<SEC-DOCUMENT>0001144204-15-023907.txt : 20150604
<SEC-HEADER>0001144204-15-023907.hdr.sgml : 20150604
<ACCEPTANCE-DATETIME>20150420191517
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-15-023907
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150420

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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    <TD ROWSPAN="3" STYLE="width: 75%; padding: 0; text-indent: 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></td>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">1095 Avenue of the Americas</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">New York, NY&nbsp;&nbsp;10036-6797</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">+1&nbsp;&nbsp;212&nbsp;&nbsp;698&nbsp;&nbsp;3500&nbsp;&nbsp;Main</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">+1&nbsp;&nbsp;212&nbsp;&nbsp;698&nbsp;&nbsp;3599&nbsp;&nbsp;Fax</td></tr>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">www.dechert.com</td></tr>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</td></tr>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-transform: uppercase; font-weight: bold; text-indent: 0">Richard Horowitz</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0"><i>Partner</i></td></tr>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">richard.horowitz@dechert.com</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">+1 212 698 3525&nbsp;&nbsp;Direct</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">+1 212 698 0452&nbsp;&nbsp;Fax</td></tr>
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<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">April 20, 2015</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">VIA EDGAR</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">James O&rsquo;Connor, Esq.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</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, DC 20549</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">Christina DiAngelo Fettig</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</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, DC 20549</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">Re: C&#298;ON Investment Corporation (File No. 333-178646)</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">Dear Mr. O&rsquo;Connor and Ms. Fettig:</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">On behalf of C&#298;ON Investment Corporation (the &ldquo;<U>Company</U>&rdquo;),
set forth below are the Company&rsquo;s responses to the oral comments provided by the staff of the Division of Investment Management
(the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) to the Company&rsquo;s
outside legal counsel, Dechert LLP, on March 3, 2015 regarding Post-Effective Amendment No. 8 (&ldquo;<U>PEA 8</U>&rdquo;) to the
Company&rsquo;s Registration Statement on Form N-2 (File No. 333-178646) (the &ldquo;<U>Registration Statement</U>&rdquo;) and
the prospectus included therein (the &ldquo;<U>Prospectus</U>&rdquo;). We further set forth below the Company&rsquo;s responses
to the Staff&rsquo;s oral comments on April 6, 2015 with respect to the Company&rsquo;s Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, filed with the Commission on March 27, 2015.</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">In addition, transmitted herewith is
Post-Effective Amendment No. 9 to the Registration Statement, which reflects all of the comments and revisions discussed
herein. The Company is filing as separate correspondence its request for acceleration of effectiveness.</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">For your convenience, the Staff&rsquo;s comments are numbered
and presented in bold text below, and each comment is followed by the Company&rsquo;s response.</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>

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<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"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></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; text-align: center"><B>Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Please define collateralized loan obligations (&ldquo;<U>CLOs</U>&rdquo;) and how they are created. With respect to the
Company&rsquo;s 10% investment in CLOs, please disclose whether the Company is holding the equity portion of the CLO or the rated
portion of the CLO. We note that if the Company is holding the equity portion of the CLO, this is considered a riskier investment.
</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has revised the CLO disclosure accordingly and has included the CLO definition at its first use on page 1 of the Prospectus. In
addition, the Company has disclosed whether it is holding the equity portion or rated portion of the CLO on page 17 of the Prospectus.
These revisions are also included on pages 2, 37 and 65 of the Company&rsquo;s draft Annual Report on Form 10-K for the year ended
December 31, 2014 (the &ldquo;<U>10-K</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>In addition to disclosing portfolio yield in this section, please also disclose total return, as provided in the Financial
Highlights section.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has updated this disclosure on page 17 of the Prospectus and page 65 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fees and Expenses, page 20</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>Please ensure that unrealized gains are reflected on the balance sheet and in the base management fee. Please also ensure
that this is disclosed when &ldquo;base management fee&rdquo; is first used in the fee table. In addition, please indicate that
the base management fee does not include any unrealized capital depreciation on the total return swap.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has updated this disclosure on page 21 of the Prospectus and page 104 of the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>In addition to the current expense example, please also provide a second expense example that assumes that the incentive
fee under the Investment Advisory Agreement is earned and payable. For example, please see the expense examples contained in the
registration statement filed by Apollo Investment Corporation on September 10, 2014. Please also indicate that the second example
assumes that the Company&rsquo;s entire return for the relevant periods is attributable to capital gains. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has included the second expense example and requested disclosure on page 20 of the Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of the Dealer Manager, the Adviser and Certain
Non-Affiliates, page 23</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>On page 25, please define the phrase &ldquo;incentive fee preferred return.&rdquo; </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>The Company
has revised this phrase to incentive fee &ldquo;hurdle rate,&rdquo; which is defined on page 15 and further described throughout
the Prospectus. These revisions are also included on page 45 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Business and Structure, page 30</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Please generally reduce the amount of disclosure relating to the 2007-2008 financial crisis throughout the document.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has reduced this disclosure in the risk factors and throughout the Prospectus, where applicable. Corresponding revisions have also
been included in the risks factors set forth in the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B>On page 33, please define &ldquo;structured products&rdquo; and &ldquo;structured products funds&rdquo; and describe these
instruments in greater detail.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: As requested, the Company has defined
&ldquo;structured products&rdquo; at its first use on page 1 of the Prospectus and has added disclosure throughout the risk factors,
where applicable. In addition, the Company has revised its disclosure regarding &ldquo;structured products funds&rdquo; on page
32. These revisions are also included on pages 2, 29 and 37 of the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD><B>On page 33, please replace the phrase &ldquo;many of our investments&rdquo; with a phrase that more specifically describes
the extent to which the Company invests in investments that are not publicly traded or actively traded on a secondary market. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has revised this disclosure on page 33 of the Prospectus and page 29 of the 10-K to read &ldquo;Most of our investments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><B>On page 36, please replace the phrase &ldquo;source-of-income, diversification and other requirements&rdquo; with &ldquo;source-of-income
and other requirements.&rdquo;</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has revised this disclosure on page 36 of the Prospectus and page 32 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Business Development Companies, page 40</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD><B>Please explain the meaning of the phrase &ldquo;non-diversified&rdquo; on page 41 of this section. Please note that, because
the Company is non-diversified, risks are magnified in the event of an economic downturn.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: As requested, the Company has explained
the meaning of the phrase &ldquo;non-diversified&rdquo; on page 40 of the Prospectus and page 36 of the 10-K.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD><B>On page 43, please define &ldquo;structured product&rdquo; and, on page 47, please define &ldquo;structured financial instrument.&rdquo;</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested and noted above,
the Company has defined &ldquo;structured product&rdquo; in its first use in the description of the Company and its investments
on page 1 of the Prospectus and has added disclosure throughout the risk factors, where applicable. In addition, the Company has
replaced &ldquo;structured financial instrument&rdquo; with &ldquo;financial instrument&rdquo; and defined this phrase on page
47. Corresponding revisions are also included on pages 37 and 42 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Debt Financing, page 48</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>With respect to the last paragraph on page 48, please disclose that if the Company is unable to incur additional debt because
of asset coverage ratio restrictions, it may also be limited in its ability to make distributions. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has revised this disclosure on page 48 of the Prospectus and page 43 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Senior Securities, page 101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD><B>Please update the senior securities table to include information as of December 31, 2014.</B></TD></TR></TABLE>

<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: 0.5in"><U>Response</U>:<B> </B>As requested, the
Company has updated this table accordingly.</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"><B>Collateralized Securities, Structured Products and Other,
page 112</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD><B>Please include the disclosure regarding collateralized securities earlier in the Prospectus.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested and noted above,
the Company has moved this disclosure to pages 1 and 42 of the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Incentive Fee, page 138-140</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD><B>Please disclose how the &ldquo;preferred return&rdquo; in this section relates to the &ldquo;incentive fee preferred return&rdquo;
described elsewhere in the Prospectus. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>The Company has deleted the
references to &ldquo;preferred return&rdquo; in this section and elsewhere in the Prospectus and replaced them with the term &ldquo;hurdle
rate.&rdquo; As noted above, &ldquo;hurdle rate&rdquo; is defined on page 15 and further described throughout the Prospectus. Corresponding
revisions are also included on pages 45 and 77 of the 10-K.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Approval of the Investment Advisory Agreement, page
143, and Board Approval of the Sub-Advisory Agreement, page 147</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD><B>Please provide additional disclosure as to what the Board of Directors considered in deciding to approve the Investment
Advisory and Sub-Advisory Agreements. Please consider the disclosure required in shareholder reports and the disclosure typically
provided by open-end investment companies. Please disclose how the directors compared comparative data and how the directors compared
performance among other companies in the Company&rsquo;s peer group. </B></TD></TR></TABLE>

<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: 0.5in"><U>Response</U>: As requested, the Company
has revised these sections accordingly.</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"><B>Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD><B>Please update the Registration Statement to include the December 31, 2014 financial statements.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has included the December 31, 2014 financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 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"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD><B>With respect to the table for Consolidated Statements of Changes in Net Assets on page F-5, please indicate why the amount
disclosed for &ldquo;Changes in net assets from shareholders&rsquo; distributions: Other sources&rdquo; for the year ending December
31, 2014 is a positive number.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: As requested, the Company has provided
an explanation of this number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD><B>On page F-8, please disclose the rating of the tranche of the Company&rsquo;s investment in each CLO. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>The Company has disclosed
ratings for the debt tranches of each CLO on pages 85 and 87 of the 10-K. The equity tranches of the CLOs are not rated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD><B>With respect to the &ldquo;fee income&rdquo; line item in the Statement of Operations table on page F-41, please disclose
the following in the Notes to the Financial Statements: (i) the components of fee income, (ii) whether such fee income is recurring
and (iii) what comprises the majority of such fee income.</B></TD></TR></TABLE>

<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: 0.5in"><U>Response</U>: As requested, the Company
has updated this disclosure on page 112 of the 10-K.</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: 0.5in"></P>

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<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: 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px">&nbsp;</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: 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"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD><B>With respect to the table on page F-42, please disclose whether the table is reflecting book basis or tax basis with respect
to the &ldquo;Changes in net assets from shareholders&rsquo; distributions&rdquo; and disclose both book basis and tax basis in
the Notes to the Financial Statements. With respect to the line item for &ldquo;Other sources,&rdquo; please disclose whether these
distributions are a tax return of capital, book return of capital or a distribution of excess collateral. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: As requested, the Company has updated
this table and included additional disclosure on pages 55, 74 and 82 of the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD><B>With respect to Collateralized Securities disclosed in the table on page F-46, please use similar disclosure to that in
Form N-Q for Oxford Lane Capital Corp., filed on February 10, 2015. </B></TD></TR></TABLE>

<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: 0.5in"><U>Response</U>: As requested, the Company
has updated this table on page 85 of the 10-K.</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"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD><B>With respect to the table on Page F-46, please disclose the Index Rate for the Ivy Hill Middle Market Credit Fund VII, Ltd.
Subordinated Notes.</B></TD></TR></TABLE>

<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: 0.5in">Response: As requested, the Company has
disclosed this index rate on page 85 of the 10-K.</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"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD><B>With respect to the table on page F-46, please note that the JPMorgan Chase Bank, N.A. Credit Link Note is not a qualifying
asset under the Investment Company Act of 1940. Accordingly, please disclose this by adding footnote (f) next to this investment.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: As requested, the Company has disclosed
that this investment is not a qualifying asset by adding footnote (g) next to this investment on page 85 of the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD><B>With respect to the table on page F-46, please disclose whether any securities pay &ldquo;payment-in-kind&rdquo; interest.</B></TD></TR></TABLE>

<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: 0.5in"><U>Response</U>: As requested, the Company
has updated this table on page 85 of the 10-K.</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"><B>Note 2. Summary of Significant Accounting Policies, page
F-51</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD><B>With respect to the table on page F-52, please explain what expenses are included in the column for &ldquo;Other Pre-Effective
Costs.&rdquo; Please also explain why Other Pre-Effective Costs are not included in either category of Organizational Costs or
Offering Costs. Please also indicate what agreement between the Company and ICON Investment Group, LLC (&ldquo;IIG&rdquo;) provides
for the reimbursement by the Company of the Other Pre-Effective Costs. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has updated this table and the related disclosure on page 89 of the 10-K. In addition, please refer to the Company&rsquo;s response
to Comment No. 38 below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></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 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"></TD><TD STYLE="width: 0.5in"><B>27.</B></TD><TD><B>In the section titled &ldquo;Revenue Recognition,&rdquo; please include a detailed discussion of fee income</B> <B>in the
Statement of Operations or in the Notes to Financial Statements so that shareholders may assess the nature of the fee income and
whether it is recurring or non-recurring. Please refer to the discussion at the September 16, 2014 American Institute of Certified
Public Accountants&rsquo; Investment Companies (&ldquo;<U>AICPA</U>&rdquo;) Expert Panel Meeting.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: As requested, the Company has included
a table of all fees and disclosed whether such fees are recurring or non-recurring on page 112 of the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>28.</B></TD><TD><B>In the section titled &ldquo;Capital Gains Incentive Fee,&rdquo; please clarify that any unrealized losses on the total
return swap will not affect the management fee calculation. </B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;<U>Response</U>:<B> </B>As requested, the Company
has added the requested clarification to this section on page 104 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 4. Transactions with Related Parties, F-59</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD><B>Please confirm whether the Investment Adviser is currently paying the Company&rsquo;s organization costs and offering expenses
or if the Company is paying its own expenses. If the Investment Adviser is currently paying these costs, please confirm when this
began and whether it is limited to 1.5%. If it is limited to 1.5%, please disclose this limitation.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Company has been paying all of
its own organization and offering expenses since commencing operations on December 17, 2012. As such, the Investment Advisor is
not currently paying any of these expenses. Prior to December 17, 2012, however, an affiliate of the Investment Advisor paid all
of the Company&rsquo;s organization and offering expenses, which includes &ldquo;other pre-effective costs&rdquo; (see Comment
37 below). All organization and offering expenses, whether paid by the Investment Advisor (or certain of its affiliates) or directly
by the Company, are subject to the 1.5% limitation of gross equity raised. In addition, the Company has updated the table in Note
2 on page 89 of the 10-K to reflect this limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>30.</B></TD><TD><B>Please confirm whether any organization costs and offering expenses are currently subject to reimbursement and, if so, the
period during which such reimbursement applies. In addition, please indicate if all offering, organizational and other costs submitted
for reimbursement have been paid by the Company.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>Organization and offering
expenses paid by an affiliate of the Investment Advisor prior to December 17, 2012 are currently subject to reimbursement to IIG.
Please refer to the organization and offering expenses table in Note 2 of the 10-K. In addition, as requested, the Company has
revised the disclosure in respect of costs submitted for reimbursement and indicated whether such costs have been paid by the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></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 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"></TD><TD STYLE="width: 0.5in"><B>31.</B></TD><TD><B>Please provide greater clarity regarding the three conditions for reimbursement/recapture on page F-63. </B></TD></TR></TABLE>

<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: 0.5in"><U>Response</U>:<B> </B>As requested, the
Company has revised this disclosure on page 97 of the 10-K.</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"></TD><TD STYLE="width: 0.5in"><B>32.</B></TD><TD><B>Please include a table that discloses the sources of the distributions that are described in the last sentence of the penultimate
paragraph on this page, including the percentage attributable to expense reimbursements. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has included this table and included additional disclosure on pages 98, 99 and 114 of the 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5. Distributions, F-64</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD><B>With respect to the distributions table on page F-65, please disclose whether these figures reflect tax basis or book basis.
</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has revised this table on page 99 of the 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 6. Investments, F-66</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in"><B>34.</B></TD><TD><B>Please consider whether the percentage of the Company&rsquo;s investment in collateralized securities is expected to increase.
If so, please add additional risk disclosure concerning these investments.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Company manages its exposure
to collateralized securities and structured products as a percentage of its total investment portfolio, including the TRS, on a
look-through basis. Although such percentage will fluctuate, at this time the Company does not expect its investments in these
securities and products to significantly increase. Accordingly, the Company believes that its existing and revised disclosures
are sufficient. However, the Company will continue to monitor these investments and expand upon its disclosure in future filings,
including with additional risk disclosure, if appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>35.</B></TD><TD><B>With respect to the Company&rsquo;s unfunded loan commitments, including unfunded bridge loan commitments, please add a
chart setting forth the Company&rsquo;s unfunded commitments by portfolio company (for example, in the Schedule of Investments).
Please also disclose whether these commitments are treated as senior securities and how the Company covers these commitments (for
example, by having cash on hand and/or having access to borrowings). In responding to this comment, please consider the January
2006 AICPA Expert Panel Meeting Minutes, as well as the disclosure in the most recent Form 10-Q filings for CM Finance Inc. and
TriplePoint Venture Growth BDC Corp.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>:<B> </B>As requested, the Company
has included the requested table and disclosure on pages 63, 76, 85, 87, 101 and 112 of the 10-K.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form 10-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in"><B>36.</B></TD><TD><B>With respect to the table of Unfunded Commitments, as set forth on page 77, please indicate whether the Company has established
a policy to segregate assets to cover its unfunded commitments and whether such unfunded commitments were covered as of December
31, 2014.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Staff has recently informed the
Company that it views unfunded commitments as senior securities under the 1940 Act.&nbsp; The Company is reviewing the Staff&rsquo;s
position and its&nbsp;impact&nbsp;on its operations and business objectives&nbsp;and will continue to engage the Staff in discussions
as to the appropriate treatment of its unfunded commitments. &nbsp;During the course of its review, analysis and discussions, the
Company intends to comply with the Staff&rsquo;s position by including unfunded commitments as a senior security in the asset coverage
test or by segregating or setting aside liquid assets or engaging in other SEC or Staff-approved measures to &ldquo;cover&rdquo;
its unfunded commitments in an amount required to comply with the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If the Company adopts the Staff&rsquo;s view of unfunded
commitments as senior securities, it will adopt an appropriate policy for purposes of calculating its asset coverage test or to
segregate liquid assets to cover its unfunded commitments in an amount sufficient to comply with the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2014, the aggregate amount of unfunded
commitments totaled approximately $23,112, 000. The Company covered these commitments by virtue of its aggregate cash holdings
($9,474,000) (less $597,000 reflecting common stock commissions payable by the Company), short term investments ($10,350,000) and
excess cash collateral held under the total return swap ($11,824,000). As of December 31, 2014, such aggregate liquid assets totaled
$31,051,000 and provided approximately 134% coverage of the Company&rsquo;s unfunded commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>37.</B></TD><TD><B>With respect to the Company&rsquo;s Consolidated Balance Sheets, as set forth on page 86, please explain why the Company
has disclosed a liability in the amount of $597,000 in respect of commissions payable for common stock purchased. We would expect
selling commissions to be paid by shareholders and not the Company.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Company receives the gross proceeds
from the sale of its common stock by select unaffiliated broker-dealers. The Company then makes payments in amounts equal to the
selling commissions to these dealers and fees to the dealer manager. As of December 31, 2014, approximately $597,000 of commissions
was owed by the Company, including approximately $218,000 of fees owed to the dealer manager. The Company&rsquo;s Consolidated
Balance Sheets include the $597,000 liability due to the timing of a closing, on December 31, 2014, of purchases of the Company&rsquo;s
common stock. The related payment of $597,000 occurred subsequent to December 31, 2014 and, as a result, is included as a liability
of the Company as of the year ended December 31, 2014. The Company notes that, as set forth in Comment 36 above, it is not including
the selling commissions into the calculation of its segregated liquid assets and will not on a prospective basis include such amounts
in determining compliance with its asset coverage ratio, the calculation of its segregated liquid assets, the asset tests under
Section 55(a) of the 1940 Act or for other legal or regulatory compliance purposes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_001.jpg" alt="Dechert_STAlogo_BLACKsm2" style="height: 41px; width: 120px"></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 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"></TD><TD STYLE="width: 0.5in"><B>38.</B></TD><TD><B>Related to Comment 26 above on PEA 8, with respect to the table of Offering, Organizational and Other Costs Incurred by
IIG on page 98 of the Form 10-K, please explain why the Company has included an additional column titled &ldquo;Other Pre-Effective
Costs.&rdquo; Please also explain why Other Pre-Effective Costs are not included in either category of Organizational Costs or
Offering Costs and indicate what agreement between the Company and IIG provides for the reimbursement by the Company of the Other
Pre-Effective Costs.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Company included this additional
column to provide greater detail and transparency of the organization and offering expenses, consisting primarily of professional
fees and insurance expense, incurred on behalf of the Company prior to its commencement of operations on December 17, 2012. These
costs are reimbursable by the Company to IIG pursuant to the Company&rsquo;s Investment Advisory Agreement. The Company acknowledges,
and will remain mindful of, the differences between the definition of &ldquo;Organization and Offering Expenses&rdquo; as set
forth in Conduct Rule 2310(a)(12) of the Financial Industry Regulatory Authority (&ldquo;<U>FINRA Rule 2310</U>&rdquo;) and as
set forth in Accounting Standards Codification Topic 720, Other Expenses (&ldquo;<U>ASC 720</U>&rdquo;), and Accounting Standards
Codification Topic 915, Development Stage Entities (&ldquo;<U>ASC 915</U>&rdquo;). The Company notes that the reimbursement of
such expenses pursuant to the Investment Advisory Agreement relies upon the definition set forth in FINRA Rule 2310 rather than
ASC 720 and ASC 915.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>39.</B></TD><TD><B>With respect to the General and Administrative Expense table in Note 9, page 125, please describe what the $519,000 marketing
expense is comprised of and whether any portion of such amount is payable by the Company to a related party.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: This marketing expense relates to
printing and distribution of prospectuses and Forms 10-K and 10-Q, the preparation of selling kits and other similar marketing
costs and expenses. No portion of the $519,000 is payable to a related party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></TD><TD STYLE="width: 0.5in"><B>40.</B></TD><TD><B>With respect to the Ratio/Supplemental data set forth in the Financial Highlights table in Note 12, page 114, please confirm
that both the gross and net operating expenses to average net assets has been accurately set forth in this table. Please move the
following two line items to footnotes: (a) &ldquo;Ratio of expense reimbursements and recoupments from IIG to average net assets&rdquo;
and (b) &ldquo;Ratio of gross operating expenses to average net assets&rdquo;. </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Response</U>: The Company confirms that the Ratio/Supplemental
data set forth in the Financial Highlights table is accurate. In addition, commencing with the Company&rsquo;s consolidated financial
statements for the three months ended March 31, 2015 and in all future periods, the Company will revise Note 12. Financial Highlights
to (i) include a new line item titled &ldquo;Ratio of Gross Expenses to Average Net Assets&rdquo; and (ii) move the subject line
items to the accompanying footnotes.</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-align: center">* * * * * * *</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">If you have any questions or if you require additional information, please do not hesitate to contact
me at (212) 698-3525.</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">Sincerely,</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">/s/ Richard Horowitz</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">Richard Horowitz</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">Cc: Matthew K. Kerfoot</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>

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<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 0pt 45pt; text-indent: -9pt">&nbsp;</P>



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