<SEC-DOCUMENT>0001580642-17-003499.txt : 20170905
<SEC-HEADER>0001580642-17-003499.hdr.sgml : 20170905
<ACCEPTANCE-DATETIME>20170612152950
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001580642-17-003499
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Multi-Strategy Growth & Income Fund
		CENTRAL INDEX KEY:			0001523289
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-470-2600

	MAIL ADDRESS:	
		STREET 1:		450 WIRELESS BLVD.
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
</SEC-HEADER>
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<TYPE>CORRESP
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<TITLE>Blu Giant, LLC</TITLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">June
12, 2017&#9;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Strategy
Growth &amp; Income Fund, File No. 811-22572</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt">Dear Ms. Mokodean:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On May 26, 2017,
Multi-Strategy Growth &amp; Income Fund (the &ldquo;Registrant&rdquo; or the &ldquo;Fund&rdquo;) filed a preliminary proxy statement.
On June 2, 2017, you provided comments by phone. Please find below a summary of those comments and the Registrant&rsquo;s responses,
which the Registrant has authorized Thompson Hine LLP to make on its behalf. Capitalized terms not otherwise defined herein have
the meanings ascribed to them in the preliminary proxy statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 1</U>.
Preliminary proxy materials must be clearly marked as preliminary copies per Rule&nbsp;14a-6(e) under the Securities Exchange Act
of 1934, as amended (&ldquo;Exchange Act&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
In the future, Registrant undertakes to clearly identify preliminary proxy materials as preliminary copies in compliance with Rule
14a-6(e) under the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 2</U>.
On page 1 of the proxy statement, you refer to the Morningstar U.S. Closed-end Multi-strategy category. Please confirm that this
is an actual Morningstar category, and if so, please describe the characteristics of the category, as the Fund is currently placed
in the U.S. Closed-end Multi-alternative category. If the Multi-alternative category is the correct category, please amend the
disclosure accordingly and provide characteristics of that category. Please also provide the number of funds included in the category
that you ultimately select.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The Morningstar Category was incorrectly stated and should be the U.S. Closed-End Multi-alternative Category. The proxy statement
has been amended to read:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in">The Fund is seeking
approval of a new advisory agreement (the &ldquo;Proposed Advisory Agreement&rdquo;) that would change the advisory fee paid by
the Fund to its investment adviser, LCM, to bring the fee in line with the Fund&rsquo;s peers. These peer funds were selected from
Morningstar U.S. Closed-end fund categories, including the Multi-Alternative, Real Estate, Nontraditional Bond, Global Real Estate,
Real Estate, Intermediate Term Bond, World Allocation and Miscellaneous Sector categories. The Fund is one of only five funds in
the Morningstar Multi-alternative category (the</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify">&ldquo;Category&rdquo;). The funds
in the Category offer investors exposure to several different alternative investment tactics and have a majority of their assets
exposed to alternative strategies. An investor&rsquo;s exposure to different tactics may change slightly over time in response
to market movements. Funds in the Category include both funds with static allocations to alternative strategies and funds tactically
allocating among alternative strategies and asset classes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 3</U>.
It appears that RJL Capital Management, LLC originally advised the Fund. Please explain why LCM is listed as the adviser since
the Fund&rsquo;s launch.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The name of the Fund&rsquo;s adviser at launch was RJL Capital Management, LLC. That firm, a California limited liability company,
filed an amendment to its articles of organization on May 15, 2017 to change its name to LCM Investment Management, LLC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 4</U>.
On page 3 of the proxy statement, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">LCM determined
that shareholders would be better served if LCM could evolve the Fund&rsquo;s portfolio by introducing even higher quality and
lower cost institutional investments not generally available through broker-dealers as well as internalizing the management of
the Fund&rsquo;s liquid exchange traded securities, which it did in March of 2015.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Please clarify whether
both the change to the use of institutional investments and the internalization of the management of the Fund&rsquo;s liquid exchange
traded securities occurred in March 2015. If the switch to the use of institutional investments did not occur in March 2015, please
state when that occurred.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited text has been revised to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">In March 2015,
LCM determined that shareholders would be better served if LCM could evolve the Fund&rsquo;s portfolio by internalizing the management
of the Fund&rsquo;s liquid exchange traded securities and expanding its allocation to higher quality and lower cost institutional
investments not generally available through broker-dealers. Effective March 1, 2015, LCM internalized the management of the Fund&rsquo;s
liquid exchange traded securities. In addition, LCM instituted its proprietary scoring methodology for investment selection when
it made its first hedge fund investment in June 2015.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 5</U>.
Based on the July 2016 prospectus (as supplemented), it appears that the Fund&rsquo;s NAV and total return decreased between February
28, 2015 and February 29, 2016. Please provide more information in the proxy materials regarding the Fund&rsquo;s performance history
before and after LCM began managing the Fund&rsquo;s liquid exchange traded securities and change to institutional investments
over retail investments. Please explain what impact, if any, have these two changes had on the Fund&rsquo;s total return since
they were instituted.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 3</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><U>Response</U>. The
following disclosure has been added to the proxy statement after the second paragraph under &ldquo;<B>Background</B>&rdquo;:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The process
of internalizing the liquid investments and fully implementing the institutionalized due diligence methodologies and investment
opportunities was a gradual one, and cannot be simply tied to a single day or month in time. This is particularly true for illiquid
securities, which may take many months to vet, and months or years to see tangible performance realized. While the Fund&rsquo;s
return during the period from February 28, 2015 to February 29, 2016 was -3.68% for Class A shares (without load), this was less
reflective of new procedures and investments than of existing illiquid investments the Fund already held. Because the majority
of the portfolio is made up of investments that are to be held for multi-year periods, a single twelve month period may not be
an indicator of long-term value. As the internalized liquid sleeve and institutionally-driven illiquid investments mature, returns
have done so as well. As indicated in the Fund&rsquo;s most recent annual report, from February 29, 2016 to February 28, 2017,
the Fund&rsquo;s performance was well above the Fund&rsquo;s long-term annualized average, returning 10.04% over that period for
Class A shares (without load). The Fund is, by design, a long term investment. In both strong and weak periods, investors are cautioned
against using short-term interim period performance as an indication of the overall Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 6</U>.
On page 3 of the proxy statement, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">Moreover,
this reduction in initial expenses can lead to better returns for shareholders, for even a modest reduction in upfront fees can
lead to significantly improved performance when considered over a typical investment horizon of 5-7 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Please clarify whether
the reference to &ldquo;5-7 years&rdquo; is the Fund&rsquo;s typical investment horizon.&#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited text has been revised in its entirety to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">Moreover,
this reduction in initial expenses has the potential to lead to better returns for shareholders, for even a modest reduction in
upfront fees can lead to significantly improved performance when considered over the Fund&rsquo;s typical investment horizon of
5-7 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 7</U>.
On page 3 of the proxy statement, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">This structural
difference becomes even more significant when considering the generally lower ongoing fees and expenses that further enhance the
variance in return between such structures.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Please consider revising
this sentence for clarity (i.e., to explain what &ldquo;this structural difference&rdquo; or &ldquo;such structures&rdquo; means).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited sentence has been revised in its entirety to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The difference
in fee structures between retail and institutional products becomes even more significant when considering the generally lower
ongoing fees and expenses of institutional investments
which amplify the variance between the returns provided by retail and institutional products.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 8</U>.
On page 3 of the proxy statement, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">Aside from
the difference in fees, LCM believes these institutional-level investments are more attractive on an absolute basis and offer access
to unique and elite management teams.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">To the extent there
are benefits associated with retail investments, such as lower risks, please disclose those benefits and discuss why institutional
investments are more attractive to LCM on balance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The following disclosure has been added to the proxy statement following the paragraph containing the cited disclosure:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">While retail
investments generally have greater transparency through public filings and public marketing materials than institutional investments,
availability of public information does not necessarily equate to reduced risk. LCM considers institutional investments as being
more attractive due to their generally superior risk-reward metrics, unique and sophisticated opportunity sets, as well as further
reductions in fees and conflicts of interest. While these investments require a more advanced knowledge base, higher quality relationships,
and a significantly more intensive diligence process to be vetted properly, LCM believes these investments often result in higher
quality investments that add value to the Fund and its shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 9</U>.
On page 4 of the proxy statement, under the heading &ldquo;<U>LCM believes that the Fund benefits from a single-adviser approach
to the management of the liquid, exchange traded securities,</U>&rdquo; there is a sentence that reads:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The adviser
believes the Fund benefits from additional diversification and a more integrated portfolio strategy by incorporating the liquid
investment decisions alongside the illiquid investment process.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Based on discussion
in the paragraph under the heading cited, it is unclear how the single adviser approach promotes additional diversification in
the Fund&rsquo;s portfolio as opposed to a sub-adviser managing the portfolio of liquid exchange traded securities. Please explain.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 5</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>: The statement
does not assert that the single adviser approach promotes additional diversification; rather, it asserts that the Fund benefits
from diversification achieved by investing in both liquid and illiquid investments. To avoid confusion, the cited sentence has
been revised in its entirety to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The adviser
believes the Fund benefits from diversification and a more integrated portfolio strategy by incorporating the liquid investment
decisions alongside the illiquid investment process.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 10</U>.
On page 4 of the proxy statement, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">The Current Advisory Agreement
was last submitted to a vote of the shareholders of the Fund on October&nbsp;19,&nbsp;2011.</P>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Item 22(c)(1)(i) of Schedule 14(a) requires
that the proxy statement also state the purpose of submitting the agreement to shareholders. Please include the required disclosure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response.</U>
The cited sentence has been revised to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The Current
Advisory Agreement was last submitted to a vote of the shareholders of the Fund on October&nbsp;19,&nbsp;2011 in connection with
its initial approval as required by Section 15(a) of the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 11</U>.
On page 5 of the proxy statement, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The Proposed
Advisory Agreement automatically terminates on assignment and is terminable upon notice by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Section 15 of the
Proposed Advisory Agreement states that the Fund must provide 60 days&rsquo; prior written notice to terminate. If accurate, please
provide that detail here, as that level of detail is provided with respect to adviser-led termination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>:
The cited sentence has been revised to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The Proposed Advisory
Agreement automatically terminates on assignment and is terminable upon 60 days&rsquo; notice by the Fund given to LCM.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 12</U>.
We note that the Fund has a fiscal year that ends in February. If needed, please revise the pro forma fee tables provided on pages
6 and 7 to reflect current fees and expenses, rather than the fees and expenses shown in the last annual registration statement
update.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>:
The Registrant has made the requested revisions.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 6</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 13.</U>
On page 7 of the proxy statement, in the footnote to the pro forma fee table, it states:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">Expense waivers
and reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three
years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Please revise to clarify
that the adviser cannot recoup if doing so would cause the Fund to exceed the lesser of the expense ratio in place at time of waiver
and its current expense ratio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited sentence has been revised in its entirety to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">Expense waivers
and reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three
years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense
limits or those in place at the time of recapture.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 14</U>.
In the expense example on page 7 of the proxy statement, because the proposed waiver has an initial term of two years, please update
the expenses shown so that the waiver is only reflected in the first year. Please also update the introductory language to state
that the example reflects waivers through the expiration date of the contract and total expenses thereafter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The expenses have been updated as requested and the introductory language has been modified to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in"><I>Example:</I>
This example illustrates the hypothetical expenses that you would pay on a $1,000 investment assuming annual expenses attributable
to shares remain unchanged and shares earn a 5% annual return. The example shown reflects the expense limitation through the initial
expiration date of the contract and total expenses thereafter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 0; text-align: justify; text-indent: 0.5in"><U>Comment
15</U>. On page 8 of the proxy statement, under &ldquo;<B>Affiliate Fees</B>,&rdquo; please provide the percentage of aggregate
brokerage commissions paid to Lucia Securities pursuant to Item&nbsp;22(c)(13) of Schedule 14A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 0; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The following sentence has been added below the chart in the cited section:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">For the fiscal
year ended February 28, 2017, the brokerage commissions and placement fees paid to Lucia Securities (i) were substantially lower
than those paid in any of the prior fiscal years shown above and (ii) represented 100% of the total brokerage commissions and placement
fees paid by the Fund during that year.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 7</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 0; text-align: justify; text-indent: 0.5in"><U>Comment
16.</U> On page 8 of the proxy statement, under &ldquo;<B>Evaluation by the Board of Trustees</B>,&rdquo; please add additional
disclosure addressing the following questions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 11pt">Why did the Board conclude that the proposed
fee increase was in the best interest of shareholders? </FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 11pt">What will the adviser do if the shareholders
do not approve the proposal to adopt the new agreement?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 11pt">Did the Board consider alternative advisers
to the current adviser? If so, how many, and what did they charge for comparable services?</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response.</U>
In response to question (1), Registrant believes that the discussion under &ldquo;<I>Nature, Extent and Quality of Services,</I>&rdquo;
sufficiently describes the reasons that the Board believed that an increased fee was appropriate. In particular, Registrant highlights
the factors described in the following disclosure regarding the enhancements made by the adviser and the need for greater resources
to support management of the Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The Trustees
discussed the many enhancements that LCM had made to its team and its portfolio management processes in response to changing market
conditions. The Trustees discussed that LCM&rsquo;s deal sourcing and portfolio management now required greater resources. The
Trustees noted that LCM added new personnel with increased expertise and deeper relationships in the institutional alternative
investment space. The Trustees also discussed in detail LCM&rsquo;s time- and resource-intensive research processes, noting that
the adviser thoroughly analyzed sponsor and manager capabilities and assessed the quality of the underlying portfolios. The Trustees
expressed satisfaction with LCM&rsquo;s proprietary multi-stage, multi-factor framework for selecting, evaluating and monitoring
investment opportunities across different sectors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Registrant further
notes that, as discussed in the proxy statement, the Board considered that the proposed advisory fee was below the peer group average
and that the adviser proposed to sign an expense limitation agreement with respect to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In response to question
(2), the following sentence has been added after the first paragraph under &ldquo;<B>Evaluation by the Board of Trustees</B>&rdquo;:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">If the Proposed
Advisory Agreement is not approved by shareholders, LCM may consider other options in the interest of the Fund, such as limiting
its universe of investments or amending the proposal and seeking reconsideration by the Board and the Fund&rsquo;s shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In response to question
(3), the Board did not, and was not required to, consider proposals by advisers other than LCM. As a result, Registrant believes
that an express statement that the Board did not consider such other proposals is not necessary. As stated in the proxy statement,
the Board, after considering the factors described, concluded that the proposed advisory fee was reasonable and that approval of
the Proposed Advisory Agreement was in the best interests of the shareholders of the Fund.</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 8</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 17</U>.
On page 9 of the proxy statement, under &ldquo;<I>Nature, Extent and Quality of Services,</I>&rdquo; it states that the &ldquo;Trustees
noted their satisfaction with the fact that the Fund had continued to deliver positive returns while simultaneously providing downside
protection.&rdquo; However, based on the staff&rsquo;s review of the Fund&rsquo;s financial statements, it does not appear that
the Fund has experienced consistently positive returns. Please revise this statement to (i) avoid potentially misleading language
and (ii) clarify what &ldquo;downside protection&rdquo; means in this context.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited sentence has been revised in its entirety to read as follows:</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The Trustees
noted their satisfaction with the fact that the Fund had delivered positive annualized returns on a since-inception basis while
simultaneously exhibiting lower overall risk metrics versus the S&amp;P 500 Total Return Index over that period. They further noted
that when both returns and their associated volatility were considered, the Fund had exhibited attractive risk-adjusted returns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 18</U>.
On page 9 of the proxy statement, under &ldquo;<I>Fees and Expenses</I>,&rdquo; it states that the &ldquo;Trustees reviewed information
regarding fees charged by advisers to a peer group of funds composed of other closed-end interval funds.&rdquo; Is the &ldquo;peer
group&rdquo; the same as the Morningstar category discussed on page 2? If so, please make that connection clear; if not, please
provide additional description of the peer group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited sentence has been revised in its entirety to read as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The Trustees reviewed
information regarding fees charged by advisers to a peer group of funds composed of other closed-end interval funds selected from
Morningstar U.S. Closed-end fund categories, including the Multi-alternative, Real Estate, Nontraditional Bond, Global Real Estate,
Real Estate, Intermediate Term Bond, World Allocation and Miscellaneous Sector categories.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 18</U>.
On page 9 of the proxy statement, under &ldquo;<I>Fees and Expenses</I>,&rdquo; it states that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt 1in; text-align: justify; text-indent: 0in">The Trustees
noted that LCM&rsquo;s current fee of 0.75% was significantly below the peer group average of 1.38%. The Trustees remarked that
the proposed advisory fee of 1.35% was still well within the range of advisory fees in the Fund&rsquo;s peer group and remained
below the peer group&rsquo;s average advisory fee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Please explain whether
there were any outliers on the high or low side and whether the Trustees considered the median fee of the peer group in addition
to the average fee of the peer group.</P>

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</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">June
12, 2017</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 9</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
Because the Trustees considered the average fee and not the median fee, Registrant believes that no discussion of the median fee
is warranted. Registrant has revised the cited disclosure to address peer group outliers, and the disclosure now reads as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The Trustees noted
that LCM&rsquo;s current fee of 0.75% was significantly below the peer group average of 1.38%. The Trustees remarked that the proposed
advisory fee of 1.35% was still well within the 0.75% to 1.90% range of the advisory fees in the Fund&rsquo;s peer group, and that
it remained below the peer group&rsquo;s average advisory fee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 19</U>.
On page 11 of the proxy statement, under &ldquo;<B>VOTING SECURITIES AND VOTING</B>,&rdquo; please confirm that Registrant will
provide shares outstanding of each of the Fund&rsquo;s share classes as of the Record Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
Registrant so confirms.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 20.</U>
On page 12 of the proxy statement, under &ldquo;<B>SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS</B>,&rdquo; please
revise the tables to follow the format of Item 403 of Regulation S-K.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response.</U>
Registrant has revised such tables to furnish the information required by, and in substantially the tabular format indicated in,
Item 403 of Regulation S-K.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Comment 21</U>.
In section 3 of the Proposed Advisory Agreement, it states that the &ldquo;annual percentage rate applicable to the Fund is set
forth in Appendix A to this Agreement, as it may be amended from time to time in accordance with Section 1.3 of this Agreement.&rdquo;
Please confirm that &ldquo;Section 1.3&rdquo; is the correct reference, or modify accordingly.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Response</U>.
The cited reference to &ldquo;Section 1.3&rdquo; has been modified to read &ldquo;Section 14.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 2in">*&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;&nbsp;&nbsp;*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt; text-align: justify; text-indent: 33pt">If you have any questions
or additional comments, please call Craig Foster at (614)&nbsp;469-3280.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 13pt; text-align: justify; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-align: justify">Sincerely,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in"><U>/s/ Craig Foster</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in"><BR>
<BR>
</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal; font-style: normal">853552.5</FONT></P>

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