prospectus.&rdquo; The Company does not believe it is appropriate to modify the disclosure
under &ldquo;Special Note Regarding Forward-Looking Statements.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Management, pages 82-86</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">47.</TD><TD>Please tell us when the independent directors will be elected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company will elect
the independent directors prior to the effective date of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">48.</TD><TD>In the table regarding the directors on page 82, please include columns for &ldquo;Principal Occupation During the Past 5 Years&rdquo;
and &ldquo;Other Directorships Held During the Past 5 Years.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The information the
Staff has requested is and/or will be included in narrative form in the biography of each director and/or executive officer of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">49.</TD><TD>The last sentence of the last paragraph prior to &ldquo;Risk Oversight and Board Structure&rdquo; on page 85 states that &ldquo;[a]
shareholder who wishes to recommend a prospective nominee for the board of directors must provide notice to our corporate secretary
in accordance with the requirements set forth in our bylaws.&rdquo; Please summarize these bylaw requirements in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The requirements are
summarized in &ldquo;Description of Our Securities - Provisions of the Maryland General Corporation Law and Our Articles of Incorporation
and Bylaws - Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals.&rdquo; The Company has added a cross-reference
to this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Portfolio Management, page 87</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">50.</TD><TD>The second to last paragraph on page 87 states that the compensation of members of the investment committee includes an annual
bonus based on an assessment of short term and long term performance. Please identify any benchmarks used. Also state whether performance
is measured pre-tax or after-tax, and provide the &ldquo;Other Accounts Managed&rdquo; disclosure required by Item 21.1 of Form
N-2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The annual bonus that
may be awarded to members of the investment committee is entirely discretionary and the Company has revised the disclosure accordingly.
There are no identified benchmarks that are used.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 18</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Control Persons and Principal Shareholders,
page 101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">51.</TD><TD>The first sentence under &ldquo;Control Persons and Principals Shareholders&rdquo; states that &ldquo;After this offering,
no person will be deemed to control us, as such term is defined in the 1940 Act.&rdquo; Although IIG and Apollo will apparently
not be control persons if the offering is completed, both IIG and Apollo appear to be control persons &ldquo;as of a specified
date no more than 30 days prior to the date of the offering.&rdquo; <U>See</U> Item 9.3 of Form N-2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company acknowledges
that IIG and Apollo are control persons &ldquo;as of a specified date no more than 30 days prior to the date of the offering.&rdquo;
The Company believes it has complied with the disclosure requirements of Item 9.3 of Form N-2 as both IIG and Apollo are included
in the tables under the section entitled, &ldquo;Control Persons and Principal Shareholders.&rdquo; The Company has also revised
the disclosure accordingly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Code of Ethics, page 120</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">52.</TD><TD>Please disclose whether the Fund&rsquo;s adviser and principal underwriter have adopted codes of ethics under Rule 17j-1 under
the 1940 Act and the related information called for by Item 18.15 of Form N-2. Please also revise the reference to &ldquo;1-800-SEC-0330&rdquo;
in the second to last sentence under &ldquo;Code of Ethics&rdquo; to read &ldquo;202-551-8090&rdquo; and explain that copies of
the codes may be obtained after paying a duplication fee. Provide the addresses called for by Item 18.15 of Form N-2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: Prior to the effective
date of the Registration Statement, both the Company and CIM will have adopted codes of ethics. The Company&rsquo;s principal underwriter,
although not required to have a separate code of ethics under Rule 17j-1, is subject to the Company&rsquo;s code of ethics to the
extent that the principal underwriter qualifies as an &ldquo;access person&rdquo; under the Company&rsquo;s code of ethics. The
Company will file its codes of ethics as an exhibit to the Registration Statement. The Company has revised the disclosure accordingly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Proxy Voting Policies and Procedures, pages
120-121</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">53.</TD><TD>Please explain under &ldquo;Proxy Policies&rdquo; on page 121 how the securities will be voted when there is a conflict between
the interests of the Fund and the interests of the adviser, underwriter or affiliated persons. <U>See</U> Item 18.16 of Form N-2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company respectfully
refers the Staff to the second full paragraph under the subheading &ldquo;Proxy Policies&rdquo; which provides that, &ldquo;The
proxy voting decisions of CIM are made by the senior officers who are responsible for monitoring each of its clients&rsquo; investments.
To ensure that its vote is not the product of a conflict of interest, it will require that: (a) anyone involved in the decision-making
process disclose to the chief compliance officer any potential conflict that he or she is aware of and any contact that he or she
has had with any interested party regarding a proxy vote and (b) officers and employees involved in the decision making process
or vote administration are prohibited from revealing how CIM intends to vote on a proposal in order to reduce any attempted influence
from interested parties.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 19</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">54.</TD><TD>Under &ldquo;Proxy Voting Records&rdquo; on page 121, please include a toll free number to request this information. Also note
that the information is on the Commission&rsquo;s website. Please note that the information should be for the most recent 12 month
period ended June 30.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company has revised
the disclosure under &ldquo;Proxy Voting Records&rdquo; to include a toll free number to request this information. Because business
development companies, such as the Company, do not file Form N-PX, information regarding the Company&rsquo;s proxy voting record
is not available on the Commission&rsquo;s website. As a result, the Company has not revised the disclosure to reference the availability
of the information on the Commission website.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Please furnish us with a representation that the Fund will disclose estimates of the tax characteristics of its distributions
in its quarterly reports, even though its tax numbers cannot be finalized until its fiscal year-end. Estimates of the tax characteristics
of the Fund&rsquo;s distributions in its periodic reports will alert shareholders to potential year-end tax consequences.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company will disclose
estimates of the tax characteristics of its distributions in its quarterly reports, even though its tax numbers cannot be finalized
until its fiscal year-end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Please inform us whether the officers, directors, and beneficial owners of more than 10% of the Fund&rsquo;s securities have
filed or will file the ownership reports (Forms 3, 4 and 5) required by Section 16(a) of the Securities Exchange Act of 1934.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company&rsquo;s
officers, directors and beneficial owners of more than 10% of the Company&rsquo;s common stock, if any, will file the ownership
reports required by Section 16(a) of the Securities Exchange Act prior to the effective date of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Please advise us if you have submitted or expect to submit an additional exemptive application or no-action request in connection
with your registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: At this time, the
Company does not expect to submit an exemptive application or no-action request in connection with its Registration Statement.
Should the Company decide to submit an exemptive application or no-action request prior to effectiveness, then the Company would
contact the Staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 20</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Please inform us whether FINRA has reviewed the underwriting terms and arrangements of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Registration Statement
has been filed with FINRA and all underwriting terms and arrangement of the offering will be reviewed by FINRA prior to commencing
the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>We note that the registration statement did not include a cover letter. Please include a cover letter in future filings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company submitted
a cover letter in connection with the Registration Statement. The Company will ensure that any future filings are also accompanied
by a cover letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>We note that substantial portions of the registration statement are incomplete and necessary information is missing. Please
file a pre-effective amendment with the missing information. When the missing information is provided, we intend to take sufficient
time for a fulsome review.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"><U>Response</U>: The Company is filing
pre-effective Amendment No.1 to the Registration Statement along with this letter. The Company understands that the Staff will
continue its review of all subsequent amendments to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 50%; text-indent: 0in">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">/s/ Cynthia M. Krus</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Cynthia M. Krus</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">cc:</TD>
    <TD>Mr. Joel S. Kress/ C&#298;ON Investment Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Mr. Michael R. Manley/ C&#298;ON Investment Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Ms. Lisa A. Morgan/ Sutherland Asbill &amp; Brennan LLP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
