<SEC-DOCUMENT>0001615774-19-009772.txt : 20190813
<SEC-HEADER>0001615774-19-009772.hdr.sgml : 20190813
<ACCEPTANCE-DATETIME>20190627204841
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001615774-19-009772
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Destra Multi-Alternative 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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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Drinker Biddle &amp; Reath LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">191 N. Wacker Drive, Suite 3700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Chicago, IL 60606-1698</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">www.drinkerbiddle.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">June 27, 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Via EDGAR Transmission</U></B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">Attention:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif">Lisa N. Larkin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Vincent J. Di Stefano</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif">Re:</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><U>Destra Multi-Alternative
    Fund, File Nos.:&nbsp;&nbsp;333&#45;189008; 811&#45;22572 (the &#8220;Fund&#8221; or &#8220;Registrant&#8221;)</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Larkin and Mr. Di Stefano:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following responds
to the comments you provided orally on June 12, 2019 in connection with your review of the post-effective amendment to the Fund&#8217;s
registration statement (the &#8220;Registration Statement&#8221;) filed on April 26, 2019 on Form N-2 under the Investment Company
Act of 1940, as amended (the &#8220;1940 Act&#8221;).<SUP>1</SUP> The changes to the Fund&#8217;s disclosure discussed below will
be reflected in an amendment to the Fund&#8217;s Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Prospectus</U></B></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Cover</B></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> On page iii of the cover, within the Paragraph entitled &#8220;Interval
Fund&#8221;, please add disclosure regarding the interval between the deadline for repurchase requests, the repurchase pricing
date, and the repurchase payment deadline.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund will add the following disclosure:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in">The time between notification to Shareholders and the
date the repurchase offer ends (&#8220;Repurchase Request Deadline&#8221;) may vary from no more than forty-two (42) days to no
less than twenty-one (21) days. Shares will be repurchased at the NAV per share determined as of the close of regular trading on
the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business
day (each a &#8220;Repurchase Pricing Date&#8221;). Payment pursuant to the repurchase will be made by checks to the Shareholder&#8217;s
address of record, or credited directly to a predetermined bank account on the purchase payment date (each a &#8220;Purchase Payment
Date&#8221;), which will be no more than seven days after the Repurchase Pricing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> Capitalized terms not defined herein have the same
meanings as defined in the Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Please inform the Staff what percentage of the Fund&#8217;s assets may be
invested in hedge funds and/or private equity funds that rely on sections 3(c)(1) or 3(c)(7) of the 1940 act. If the Fund invests
in more than 15% of its net assets in hedge funds and/or private equity funds that rely on 3(c)(1) or 3(c)(7), please note that
registered closed-end funds that invest more than 15% of net assets in such investments should impose a minimum investment requirement
of at least $25,000 and restrict purchases of the Fund to investors that at a minimum satisfy the accredited investor standard.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">Please explain
to us why it is appropriate for the Fund to offer shares without imposing these limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:
</U></B>Based on previous correspondence with the SEC Staff,<SUP>2</SUP> the Registrant previously agreed to adopt the following
policy:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">&#8220;[T]he Fund may invest up
to 15% of its net assets in securities of certain AIFs commonly known as &#8220;hedge funds,&#8221; which are typically privately
placed with investors without registration with the SEC, employ leverage and hedging strategies as well as pay their managers performance
fees on gains.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">This policy remains
in effect for the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Summary of
Terms (Page 1)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> In the first paragraph under the section entitled, &#8220;Investment Strategies
and Policies,&#8221; please clarify whether real estate property funds are considered part of (1), (2) or both prongs of the strategy
in the following sentence:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">&#8220;The Fund pursues its investment
objective by investing primarily in the income-producing securities: (1) public and private real estate securities (including securities
issued by real estate funds), (2) alternative investment funds (&#8220;AIFs&#8221;), which include business development companies
(&#8220;BDCs&#8221;) as well as funds commonly known as &#8220;hedge funds&#8221; and other private investment funds&#8230;&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund has amended the disclosure to reflect that real estate property funds are considered part of prong (1) and may also be
included in prong (2).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>2</SUP> <I>See</I> the Registrant&#8217;s response no. 12,
filed on June 27, 2014 to the Staff&#8217;s comments provided on June 12, 2014 and June 24, 2014 (<U STYLE="color: Blue">https://www.sec.gov/Archives/edgar/data/1523289/000091047214002793/filename1.htm</U>).</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> In the same paragraph, please clarify what is included under &#8220;or other
investments that serve as alternatives to traditional stocks and bonds&#8221; or delete such disclosure.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The clause &#8220;or other investments that serve as alternatives to traditional stocks and bonds&#8221; is in reference to BDCs,
real estate property funds, limited partnerships and limited liability companies that focus their investments in strategies in
investments that are not &#8220;traditional stocks and bonds.&#8221; For clarity, the Fund will amend the full sentence as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">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 <FONT STYLE="color: blue; background-color: white"><U>investments
in</U></FONT> traditional stocks and bonds.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> The Fund&#8217;s Investment Restriction #4 notes that the Fund will not,
&#8220;invest 25% or more of its net assets in the securities of companies or entities engaged in any one industry, except the
REIT industry.&#8221; Paragraph two under the under the section entitled, &#8220;Investment Strategies and Policies&#8221; states
the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">The Fund concentrates investments
in the real estate industry through entities designated as real estate investment trusts (&#8220;REITs&#8221;) because, under normal
circumstances, it invests over 25% of its net assets in REITs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Fund&#8217;s
disclosure in various other locations also notes that it concentrates in the &#8220;real estate industry.&#8221; Please clarify
whether the Fund concentrates in the real estate industry or the REIT industry.&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund will revise the relevant investment strategy disclosure to reflect the following, and will make conforming amendments
throughout the Registration Statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify"><FONT STYLE="background-color: white">The
Fund <FONT STYLE="text-underline-style: double; color: blue"><U>focuses a significant portion of its</U></FONT></FONT> <FONT STYLE="background-color: white">invest<FONT STYLE="text-underline-style: double; color: blue"><U>ment</U></FONT></FONT><FONT STYLE="background-color: white">s
in the real estate <FONT STYLE="color: red"><STRIKE>industry and</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; background-color: white"><U>sector,</U></FONT>
<FONT STYLE="background-color: white">concentrat<FONT STYLE="color: red"><STRIKE>es</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; background-color: white"><U>ing
much of this sector</U></FONT> <FONT STYLE="background-color: white">investment in real estate investment trusts (&#8220;REITs&#8221;)
<FONT STYLE="color: red"><STRIKE>because</STRIKE></FONT></FONT><FONT STYLE="text-underline-style: double; color: blue; background-color: white"><U>and
as such</U></FONT><FONT STYLE="background-color: white">, under normal circumstances, it invests over 25% of its net assets in
REITs.</FONT></P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> The sub-section entitled, &#8220;Investment Strategies and Policies &#8211;
Sub-Adviser&#8217;s Strategy &#8211; Alternative Investment Funds&#8221; on page 3 of the Summary of Terms states that the AIFs
selected by the Sub-Adviser include &#8220;other alternative private placements.&#8221; Please clarify the types of investments
that fall under this description.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund will revise the disclosure to clarify that &#8220;other alternative private placements&#8221; may include &#8220;any type
of investment that is consistent with the investment strategy and offered as a private placement as opposed to a public sale.&#8221;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Please confirm for the Staff whether the Fund&#8217;s redesignation of its
Class L Shares to Class T Shares has already occurred.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund confirms that the redesignation will occur as of the effective date of the registration statement, which is expected to
be July 1, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Summary of
Fees and Expenses (page 14)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Footnote 1 and footnote 4 include what appear to be duplicative disclosure
related to the Fund&#8217;s operating expenses and the expense ratio in the Fund&#8217;s financial highlights table. Please review
and revise as necessary.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Disclosure under the Expense Example states that the, &#8220;Fund&#8217;s
current Expense Limitation will remain in effect for only three years.&#8221; Please confirm whether the Expense Limitation will
remain in effect for three years and update the Fund&#8217;s disclosure and the Expense Example calculations accordingly.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund has revised the disclosure to reflect the correct term of the Expense Limitation.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Paragraph 2 under the Expense Example states that shareholders requesting
repurchase proceeds paid by wire transfer will be assessed an outgoing wire transfer fee and that expedited wire transfer fees
may be deducted from a Shareholder&#8217;s repurchase proceeds. Please add a line item to the Fee and Expenses Table in accordance
with Item 3, Instruction 4 of Form N-2.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
We respectfully acknowledge the comment. However, we note that there is no sales charge or other charge for reinvestment of distributions
or dividends. Accordingly, there are no fees that are required to be included in the Fund&#8217;s fee table pursuant to Instruction
4 to Item 3.1 of Form N-2.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Types of
Investments and Related Risks (page 31)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Disclosure related to &#8220;Non-U.S. Securities Risk&#8221; is included
under the section entitled, &#8220;Types of Investments and Related Risks &#8211; Principal Risks Relating to Investment Strategies
and Fund Investments.&#8221; If investment in non-U.S. securities is a principal investment of the Fund, please include disclosure
related to such investments in the disclosure of the Fund&#8217;s investment strategy or consider moving such risk disclosure to
the section entitled &#8220;Types of Investments and Related Risks &#8211; Non-Principal Risks Relating to Fund Investments.&#8221;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund has revised its disclosure to include investment in non-U.S. securities.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Disclosure related to &#8220;Equity Securities Risk&#8221; and &#8220;Smaller
Capitalization Company Risk&#8221; is included under the section entitled, &#8220;Types of Investments and Related Risks &#8211;
Non-Principal Risks Relating to Fund Investments.&#8221; Please confirm that these risk disclosures should not be considered principal
risks of the Fund.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund confirms that these risk disclosures should not be considered principal risks of the Fund.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Please review and consider adding and/or revising disclosure under the section
entitled, &#8220;Types of Investments and Related Risks &#8211; Risks Associated with Market Developments and Regulatory Changes
&#8211; Market Developments Risk&#8221; in relation to London Inter-bank Offered Rate (LIBOR) in advance of announced regulatory
changes regarding regulation of LIBOR.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund has revised the disclosure to reflect the announced regulatory changes regarding regulation of LIBOR.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Under the section entitled, &#8220;Types of Investments and Related Risks
&#8211; Other Risks Related to the Fund &#8211;Repurchase Risks,&#8221; please add disclosure about the possible decrease in share
value as a result of currency fluctuations between the Repurchase Request Deadline and the Repurchase Pricing Date if the Fund
has invested its portfolio in foreign markets.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund has revised the disclosure to reflect the possible decrease in share value as a result of currency fluctuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>Management
of the Fund (page 59)</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Under the section entitled, &#8220;Management of the Fund &#8211; Investment
Personnel,&#8221; please add a statement that the Fund&#8217;s SAI provides additional information about the portfolio managers&#8217;
compensation, other accounts managed, and the portfolio managers&#8217; ownership of securities in the Fund. See Item 9(1)(c) of
Form N-2.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>General Comment</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B><U>Comment:</U></B> Please advise us whether the Fund intends to issue preferred shares within
one year of the disclosure. If yes, please include adequate disclosure related to such issuance.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><B><U>Response:</U></B>
The Fund does not intend to issue preferred shares within one year of the disclosure.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We trust that the foregoing
is responsive to your comments. Questions and comments concerning this filing may be directed to the undersigned at (312) 569-1109
or, in my absence, to Joshua Deringer at (215) 988-2959.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap"><U>/s/ Benjamin McCulloch</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; white-space: nowrap">Benjamin McCulloch</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">cc:</TD>
    <TD>Jane Hong Shissler, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Joshua B. Deringer, Esq.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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