<SEC-DOCUMENT>0001144204-12-023246.txt : 20120808
<SEC-HEADER>0001144204-12-023246.hdr.sgml : 20120808
<ACCEPTANCE-DATETIME>20120423172953
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-023246
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120423

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 37%; padding-right: 0; padding-left: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">SUTHERLAND
                                                                        ASBILL &amp; BRENNAN LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">1275 Pennsylvania Ave.,
        NW</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Washington, DC 20004-2415</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">202.383.0100 Fax 202.637.3593</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">www.sutherland.com</FONT></P></TD></TR>
</TABLE>
<p></p>
<p></p>

<P STYLE="margin: 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 23, 2012</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt">Re:</TD>
    <TD STYLE="width: 92%; 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: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 over the phone on March 20, 2012, regarding Amendment No. 1 to 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;). This is the second set of comments  the Company has received from the
Staff. All references in the Staff&rsquo;s comments to the &ldquo;First Letter&rdquo; refer to the comments the Staff
provided to the Company in a letter dated January 19, 2012. 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. 2 to the
Registration Statement, filed concurrently herewith.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>On page 1 of Amendment No.1 to the Registration Statement (&ldquo;Amendment No.1&rdquo;), please clarify the Company&rsquo;s
use of the term &ldquo;non-qualifying assets.&rdquo;</TD></TR></TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">ATLANTA</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">AUSTIN</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">HOUSTON</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;NEW
    YORK</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">WASHINGTON
    DC</FONT></TD></TR>
</TABLE>


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

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

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

<!-- Field: Page; Sequence: 1; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2012</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Staff is reissuing its previous comment #9. Please explain to us why the Company believes that not listing the Company&rsquo;s
shares on a national securities exchange is more beneficial to investors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: In addition to
the Company&rsquo;s response to previous comment #9, the Company also believes that a non-traded structure is appropriate for the
long-term nature of the assets in which it intends to invest. This statement is included on page 2 of Amendment No. 2.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>On page 4 of Amendment No.1 under &ldquo;Market Opportunity &ndash; Specialized lending and unfunded private equity commitments
drive demand for debt capital,&rdquo; please add the additional disclosure included on page 68 of Amendment No.1 regarding the
over $750 billion of unfunded private equity commitments as of December 31, 2010.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>On page 5 of Amendment No.1 under &ldquo;Investment Strategy &ndash; Diversification,&rdquo; please use a term other than &ldquo;diversification&rdquo;
as the Company is not diversified under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company has
made revisions to the disclosure in Amendment No. 2 to clarify when it is referring to diversification for 1940 Act or regulated
investment company purposes. The remaining references to the term &ldquo;diversification&rdquo; are intended to describe an aspect
of the Company&rsquo;s investment strategy. As a result of the revisions made in Amendment No. 2, the Company does not believe
that a stockholder would interpret the remaining references to the term &ldquo;diversification&rdquo; as a statement regarding
the Company&rsquo;s status as a diversified company under the 1940 Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>On page 9 of Amendment No.1 under &ldquo;Distributions,&rdquo; please clarify that a return of capital is a return of the shareholder&rsquo;s
original investment and 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company directs
the Staff to the following sentence added to Amendment No. 2 that addresses the Staff&rsquo;s comment: &ldquo; A shareholder will not be subject to immediate taxation on the amount of any distribution treated as a return of capital to the extent of the shareholder's basis in its shares; however, the shareholder's basis in its shares will be reduced (but not below zero) by the amount of the return of capital, which will result in the shareholder recognizing additional gain (or a lower loss) when the shares are sold.  To the extent that the amount of the return of capital exceeds the shareholder's basis in its shares, such excess amount will be treated as gain from the sale of the shareholder's shares.</P>

<!-- Field: Page; Sequence: 2; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2012</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>This is a follow-up to the Company&rsquo;s response to Comment #23 in the First Letter regarding the fact that conflicts may
exist among the Company and certain of Apollo&rsquo;s affiliates and Apollo-managed funds. In your response, you stated that &ldquo;[a]ny
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.&rdquo; Please tell us whether the Company, although it will
not be involved in such determinations, would be made aware of the conflicts that Apollo has reviewed.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: As discussed, the
Company will not be involved in the determination and, accordingly, does not expect to be made aware of conflicts that Apollo has.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Please add to the summary of risk factors included on pages 13-15 of Amendment No.1, the following risk factors:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><U>Response</U>: The Company
has added the requested risk factors to the summary.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>In response to Comment #5 in the First Letter, you stated that, &ldquo;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.&rdquo; Please let us know
if your statement regarding the recovery rates for senior secured loans is a statement of general applicability or if it specifically
relates to the type of senior secured loans that the Company expects to invest in based on its investment objective and strategy.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company advises
the Staff that the statement that, &ldquo;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,&rdquo; is a statement of general applicability. This is due
to the fact that senior secured loans rank senior in priority of payment to junior loans and are generally secured by collateral
of the borrower.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>On page 14 of Amendment No.1, please move the following risk factor to the top of the list:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 3; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2012</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>On page 16 of Amendment No.1 in footnote 6, you describe the two part incentive fee. We note that the second part of the incentive
fee, which you refer to as the incentive fee on capital gains, is not subject to the hurdle rate. Please disclose in footnote 6
what the fee would be if all of your income came from capital gains.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company acknowledges
the staff&rsquo;s comment but respectfully declines to make the requested revision given that this is the Company&rsquo;s initial
public offering and it does not yet have any portfolio investments and, as a result, does not have information on which to base
an assumption of its future capital gains. The Company has included disclosure consistent with that included by other externally-managed
business development companies conducting their initial public offering. The Company acknowledges that previous drafts of the Registration
Statement did not disclose the percentage for the capital gains incentive fee. However, the Company respectfully directs the staff
to footnote 6 in Amendment No. 2, which provides that, &ldquo;[t]his fee will equal <B><I>20%</I></B> of our realized capital gains
on a cumulative basis&hellip; (emphasis added).&rdquo; The Company also respectfully refers the staff to the first paragraph in
footnote 6, which notes that, because the incentive fee is dependent on the achievement of certain performance targets, the Company
cannot predict the incentive fee that will be paid to its Adviser at this time. Finally, the Company also respectfully refers the staff to the example of the incentive fee calculation included in &ldquo;Investment Advisory Agreement.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD>In the risk factor entitled, &ldquo;The amount of any distributions we may make is uncertain. Our distributions may exceed
our earnings, particularly during the period before we have substantially invested the net proceeds from our public offering. Therefore,
portions of the distributions that we make may represent a return of capital to you for tax purposes that will lower your tax basis
in your common stock and reduce the amount of funds we have for investment in targeted assets,&rdquo; included on page 30 of Amendment
No.1, please include the following sentence that was added to page 9 of Amendment No.1 of the &ldquo;Distribution&rdquo; section
of the Summary:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>A shareholder will not be subject to immediate taxation on the amount of any distribution treated as a return of capital to the extent of the shareholder's basis in its shares; however, the shareholder's basis in its shares will be reduced (but not below zero) by the amount of the return of capital, which will result in the shareholder recognizing additional gain (or a lower loss) when the shares are sold.  To the extent that the amount of the return of capital exceeds the shareholder's basis in its shares, such excess amount will be treated as gain from the sale of the shareholder's shares.

</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Response</U>: The Company has revised
the disclosure accordingly.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD>We note that in response to Comment #44 in the First Letter regarding the risks associated with investing in original issue
discount investments, the Company added disclosure to the following risk factor which addresses risks associated with its election
to be regulated as a regulated investment company, or RIC: &ldquo;We may have difficulty paying our required distributions if we
recognize income before or without receiving cash representing such income.&rdquo; Please explain why the Company believes it is
appropriate to include the risk of investing in OID investments within a tax risk factor. We recommend that the Company review
the risk factors we originally recommended in Comment #44 and consider inserting those risks that the Company deems are appropriate
and not fully addressed already elsewhere in the &ldquo;Risk Factors&rdquo; section of the Registration Statement.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 4; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2012</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company has
moved the sentence, &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; to the risk factor entitled, &ldquo;Our investments in prospective portfolio
companies may be risky, and we could lose all or part of our investment.&rdquo; In addition, the Company has added disclosure regarding
original issue discount investments in the risk factor entitled, &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;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD>Please consider revising the biographical information for each of the Company&rsquo;s officers and directors into a chart as
set forth in Item 18.1 of Form N-2.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company acknowledges
the Staff&rsquo;s comment and respectfully declines to make the change. As permitted by Item 18.1 of Form N-2, the Company prefers
to provide the required biographical information in narrative form.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD>The Staff is re-issuing Comment #49 in the First Letter and requesting that the Company provide a more detailed summary of
the Company&rsquo;s advance notice provisions for shareholder nominations in the Registration Statement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company has
revised the summary of its advance notice bylaw provisions under the section entitled &ldquo;Description of our Securities &ndash;
Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals.&rdquo;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD>When the Company describes its proxy voting policies, please clarify who will decide how to resolve a conflict of interest.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><U>Response</U>: The Company has
revised the disclosure accordingly.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">If you have any questions or
additional comments regarding the foregoing, please contact Cynthia Krus at (202) 383-0218 or Lisa Morgan at (202) 383-0523.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 45%; 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: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 5; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 23, 2012</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt">cc:</TD>
    <TD STYLE="width: 97%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Joel S. Kress/ C&#298;ON Investment Corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Michael R. Manley/ C&#298;ON Investment Corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Lisa A. Morgan/ Sutherland Asbill &amp; Brennan LLP</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 6; Section: Main -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`!``+H#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#DZ***^G/E
M0HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`IQC<()"C;#T;:<?G2(55U++N4$$CU%=]XAO-2U+2I[[0K^.?1FA"36*
MHH:U&!G*X_45G.;BTNYM3IJ2;OL<!173^`0#JU[D`_\`$OFZCV%1>!P#JUUD
M`_Z!/U_W:4JEN;38(TN;EUW.=HP?0UH:3KVHZ&96T^98C*`'S&K9QTZ@^M=5
MX[\1:G;WQTV*9%M9[2,R)Y2\EASSC(HE.2FHI;^?_`",(N#DWMY?\$X6BNP\
M+Z?_`&EX.UNV$]O`S2PXEN'V(O.>3VJ<:*=(\"ZV'O;*[,CPD&UE$FW#=_2I
M==)N/6]OR*5!M*72S?YG$45V?P^,ZP:VUM/!;SK;*8Y9\;$.X\G/%9/BNYU*
M>_BCU+4+.^>./*26FTJ`3TRH'/%4JEZC@)TDJ:G?<PO>BO3=)CUQ_">@C1FM
ME0B0W(G"8*[^X/)'7I7%^()-.E\63OI046AF79L&%)XSCVSFIA6YY-6V*G0Y
M(J5][&-171_$`!?&E\``!B/@#_86LK1=,DUG5[:PCX\Y\,W]U1RQ_`9K2,TX
M*;[7,I0:FX+O8HT5U?C.ST^>.UUK1U`LI,VS@#[KQ\#\U`-6?#%GI-YX-O8]
M6;R4:]5(K@#F%RO!^GK4>V7(IV-/8/G<+G%T5V=QHUUHG@K6K2\C`=;R$HX'
MRNO9E/H:;X:U&YTGP1J][9LBSI<Q!69`V`>#P:7MKIN.NM@]C:24G;2YQU%=
M=>RQ>)?"%UJ]Q:PP:AI\R(\T*;!,K''(]17(UI"?-?R,YPY6K/1A1115F844
M44`.B*+*C2+O0,"RYQD=Q751:[X<T>UO7T6UU`W5Y`T&VY9?+B5NO3D_C7)T
M5$X*>YI"HX;&GX=UEM!U:.]\D31[3'+$3C>A&"*UCK7A[2K:[;0;2]^UW<31
M;[IEVPJW7;CJ?K7+44I4XR=V.-6459!VK7\3:Q#KFII=PQ/$JP)%M?&<J,9X
MK(HJW%-ID*32<>YKV6L0VOAK4M*>)VDO'C9'&-J[3SFBPUB&T\-ZGI;1.TEZ
MT;(XQA=IR<UD45/)']2E4DK>EC=\-ZSI^F0:C;:C;SS07T0C(@8`C!SWJEJT
MFC2/%_8]O=0*`?,%PX8D]L8K/HH4$I<P.HW'E.A'BI[;3]#CL5DBNM+,A9VQ
MM<,<X^F.#5'6+[3[S6/MVGVTEM'(0\D+8PKYYVX[5F44*G%.Z&ZLFK,ZW6]<
M\+:U=W%_+I^I+=S+P1*H4$+@<>G`K.\.Z]!X?M[VXC@\W4)4$<!=08T7/S9]
M2:PZ*E4HJ/+T&ZTG+FZG4?\`"8)?Z/>Z7J=C;QQ3)N@-G`$V2CH2,]*S8-7B
MB\*76CF)S+/<K,'&-H`&,5DT4U2BMO43JS>_H;Q\57,_A.70;O=*H9&@D)Y0
M`_=/J/2GZ%K>E6>B7NEZK:7,\=U*DG[A@I&WW-<]10Z4;-?,%5G=/Y&]J_B*
MWN-,32-)L/L-@'\QPS[I)F]6/]*P:**J,5%61,IN3NPHHHJB#J?^%<^(/2S_
M`/`@4?\`"N?$'I9_^!`KH\"C`KPO[1J]D>__`&=1\SG/^%<^(/2S_P#`@4?\
M*Y\0>EG_`.!`KH\"C`H_M&KV0?V=1\SG/^%<^(/2S_\``@4?\*Y\0>EG_P"!
M`KH\"C`H_M&KV0?V=1\SG/\`A7/B#TL__`@4?\*Y\0>EG_X$"NCP*,"C^T:O
M9!_9U'S.<_X5SX@]+/\`\"!1_P`*Y\0>EG_X$"NCP*,"C^T:O9!_9U'S.<_X
M5SX@]+/_`,"!1_PKGQ!Z6?\`X$"NCP*,"C^T:O9!_9U'S.<_X5SX@]+/_P`"
M!1_PKGQ!Z6?_`($"NCP*,"C^T:O9!_9U'S.<_P"%<^(/2S_\"!1_PKGQ!Z6?
M_@0*Z/`HP*/[1J]D']G4?,YS_A7/B#TL_P#P(%'_``KGQ!Z6?_@0*Z/`HP*/
M[1J]D']G4?,YS_A7/B#TL_\`P(%'_"N?$'I9_P#@0*Z/`HP*/[1J]D']G4?,
MYS_A7/B#TL__``(%'_"N?$'I9_\`@0*Z/`HP*/[1J]D']G4?,YS_`(5SX@]+
>/_P(%'_"N?$'I9_^!`KH\"C`H_M&KV0?V=1\S__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
