<SEC-DOCUMENT>0001580642-18-005798.txt : 20190129
<SEC-HEADER>0001580642-18-005798.hdr.sgml : 20190129
<ACCEPTANCE-DATETIME>20181206170431
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001580642-18-005798
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20181206

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:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-470-2600

	MAIL ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Multi-Strategy Growth & Income Fund
		DATE OF NAME CHANGE:	20110614
</SEC-HEADER>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><IMG SRC="img_001.jpg" ALT="TH-Header 1 bw 300 dpi" STYLE="height: 57px; width: 624px"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">December
6, 2018</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

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

<P STYLE="font: 12pt 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 Nos. 811-22572 and 333-189008</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13pt">Dear Ms. Larkin:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">On October 3, 2018,
Multi-Strategy Growth &amp; Income Fund (the &ldquo;Registrant&rdquo; or the &ldquo;Fund&rdquo;) filed Post-effective Amendment
No. 7 to the Fund&rsquo;s registration statement with the Securities and Exchange Commission for the purpose of updating the Fund&rsquo;s
advisory structure. On November 14, 2018, you provided comments by phone to Brian Doyle-Wenger. 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 prospectus and statement of additional
information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Prospectus:</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Cover Page</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On the cover page, you state &ldquo;the Fund will invest a substantial portion of its assets&hellip;&rdquo; Please update this
disclosure to include business development companies and hedge funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;<U>Response</U>.
The sentence cited has been revised in its entirety to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">The
Fund invests a substantial portion of its assets in securities of unlisted public and private real estate investment funds, business
development companies, and funds commonly known as hedge funds</FONT><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On the cover page, you state &ldquo;There is currently no secondary market for the Fund&rsquo;s shares &hellip;&rdquo; Please update
this disclosure to include that the Fund is a closed-end fund that may trade at a discount to its NAV and this may pose a risk
of loss for investors.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">December
6, 2018</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;<U>Response</U>.
Upon review, the Registrant notes that because the Fund is not an exchange-traded fund it is not subject to the risk of trading
at a discount to NAV. The Registrant also notes that it believes that the offering and repurchase process for the Fund, each based
upon NAV, is well-documented in the prospectus and that there is little risk that shareholders are unaware of the interval structure
of the Fund. Consequently, the Registrant respectfully declines to include a &ldquo;trade at a discount to its NAV&rdquo; type
disclosure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Summary Investment
Objective and Policies</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On page 1, the Fund states that it utilizes similar principles to the Endowment Model approach to investing. Please provide a plain
English definition of the Endowment Model.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
sentence cited 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 Fund utilizes
principles similar to the Endowment Model approach to investing. The Endowment Model is a form of the strategic asset allocation
model of portfolio construction that involves diversifying investments across strategies, asset classes and investment horizons,
as opposed to the standard long-only stock and bond model. The Fund provides access to, and actively managing, a multi-asset portfolio
primarily consisting of illiquid investments with limited availability to provide a core alternatives solution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On page 1, under &ldquo;Investment Objectives and Policies,&rdquo; please update the disclosure to state the Fund invests in real
estate property funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;<U>Response</U>.
The sentence that currently reads:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The Fund defines
AIFs as BDCs, limited partnerships and limited liability companies that pursue investment strategies linked to real estate, small
businesses or other investments that serve as alternatives to traditional stocks and bonds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">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 Fund defines
AIFs as BDCs, real estate property funds, limited partnerships and limited liability companies that pursue investment strategies
linked to real estate, small businesses or other investments that serve as alternatives to traditional stocks and bonds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The sentence,
under &ldquo;Investment Objectives and Policies&rdquo; on page 9, that currently reads:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The Fund defines
AIFs as BDCs, limited partnerships and limited liability companies that pursue investment strategies linked to real estate, small
businesses or other investments that serve as alternatives to traditional stocks and bonds.</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">December
6, 2018</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">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 Fund defines
AIFs as BDCs, real estate property funds, limited partnerships and limited liability companies that pursue investment strategies
linked to real estate, small businesses or other investments that serve as alternatives to traditional stocks and bonds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><I>Fund Expenses</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On Page 6, please update footnote 4 to include a date one year from the date of the agreement or remove the footnote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
sentence cited has been modified as shown:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">The Adviser has
contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least November 20, 2020, to ensure that total
annual fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage
fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment
vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest
and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include
indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser))
will not exceed 1.95% for Class A Shares, 2.45% for Class L Shares, 2.70% for Class C Shares and 1.70% for Class I shares of each
class&rsquo;s net assets, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><I>Risk Factors</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On page 14, under the Alternative Investment Fund Risk paragraph, please explain the Fund&rsquo;s basis for the following statement:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">However, the Fund
does not believe it would be liable for the actions of any entity in which it invests and that only its investment is at risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><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">However, the Fund
does not believe it would be liable for the actions of any entity in which it invests and that only its investment is at risk,
because <U>the terms of the Fund&rsquo;s investments in such entities generally provide for limited liability</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Control Persons</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On page 22, please revise the date of the control persons disclosure to a date within thirty days of the filing.</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">December
6, 2018</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
cited sentence has been revised in its entirety to read as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&#9;<FONT STYLE="font-size: 11pt">As
of November 14, 2018, no shareholder is deemed to control the Fund because &#9;&#9;none had voting authority with respect to more
than 25% of the value of the &#9;&#9;outstanding interests in the Fund on such date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B><U>Statement of
Information:</U></B></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&#9;<I>Fundamental
Policies </I><B>&#9;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On page 2, under fundamental policies, please clarify whether fundamental policy (4) is intended to apply to real estate industry
securities rather than real estate investment trusts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
Registrant confirms fundamental policy (4) applies to investments in REITs rather than real estate industry securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Repurchase and
Transfer of Shares</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On Page 6, please confirm whether there are any changes to the Fund&rsquo;s repurchase policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
Registrant confirms there are no changes to the repurchase policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><I>Trustee Qualifications</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On page 15, we note one of the positions held by Mr. Dalmaso is described as &ldquo;General Counsel and Chief Compliance Officer
of M1 Holdings LLC, 2015 to present.&rdquo; Please add a parenthetical explanation to describe the nature of the business conducted
by M1 Holdings LLC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
cited disclosure has been revised in its entirety to read &ldquo;General Counsel and Chief Compliance Officer of M1 Holdings LLC
(an investment adviser), 2015 to present.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
On Page 15, we note one of the positions held by Mr. Watson is described as &ldquo;Global Product &amp; Strategic Relationship
Director of Aviva Investors.&rdquo; Please add a parenthetical explanation to describe the nature of the business conducted by
Aviva Investors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><U>Response</U>. The
cited disclosure has been revised in its entirety to read &ldquo;Global Product &amp; Strategic Relationship Director, Aviva Investors
(asset management), 2010-2011.&rdquo;</P>



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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">December
6, 2018</P>

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

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


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><U>Part C: </U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comment</U>.
Please identify the filing that contains the board resolution authorizing Michael Wible to use his power of attorney to sign pursuant
to the Investment Company Act of 1940.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;<U>Response</U>.
The required board resolution was filed with Pre-Effective Amendment No. 1 to the Fund&rsquo;s registration statement on November
16, 2011.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">If you have any questions
or additional comments, please call Brian Doyle-Wenger at (614)&nbsp;469-3296.</P>



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

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

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


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