<SEC-DOCUMENT>0001615774-19-006348.txt : 20190813
<SEC-HEADER>0001615774-19-006348.hdr.sgml : 20190813

<ACCEPTANCE-DATETIME>20190426152251

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001615774-19-006348

CONFORMED SUBMISSION TYPE:	486APOS

PUBLIC DOCUMENT COUNT:		3

FILED AS OF DATE:		20190426

DATE AS OF CHANGE:		20190718


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:		486APOS

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-189008

		FILM NUMBER:		19771385



	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




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:		486APOS

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22572

		FILM NUMBER:		19771384



	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>

<DOCUMENT>
<TYPE>486APOS
<SEQUENCE>1
<FILENAME>s117625_486apos.htm
<DESCRIPTION>486APOS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">As filed with the Securities and Exchange Commission on April 26, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities Act File No. 333-189008</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1940 Act File No. 811-22572</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 18pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<B>Washington, D.C.&nbsp;&nbsp;20549</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM N-2</B></P></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font-size: 10pt; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&#9746;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 27pt">&#9746;<B>
        Post-Effective Amendment No. 10</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 27pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 27pt"><B>and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 27pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER
THE INVESTMENT COMPANY ACT OF 1940</B></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&#9746;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;<B> Amendment No. 16</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Destra
        Multi-Alternative Fund</B></FONT><BR>
        (Exact Name of Registrant as Specified in Charter)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">444 West Lake Street, Suite 1700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chicago, IL 60606-0070</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(312) 843-6161</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jane Hong Shissler, Esq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Destra Capital Management LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">444 West Lake Street, Suite 1700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chicago, IL 60606-0070</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address of Agent for
Service)</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copy to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Joshua B. Deringer, Esq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Drinker Biddle &amp; Reath LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">One Logan Square, Ste. 2000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Philadelphia, PA 19103-6996</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">215-988-2700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:<BR>
        AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE<BR>
        OF THIS REGISTRATION STATEMENT.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any securities being registered on this form will be offered
        on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection
        with a dividend reinvestment plan, check the following box. &#9745;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is proposed that this filing will become
        effective (check appropriate box):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9744; when declared effective
pursuant to section 8(c)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9744; immediately upon filing
pursuant to paragraph (b) of Rule 486</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9744; on (date), pursuant to
paragraph (b) of Rule 486</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9745; 60 days after filing pursuant
to paragraph (a) of Rule 486</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9744; on (date) pursuant to
paragraph (a) of Rule 486</P></TD></TR>
<TR>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESTRA MULTI-ALTERNATIVE FUND</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;) is a
Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end
management investment company and operates as an interval fund.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Price to Public</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Sales Load</B><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Proceeds to the Fund</B><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Per Class I Share </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">At current NAV</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amount invested at current NAV</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Per Class A Share </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">At current NAV, plus a sales load of up to 5.75%</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">5.75%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amount invested at current purchase price, less applicable Sales Load</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Per Class T Share </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">At current NAV, plus a sales load of up to 3.00%</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">3<FONT STYLE="font-size: 10pt">.00%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amount invested at current purchase price, less applicable Sales Load</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Per Class C Share </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">At current NAV</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Amount invested at current purchase price </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Total </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Up to $276,080,000</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Up to 5.75%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Up to $276,080,000 <SUP>(4)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: #231F20">(1)</FONT></TD><TD>Shares are sold at a public offering price equal to the then-current NAV per Share of the applicable class, plus applicable
Sales Load. See &ldquo;Distribution of Shares.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: #231F20">(2)</FONT></TD><TD>&ldquo;Sales Load&rdquo; includes up to 5.75% of the public offering price for Class A Shares and up to 3.00% of the public
offering price of Class T Shares. See &ldquo;Distribution of Shares.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="color: #231F20">(3)</FONT></TD><TD>Destra Capital Advisors LLC (the &ldquo;Adviser&rdquo;) has agreed to reimburse and/or pay or absorb, on a quarterly basis,
the ordinary operating expenses of the Fund, until at least [November 30, 2020], to ensure that total annual fund operating expenses
after fee waiver and/or expense reimbursement will not exceed 1.95% for Class A Shares, 2.45% for Class T Shares, 2.70% for Class
C Shares and 1.70% for Class I shares of each class&rsquo;s net assets, respectively. 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. This agreement may be terminated only by the Fund&rsquo;s Board of Trustees, on 60 days written notice
to the Adviser. &ldquo;Ordinary operating expenses&rdquo; consist of all ordinary expenses of the Fund, including administration
fees, transfer agent fees, organization and offering expenses, fees paid to the Fund&rsquo;s trustees, administrative services
expenses, and related costs associated with legal, regulatory compliance and investor relations, but excluding the following: (a)
investment management fees, (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer
and underwriter spreads, and commitment fees on any leverage facilities, prime broker fees and expenses, and dividend expenses
related to short sales), (c) interest expense and other financing costs, (d) taxes, (e) distribution fees and/or shareholder servicing
fees, if any, (f) acquired fund fees and expenses, and (g) extraordinary expenses. See &ldquo;Use of Proceeds.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 31.5pt; text-align: left"><FONT STYLE="color: #231F20">(4)</FONT></TD><TD STYLE="text-align: justify">Total Proceeds to the Fund assume the sale of all Shares
registered under this registration statement, and  that all Shares sold will be Class I Shares.</TD>
</TR></TABLE>

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus concisely provides the information that a prospective
investor should know about the Fund before investing. Investors are advised to read this prospectus carefully and to retain it
for future reference. Additional information about the Fund, including the statement of additional information dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019
(the &ldquo;Statement of Additional Information&rdquo;), has been filed with the SEC and is incorporated by reference in its entirety
into this prospectus. Investors are advised to read the Statement of Additional Information in its entirety. The Statement of Additional
Information and the Fund&rsquo;s annual and semi-annual reports to shareholders can be obtained upon request and without charge
by writing to the Fund at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], by calling toll free [1-855-601-3841] or by accessing the Fund&rsquo;s &ldquo;Prospectus&rdquo;
page on Destra&rsquo;s website at <I>www.destracapital.com</I>. The information on Destra&rsquo;s website is not incorporated by
reference into this prospectus and investors should not consider it a part of this prospectus. The table of contents of the Statement
of Additional Information appears on page [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of this prospectus. In addition, the contact information provided above may be
used to request additional information about the Fund&rsquo;s SAI, annual and semi-annual reports and to make shareholder inquiries.
The Statement of Additional Information, other material incorporated by reference into this prospectus and other information about
the Fund is also available on the SEC&rsquo;s website at <I>http://www.sec.gov</I>. The address of the SEC&rsquo;s website is provided
solely for the information of prospective investors and is not intended to be an active link.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Objective.</B> The Fund&rsquo;s investment objective
is to seek returns from capital appreciation and income with an emphasis on income generation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that the Fund will be able to achieve
its investment objective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks.</B> An investment in the Fund involves a high degree
of risk. In particular:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>The Fund&rsquo;s shares will not be listed on an exchange in the foreseeable future, if at all. It is not anticipated that
a secondary market for the shares will develop and an investment in the Fund is not suitable for investors who may need the money
they invest within a specified timeframe.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>The Fund is suitable only for investors who can bear the risks associated with the Fund&rsquo;s limited liquidity and should
be viewed as a long-term investment.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>The amount of distributions that the Fund may pay, if any, is uncertain.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>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. These investments are illiquid and expose the Fund
to real estate-related risks.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of Investment Strategy.</B> The Fund utilizes similar
principles 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 manages, a multi-asset portfolio primarily
consisting of illiquid investments with limited availability to provide a core alternatives solution. 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 (&ldquo;AIFs&rdquo;), which include business development companies
(&ldquo;BDCs&rdquo;) as well as funds commonly known as &ldquo;hedge funds&rdquo; and other private investment funds, (3) master
limited partnerships (&ldquo;MLPs&rdquo;), (4) common and preferred stocks, and (5) structured notes, notes, bonds and asset-backed
securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Adviser.</B> The Fund&rsquo;s investment adviser
is Destra Capital Advisors LLC (&ldquo;Destra&rdquo;) and the Fund&rsquo;s sub-adviser is Pinhook Capital, LLC (f/k/a LCM Investment
Management, LLC) (&ldquo;Pinhook&rdquo; or the &ldquo;Sub-Adviser&rdquo;) (Pinhook together with Destra, are referred to herein
as the &ldquo;Advisers&rdquo;). Destra is a wholly-owned subsidiary of Destra Capital Management LLC. Destra oversees the management
of the Fund&rsquo;s activities and is responsible for developing investment guidelines with Pinhook Capital and overseeing investment
decisions for the Fund&rsquo;s portfolio. Pinhook acts as the Fund&rsquo;s investment sub-adviser and makes investment decisions
for the Fund&rsquo;s portfolio, subject to the oversight of Destra. Each of Destra and Pinhook is an investment adviser registered
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under the Investment Advisers Act of 1940, as amended.</P>

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

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interval Fund.</B> The Fund is operated as an interval fund.
Pursuant to the Fund&rsquo;s interval fund structure, the Fund will conduct quarterly repurchase offers, at net asset value (&ldquo;NAV&rdquo;),
of no less than 5% and no more than 25% of the Fund&rsquo;s outstanding shares. Typically, the Fund will conduct such quarterly
repurchase offers for 5% of the Fund&rsquo;s outstanding shares. Repurchase offers in excess of 5% are made solely at the discretion
of the Fund&rsquo;s board of trustees and investors should not rely on any expectation of repurchase offers in excess of 5%. It
is also possible that a repurchase offer may be oversubscribed, with the result that Shareholders may only be able to have a portion
of their shares repurchased. Accordingly, although the Fund will make quarterly repurchase offers, investors should consider the
Fund&rsquo;s shares to be of limited liquidity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors will pay offering expenses and, with regard to those
share classes that impose a front-end sales load, a sales load of up to 5.75% for Class A Shares, up to 3.00% for Class T Shares,
while Class C and Class I shares are not subject to sales charges. You will have to receive a total return at least in excess of
these expenses to receive an actual return on your investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>See &ldquo;Types of Investments and Related Risks&rdquo;
beginning on page [&nbsp; ] of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Offered<I>.</I></B> The Fund engages in a continuous
offering of four classes of shares of beneficial interest of the Fund (&ldquo;Shares&rdquo;). The Fund is offering Class I Shares,
Class A Shares, Class T Shares and Class C shares. The Fund has registered 18,666,666.66 shares and is authorized as a Delaware
statutory trust to issue an unlimited number of shares (6,666,666.66 in 2011 and 12,000,000.00 in 2013). The Fund is offering to
sell, through its distributor, Destra Capital Investments, LLC (the &ldquo;Distributor&rdquo;), under the terms of this prospectus,
18,666,666.66 shares (less shares previously sold) of beneficial interest at NAV per share of the relevant share class, plus, in
the case of Class A Shares and Class T Shares, any applicable Sales Load. In addition, certain institutions (including banks, trust
companies, brokers and investment advisers) may be authorized to accept, on behalf of the Fund, purchase and exchange orders and
repurchase requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries
to accept such orders. The distributor is not required to sell any specific number or dollar amount of the Fund&rsquo;s Shares,
but will use its best efforts to solicit orders for the sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The minimum initial investment by a shareholder for Class A,
Class T and Class C shares is $2,500 for regular accounts and $1,000 for retirement plan accounts. Subsequent investments may be
made with at least $100 for regular accounts and $50 for retirement plan accounts. The minimum initial investment for Class I shares
is $1,000,000, while subsequent investments may be made with any amount. All Share purchases are subject to approval by Destra.
The minimum investment requirement may be waived in the Fund&rsquo;s sole discretion. During the continuous public offering, Shares
will be sold at the then-current net asset value per Share of the applicable class, plus, in the case of Class A Shares and Class
T Shares, the applicable Sales Load. The Fund&rsquo;s continuous public offering is expected to continue in reliance on Rule 415
under the Securities Act of 1933, as amended, until the Fund has sold Shares in an amount equal to approximately 18,666,666.66
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Shares have no history of public trading, nor is it
intended that the Shares will be listed on a public exchange at this time, if ever. No secondary market is expected to develop
for the Fund&rsquo;s Shares; liquidity for the Shares will be provided only through quarterly repurchase offers for no less than
5% and no more than 25% of the Shares at net asset value, and there is no guarantee that an investor will be able to sell all the
Shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment
in the Fund to be of limited liquidity. Investing in the Fund&rsquo;s Shares may be speculative and involves a high degree of risk,
including the risks associated with leverage. See &ldquo;Types of Investments and Related Risks&rdquo; below in this prospectus.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shares are not deposits or obligations of, and are not guaranteed
or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation,
the Board of Governors of the Federal Reserve System or any other government agency.</B></P>

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

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Neither the SEC nor any state securities commission has approved
or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is
a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Beginning on January 1, 2021, as permitted
by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds&rsquo; annual and semi-annual shareholder
reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will
be made available on the Fund&rsquo;s website (www.destracapital.com), and you will be notified by mail each time a report is posted
and provided with a website link to access the report.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>If you already elected to receive shareholder
reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder
reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer
or bank), through the Fund&rsquo;s transfer agent by calling the Fund toll-free at [ ], or if you are a direct investor, by
enrolling at www.destracapital.com.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>You may elect to receive all future
reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to
request that you continue to receive paper copies of your shareholder reports. If you invest with the Fund, you can call toll-free
at [ ] to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive
reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held
with the Destra Fund Complex if you invest directly with the Fund.</I></P>

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Table of contents</B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 95%; text-align: left"><A HREF="#a001_v1">SUMMARY OF TERMS</A></TD>
    <TD STYLE="width: 5%; text-align: right">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a002_v1">SUMMARY OF FEES AND EXPENSES</A></TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a003_v1">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a004_v1">THE FUND</A></TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a005_v1">THE ADVISER</A></TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a006_v1">THE SUB-ADVISER</A></TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a007_v1">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a008_v1">INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES</A></TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a009_v1">TYPES OF INVESTMENTS AND RELATED RISKS</A></TD>
    <TD STYLE="text-align: right">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a010_v1">MANAGEMENT OF THE FUND</A></TD>
    <TD STYLE="text-align: right">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a011_v1">FUND EXPENSES</A></TD>
    <TD STYLE="text-align: right">61</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a012_v1">MANAGEMENT FEES</A></TD>
    <TD STYLE="text-align: right">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a013_v1">DETERMINATION OF NET ASSET VALUE</A></TD>
    <TD STYLE="text-align: right">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a014_v1">CONFLICTS OF INTEREST</A></TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a015_v1">QUARTERLY REPURCHASES OF SHARES</A></TD>
    <TD STYLE="text-align: right">67</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a016_v1">DESCRIPTION OF CAPITAL STRUCTURE AND SHARES</A></TD>
    <TD STYLE="text-align: right">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a017_v1">TAX ASPECTS</A></TD>
    <TD STYLE="text-align: right">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a018_v1">ERISA CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a019_v1">DISTRIBUTION OF SHARES</A></TD>
    <TD STYLE="text-align: right">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a020_v1">DISTRIBUTIONS</A></TD>
    <TD STYLE="text-align: right">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a021_v1">FISCAL YEAR; REPORTS</A></TD>
    <TD STYLE="text-align: right">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a022_v1">PRIVACY NOTICE</A></TD>
    <TD STYLE="text-align: right">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a023_v1">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a024_v1">INQUIRIES</A></TD>
    <TD STYLE="text-align: right">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a025_v1">TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right">92</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->v<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a001_v1"></A>SUMMARY OF TERMS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This is only a summary and does not contain all of the information
that a prospective investor should consider before investing in Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;). Each prospective
investor should carefully read the more detailed information appearing elsewhere in this prospectus and the statement of additional
information dated [  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019 (the &ldquo;Statement of Additional Information&rdquo;).</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-bottom: 12pt">THE FUND</TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">The Fund is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), as a non-diversified, closed-end management investment company. The Fund is an interval fund that will provide limited liquidity by offering to make quarterly repurchases of its Shares at net asset value (&ldquo;NAV&rdquo;), which is calculated on a daily basis. See &ldquo;Quarterly Repurchases of Shares&rdquo; and &ldquo;Determination of Net Asset Value.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">THE ADVISER</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Capital Advisors LLC (&ldquo;Destra&rdquo; or the &ldquo;Adviser&rdquo;)
        serves as the Fund&rsquo;s investment adviser. Destra is registered as an investment adviser with the U.S. Securities and Exchange
        Commission (the &ldquo;SEC&rdquo;) under the Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;). Destra
        oversees the management of the Fund&rsquo;s activities and is responsible for developing investment guidelines with Pinhook (as
        defined below) and overseeing investment decisions for the Fund&rsquo;s portfolio.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra is a subsidiary of Destra Capital Management LLC, a sponsor
        of investment funds.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">THE SUB-ADVISER </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Pinhook Capital, LLC (formerly, LCM Investment Management, LLC) serves as the investment sub-adviser to the Fund (&ldquo;Pinhook&rdquo; or the &ldquo;Sub-Adviser&rdquo;). The Sub-Advisor is registered with the SEC as an investment adviser under the Advisers Act. The Sub-Adviser was established in June 2011 for the purpose of providing investment management services to institutional investors such as the Fund.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">INVESTMENT OBJECTIVE</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s investment objective is to seek returns from
        capital appreciation and income with an emphasis on income generation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that the Fund will be able to achieve
        its investment objective.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">INVESTMENT STRATEGIES AND POLICIES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The
Fund utilizes similar principles 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. 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 (&ldquo;AIFs&rdquo;), which include
business development companies (&ldquo;BDCs&rdquo;) as well as funds commonly known as &ldquo;hedge funds&rdquo; and other private
investment funds, (3) master limited partnerships (&ldquo;MLPs&rdquo;), (4) common and preferred stocks, and (5) structured notes,
notes, bonds and asset-backed securities. The Fund also executes investments in the preceding types of securities through index-linked
or actively managed exchange-traded funds (&ldquo;ETFs&rdquo;), mutual funds and closed-end funds (collectively &ldquo;Underlying
Funds&rdquo;). 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. In general, the Fund defines an alternative strategy as one that is different from seeking returns from buying
and holding traditional stocks and bonds. The Fund invests in securities of issuers without restriction as to market capitalization.
The majority of the Fund&rsquo;s investments are not listed on an exchange or traded in over-the-counter markets; consequently,
the majority of the Fund&rsquo;s investments are illiquid.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 6; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund concentrates investments in the real estate industry
        through entities designated as real estate investment trusts (&ldquo;REITs&rdquo;) because, under normal circumstances, it invests
        over 25% of its net assets in REITs. This policy is fundamental and may not be changed without shareholder approval.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may employ leverage, including borrowing from banks
        in an amount up to 33-1/3% of the Fund&rsquo;s assets (defined as net assets plus borrowing for investment purposes). Leverage
        is primarily used to increase the size of the Fund&rsquo;s portfolio of securities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For a further discussion of the Fund&rsquo;s principal investment
        strategies, see &ldquo;Investment Objective, Opportunities and Strategies.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise stated herein or in the Statement of Additional
        Information, the Fund&rsquo;s investment policies are non-fundamental policies and may be changed by the Fund&rsquo;s board of
        trustees (the &ldquo;Board&rdquo;) without prior approval of the holders of the Shares (the &ldquo;Shareholders&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser has delegated management of the Fund&rsquo;s portfolio
        to the Sub-Adviser, meaning that the Sub-Adviser (i) manages the portfolio, (ii) makes all investment decisions for the Fund, and
        (iii) is responsible for all the Fund&rsquo;s trading, portfolio constructions and investment operations. However, the Adviser
        is responsible for ongoing performance evaluation, monitoring, and due diligence with respect to the Sub-Adviser and ensuring that
        the Fund is managed in accordance with limitations under the 1940 Act and the Fund&rsquo;s registration statement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUB-ADVISER&rsquo;S STRATEGY</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser pursues an investment strategy aimed
to achieve the Fund&rsquo;s overall investment objective by utilizing a selection of securities believed to have relatively low
volatility and generally will not be highly correlated to each other or to the broad equity or fixed income markets. The Sub-Adviser
typically selects private, fair valued securities primarily invested in real estate securities and AIFs as a significant percentage
of the Fund&rsquo;s overall asset allocation.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser manages the Fund based upon a model allocation
        consisting of individual public and private securities. The model is created by taking into account several factors, such as historical
        performance, portfolio liquidity, income and capital appreciation potential, volatility and correlation. In addition, the model
        must meet certain diversification tests in order to comply with the Internal Revenue Code and is regularly tested by the Sub-Adviser
        to ensure compliance with such requirements. Ongoing investments are generally invested according to the model. Depending on certain
        conditions, the Sub-Adviser may overweight or underweight new allocations. The Sub-Adviser will update the model allocation and
        rebalance as needed to reflect the Sub-Adviser&rsquo;s outlook. The Sub-Adviser manages investments over a long-term time horizon
        while being mindful of the historical context of the markets. When the Sub-Adviser believes market conditions are unfavorable,
        it may temporarily invest a portion of Fund assets in ETFs linked to stock market volatility or inversely linked to a stock market
        index to reduce investment risk.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser employs a regimen of qualitative and quantitative
        criteria when selecting securities. Certain securities may occasionally be &ldquo;blind pool&rdquo; investments (investment vehicles
        which have no operating history and have not identified the assets that will be purchased by the company) and initially require
        significant reliance on qualitative factors while over time quantitative factors are utilized to monitor the investment strategy
        performance. The Sub-Adviser utilizes a proprietary quantitative screening process and a qualitative selection process when selecting
        securities for investment by the Fund in connection with its strategy. Generally, securities are first selected with the highest
        expected income or total return expectations from a sector peer group of issuers with similar market capitalization credit quality
        and/or other risk-adjusted metrics. Secondarily, the potential for capital appreciation over time is considered. No assurance can
        be given that any or all investment strategies, or the Fund&rsquo;s investment program, will be successful.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Real Estate Securities </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under normal circumstances, the Fund will invest more than 25%
        of its net assets in REITs. This policy is fundamental and may not be changed without shareholder approval. The real estate securities
        in which the Fund invests may be focused in various sectors of the commercial real estate market consisting of the office, retail,
        multifamily, hotel, healthcare and self-storage sectors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Alternative Investment Funds </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The managers of AIFs employ a variety of &ldquo;alternative&rdquo;
investment strategies to achieve attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility
of those returns) with low correlation to the broad equity and fixed-income markets. AIFs selected by the Sub-Adviser include
real estate property funds, private equity and other alternative private placements, BDCs, and private debt securities, each of
which may pay performance-based fees to their managers. Securities of real estate property funds are typically privately placed
and are not traded on an exchange. A BDC is a form of investment company that is required to invest at least 70% of its total
assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high quality debt
securities. Private and non-traded BDCs are illiquid and it may not be possible for the Fund to redeem its investments or to
do so without paying a substantial penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they typically
invest in unlisted securities and often have limited access to capital markets. Additionally, the Fund may invest up to 15% of
its net assets in securities of certain AIFs commonly known as &ldquo;hedge funds,&rdquo; which are typically privately placed
with investors without registration with the SEC, employ leverage and hedging strategies and pay their managers performance fees
on gains. In selecting AIFs, the Sub-Adviser assesses the likely risks and returns of the different alternative investment strategies
utilized by the AIFs, and evaluates the potential correlation among the AIF investment strategies under consideration. The Sub-Adviser
generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low
correlations among each other or with the broad equity and fixed-income markets.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Master Limited Partnerships</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An MLP is a publicly traded or privately offered limited partnership
        or limited liability company. MLPs are typically engaged in one or more aspects of the exploration, production, processing, transmission,
        marketing, storage or delivery of energy-related commodities such as natural gas, natural gas liquids, coal, crude oil or refined
        petroleum products. An investment in MLP units differs from an investment in the securities of a corporation. Holders of MLP units
        have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated
        with an investment in MLP units and conflicts of interest that exist between common unit holders and the general partner, including
        those arising from incentive distribution payments. The Sub-Adviser considers a variety of factors, including but not limited to,
        market capitalization, liquidity, growth, credit rating, source of qualifying income, business focus and structure when selecting
        MLPs.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Common and Preferred Stocks </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser selects dividend-paying common and preferred
        stocks, as well as certain alternative strategies that it believes have the potential for strong future total returns. It also
        considers the sustainability and growth of a company&rsquo;s dividend. The Sub-Adviser reviews company-specific factors consisting
        of dividend yield, historical dividend growth and return on capital. The Sub-Adviser may also engage in opportunistic trading strategies
        with securities that may not pay a dividend but have been identified as having potential short-term pricing inefficiencies.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Structured Notes</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A structured note is a debt security making interest
and/or principal payments determined by a formula tied to the movement of a single security, interest rate, stock index, commodity,
currency or basket of such reference assets (each a &ldquo;reference index&rdquo;). For example, a structured note may use a reference
index, such as the S&amp;P 500, to determine the amount of the interest payment. The Sub-Adviser selects structured notes of any
maturity issued by entities it believes to be creditworthy. The Sub-Adviser uses structured notes as a substitute for investing
in the assets that make up the reference index.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Debt Securities </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Debt securities are notes, bonds and asset-backed securities
        (&ldquo;ABS&rdquo;). ABS represent interests in pools of loans, leases or receivables originated by private lenders, some of which
        may be government approved, or affiliated lenders. Typically, an ABS security is issued by a special purpose vehicle (&ldquo;SPV&rdquo;),
        such as a business trust or limited liability company, whose value and income payments are derived from and collateralized (i.e.
        backed) by a specified pool of underlying assets. The Fund invests without limit in fixed rate or floating rate debt instruments
        of any maturity that the Sub-Adviser believes are creditworthy (interest and principal will be paid on schedule) or have acceptable
        recovery value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, if any, including
        lower-quality debt securities commonly known as &ldquo;high yield&rdquo; or &ldquo;junk&rdquo; bonds. The Sub-Adviser employs measurers
        consisting of debt-to-assets, debt service coverage ratio asset liquidation value and other metrics to assess credit quality. Junk
        bonds are generally rated lower than Baa3 by Moody&rsquo;s Investors Service (&ldquo;Moody&rsquo;s&rdquo;) or lower than BBB- by
        S&amp;P Global Ratings (&ldquo;S&amp;P&rdquo;). The Fund will not invest more than 25% of its net assets in junk bonds. However,
        the Fund does not invest in debt instruments that are in default. The Sub-Adviser selects debt securities based upon their expected
        yield and other measures when compared to a peer group with similar maturity and credit quality.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Underlying Funds </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund also invests in index-linked or actively managed ETFs,
        mutual funds and closed-end funds that each invest in real estate securities, AIFs, common and preferred stocks, structured notes
        or other types of debt securities when the Sub-Adviser believes Underlying Funds offer more efficient execution of the Fund&rsquo;s
        strategy, such as when ample individual investments are not readily available.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">LEVERAGE</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">The Fund may use leverage to pursue its investment objective, including by borrowing funds from banks or other financial institutions, investing in derivative instruments with leverage embedded in them (including short positions), and/or issuing debt securities. The Fund may borrow money or issue debt securities in an amount up to 33 1/3% of its total assets (50% of its net assets).&nbsp;&nbsp;The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund&rsquo;s assessment of market conditions and the investment environment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">MANAGEMENT FEES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Fund&rsquo;s Investment Management Agreement (the
        &ldquo;Investment Management Agreement&rdquo;), Destra is entitled to a management fee, calculated and payable monthly in arrears,
        at the annual rate of 1.35% of the Fund&rsquo;s average daily net assets during such period (the &ldquo;Management Fee&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Sub-Advisory Agreement (the &ldquo;Sub-Advisory
Agreement&rdquo;) provides that Pinhook is entitled to receive an annual sub-advisory fee from Destra equal to 50% of the net
revenue received by Destra after any fee waivers, subject to a maximum of 0.675% of the Fund&rsquo;s average daily net assets.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pinhook is paid by Destra out of the Management Fee Destra is
        paid by the Fund.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser previously served as the investment
adviser to the Fund until November 30, 2018.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">EXPENSE LIMITATION AGREEMENT</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Destra and the Fund have entered into an expense
    limitation agreement (the &ldquo;Expense Limitation Agreement&rdquo;) under which, until [November 30, 2020], Destra has
    agreed to reduce its fees and/or absorb expenses of the Fund to ensure that total 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% of Class A shares&rsquo; net assets, 2.45% of Class T  shares&rsquo; net assets, 2.70% of
    Class C shares&rsquo; net assets, and 1.70% of Class I shares&rsquo; net assets (the &ldquo;Expense Limitation&rdquo;). In
    consideration of Destra&rsquo;s agreement to limit the Fund&rsquo;s expenses, the Fund has agreed to repay Destra pro rata in
    the amount of any Fund expense paid or waived by it, subject to the limitations that: (1) the reimbursement for expenses will
    be made only if payable not more than three years following the time such payment or waiver was made; and (2) the
    reimbursement may not be made if it would cause the Fund&rsquo;s then-current Expense Limitation, if any, and the Expense
    Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the ordinary operating expenses that are
    the subject of the repayment, to be exceeded. Destra may not terminate the Expense Limitation Agreement during the initial
    term. After the initial term, either the Board or Destra may terminate the Expense Limitation Agreement upon 60 days&rsquo;
    written notice.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">ADMINISTRATION</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">The Fund has retained Gemini Fund Services, LLC (&ldquo;GFS&rdquo;) to provide it with certain administrative services, including performing all actions related to the issuance and repurchase of Shares of the Fund. In consideration for these services, the Fund pays the Administrator $148,915 annually. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">OPERATING EXPENSES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">The Fund bears all expenses incurred in its operation, including amounts that the Fund reimburses to the Administrator under the Administration Agreement. See &ldquo;Summary of Fees and Expenses&rdquo; and &ldquo;Fund Expenses.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="text-transform: uppercase">DISTRIBUTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject
to the discretion of the Board and applicable legal restrictions, distributions will be paid monthly on the Shares in amounts
representing substantially all of the net investment income. The level of monthly distributions (including any return of capital)
is not fixed, but is expected to represent an annual rate of approximately 6.00% of the Fund&rsquo;s current NAV per Share. Distributions
will be paid at least annually on the Shares in amounts representing substantially all of the net capital gains, if any, earned
each year. From time to time, to maintain a stable level of distributions, the Fund may also pay distributions from offering proceeds
or borrowings. A distribution from offering proceeds is treated as a return of capital (shareholders&rsquo; original investment
in the Fund) and generally will reduce a shareholder&rsquo;s basis in his or her Shares, which may increase the capital gain or
reduce the capital loss realized upon the sale of such Shares.&nbsp;Any amounts received in excess of a shareholder&rsquo;s basis
are generally treated as capital gain, assuming the Shares are held as capital assets.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the Board&rsquo;s discretion and applicable legal
        restrictions, the Fund from time to time may also pay special interim distributions in the form of cash or Shares. At least annually,
        the Fund intends to authorize and declare special cash distributions of net long-term capital gains, if any.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each Shareholder whose Shares are registered in its own name
        will automatically be a participant under the Fund&rsquo;s dividend reinvestment program (the &ldquo;DRP&rdquo;) and have all income
        dividends and/or capital gains distributions automatically reinvested in the same class of Shares priced at the then-current NAV
        of the applicable class unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains
        distributions in cash.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Shareholder receiving Shares under the DRP instead of cash
        distributions may still owe taxes and, because Fund Shares are generally illiquid, may need other sources of funds to pay any taxes
        due.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All correspondence or requests for additional information regarding
        the DRP, including inquiries and elections to receive income dividends and/or capital gains distributions in cash, should be directed
        to the Fund at Destra Multi-Alternative Fund, c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788. Shareholders
        who hold their Shares in the name of a broker or dealer participating in the offering should contact the broker or dealer to determine
        whether and how they may participate in, or opt out of, the DRP. See &ldquo;Distributions.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">BOARD OF TRUSTEES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">The Board has overall responsibility for monitoring and overseeing the Fund&rsquo;s management and operations. A majority of the Trustees are considered independent and are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund or the Advisers (collectively, &ldquo;Independent Trustees&rdquo;). See &ldquo;Management of the Fund.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">THE OFFERING</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is offering on a continuous basis up to 18,666,666.66
        Shares in multiple classes in this offering (the &ldquo;Offering&rdquo;). Shares are offered through the Fund&rsquo;s distributor,
        Destra Capital Investments LLC (the &ldquo;Distributor&rdquo;), at a public offering price equal to the then-current NAV per Share
        of the applicable class, plus, in the case of Class A Shares and Class L Shares, the applicable Sales Load. &ldquo;Sales Load&rdquo;
        includes selling commissions of up to 5.75% for Class A Shares and up to 3.00% for Class T Shares. Shares may be purchased on a
        daily basis on each day that the New York Stock Exchange (the &ldquo;NYSE&rdquo;) is open for business.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has been granted exemptive relief by the SEC
permitting it to offer multiple classes of Shares. This offering currently includes the following classes: Class I Shares, Class
A Shares, Class T Shares and Class C Shares. In the future, other classes of Shares may be registered and included in this Offering.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">OFFERING EXPENSES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; width: 78%">Under the Administration Agreement, the Fund, either directly or through reimbursement to Destra or its affiliates, is responsible for its offering costs. Offering costs primarily include legal, accounting, printing and other expenses relating to this Offering, including costs associated with technology integration between the Fund&rsquo;s systems and those of its distribution partners, marketing expenses, salaries and direct expenses of Destra&rsquo;s and Pinhook&rsquo;s personnel, employees of their affiliates and others while engaged in registering and marketing the Shares, including the development of marketing materials and presentations, training and educational meetings, and generally coordinating the marketing process for the Fund.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">INVESTOR SUITABILITY</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investment in the Fund should not be viewed as a complete investment program.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Investors subject to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;), and other tax-exempt entities, including employee benefit plans, IRAs, 401(k) plans and Keogh plans, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be &ldquo;plan assets&rdquo; of the ERISA plans investing in the Fund for purposes of ERISA&rsquo;s fiduciary responsibility and prohibited transaction rules. Thus, none of the Fund nor Destra nor Pinhook will be a fiduciary under and within the meaning of ERISA with respect to the assets of any ERISA plan that becomes a Shareholder, solely as a result of the ERISA plan&rsquo;s investment in the Fund. See &ldquo;ERISA Considerations.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">SHAREHOLDER SERVICING FEES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Class A Shares, Class T Shares and Class C Shares are subject to a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to the respective Share class. Class I Shares are not subject to a shareholder servicing fee. See &ldquo;Distribution of Shares.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">DISTRIBUTION FEES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">The Class T and Class C shares pay to the Distributor a distribution fee (the &ldquo;Distribution Fee&rdquo;). The Distribution Fee accrues at annual rates equal to 0.50% for Class T Shares and 0.75 for Class C Shares of the Fund&rsquo;s average net assets attributable to the respective share class and is be payable on a monthly basis.&nbsp;&nbsp;Class A and Class I shares are not subject to a Distribution Fee.&nbsp;&nbsp;See &ldquo;Distribution of Shares.&rdquo; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">TRANSFER AGENT AND FUND ADMINISTRATOR</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Gemini Fund Services, LLC serves as the transfer agent and administrator (the &ldquo;Administrator&rdquo;) of the Fund. See &ldquo;Management of the Fund.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">CLOSED-END INTERVAL STRUCTURE</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The Fund has been organized as a closed-end management investment company structured as an &ldquo;interval fund&rdquo; pursuant to Rule 23c-3 under the 1940 Act. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. In addition, unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not intend to list the Shares for trading on any securities exchange at this time, if ever, and the Fund does not expect any secondary market to develop for the Shares. Therefore, an investment in the Fund, unlike an investment in a mutual fund or a listed closed-end fund, is not a liquid investment. Instead, the Fund will provide limited liquidity to Shareholders by offering to repurchase a limited amount of the Fund&rsquo;s Shares quarterly.</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">QUARTERLY REPURCHASE OF SHARES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; width: 78%">The Fund has adopted a fundamental policy to make quarterly repurchase offers, at NAV, of no less than 5% and no more than 25% of the Fund&rsquo;s Shares outstanding. Typically, the Fund will seek to conduct quarterly repurchase offers for 5% of the Fund&rsquo;s Shares outstanding. Repurchase offers in excess of 5% will be made solely at the discretion of the Board. There is no guarantee that Shareholders will be able to sell all of the Shares they desire to sell in a quarterly repurchase offer. See &ldquo;Quarterly Repurchases of Shares.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">SHARE CLASSES</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund offers four different classes of Shares: Class I
        Shares,         Class A Shares, Class T Shares and Class C Shares. The Fund began continuously offering its common shares on
        March 5, 2012. As         of July 1, 2014, the Fund simultaneously redesignated its issued and outstanding common shares as
        Class A Shares and created its         Class L, Class C and Class I Shares. As of July 1, 2019, the Fund redesignated its
        issued and outstanding Class L Shares as Class T Shares. An         investment in         any         Share         class
        of         the         Fund         represents an investment in         the same assets of         the         Fund. However,
        the purchase         restrictions         and ongoing               fees and         expenses         for each Share
        class are different.         The fees and expenses         for the         Fund         are set forth in
        &ldquo;Summary of         Fees and         Expenses.&rdquo; If an investor has hired an         intermediary and is
        eligible         to           invest in         more         than one Share         class, the         intermediary may
        help         determine which Share               class is         appropriate for that         investor.         When
        selecting a Share            class, you should consider         which Share         classes are available         to you,
        how         much you intend to invest,         how           long         you         expect to own         Shares, and
        the total         costs and expenses associated          with a         particular Share         class.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each investor&rsquo;s financial considerations are different.
        You should speak with your financial advisor to help you decide which Share class is best for you. The Distributor also may enter
        into agreements with financial intermediaries and their agents that have made arrangements with the Fund and are authorized to
        buy and sell Shares of the Fund (collectively, &ldquo;Financial Intermediaries&rdquo;) for the sale and servicing of Shares. Not
        all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares,
        you should carefully consider which Share class to purchase.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">VALUATIONS</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Destra determines the values of the Fund&rsquo;s assets in good faith pursuant to the Fund&rsquo;s valuation policy and consistently applied valuation process, which was developed by the Board&rsquo;s audit committee and approved by the Board. Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Board has adopted methods for determining the fair value of such securities and other assets, and has delegated the responsibility for applying the valuation methods to Destra. On a quarterly basis, the Board reviews the valuation determinations made with respect to the Fund&rsquo;s investments during the preceding quarter and evaluates whether such determinations were made in a manner consistent with the Fund&rsquo;s valuation process. See &ldquo;Determination of Net Asset Value.&rdquo;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">SUMMARY OF TAXATION</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; width: 78%">The Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a Regulated Investment Company (&ldquo;RIC&rdquo;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). Accordingly, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that are currently distributed to Shareholders. To qualify and maintain its qualification as a RIC for U.S. federal income tax purposes, the Fund must, among other things, meet certain specified source-of-income and asset diversification requirements and distribute annually at least 90% of the sum of its &ldquo;investment company taxable income&rdquo; (which includes its net ordinary income and the excess, if any, of its net short-term capital gains over its net long-term capital losses) and its net tax-exempt interest income, if any. See &ldquo;Distributions&rdquo; and &ldquo;Tax Aspects.&rdquo;</TD></TR><TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">FISCAL YEAR</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">For accounting purposes, the Fund&rsquo;s fiscal year is the 12-month period ending on February 28.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">REPORTS TO SHAREHOLDERS</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">After the end of each calendar year, the Fund will furnish to Shareholders a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for U.S. federal income tax purposes. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the fiscal period for which the report is being made, or as otherwise required by the 1940 Act.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">RISK FACTORS</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investing in the Fund involves risks, including the risk that
        a Shareholder may receive little or no return on their investment or that a Shareholder may lose part or all of its investment.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is a list of the principal risks of investing in the Fund.
        <B>For a more complete discussion of the risks of investment in the Fund, see &ldquo;Types of Investments and Related Risks.&rdquo;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Alternative Investment Funds (AIFs) Risk.</B> AIFs are subject to management and other expenses, which will be
indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly
in AIFs and also may be higher than other funds that invest directly in stocks and bonds. Each AIF is subject to specific risks,
depending on the nature of its investment strategy. The Fund may invest in private investment funds and/or hedge funds, which
may pursue alternative investment strategies. Hedge funds often engage in speculative investment practices such as leverage, short-selling,
arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Private funds and hedge funds can be
highly illiquid, and often charge high fees that can erode performance.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>BDC Risk.</B> BDCs have little or no operating history and may carry risks similar to those of a private equity
or venture capital fund. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse
conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility
and result in higher risk. Private and public non-traded BDCs are illiquid and it may not be possible to redeem shares or to do
so without paying a substantial penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they generally
invest in unlisted securities and typically have limited access to capital markets. A significant portion of a BDC&rsquo;s investments
are recorded at fair value as determined by its board of directors which may create uncertainty as to the value of the BDC&rsquo;s
investments.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.45pt; padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Credit Risk.</B> Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend,
interest and principal payments when due and the related risk that the value of a security may decline because of concerns about
the issuer&rsquo;s ability or willingness to make such payments. Credit risk may be heightened for the Fund because it will invest
in below investment grade securities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Distribution Risk. </B>The Fund&rsquo;s distribution policy is expected to result in distributions that equal
a fixed percentage of the Fund&rsquo;s NAV per share. All or a portion of a distribution may consist of a return of capital. Shareholders
should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital
will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Equity Risk.</B> To the extent the Fund invests in common stocks, preferred stocks, convertible securities, rights
and warrants, it will be exposed to equity risk. Equity markets may experience volatility and the value of equity securities may
move in opposite directions from each other and from other equity markets generally. Preferred stocks often behave more like fixed
income securities. If interest rates rise, the value of preferred stocks having a fixed dividend rate tends to fall. The value
of convertible securities fluctuates with the value of the underlying stock or the issuer&rsquo;s credit rating. Rights and warrants
do not necessarily move in parallel with the price of the underlying stock and the market for rights and warrants may be limited.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Interest Rate Risk.</B> If interest rates increase, the value of the Fund&rsquo;s investments generally will
decline. Securities with longer maturities tend to produce higher yields, but are more sensitive to changes in interest rates
and are subject to greater fluctuations in value. The risks associated with increasing interest rates are heightened given that
interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and
the Fund&rsquo;s investments.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Below Investment Grade Rating Risk. </B>Debt instruments that are rated below investment grade are often referred
to as &ldquo;high yield&rdquo; securities or &ldquo;junk bonds.&rdquo; Junk bonds and similar instruments often are considered
to be speculative with respect to the capacity of the borrower to timely repay principal and pay interest or dividends in accordance
with the terms of the obligation and may have more credit risk than higher rated securities. These instruments may be particularly
susceptible to economic downturns.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Leverage Risk.</B> The use of leverage, such as borrowing money to purchase securities, will cause the Fund to
incur additional expenses and magnify the Fund&rsquo;s gains or losses.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Liquidity Risk.</B> The Fund may invest in securities that, at the time of investment are illiquid. The Fund
may also invest in restricted securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at
the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is
more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon
the sale of such securities.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Management Risk.</B> The Sub-Adviser&rsquo;s judgments about the attractiveness, value and potential appreciation
of particular asset classes or securities in which the Fund invests may prove to be incorrect and may not produce the desired
results.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.45pt; padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Investment and Market Risk.</B> An investment in the Shares is subject to investment risk, including the possible
loss of the entire principal amount invested. An investment in the Shares represents an indirect investment in the portfolio of
securities and investments owned by the Fund, and the value of these securities may fluctuate, sometimes rapidly and unpredictably.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>MLP Risk.</B> Investments in MLPs involve risks different from those of investing in common stock including risks
related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest
between the MLP and the MLP&rsquo;s general partner, cash flow risks, dilution risks and risks related to the general partner&rsquo;s
limited call right. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated
a share of the partnership&rsquo;s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying
business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which
would result in such MLP being required to pay U.S. federal income tax on its taxable income. MLPs are generally considered interest-rate
sensitive investments.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Medium and Small Company Risk.</B> The earnings and prospects of medium and small companies are more volatile
than those of larger companies. Medium and small companies also may experience higher failure rates than large companies. In addition,
the securities of medium and small companies may trade less frequently and in smaller volumes than the securities of large companies,
which may disproportionately affect their market price, tending to make them less liquid and fall more in response to selling
pressure than is the case with large companies. Finally, medium and small companies may have limited markets, product lines or
financial resources and may lack management experience.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Real Estate Industry Concentration Risk.</B> The Fund concentrates its investments in REITs and its portfolio
may be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to
greater risk than a more diversified portfolio. Equity REITs may be affected by changes in the value and vacancy rate of the underlying
property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon
management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation.
REITs also are subject to the possibilities of failing to qualify for tax free pass-through of income under the Code and failing
to maintain their exemption from registration under the 1940 Act. Investment in REITs involves risks similar to those associated
with investing in small capitalization companies, and REITs (especially mortgage REITs) are subject to interest rate risks. When
interest rates decline, the value of a REIT&rsquo;s investment in fixed rate obligations can be expected to rise. Conversely,
when interest rates rise, the value of a REIT&rsquo;s investment in fixed rate obligations can be expected to decline. Mortgage
REITs are also subject to prepayment risk. Because REITs incur expenses like management fees, investments in REITs also add an
additional layer of expenses.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Repurchase Policy Risk.</B> Quarterly repurchases by the Fund of its shares typically are funded from available
cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities,
which in turn would reduce the Fund&rsquo;s NAV.</P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.45pt; padding-right: 5.4pt; padding-bottom: 12pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 78%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Structured Note Risk.</B> The value of a structured note will be influenced by time to maturity, level of supply
and demand for the type of note; interest rates, commodity, currency or relevant index market volatility; changes in the issuer&rsquo;s
credit quality rating; and economic, legal, political or geographic events that affect the reference index. In addition, there
may be a lag between a change in the value of the reference index and the value of the structured note. The Fund may also be exposed
to increased transaction costs when it seeks to sell such notes in the secondary market. In the event that the issuer of the structured
note defaults, it is possible that the Fund could lose its entire investment.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Underlying Funds Risk.</B> The Fund will incur higher and duplicative expenses, including advisory fees, when
it invests in ETFs, mutual funds, closed-end funds and AIFs. There is also the risk that the Fund may suffer losses due to the
investment practices of the Underlying Funds (such as the use of derivatives). The Underlying Funds in which the Fund invests
that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transactions
costs and other expenses of the Underlying Funds. The shares of closed-end funds frequently trade at a discount to their net asset
value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease,
and it is possible that the discount may increase.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Valuation Risk.</B> Illiquid securities must be valued by the Fund using fair value procedures. Fair valuation
involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the
value that could be realized upon the sale of the security.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.45pt; padding-right: 5.4pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional risks relating to the Fund include risks
resulting from:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Closed-End Interval Fund Structure; Liquidity Risks.</B> Closed-end funds differ from open-end management investment
companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares
on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not
intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop
for the Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></FONT><B>Non-Diversification Risk.</B> The Fund is classified as &ldquo;non-diversified&rdquo; under the 1940 Act. As
a result, it can invest a greater portion of its assets in obligations of a single issuer than a &ldquo;diversified&rdquo; fund.
The Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic,
political or regulatory occurrence.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt"><FONT STYLE="color: #262326">&#9679;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
        </FONT></FONT><B>Risks Relating to the Fund&rsquo;s RIC Status.</B> If the Fund fails to qualify for taxation as a RIC for any
        reason, it would be subject to regular corporate-level U.S. federal income taxes on all of its taxable income and gains, and the
        resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount
        of its distributions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.95pt; text-indent: -16.95pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, the Fund should be considered a speculative
investment that entails substantial risks, and prospective investors should invest in the Fund only if they can sustain a complete
loss of their investments.</P></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a002_v1"></A>SUMMARY OF FEES AND EXPENSES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table illustrates the aggregate fees and expenses
that the Fund expects to incur and that holders of Shares can expect to bear directly or indirectly.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder Fees</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class I</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class T</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class C</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Maximum Sales Load Imposed on Purchases (as a percentage of offering price) </TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5.75</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">None</P></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><B>Annual Fund Expenses</B>
    (as a percentage of average net assets attributable to Shares)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Management Fee<SUP>(1)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Interest Payments on Borrowed Funds<SUP>(2)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.48</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in">Other Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Shareholder Servicing Fee<SUP>(3)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Distribution Fee<SUP>(3)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">None</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.75</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Remaining Other Expenses </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Acquired Fund Fees and Expenses<SUP>(4)</SUP> </FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1.20</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1.20</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1.20</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">%</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1.20</TD><TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Annual Fund Operating Expenses </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3.57</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3.76</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4.26</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4.51</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Fee Waiver and/or Expense Reimbursement<SUP>(5)</SUP> </FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.19</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.19</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.19</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.19</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Reimbursement)<SUP>(5)</SUP> </FONT></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">3.38</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">3.57</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">4.07</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">4.32</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">%</TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(1)</SUP></TD><TD>The operating expenses in this fee table will not correlate to the expense ratio in the Fund&rsquo;s financial highlights because
this fee table reflects the Fund&rsquo;s current Management Fee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(2)</SUP></TD><TD>Interest Payments on Borrowed Funds are based on estimated amounts for the current fiscal year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(3)</SUP></TD><TD>Class A Shares, Class T Shares and Class C Shares are subject to a monthly shareholder servicing fee at an annual rate of up
to 0.25% of the average daily net assets of the Fund attributable to the respective share class. Class T Shares and Class C Shares
will pay the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.50% for Class T Shares and 0.75% for
Class C Shares of the average daily net assets attributable to the respective share class and will be payable on a monthly basis.
See &ldquo;Distribution of Shares. </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(4)</SUP></TD><TD>Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies, but does not include REITs
and certain private investment funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund&rsquo;s
financial highlights because the financial statements, when issued, include only the direct operating expenses incurred by the
Fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>(5)</SUP></TD><TD>Destra has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least [November 30, 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 T Shares, 2.70% for Class C Shares and 1.70% for Class
I shares of each class&rsquo;s net assets, respectively (the &ldquo;Expense Limitation&rdquo;). In consideration of Destra&rsquo;s
agreement to limit the Fund&rsquo;s expenses, the Fund has agreed to repay Destra pro rata in the amount of any Fund expense paid
or waived by it, subject to the limitations that: (1) the reimbursement for expenses will be made only if payable not more than
three years following the time such payment or waiver was made; and (2) the reimbursement may not be made if it would cause the
Fund&rsquo;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed,
paid or absorbed the ordinary operating expenses that are the subject of the repayment, to be exceeded. Destra may not terminate
the Expense Limitation Agreement during the initial term. After the initial term, either the Board or Destra may terminate the
Expense Limitation Agreement upon 60 days&rsquo; written notice.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fees and Fund Expenses Table describes the fees and expenses
that you may pay if you buy and hold Shares of the Fund. More information about sales load discounts that may apply to purchases
of Class A Shares and Class T Shares is available from your financial professional. More information about management fees, fee
waivers and other expenses is available in &ldquo;Management of the Fund&rdquo; starting on page [&nbsp; ] of this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following examples demonstrate the projected dollar amount
of total expenses that would be incurred over various periods with respect to a $1,000 investment assuming the Fund&rsquo;s direct
and indirect annual operating expenses would remain at the percentage levels set forth in the table above and Shares earn a 5.0%
annual return (the example assumes the Fund&rsquo;s current Expense Limitation will remain in effect for only three years):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Share Class</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">1 Year</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">3 Years</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">5 Years</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">10 Years</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Class I</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">22</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">72</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">125</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">269</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">184</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">329</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Class T</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">349</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Class C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">359</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Examples above should not be considered a representation
of the Fund&rsquo;s future expenses, and actual expenses may be greater or less than those shown. For example, although the table
above assumes the Fund&rsquo;s current Expense Limitation will remain in effect for three years, the Fund currently expects to
maintain an Expense Limitation for the life of the Fund. While the Examples assume a 5.0% annual return, as required by the SEC,
the Fund&rsquo;s performance will vary and may result in a return greater or less than 5.0%. In addition, the Examples assume reinvestment
of all distributions pursuant to the Dividend Reinvestment Plan (&ldquo;DRP&rdquo;). If Shareholders request repurchase proceeds
be paid by wire transfer, such Shareholders will be assessed an outgoing  wire transfer fee at prevailing rates charged by Gemini
Fund Services, LLC (the &ldquo;Administrator&rdquo;). If a Shareholder requests an expedited payment by wire transfer, the applicable
outgoing wire transfer fee may be deducted from the Shareholder&rsquo;s repurchase proceeds. For a more complete description of
the various fees and expenses borne directly and indirectly by the Fund, see &ldquo;Fund Expenses,&rdquo; &ldquo;Management Fee&rdquo;
and &ldquo;Purchases of Shares.&rdquo;</P>

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial highlights tables are intended to help you understand
the Fund&rsquo;s financial performance. The total returns in the tables represent the rate that an investor would have earned (or
lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived
from the Fund&rsquo;s financial statements, found in the Fund&rsquo;s Annual Report for the period ended February 28, 2019, which
has been audited by Deloitte &amp; Touche, LLP, an independent registered public accounting firm, whose report, along with along
with the Fund&rsquo;s financial statements and notes thereto, appears in the Fund&rsquo;s Annual Report dated February 28, 2019.
The information in the tables below should be read in conjunction with each of those financial statements and the notes thereto.
To request the Fund&rsquo;s Annual Report or Semi-Annual Report, please call the Fund toll-free at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a003_v1"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of the statements in this prospectus constitute forward-looking
statements because they relate to future events or the Fund&rsquo;s future performance or financial condition. The forward-looking
statements contained in this prospectus may include statements as to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the Fund&rsquo;s future operating results;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the Fund&rsquo;s business prospects and the prospects of the companies in which the Fund may invest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the impact of the investments that the Fund expects to make;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the ability of the Fund&rsquo;s portfolio companies to achieve their objectives;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the Fund&rsquo;s current and expected financing arrangements and investments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>changes in the general interest rate environment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the adequacy of the Fund&rsquo;s cash resources, financing sources and working capital;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the timing and amount of cash flows, distributions and dividends, if any, from the Fund&rsquo;s portfolio companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the Fund&rsquo;s contractual arrangements and relationships with third parties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>actual and potential conflicts of interest with other accounts managed by Destra and Pinhook, LLC (f/k/a LCM Investment Management,
LLC) (&ldquo;Pinhook&rdquo; or the &ldquo;Sub-Adviser&rdquo;) (Destra and Pinhook are referred to herein as the &ldquo;Advisers&rdquo;)
or any of their affiliates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the dependence of the Fund&rsquo;s future success on the general economy and its effects on the industries in which the Fund
may invest;</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the Fund&rsquo;s use of financial leverage, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the ability of the Advisers to locate suitable investments for the Fund and to monitor and administer the Fund&rsquo;s investments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the ability of the Advisers or their affiliates to attract and retain highly talented professionals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the Fund&rsquo;s ability to maintain its qualification as a RIC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the impact on the Fund&rsquo;s business of The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank
Act&rdquo;) and the rules and regulations thereunder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the effect of changes to tax legislation and the Fund&rsquo;s tax position; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>the tax status of the enterprises in which the Fund may invest.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;expect&rdquo; and &ldquo;intend&rdquo; indicate a forward-looking statement, although not all forward-looking statements
include these words. The forward-looking statements contained in this prospectus involve risks and uncertainties. The Fund&rsquo;s
actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including
the factors set forth in &ldquo;Types of Investments and Related Risks&rdquo; and elsewhere in this prospectus. Other factors that
could cause actual results to differ materially include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>changes in the economy, including material changes in interest rates or credit spreads;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>risks associated with possible disruption in the Fund&rsquo;s operations or the economy generally due to terrorism or natural
disasters; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>future changes in laws or regulations and conditions in the Fund&rsquo;s operating areas.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has based the forward-looking statements included in
this prospectus on information available to the Fund on the date of this prospectus. Except as required by the federal securities
laws, the Fund undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information,
future events or otherwise. Prospective investors are advised to consult any additional disclosures that the Fund may make directly
to such prospective investors or through reports that the Fund may file in the future with the SEC. The forward-looking statements
and projections contained in this prospectus are excluded from the safe harbor protection provided by Section 27A of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) and Section 21E of the Securities Exchange Act of 1934, as amended (the
&ldquo;Exchange Act&rdquo;).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a004_v1"></A>THE FUND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is a continuously offered, non-diversified, closed-end
management investment company that is operated as an interval fund and registered under the 1940 Act. The Fund was organized as
a Delaware statutory trust on June 3, 2011 and commenced operations on March 16, 2012. The Fund&rsquo;s principal office is located
at c/o Destra Capital Advisors LLC, 444 West Lake Street, Suite 1700, Chicago, IL 60606, and its telephone number is 1-855-601-3841.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra is the investment adviser to the Fund. Destra oversees
the management of the Fund&rsquo;s activities and is responsible for developing investment guidelines with Pinhook and overseeing
investment decisions for the Fund&rsquo;s portfolio. See &ldquo;The Adviser.&rdquo; Destra has engaged Pinhook to act as the Fund&rsquo;s
investment sub-adviser and make investment decisions for the Fund&rsquo;s portfolio, subject to the oversight of Destra. Pinhook
identifies investment opportunities and executes on its trading strategies subject to guidelines agreed to by Destra and Pinhook.
See &ldquo;The Sub-Adviser.&rdquo; Responsibility for monitoring and overseeing the Fund&rsquo;s management and operation is vested
in the individuals who serve on the Board. See &ldquo;Management of the Fund.&rdquo;</P>

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a005_v1"></A>THE ADVISER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Capital Advisors LLC, an investment adviser registered
with the SEC under the Advisers Act, serves as the Fund&rsquo;s investment adviser. Destra has responsibility for the overall management
of the Fund. It is also responsible for managing the Fund&rsquo;s business affairs and providing day-to-day administrative services
to the Fund. The principal office of Destra is located at 444 West Lake Street, Suite 1700, Chicago, Illinois 60606. As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Destra had approximately $[&nbsp;&nbsp;&nbsp;] million in assets under management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra is a wholly-owned subsidiary of Destra Capital Management
LLC, a sponsor of investment funds. Destra Capital Management LLC is controlled by Continuum Funds Holdings, LLC. Continuum is
an affiliate of Continuum Capital Managers LLC, a multi-boutique asset manager that makes equity investments in investment advisers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please see &ldquo;Management of the Fund&rdquo; for information
on the Key Personnel of Destra.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a006_v1"></A>THE SUB-ADVISER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra has engaged Pinhook Capital, LLC (formerly LCM Investment
Management, LLC) to act as the Fund&rsquo;s investment sub-adviser and make investment decisions for the Fund&rsquo;s portfolio
subject to the oversight of Destra. Pinhook was established in June 2011 for the purpose of providing investment management services
to institutional investors such as the Fund. Pinhook is located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128.
As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019, Pinhook had approximately $[ ] million in assets under management. Pinhook uses both a quantitative screening
process and a qualitative selection process when selecting securities for investment by the Fund in connection with the Fund&rsquo;s
strategy. An optimized asset allocation model is used to quantify targeted exposure ranges for various alternative sectors. Pinhook
manages investments over a long-term time horizon, while being mindful of the historical context of the markets. Pinhook employs
a regimen of quantitative and qualitative criteria to arrive at a universe of investments which it considers to be &ldquo;best-of-breed.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pinhook is paid by Destra out of the advisory fee Destra is
paid by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please see &ldquo;Management of the Fund&rdquo; for information
on the Key Personnel of Pinhook.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a007_v1"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds of this Fund&rsquo;s continuous offering of
Shares, after payment of any sales load, will be invested in accordance with the Fund&rsquo;s investment objective and policies
(as stated below) as soon as practicable after receipt, except to the extent proceeds are held in cash to pay dividends or expenses,
satisfy repurchase offers or for temporary defensive purposes. Pending investment of the net proceeds in accordance with the Fund&rsquo;s
investment objective and policies, the Fund will invest in money market or short-term fixed income mutual funds.</P>

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a008_v1"></A>INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s investment objective is to seek returns from
capital appreciation and income with an emphasis on income generation. There can be no assurance that the Fund will be able to
achieve its investment objective.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Opportunities and Strategies</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General Investment Strategy. </I></B>The Fund pursues its investment objective by investing primarily in income-producing
securities, including: (1) public and private real estate securities (including securities issued by real estate funds), (2) AIFs,
which include BDCs, funds commonly known as &ldquo;hedge funds,&rdquo; and other private investment funds, (3) master limited partnerships,
(4) common and preferred stocks, and (5) structured notes, notes, bonds and asset-backed securities. 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. The Fund invests in securities
of issuers without restriction as to market capitalization. The majority of the Fund&rsquo;s investments are not traded on an exchange
or in over-the-counter markets; consequently, the majority of the Fund&rsquo;s investments are illiquid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund provides investors with access to an actively managed
portfolio of liquid and illiquid alternative investments, many of which are unavailable to the typical individual investor due
to high minimum investment and accredited/qualified investor requirements. The Sub-Adviser employs a similar multi-asset approach
to the Endowment Model while actively managing individual holdings and generating significant non-correlated income. 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. To that end, the
Fund seeks to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>Deliver current income to investors with low correlation to traditional equity and fixed-income investments by pursuing securities
in asset classes considered non-traditional in nature;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>Seek illiquidity premiums, as the Fund has no finite life and therefore can pursue less liquid strategies as part of an overall
portfolio, subject to near-term investor liquidity needs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>Proactively manage security selection and asset class exposures through cutting-edge research capability, rigorous due diligence
efforts, and a consistently applied investment process; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>Provide institutional access on favorable terms; as the Sub-Adviser has added to the depth of the portfolio management team,
the Fund has benefited from enhanced security selection capabilities and industry relationships in sourcing institutional-quality
investments.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund concentrates investments in the real estate industry
through entities designated as REITs, and under normal circumstances, invests over 25% of its net assets in REITs (including securities
issued by real estate funds). This policy is fundamental and may not be changed without shareholder approval. Real estate funds
are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests.
The Statement of Additional Information contains a list of the fundamental (those that may not be changed without a shareholder
vote) and non-fundamental investment policies of the Fund under the heading &ldquo;INVESTMENT RESTRICTIONS.&rdquo;</P>

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pinhook uses both a quantitative screening process and a qualitative
selection process when selecting securities for investment by the Fund in connection with the Fund&rsquo;s strategy. An optimized
asset allocation model is used to quantify targeted exposure ranges for various alternative sectors. No assurance can be given
that any or all investment strategies, or the Fund&rsquo;s investment program, will be successful. The Sub-Adviser utilizes a clearly
defined philosophy which provides a disciplined investment strategy. When determining an asset allocation, the Sub-Adviser typically
reviews at least the last ten years (if available) of market data history, which the Sub-Adviser regards as the most relevant for
market forecasting purposes. The Sub-Adviser may strategically rebalance its asset allocation according to the current market conditions,
but will remain true to its fundamental analysis with respect to real estate asset class and sector risk over time. The Sub-Adviser
manages investments over a long-term time horizon, while being mindful of the historical context of the markets. The Sub-Adviser
employs a regimen of quantitative and qualitative criteria to arrive at a universe of investments which it considers to be &ldquo;best-of-breed.&rdquo;
The Sub-Adviser primarily selects securities with the highest expected income from a sector peer group of issuers with similar
market capitalization, credit quality and/or risk-adjusted metrics. Secondarily, the Sub-Adviser considers securities&rsquo; potential
for capital appreciation. When constructing the Fund&rsquo;s portfolio, the Sub-Adviser selects securities from sectors that it
believes have relatively low volatility and will not be highly correlated to each other or to the equity or fixed income markets,
generally. The Sub-Adviser considers low to moderate correlation or volatility strategies to be those which are expected to have
75% or less of the volatility of, or correlation to, the relevant market or index.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise stated herein or in the SAI, the Fund&rsquo;s
investment policies are non-fundamental policies and may be changed by the Fund&rsquo;s Board of Trustees without prior approval
of the Fund&rsquo;s shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Real Estate Securities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are three main vehicles used to execute the Fund&rsquo;s
real estate-related investments:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>Private and/or Non-Listed Real Estate Securities: </B> This investment vehicle will be used to generate current income,
and/or capital appreciation that is generally less volatile than other types of real estate securities. Investment criteria will
include evaluating the strength of the sponsor and management. From an operations perspective, the Sub-Adviser will focus on the
attractiveness of the specific property type; stability of income; distribution yield and distribution coverage from operations.
From a financing perspective, the Sub-Adviser will focus on availability of debt and equity financing and target leverage levels.
Finally, the Sub-Adviser will focus on a value-add liquidity event following the close of the offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>Listed (Traded) Real Estate Securities Equities:</B> Investment criteria on a macro level will include: relative attractiveness
to the broader stock market, the impact of the debt capital markets on real estate securities, the supply and demand for commercial
real estate overall, and the supply and demand for specific property types. On a micro level, the Sub-Adviser will focus on: the
attractiveness of a specific property type, quality and historic success of management, relative value price-to-earnings, price-to-cash
flow or funds-from-operations within a sector, whether the security is trading at a premium or discount to its NAV, and both internal
(e.g. same store growth) and external (e.g. acquisitions and development) growth prospects to drive total earnings growth.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD><B>Real Estate Debt:</B> In this investment vehicle, the Sub-Adviser will look at both current income opportunities and the
ability to acquire debt or preferred stock (which the Fund defines to be a form of debt with respect to real estate) at a discount
to face value. This vehicle could include, but is not limited to, secured property level debt, unsecured notes, unsecured notes
and preferred equity convertible into common equity and preferred equity. Preferred equity historically trades at a higher yield
and has a lower risk profile than its common equity, but also has lower capital gain potential unless it trades at a discount to
par. This portion of the Sub-Adviser&rsquo;s debt strategy will focus on quality of management, sustainability of the business
model, coverage of the common dividend and liquidity of the instrument.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Alternative Investment Funds</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AIFs selected by the Sub-Adviser include BDCs, funds that invest
in private debt securities, hedge funds and other issuers of private placement securities each of which may pay performance-based
fees to their managers. A BDC is a form of investment company that is required to invest at least 70% of its total assets in securities
(typically debt) of private companies, thinly traded U.S. public companies, or short-term high quality debt securities. Private
or non-traded BDCs are illiquid and it may not be possible for the Fund to redeem shares or to do so without paying a substantial
penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they invest in unlisted securities and have limited
access to capital markets. Additionally, the Fund may invest up to 15% of its net assets in securities of issuers commonly known
as &ldquo;hedge funds,&rdquo; 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. These performance fees may create an incentive
for the manager of a hedge fund to enter into investments that are riskier or more speculative than would otherwise be the case.
The Sub-Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely
to have low correlations among each other or with the broad equity and fixed-income markets. The Sub-Adviser uses both a quantitative
screening process and a qualitative selection process when selecting AIF securities for investment by the Fund in conjunction with
its AIF strategy. To analyze AIFs, the Sub-Adviser relies on both proprietary research and research provided by third parties.
The Sub-Adviser reviews each AIF&rsquo;s management team, operations staff, past performance, philosophy, current holdings and
investment process. Specific market opportunities, competitive advantages, relative strengths and weaknesses, and other important
factors are also analyzed. Once an investment is made, the new AIF is re-evaluated and tracked on a monthly or quarterly basis.
An AIF may be liquidated based on manager drift in style, underperformance, change in management team, deviation from risk management
discipline and change in the AIF&rsquo;s investment opportunity set or strategy, or any other factor that the Sub-Adviser feels
will impact future performance. Depending on the terms of the Fund&rsquo;s investment in an AIF, the Sub-Adviser may or may not
be able to liquidate a certain AIF when it desires to do so. When using Underlying Funds to execute the Fund&rsquo;s AIF strategy,
the Sub-Adviser will consider each Underlying Fund&rsquo;s expenses and quality of management in addition to analyzing the AIF
securities held by the Underlying Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Master Limited Partnerships</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An MLP is a publicly traded or privately offered limited partnership
or limited liability company. MLPs are typically engaged in one or more aspects of the exploration, production, processing, transmission,
marketing, storage or delivery of energy-related commodities such as natural gas, natural gas liquids, coal, crude oil or refined
petroleum products. An investment in MLP units differ from an investment in the securities of a corporation. An investment in MLP
units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited
control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment
in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from
incentive distribution payments. As a partnership, an MLP has no tax liability at the entity level. If, as a result of a change
in current law or a change in an MLP&rsquo;s business, an MLP were treated as a corporation for federal income tax purposes, such
an MLP would be obligated to pay federal income tax on its income at the corporate tax rate. If an MLP were classified as a corporation
for federal income tax purposes, the amount of cash available for distribution by the MLP would be reduced and distributions received
by investors would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital,
or capital gain). Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in
the after-tax return to investors, as compared to an MLP that is not taxed as a corporation, likely causing a reduction in the
value of Fund shares. In constructing the model, the Sub-Adviser considers a variety of factors, including but not limited to,
market capitalization, liquidity, growth, credit rating, source of qualifying income, business focus, and structure of the MLPs.
The Sub-Adviser may also further evaluate MLP investments on potential tax liabilities, trading costs, cash requirements and other
factors, including the relative valuation of related MLP or other competing investments.</P>

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common and Preferred Stocks</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stocks are selected by the Sub-Adviser using a proprietary stock
selection model that ranks all dividend-payers using specific fundamental characteristics that the Sub-Adviser believes are predictive
of strong future total returns, dividend sustainability and dividend growth. These characteristics include the ability-to-pay ratio,
dividend payout ratio, dividend yield, historical sales and dividend growth, cash flow conversion ratio, earnings momentum and
return on capital. In addition, the Sub-Adviser eliminates stocks that violate specific ability-to-pay, payout ratio, and dividend
yield thresholds that vary by sector. The Sub-Adviser may also engage in opportunistic trading strategies with securities that
may not pay a dividend but have been identified as having potential short-term pricing inefficiencies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Structured notes are selected by the Sub-Adviser to generate
interest income and as an economic substitute for the reference index, currency or commodity to which the structured note payments
are linked. The Sub-Adviser also may use structured notes to meet specific investment or risk management goals that cannot be met
from the standardized financial instruments available in the markets. Structured products can be used as an alternative to a direct
investment, as part of the asset allocation process to reduce risk exposure of the Fund&rsquo;s portfolio or to capitalize on a
current market trend. The Sub-Adviser selects structured notes of any maturity issued by an entity that the Sub-Adviser considers
creditworthy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other debt securities are selected by the Sub-Adviser to generate
interest income and diversify the Fund&rsquo;s portfolio returns against equity market risks. The Fund invests without limit in
fixed rate or floating rate debt instruments of any maturity that the Sub-Adviser believes are creditworthy or have acceptable
recovery value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, including lower-quality
debt securities commonly known as &ldquo;high yield&rdquo; or &ldquo;junk&rdquo; bonds. The Sub-Adviser employs measurers consisting
of debt-to-assets, debt service coverage ratio and asset liquidation values and other metrics to assess credit quality. The Sub-Adviser
selects ABS when it believes these securities offer higher yield or better prospects for capital preservation or appreciation than
competing investments in traditional debt instruments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser will invest in Underlying Funds when it wishes
the Fund to have representation in a certain sector or security type, but cannot find sufficient or suitable individual securities
that meet its investment criteria. The Sub-Adviser ranks Underlying Funds on relative expenses, past performance and strategy fit
for the Fund. In general, the Sub-Adviser selects Underlying Funds that it believes offer more efficient execution of the Fund&rsquo;s
strategy, such as when ample individual investments are not readily available or the available investments do not meet the selection
criteria of the Sub-Adviser, the Sub-Adviser may seek to invest in an Underlying Fund in order to gain indirect exposure to a particular
sector or class of securities.</P>

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Other Information Regarding the Investment Strategy</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may, from time to time, take defensive positions that
are inconsistent with the Fund&rsquo;s principal investment strategy in attempting to respond to adverse market, economic, political
or other conditions. During such times, the Sub-Adviser may determine that the Fund should invest up to 100% of its assets in cash
or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other
short-term obligations of the U.S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not
achieve its investment objective. The Sub-Adviser may invest the Fund&rsquo;s cash balances in any investments it deems appropriate.
The Sub-Adviser expects that such investments will be made, without limitation and as permitted under the 1940 Act, in money market
funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from
such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering
into recommendations and decisions of the Sub-Adviser and the Fund&rsquo;s portfolio managers are subjective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The frequency and amount of portfolio purchases and sales (known
as the &ldquo;portfolio turnover rate&rdquo;) will vary from year to year. The portfolio turnover rate is not expected to exceed
100% for the current fiscal year but may vary greatly from year to year and will not be a limiting factor when the Sub-Adviser
deems portfolio changes appropriate. Although the Fund generally does not intend to trade for short-term profits, the Fund may
engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion
of the Sub-Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual
rate of portfolio turnover of the Fund. Higher rates of portfolio turnover would likely result in higher brokerage commissions
and may generate short-term capital gains taxable as ordinary income. If securities are not held for the applicable holding periods,
dividends paid on them will not qualify for the advantageous federal tax rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no assurance what portion, if any, of the Fund&rsquo;s
investments will qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result,
there can be no assurance as to what portion of the Fund&rsquo;s distributions will be designated as qualified dividend income.
See &ldquo;TAX ASPECTS &ndash; The Fund&rsquo;s Investments.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Real Estate Securities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Real Estate Investment Trusts.</I> The Fund will invest in
public and private real estate investment trusts. REITs are pooled investment vehicles that invest primarily in income-producing
real estate or real estate-related loans or interests. REITs may or may not be publicly-traded and the Fund may invest, without
limitation, in REITs which are not publicly-traded. The market value of REIT shares and the ability of REITs to distribute income
may be adversely affected by numerous factors, including rising interest rates, changes in the national, state and local economic
climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties,
the ability of the owners to provide adequate management, maintenance and insurance costs, the cost of complying with the Americans
with Disabilities Act, increasing competition and compliance with environmental laws, changes in real estate taxes and other operating
expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, and other factors beyond the
control of the issuers. In addition, distributions received by the Fund from REITs may consist of dividends, capital gains and/or
return of capital.</P>

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distributions paid by REITs will generally not qualify for the
reduced federal income tax rates applicable to qualified dividend income under the Code. Such dividends, however, may qualify as
Section 199A dividends. See &ldquo;TAX ASPECTS &ndash; The Fund&rsquo;s Investments.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Real Estate LPs, LLCs, Private Funds.</I> The Fund will invest
in public and private real estate LPs, LLCs, and other private funds. These public and private funds are often pooled investment
vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. The funds may or may
not be publicly-traded and the Fund may invest, without limitation, in funds which are not publicly-traded. The market value of
the private fund shares and their ability to distribute income may be affected by numerous factors, including rising interest rates,
changes in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the
safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance
and insurance costs, the cost of complying with the Americans with Disabilities Act, increasing competition and compliance with
environmental laws, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal
policies, adverse changes in zoning laws, and other factors beyond the control of the issuers. In addition, distributions received
by the Fund from these funds may consist of dividends, capital gains and/or return of capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Preferred Stocks.</I> The Fund may invest in preferred stocks
of real estate companies. Preferred stocks are securities that pay dividends at a specified rate and have a preference over common
stocks in the payment of dividends and the liquidation of assets. This means that an issuer must pay dividends on its preferred
stock prior to paying dividends on its common stock. In addition, in the event a company is liquidated, preferred shareholders
must be fully repaid on their investments before common shareholders can receive any money from the company. Preferred shareholders,
however, usually have no right to vote for a company&rsquo;s directors or on other corporate matters. Preferred stocks pay a fixed
stream of income to investors, and this income stream is a primary source of the long-term investment return on preferred stocks.
As a result, the market value of preferred stocks is generally more sensitive to changes in interest rates than the market value
of common stocks. In this respect, preferred stocks share many investment characteristics with debt securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Convertible bonds and convertible preferred stocks are generally
obligations of a company that can be converted into a predetermined number of shares of common stock of the company issuing the
security. Convertible securities generally offer both defensive characteristics (i.e., provide income during periods when the market
price of the underlying common stock declines) and upside potential (i.e., may provide capital appreciation when the market price
of the underlying common stock rises).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in securities that have been privately placed
but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under the Securities
Act of 1933.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Alternative Investment Funds</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The managers of AIFs employ a variety of &ldquo;alternative&rdquo;
investment strategies to achieve attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of
those returns) with low correlation (expected to be less than 75%) to the broad equity and fixed-income markets. &ldquo;Alternative&rdquo;
investment strategies, unlike pure &ldquo;relative return strategies,&rdquo; are generally managed without reference to the performance
of equity, debt and other markets. AIFs selected by the Sub-Adviser include BDCs, funds that invest in private debt and or equity
securities, hedge funds and other issuers of private placement securities, each of which may pay performance-based fees to their
managers.</P>

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

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to BDCs, federal securities laws impose certain
restraints upon the organization and operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets
primarily in securities of private companies or in thinly traded U.S. public companies, cash, cash equivalents, U.S. government
securities and high quality debt instruments that mature in one year or less. BDCs may have performance-based incentive fees and
frequently trade at a discount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser expects to invest in other forms of AIFs that
employ non-traditional strategies such as investing in defaulted debt securities or in the securities of companies undergoing a
merger, business spin-off or other form of restructuring.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the Fund may invest up to 15% of its net assets
in securities of certain AIFs commonly known as &ldquo;hedge funds,&rdquo; 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.
These fees may create an incentive for the manager of a hedge fund to enter into investments that are riskier or more speculative
than would otherwise be the case. The Sub-Adviser intends to allocate the Fund&rsquo;s assets among AIFs that, in the view of the
Sub-Adviser, represent attractive investment opportunities. In selecting AIFs, the Sub-Adviser (with the aid of research services
employed by the Sub-Adviser), assesses the likely risks and returns of the different alternative investment strategies utilized
by the AIFs, and evaluates the potential correlation among the investment strategies under consideration. The Sub-Adviser generally
seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations
among each other or with the broad equity and fixed-income markets.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to use leverage to pursue its investment objective,
including by borrowing funds from banks or other financial institutions, investing in derivative instruments with leverage embedded
in them, and/or issuing debt securities. The Fund may borrow money or issue debt securities in an amount up to 33 1/3% of its total
assets (50% of its net assets). The Fund intends to use leverage opportunistically and may choose to increase or decrease its leverage,
or use different types or combinations of leveraging instruments, at any time based on the Fund&rsquo;s assessment of market conditions
and the investment environment. The Fund may also use leverage to fund distributions and its quarterly repurchase offers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The use of leverage can create risks. Changes in the value of
the Fund&rsquo;s portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the Shareholders.
If there is a net decrease or increase in the value of the Fund&rsquo;s investment portfolio, leverage will decrease or increase,
as the case may be, the NAV per Share to a greater extent than if the Fund did not utilize leverage. A reduction in the Fund&rsquo;s
NAV may cause a reduction in the market price of the Shares. The Fund&rsquo;s leverage strategy may not be successful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain types of leverage by the Fund may result in the Fund
being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain
restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings
for any short-term debt securities issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements
that are more stringent than those imposed by the 1940 Act. Destra does not believe that these covenants or guidelines will impede
it from managing the Fund&rsquo;s portfolio in accordance with its investment objective and policies if the Fund were to use leverage.</P>

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

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the 1940 Act, the Fund is not permitted to issue senior
securities if, immediately after the issuance of such senior securities, the Fund would have an asset coverage ratio (as defined
in the 1940 Act) of less than 300% with respect to senior securities representing indebtedness (<I>i.e.</I>, for every dollar of
indebtedness outstanding, the Fund is required to have at least three dollars of assets). The 1940 Act also provides that the Fund
may not declare distributions, or purchase its stock (including through share repurchases), if immediately after doing so it will
have an asset coverage ratio of less than 300%. Under the 1940 Act, certain short-term borrowings (such as for cash management
purposes) are not subject to these limitations if (i) repaid within 60 days, (ii) not extended or renewed and (iii) not in excess
of 5% of the total assets of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may leverage its portfolio by entering into one or
more credit facilities. If the Fund enters into a credit facility, the Fund may be required to prepay outstanding amounts or incur
a penalty rate of interest upon the occurrence of certain events of default. The Fund would also likely have to indemnify the lenders
under the credit facility against liabilities they may incur in connection therewith. In addition, the Fund expects that any credit
facility would contain covenants that, among other things, likely would limit the Fund&rsquo;s ability to pay distributions in
certain circumstances, incur additional debt, change certain of its investment policies and engage in certain transactions, including
mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required
to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or
principal payments and expenses. The Fund expects that any credit facility would have customary covenants and default provisions.
There can be no assurances that the Fund will enter into or maintain an agreement for a credit facility, or one on terms and conditions
representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, a credit facility
may in the future be replaced or refinanced by one or more credit facilities having substantially different terms, by the issuance
of debt securities or by the use of other forms of leverage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also use derivative strategies that have economic
leverage embedded in them. The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including
the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund
securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For risks associated with the Fund&rsquo;s leverage strategies
and the transactions associated therewith, see &ldquo;Types of Investments and Related Risks.&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For defensive purposes, including during periods in which Destra
and Pinhook determine that economic, market or political conditions are unfavorable to investors and a defensive strategy would
benefit the Fund, the Fund may temporarily deviate from its investment strategies and objective. During such periods, the Fund
may invest all or a portion of its total assets in U.S. government securities, including bills, notes and bonds differing as to
maturity and rates of interest that are either issued or guaranteed by the Treasury or by U.S. government agencies or instrumentalities;
non-U.S. government securities which have received the highest investment grade credit rating, certificates of deposit issued against
funds deposited in a bank or a savings and loan association; commercial paper; bankers&rsquo; acceptances; bank time deposits;
shares of money market funds; credit-linked notes or repurchase agreements with respect to any of the foregoing. In addition, the
Fund may also make these types of investments to comply with regulatory or contractual requirements, including with respect to
leverage restrictions, or to keep cash fully invested pending the investment of assets. It is impossible to predict when, or for
how long, the Fund will use these strategies. There can be no assurance that such strategies will be successful. The Fund is not
required to adopt defensive positions or hedge its investments and may choose not to do so even in periods of extreme market volatility
and economic uncertainty.</P>

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

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Segregation and Cover Requirements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a closed-end investment company registered with the SEC,
the Fund is subject to the federal securities laws, including the 1940 Act, the rules thereunder, and various SEC and SEC staff
interpretive positions. In accordance with these laws, rules and positions, the Fund may &ldquo;set aside&rdquo; liquid assets
(often referred to as &ldquo;asset segregation&rdquo;), or engage in other SEC- or staff-approved measures, to &ldquo;cover&rdquo;
open positions with respect to certain kinds of derivatives and certain other portfolio transactions that could be considered &ldquo;senior
securities&rdquo; as defined in Section 18(g) of the 1940 Act. With respect to certain derivatives that are contractually required
to cash settle, for example, the Fund is permitted to set aside liquid assets in an amount equal to the Fund&rsquo;s daily marked-to-market
net obligations (<I>i.e.</I>, the Fund&rsquo;s daily net liability) under the contracts, if any, rather than such contracts&rsquo;
full notional value. The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes
in the positions from time to time announced by the SEC or its staff regarding asset segregation. These segregation and coverage
requirements could result in the Fund&rsquo;s maintaining securities positions that it would otherwise liquidate, segregating assets
at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such segregation and cover requirements
will not limit or offset losses on related positions.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is actively managed, and accordingly, it is possible
that the portfolio turnover rate may exceed 100% in any fiscal year. The Fund&rsquo;s portfolio turnover rate is calculated by
dividing the lesser of purchases or sales of portfolio securities for the particular fiscal year by the monthly average of the
value of the portfolio securities owned by the Fund during the particular fiscal year. Portfolio turnover may have certain adverse
tax consequences for Shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a009_v1"></A>TYPES OF INVESTMENTS AND RELATED RISKS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investing in the Fund involves risks, including the risk
that an investor may receive little or no return on his, her or its investment or that an investor may lose part or all of such
investment. Therefore, investors should consider carefully the following principal risks before investing in the Fund. The risks
described below are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment
in the Fund and the Shares. Prospective investors should read this entire prospectus and consult with their own advisers before
deciding whether to invest in the Fund. In addition, as the investment program of the Fund changes or develops over time, an investment
in the Fund may be subject to risks not described in this prospectus. During the pendency of this Offering, the Fund will update
this prospectus to account for any material changes in the risks involved with an investment in the Fund.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>In this section, the term &ldquo;Advisers&rdquo; refers to
both Destra and/or Pinhook, as applicable.</I></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Risks Relating to Investment Strategies and Fund
Investments</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Private and Hedge Fund Risk.</I></B> When the Fund invests
in securities issued by private investment funds and hedge funds, it will bear its <I>pro rata</I> portion of the funds&rsquo;
expenses. These expenses are in addition to the direct expenses of the Fund&rsquo;s own operations, thereby increasing indirect
costs and potentially reducing returns to Shareholders. A fund in which the Fund invests has its own investment risks, and those
risks can affect the value of the private fund&rsquo;s or hedge fund&rsquo;s shares and therefore the value of the Fund&rsquo;s
investments. There can be no assurance that the investment objective of a private fund or hedge fund will be achieved. A private
investment fund or hedge fund may change its investment objective or policies without the Fund&rsquo;s approval, which could force
the Fund to withdraw its investment from such fund at a time that is unfavorable. In addition, one private fund or hedge fund may
buy the same securities that another investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades
without accomplishing any investment purpose. Hedge funds often engage in speculative investment practices such as leverage, short-selling,
arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Hedge funds can be highly illiquid and
often charge high fees that can erode performance. Additionally, private funds and hedge funds may involve complex tax structures
and delays in distributing tax information.</P>

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

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>BDC Risk</I>. </B>BDCs typically
invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets
for capital raising. As a result, a BDC&rsquo;s portfolio typically will include a substantial amount of securities purchased in
private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund. Securities
that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic
value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have
a greater impact on the value of their stock than is the case with a larger company. To the extent a BDC focuses its investments
in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific
sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various
risks, including management&rsquo;s ability to meet the BDC&rsquo;s investment objective and to manage the BDC&rsquo;s portfolio
when the underlying securities are redeemed or sold, during periods of market turmoil and as investors&rsquo; perceptions regarding
a BDC or its underlying investments change. Private BDCs are illiquid investments, and there is no guarantee the Fund will be able
to liquidate or sell its private BDC investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain BDCs may use leverage in their
portfolios through borrowings or the issuance of preferred stock. While leverage may increase the yield and total return of a BDC,
it also subjects the BDC to increased risks, including magnification of any investment losses and increased volatility. In addition,
a BDC&rsquo;s income may fall if the interest rate on any borrowings of the BDC rises.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investment and Market Risk. </I></B>An investment in
the Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in
the Shares represents an indirect investment in the portfolio of securities and investments owned by the Fund, and the value of
these securities and loans may fluctuate, sometimes rapidly and unpredictably. For instance, during periods of global economic
downturn, the secondary markets for corporate bonds and investments with similar economic characteristics can experience sudden
and sharp price swings, which can be exacerbated by large or sustained sales by major investors in these markets, a high-profile
default by a major borrower, movements in indices tied to these markets or related securities or investments, or a change in the
market&rsquo;s perception of bonds and investments with similar economic characteristics (such as second lien loans and unsecured
loans) and corporate bonds. At any point in time, an investment in the Shares may be worth less than the original amount invested,
even after taking into account distributions paid by the Fund, if any, and the ability of Shareholders to reinvest dividends.
The Fund anticipates using leverage, which will magnify the Fund&rsquo;s risks and, in turn, the risks to the Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Credit Risk.</I></B> Credit risk is the risk that an issuer
of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the
value of a security may decline because of concerns about the issuer&rsquo;s ability or willingness to make such payments.&nbsp;Credit
risk may be heightened for the Fund because it and Underlying Funds may invest in below investment grade securities, which are
commonly referred to as &ldquo;junk&rdquo; and &ldquo;high yield&rdquo; securities; such securities, while generally offering the
potential for higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility
of dividend or interest deferral, default or bankruptcy, and are regarded as predominantly speculative with respect to the issuer&rsquo;s
capacity to pay dividends or interest and repay principal.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some investments are not readily marketable and may be subject
to restrictions on resale. When a secondary market exists, the market may be subject to irregular trading activity, wide bid/ask
spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets that may be invested in securities
that are not readily marketable or are subject to restrictions on resale. Further, the lack of an established secondary market
for illiquid securities may make it more difficult to value such securities, which may negatively affect the price the Fund would
receive upon disposition of such securities. The Adviser&rsquo;s judgment may play a greater role in the valuation process. See
&ldquo;&ndash;Valuation Risk.&rdquo;</P>

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

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Interest Rate Risk</I></B>. The Fund is subject to financial
market risks, including changes in interest rates. General interest rate fluctuations may have a substantial negative impact on
the Fund&rsquo;s investments and investment opportunities and, accordingly, have a material adverse effect on the Fund&rsquo;s
investment objective and the Fund&rsquo;s rate of return on invested capital. In addition, an increase in interest rates would
make it more expensive to use debt for the Fund&rsquo;s financing needs, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest rates have recently been at or near historic lows.
The historically low interest rate environment increases the risks associated with rising interest rates, including the potential
for periods of volatility. The Fund currently faces a heightened level of interest rate risk, especially since the Federal Reserve
Board has ended its quantitative easing program and has begun to increase certain benchmark interest rates. In the event of a rising
interest rate environment, payments under floating rate debt instruments would rise and there may be a significant number of issuers
of such floating rate debt instruments that would be unable or unwilling to pay such increased interest costs and may otherwise
be unable to repay their loans. Investments in floating rate debt instruments may also decline in value in response to rising interest
rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly,
during periods of rising interest rates, fixed rate debt instruments may decline in value because the fixed rates of interest paid
thereunder may be below market interest rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Below Investment Grade Rating Risk. </I></B>Debt instruments
that are rated below investment grade are often referred to as &ldquo;high yield&rdquo; securities or &ldquo;junk bonds.&rdquo;
Below investment grade bonds, high-yield securities and other similar instruments are rated &ldquo;Ba1&rdquo; or lower by Moody&rsquo;s,
&ldquo;BB+&rdquo; or lower by S&amp;P or &ldquo;BB+&rdquo; or lower by Fitch or, if unrated, are judged by the Advisers to be of
comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade debt instruments
may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default.
The credit rating of a corporate bond that is rated below investment grade does not necessarily address its market value risk,
and ratings may from time to time change, positively or negatively, to reflect developments regarding the borrower&rsquo;s financial
condition. Below investment grade corporate bonds and similar instruments often are considered to be speculative with respect to
the capacity of the borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation
and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly
susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability
of some borrowers issuing such corporate bonds and similar debt instruments to repay principal and pay interest on the instrument,
increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The secondary market for below investment grade corporate bonds
and similar instruments may be less liquid than that for higher rated instruments. Because unrated securities may not have an active
trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the
extent that the Fund invests in unrated securities, the Fund&rsquo;s ability to achieve its investment objectives will be more
dependent on the Adviser&rsquo;s credit analysis than would be the case when the Fund invests in rated securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distribution Policy Risk. </I></B>The Fund&rsquo;s distribution
policy is expected to result in distributions that equal a fixed percentage of the Fund&rsquo;s current NAV per share. Shareholders
receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion
of a distribution may consist of a return of capital. Return of capital is the portion of a distribution that is a return of your
original investment dollars in the Fund. Shareholders should not assume that the source of a distribution from the Fund is net
profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the
taxable gain, if any, upon disposition of their shares.</P>

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

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Inflation/Deflation Risk. </I></B>Inflation risk is the
risk that the value of certain assets or income from the Fund&rsquo;s investments will be worth less in the future as inflation
decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition,
during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund&rsquo;s use of leverage
would likely increase, which would tend to further reduce returns to the Shareholders. Deflation risk is the risk that prices throughout
the economy decline over time&ndash; the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of
borrowers and may make borrower defaults more likely, which may result in a decline in the value of the Fund&rsquo;s portfolio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Structured Products Risk.</I></B><BR>
<I>General. </I>The Fund may invest in structured products, including, without limitation, structured notes. Holders of structured
products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may have the right to receive payments only from the
structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized.
While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other
expenses associated with directly holding the same assets, investors in structured products generally pay their share of the structured
product&rsquo;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities
underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced
by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer
of a structured product uses shorter-term financing to purchase longer-term securities, the issuer may be forced to sell its securities
at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of
the structured products owned by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in structured products involve risks, including
credit risk and market risk. Certain structured products may be thinly traded or have a limited trading market. Where the Fund&rsquo;s
investments in structured products are based upon the movement of one or more factors, including currency exchange rates, interest
rates, reference bonds (or loans) and stock indices, depending on the factor used and the use of multipliers or deflators, changes
in interest rates and movement of any factor may cause significant price fluctuations. Additionally, changes in the reference instrument
or security may cause the interest rate on a structured product to be reduced to zero, and any further changes in the reference
instrument may then reduce the principal amount payable on maturity of the structured product. Structured products may be less
liquid than other types of securities and more volatile than the reference instrument or security underlying the product.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in structured products collateralized by
below investment grade or distressed loans or securities. Investments in such structured products are subject to the risks associated
with below investment grade securities, described above under &ldquo;&ndash;Below Investment Grade Rating Risk.&rdquo; Such securities
are characterized by high risk. It is likely that an economic recession could severely disrupt the market for such securities and
may have an adverse impact on the value of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Structured Notes Risk. </I>Investments in structured notes
involve risks, including credit risk and market risk. Where the Fund&rsquo;s investments in structured notes are based upon the
movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending
on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant
price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured
note to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on
maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or
security underlying the note.</P>

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

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Non-U.S. Securities Risk</I></B>. Investments in certain
non-U.S. securities involve factors not typically associated with investing in the United States or other developed countries,
including risks relating to: (i) differences between U.S. and non-U.S. securities markets, including potential price volatility
in and relative illiquidity of some non-U.S. securities markets; the absence of uniform accounting, auditing and financial reporting
standards, practices, and disclosure requirements; and less government supervision and regulation; (ii) other differences in law
and regulation, including fewer investor protections, less stringent fiduciary duties, less developed bankruptcy laws and difficulty
in enforcing contractual obligations; (iii) certain economic and political risks, including potential economic, political or social
instability; exchange control regulations; restrictions on foreign investment and repatriation of capital, possibly requiring government
approval; expropriation or confiscatory taxation; other government restrictions by the United States or other governments; higher
rates of inflation; higher transaction costs; and reliance on a more limited number of commodity inputs, service providers, and/or
distribution mechanisms; and (iv) the possible imposition of local taxes on income and gains recognized with respect to securities
and assets. Certain non-U.S. markets may rely heavily on particular industries or non-U.S. capital and are more vulnerable to diplomatic
developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals,
changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. International trade
barriers or economic sanctions against non-U.S. countries, organizations, entities and/or individuals may adversely affect the
Fund&rsquo;s non-U.S. holdings or exposures. Certain non-U.S. investments may become less liquid in response to social, political
or market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods
of market turmoil. Certain non-U.S. investments may become illiquid when, for instance, there are few, if any, interested buyers
and sellers or when dealers are unwilling to make a market for certain securities. When the Fund holds illiquid investments, its
portfolio may be harder to value, especially in changing markets. The risks of investments in emerging markets, as described below
and including the risks described above, are usually greater than the risks involved in investing in more developed markets. Because
non-U.S. securities may trade on days when the Shares are not priced, the Fund&rsquo;s NAV may change at times when Shares cannot
be sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rules adopted under the 1940 Act permit the Fund to maintain
its non-U.S. securities and foreign currency in the custody of certain eligible non-U.S. banks and securities depositories, and
the Fund generally holds its non-U.S. securities and foreign currency in foreign banks and securities depositories. Some foreign
banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited
or no regulatory oversight of their operations. Also, the laws of certain countries limit the Fund&rsquo;s ability to recover its
assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more
expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense
of investing in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating
expense ratio for the Fund than for investment companies invested only in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain banks in foreign countries may not be eligible sub-custodians
for the Fund, in which event the Fund may be precluded from purchasing securities in certain foreign countries in which it otherwise
would invest or the Fund may incur additional costs and delays in providing transportation and custody services for such securities
outside of such countries. The Fund may encounter difficulties in effecting portfolio transactions on a timely basis with respect
to any securities of issuers held outside their countries.</P>

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

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The economies of certain foreign markets may not compare favorably
with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital,
resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital
and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries,
changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign
markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies
or industries, expropriation of assets or the imposition of punitive taxes. In addition, the governments of certain countries may
prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. Any of these
actions could severely affect securities prices or impair the Fund&rsquo;s ability to purchase or sell non-U.S. securities or transfer
the Fund&rsquo;s assets or income back into the United States, or otherwise adversely affect the Fund&rsquo;s operations. In addition,
the U.S. government has from time to time in the past imposed restrictions, through penalties and otherwise, on foreign investments
by U.S. investors such as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to invest
all or substantially all of its assets in U.S. securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other potential foreign market risks include foreign exchange
controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments
in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political
changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency
markets, and the value of the Fund&rsquo;s investments, in non-U.S. countries. These factors are extremely difficult, if not impossible,
to predict and take into account with respect to the Fund&rsquo;s investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, less information is publicly available with respect
to foreign issuers than is available with respect to U.S. companies. Accounting standards in other countries are not necessarily
the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting
standards, it may be harder for the Advisers to completely and accurately determine a company&rsquo;s financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many foreign governments do not supervise and regulate stock
exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may
not have laws to protect investors that are comparable to U.S. securities laws. For example, some foreign countries may have no
laws or rules against insider trading. Insider trading occurs when a person buys or sells a company&rsquo;s securities based on
material non-public information about that company. In addition, some countries may have legal systems that may make it difficult
for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its non-U.S. securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Settlement and clearance procedures in certain foreign markets
differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may
involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of
U.S. investments. Communications between the United States and foreign countries may be unreliable, increasing the risk of delayed
settlements or losses of security certificates in markets that still rely on physical settlement. At times, settlements in certain
foreign countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Fund
to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive
investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Fund
cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or,
if it has contracted to sell the security to another party, the Fund could be liable for any losses incurred.</P>

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

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the volume of transactions effected on foreign stock exchanges
has increased in recent years, it remains appreciably below that of U.S. exchanges. Accordingly, the Fund&rsquo;s non-U.S. securities
may be less liquid and their prices may be more volatile than comparable investments in securities in U.S. companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A number of countries have authorized the formation of closed-end
investment companies to facilitate indirect foreign investment in their capital markets. In accordance with the 1940 Act, the Fund
may invest up to 10% of its total assets in securities of closed-end investment companies, not more than 5% of which may be invested
in any one such company. This restriction on investments in securities of closed-end investment companies may limit opportunities
for the Fund to invest indirectly in certain smaller capital markets. Shares of certain closed-end investment companies may at
times be acquired only at market prices representing premiums to their NAVs. If the Fund acquires shares in closed-end investment
companies, Shareholders would bear both their proportionate share of the Fund&rsquo;s expenses (including investment advisory fees)
and, indirectly, the expenses of such closed-end investment companies. The Fund also may seek, at its own cost, to create its own
investment entities under the laws of certain countries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Foreign Currency Risk</I></B>. Investments made by the
Fund, and the income received by the Fund with respect to such investments, may be denominated in various non-U.S. currencies.
However, the books of the Fund are maintained in U.S. dollars. Accordingly, changes in currency values may adversely affect the
U.S. dollar value of portfolio investments, interest and other revenue streams received by the Fund, gains and losses realized
on the sale of portfolio investments, and the amount of distributions, if any, made by the Fund. In addition, the Fund may incur
substantial costs in converting investment proceeds from one currency to another. The Fund may enter into derivative transactions
designed to reduce such currency risks. Furthermore, the portfolio companies in which the Fund invests may be subject to risks
relating to changes in currency values. If a portfolio company suffers adverse consequences as a result of such changes, the Fund
may also be adversely affected as a result.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Liquidity Risk</I></B>. The Fund may invest without limitation
in securities that, at the time of investment, are illiquid, as determined by using the SEC&rsquo;s standard applicable to registered
investment companies (i.e., securities that cannot be disposed of by the Fund within seven days in the ordinary course of business
at approximately the amount at which the Fund has valued the securities). The Fund may also invest in restricted securities. Investments
in restricted securities could have the effect of increasing the amount of the Fund&rsquo;s assets invested in illiquid securities
if qualified institutional buyers are unwilling to purchase these securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Illiquid and restricted securities may be difficult to dispose
of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities
generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or
recovers upon the sale of such securities. Illiquid and restricted securities may also be more difficult to value, especially in
challenging markets. The Advisers&rsquo; judgment may play a greater role in the valuation process. Investment of the Fund&rsquo;s
assets in illiquid and restricted securities may restrict the Fund&rsquo;s ability to take advantage of market opportunities. In
order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security
to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the
security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length
and scope and are generally the result of a negotiation between the issuer and acquirer of the securities. In either case, the
Fund would bear market risks during that period.</P>

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

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that the traditional dealer counterparties that
engage in debt trading do not maintain inventories of corporate bonds (which provide an important indication of their ability to
&ldquo;make markets&rdquo;) that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories
could lead to decreased liquidity and increased volatility in the debt markets. Additionally, market participants other than the
Fund may attempt to sell debt holdings at the same time as the Fund, which could cause downward pricing pressure and contribute
to illiquidity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Risk. </I></B>The NAV of the Fund changes daily
based on the performance of the securities in which it invests. The Sub-Adviser&rsquo;s judgments about the attractiveness, value
and potential appreciation of particular asset class sector and securities in which the Fund invests may prove to be incorrect
and may not produce the desired results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>MLP Risk. </I></B>Investments in MLPs, which are limited
partnerships or limited liability companies taxable as partnerships, involve some risks that differ from an investment in the common
stock of a corporation, including risks related to limited control and limited rights to vote on matters affecting MLPs, risks
related to potential conflicts of interest between an MLP and the MLP&rsquo;s general partner, cash flow risks, dilution
risks and risks related to the general partner&rsquo;s right to require unit-holders to sell their common units at an undesirable
time or price.&nbsp; MLPs may derive income and gains from the exploration, development, mining or production, processing, refining,
transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources.&nbsp;
MLPs may be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities.&nbsp;
Certain MLP securities may trade in lower volumes due to their smaller capitalizations.&nbsp; Accordingly, those MLPs may be subject
to more abrupt or erratic price movements and may lack sufficient market liquidity to enable an Underlying Fund to effect sales
at an advantageous time or without a substantial drop in price.&nbsp; As a result, these investments may be difficult to dispose
of at a fair price at the times when an Underlying Fund believes it is desirable to do so.&nbsp; MLPs are generally considered
interest-rate sensitive investments.&nbsp; During periods of interest rate volatility, these investments may not provide attractive
returns, which may adversely impact the overall performance of the Fund or an Underlying Fund.&nbsp; The benefit an Underlying
Fund will derive from its investment in MLPs will be largely dependent on the MLPs being treated as partnerships and not as corporations
for federal income tax purposes.&nbsp; Therefore, treatment of an MLP as a corporation for federal income tax purposes would result
in a reduction in the after-tax return to the holder. A change in current tax law or in the underlying business mix of a given
MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP
being required to pay U.S. federal income tax on its taxable income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Real Estate Industry Concentration Risk. </I></B>The Fund
does not invest in real estate directly, but because the Fund concentrates its investments in REITs, its portfolio is significantly
impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a
more diversified portfolio. The Fund may be subject to risks similar to those associated with direct ownership in real property.
The value of the Fund&rsquo;s shares is affected by factors affecting the value of real estate and the earnings of companies engaged
in the real estate industry. These factors include, among others: (i) changes in general economic and market conditions; (ii) changes
in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition;
(iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii)
variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing, and
(ix) changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely
affect a company&rsquo;s operations and market value in periods of rising interest rates. The value of securities of companies
in the real estate industry may go through cycles of relative under-performance and over-performance in comparison to equity securities
markets in general. To the extent that the Fund invests in real estate securities designated as REITs, if a court were to disregard
the limited liability legal structure of a REIT, the Fund could be liable for a portion of claims in excess of that REITs assets,
such as claims arising from environmental problems. Failure to qualify as a REIT under the Internal Revenue Code would increase
the REITs tax liability thereby reducing the REIT&rsquo;s net income available for investment or distribution; additionally certain
preferred tax treatment of distributions would no longer be passed through to investors.</P>

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

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are also special risks associated with particular sectors,
or real estate operations generally, as described below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Retail Properties. </I>Retail properties are affected
by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative forms of retailing,
bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, changes in
spending patterns and lease terminations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Community Centers. </I>Community center properties
are dependent upon the successful operations and financial condition of their tenants, particularly certain of their major tenants,
and could be adversely affected by bankruptcy of those tenants. In some cases a tenant may lease a significant portion of the space
in one center, and the filing of bankruptcy could cause significant revenue loss. Like others in the commercial real estate industry,
community centers are subject to environmental risks and interest rate risk. They also face the need to enter into new leases or
renew leases on favorable terms to generate rental revenues. Community center properties could be adversely affected by changes
in the local markets where their properties are located, as well as by adverse changes in national economic and market conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Office Properties. </I>Office properties are affected
by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants, obsolescence
and non-competitiveness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Hotel Properties. </I>The risks of hotel properties
include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating
costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases
in fuel costs and other expenses of travel, and adverse effects of general and local economic conditions. Hotel properties tend
to be more sensitive to adverse economic conditions and competition than many other commercial properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Healthcare Properties. </I>Healthcare properties
and healthcare providers are affected by several significant factors, including federal, state and local laws governing licenses,
certification, adequacy of care, pharmaceutical distribution, rates, equipment, personnel and other factors regarding operations,
continued availability of revenue from government reimbursement programs and competition on a local and regional basis. The failure
of any healthcare operator to comply with governmental laws and regulations may affect its ability to operate its facility or receive
government reimbursements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Multifamily Properties. </I>The value and successful
operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of
the management team, the level of mortgage rates, the presence of competing properties, adverse economic conditions in the locale,
oversupply and rent control laws or other laws affecting such properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Self-Storage Properties. </I>The value and successful
operation of a self-storage property may be affected by a number of factors, such as the ability of the management team, the location
of the property, the presence of competing properties, changes in traffic patterns and effects of general and local economic conditions
with respect to rental rates and occupancy levels.</P>

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

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other factors may contribute to the risk of real estate investments:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Development Issues. </I>Certain real estate companies
may engage in the development or construction of real estate properties. These companies in which the Fund invests (&ldquo;portfolio
companies&rdquo;) are exposed to a variety of risks inherent in real estate development and construction, such as the risk that
there will be insufficient tenant demand to occupy newly developed properties, and the risk that prices of construction materials
or construction labor may rise materially during the development.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Lack of Insurance. </I>Certain of the portfolio
companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance, or insurance
in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured loss occur, the
portfolio company could lose its investment in, and anticipated profits and cash flows from, a number of properties and, as a result,
adversely affect the Fund&rsquo;s investment performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Dependence on Tenants. </I>The value of the Fund&rsquo;s
portfolio companies&rsquo; properties and the ability to make distributions to their shareholders depend upon the ability of the
tenants at their properties to generate enough income in excess of their operating expenses to make their lease payments. Changes
beyond the control of our portfolio companies may adversely affect their tenants&rsquo; ability to make their lease payments and,
in such event, would substantially reduce both their income from operations and ability to make distributions to our portfolio
companies and, consequently, the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Financial Leverage. </I>Real estate companies may
be highly leveraged and financial covenants may affect the ability of real estate companies to operate effectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Environmental Issues. </I>In connection with the
ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances,
a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially
liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries
to persons and property. The existence of any such material environmental liability could have a material adverse effect on the
results of operations and cash flow of any such portfolio company and, as a result, the amount available to make distributions
on shares of the Fund could be reduced. 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Financing Issues. </I>Financial institutions in
which the Fund may invest are subject to extensive government regulation. This regulation may limit both the amount and types of
loans and other financial commitments a financial institution can make, and the interest rates and fees it can charge. In addition,
interest and investment rates are highly sensitive and are determined by many factors beyond a financial institution&rsquo;s control,
including general and local economic conditions (such as inflation, recession, money supply and unemployment) and the monetary
and fiscal policies of various governmental agencies such as the Federal Reserve Board. These limitations may have a significant
impact on the profitability of a financial institution since profitability is attributable, at least in part, to the institution&rsquo;s
ability to make financial commitments such as loans. Profitability of a financial institution is largely dependent upon the availability
and cost of the institution&rsquo;s funds, and can fluctuate significantly when interest rates change.</P>

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

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Current Conditions</I>. The decline in the broader
credit markets in recent months related to the sub-prime mortgage dislocation has caused the global financial markets to become
more volatile and the United States homebuilding market has been dramatically impacted as a result. The confluence of the dislocation
in the real estate credit markets with the broad based stress in the United States real estate industry could create a difficult
operating environment for owners of real estate in the near term and investors should be aware that the general risks of investing
in real estate may be magnified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instability in credit markets may make it more difficult for
borrowers to obtain financing or refinancing on attractive terms or at all. Borrowers may be subject to increased interest expenses
for borrowed money and tightening underwriting standards. There is also a risk that a general lack of liquidity or other adverse
events in the credit markets may adversely affect the ability of issuers in whose securities the Fund invests to finance real estate
developments and projects or refinance completed projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Real estate securities that are not publicly-traded may be illiquid
and may not provide periodic pricing or valuation information to investors. To the extent that the Fund invests in such real estate
securities, the Fund will be subject to these additional risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>REIT Tax Risks. </I></B>Qualification as a REIT under
the Internal Revenue Code of 1986, as amended, in any particular year is a complex analysis that depends on a number of factors.
There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will
qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to
a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned
by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce
the Fund&rsquo;s yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs
invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from
the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value
of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest
payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers
and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent
upon management skills, may not be diversified and are subject to the risks of financing projects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distributions paid by REITs generally will not qualify for the
reduced U.S. federal income tax rates applicable to qualified dividends under the Code. Such dividends, however, may qualify as
Section 199A dividends. See &ldquo;TAX ASPECTS &ndash; The Fund&rsquo;s Investments.&rdquo; Some or all of a REIT&rsquo;s annual
distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce
the Fund&rsquo;s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed
the Fund&rsquo;s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a
nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital. Shareholders
that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent
the distribution exceeds a shareholder&rsquo;s basis in the Fund&rsquo;s shares, such shareholder will generally recognize a capital
gain. The Fund does not have any investment restrictions with respect to investments in REITs.</P>

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

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Underlying Funds/AIFs Risk. </I></B>The Fund invests in
ETFs, mutual funds, closed-end funds and AIFs. As a result, your cost of investing in the Fund will be higher than the cost of
investing directly in ETFs, mutual funds, closed-end funds and AIFs and may be higher than other mutual funds that invest directly
in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund&rsquo;s
direct fees and expenses. Additional risks of investing in ETFs, mutual funds, closed-end funds and AIFs, where noted, are described
below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9675;</FONT></TD><TD><I>Strategies Risk:</I> Each Underlying Fund and AIF is subject to specific risks, depending on the nature of the fund. These
risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with fixed income securities
and commodities. Inverse ETFs will limit the Fund&rsquo;s participation in market gains.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9675;</FONT></TD><TD><I>ETF Tracking Risk:</I> Investment in the Fund should be made with the understanding that the index-linked ETFs in which
the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated
by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition,
the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising
the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs&rsquo; ability
to track their applicable indices.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9675;</FONT></TD><TD><I>Risk Related to NAV and Market Price:</I> The market value of ETF and closed-end fund shares may differ from their NAV.
This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is
not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be
times when shares trades at a premium or discount to NAV.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9675;</FONT></TD><TD><I>Expense Risk:</I> The Fund invests in Underlying Funds. As a result, your cost of investing in the Fund will be higher than
the cost of investing directly in ETF, mutual fund and closed-end fund shares and may be higher than other mutual funds that invest
directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund&rsquo;s
direct fees and expenses.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Additional Risk: </I>The strategy of investing in Underlying
Funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes you
pay. In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating
investments in the manner the Sub-Adviser considers optimal. Generally, the Fund may purchase in the aggregate only up to 3% of
the total outstanding voting stock of any closed-end fund, mutual fund or ETF or AIF (if the ETF or AIF is an investment company).
Additionally, in general, the Fund may not invest more than 5% of its total assets in one Underlying Fund or more than 10% in Underlying
Funds, unless it complies with certain restrictions or is able to make purchases in reliance upon an Underlying Fund&rsquo;s exemptive
order that permits investments in excess of the limits stated above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-Principal Risks Relating to Fund Investments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>U.S. Government Debt Securities Risk</I></B>. U.S. Government
debt securities historically have not involved the level of credit risks associated with investments in other types of debt securities,
although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available
from other securities. However, in 2011 S&amp;P downgraded its rating of U.S. government debt, suggesting an increased credit risk.
Shortly thereafter, S&amp;P also downgraded the long-term credit ratings of U.S. government-sponsored enterprises. Further downgrades
could have an adverse impact on the price and volatility of U.S. government debt instruments. Like other debt securities, the values
of U.S. government debt securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not
affect interest income on existing portfolio securities but will be reflected in the Fund&rsquo;s NAV. Since the magnitude of these
fluctuations will generally be greater at times when the Fund&rsquo;s average maturity is longer, under certain market conditions
the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in
higher yielding long-term securities. In addition, economic events within and outside of the United States may negatively affect
the value of U.S. government debt securities. See &ldquo;&ndash;Risks Relating to the Fund&rsquo;s Investment Program&ndash;U.S.
Credit Rating and European Economic Crisis Risk.&rdquo;</P>

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

<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Equity Securities Risk</I></B>. Stock markets are volatile,
and the prices of equity securities fluctuate based on changes in a company&rsquo;s financial condition and overall market and
economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities
over the long term, common stocks also have experienced significantly more volatility in those returns and, in certain periods,
have significantly under-performed relative to fixed income securities. An adverse event, such as an unfavorable earnings report,
may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors which affect
a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an
industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate
to the issuer, such as management performance, financial leverage, the issuer&rsquo;s historical and prospective earnings, the
value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements
in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common
stock prices fluctuate for several reasons, including changes in investors&rsquo; perceptions of the financial condition of an
issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur.
In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing
costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and
other debt instruments in a company&rsquo;s capital structure in terms of priority to corporate income and are therefore inherently
riskier than preferred stock or debt instruments of such issuers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dividends</I></B>. The Fund may invest in equity securities.
Dividends relating to these equity securities may not be fixed but may be declared at the discretion of a portfolio company&rsquo;s
board of directors. There is no guarantee that a company in which the Fund invests will declare dividends in the future or that,
if declared, the dividends will remain at current levels or increase over time. Therefore, there is the possibility that such companies
could reduce or eliminate the payment of dividends in the future. Dividend producing equity securities, in particular those whose
market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Fund&rsquo;s investments
in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The prices of dividend producing equity securities can be highly
volatile. Investors should not assume that the Fund&rsquo;s investments in these securities will necessarily reduce the volatility
of the Fund&rsquo;s NAV or provide &ldquo;protection,&rdquo; compared to other types of equity securities, when markets perform
poorly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Smaller Capitalization Company Risk</I></B>. The Fund
may invest from time to time in smaller and midsize companies. Smaller capitalization companies may have limited product lines
or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key
personnel. If a product fails or there are other adverse developments, or if management changes, the Fund&rsquo;s investment in
a smaller capitalization company may lose substantial value. In addition, it is more difficult to get information on smaller companies,
which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are
followed by relatively few securities analysts.</P>

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

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities of smaller capitalization companies generally
trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization securities or
the market as a whole. In addition, smaller capitalization securities may be particularly sensitive to changes in interest rates,
borrowing costs and earnings. Investing in smaller capitalization securities requires a longer term view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Small and Mid-Cap Stock Risk</I>. The Fund may invest in
companies with small or medium capitalizations. Smaller and medium capitalization stocks can be more volatile than, and perform
differently from, larger capitalization stocks. There may be less trading in a smaller or medium company&rsquo;s stock, which means
that buy and sell transactions in that stock could have a larger impact on the stock&rsquo;s price than is the case with larger
company stocks. Smaller and medium company stocks may be particularly sensitive to changes in interest rates, borrowing costs and
earnings. Smaller and medium companies may have fewer business lines; changes in any one line of business, therefore, may have
a greater impact on a smaller and medium company&rsquo;s stock price than is the case for a larger company. As a result, the purchase
or sale of more than a limited number of shares of a small and medium company may affect its market price. The Fund may need a
considerable amount of time to purchase or sell its positions in these securities. In addition, smaller or medium company stocks
may not be well known to the investing public.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Investments in Unseasoned Companies Risk</I>. The Fund may
invest in the securities of smaller, less seasoned companies. These investments may present greater opportunities for growth but
also involve greater risks than customarily are associated with investments in securities of more established companies. Some of
the companies in which the Fund may invest will be start-up companies, which may have insubstantial operational or earnings history
or may have limited products, markets, financial resources or management depth. Some may also be emerging companies at the research
and development stage with no products or technologies to market or approved for marketing. In addition, it is more difficult to
get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant
ownership by large investors and are followed by relatively few securities analysts. Securities of emerging companies may lack
an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established
companies or stock market averages in general. Competitors of certain companies, which may or may not be in the same industry,
may have substantially greater financial resources than many of the companies in which the Fund may invest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Securities of Smaller and Emerging Growth Companies</I>.
Investment in smaller or emerging growth companies involves greater risk than is customarily associated with investments in more
established companies. The securities of smaller or emerging growth companies may be subject to more abrupt or erratic market movements
than larger, more established companies or the market average in general. These companies may have limited product lines, markets
or financial resources, or they may be dependent on a limited management group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While smaller or emerging growth company issuers may offer greater
opportunities for capital appreciation than large cap issuers, investments in smaller or emerging growth companies may involve
greater risks and thus may be considered speculative. Full development of these companies and trends frequently takes time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Small cap and emerging growth securities will often be traded
only in the OTC market or on a regional securities exchange and may not be traded every day or in the volume typical of trading
on a national securities exchange. As a result, the disposition by the Fund of portfolio securities may require the Fund to make
many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or during periods
when, in Fund management&rsquo;s judgment, such disposition is not desirable.</P>

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

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The process of selection and continuous supervision by Fund
management does not guarantee successful investment results. Careful initial selection is particularly important in this area as
many new enterprises have promise but lack certain of the fundamental factors necessary to prosper.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in securities of small issuers in the relatively
early stages of business development that have a new technology, a unique or proprietary product or service, or a favorable market
position. Such companies may not be counted upon to develop into major industrial companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Growth Stock Risk</I></B>. Securities of growth companies
may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends
of value stocks that can cushion stock prices in a falling market. Stocks of companies the Advisers believe are fast growing may
trade at a higher multiple of current earnings than other stocks. The values of these stocks may be more sensitive to changes in
current or expected earnings than the values of other stocks. Earnings disappointments often lead to sharply falling prices because
investors buy growth stocks in anticipation of superior earnings growth. If the Adviser&rsquo;s assessment of the prospects for
a company&rsquo;s earnings growth is wrong, or if the Adviser&rsquo;s judgment of how other investors will value the company&rsquo;s
earnings growth is wrong, then the price of the company&rsquo;s stock may fall or may not approach the value that Destra has placed
on it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Value Stock Risk</I></B>. The Advisers may be wrong in
their assessment of a company&rsquo;s value and the stocks the Fund owns may not reach what the Advisers believe are their full
values. A particular risk of the Fund&rsquo;s value stock investments is that some holdings may not recover and provide the capital
growth anticipated or a stock judged to be undervalued may actually be appropriately priced. Further, because the prices of value-oriented
securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive
to changing economic conditions, such as changes in interest rates, corporate earnings, and industrial production. The market may
not favor value-oriented stocks and may not favor equities at all. During those periods, the Fund&rsquo;s relative performance
may suffer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Preferred Securities Risk</I></B>. Traditional preferred
securities generally pay fixed or adjustable rate dividends (or a combination thereof &ndash; e.g., a fixed rate that moves to
an adjustable rate after some period of time) to investors and generally have a &ldquo;preference&rdquo; over common stock in the
payment of dividends and the liquidation of a company&rsquo;s assets. This means that a company must pay dividends on preferred
stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities must
be declared by the issuer&rsquo;s board of directors. Income payments on typical preferred securities currently outstanding are
cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made
payable. In such a case all accumulated dividends must be paid before any dividend on the common stock can be paid. However, some
traditional preferred stocks are non-cumulative, in which case dividends do not accumulate and need not ever be paid. A portion
of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation
to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred stock held by the Fund determine
not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely affected. There are no assurances that
dividends or distributions on the traditional preferred securities in which the Fund may invest will be declared or otherwise made
payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred stockholders usually have no right to vote for corporate
directors or on other matters. Shares of traditional preferred securities have a liquidation value that generally equals the original
purchase price at the date of issuance. The market value of preferred securities may be affected by favorable and unfavorable changes
impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by
actual and anticipated changes in tax laws, such as changes in corporate income tax rates or the &ldquo;Dividends Received Deduction.&rdquo;
Because the claim on an issuer&rsquo;s earnings represented by traditional preferred securities may become onerous when interest
rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments
in particular, the Fund&rsquo;s holdings of higher rate-paying fixed rate preferred securities may be reduced and the Fund may
be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds.</P>

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

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are special risks associated with investing in each type
of preferred security, including:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Deferral Risk</I>. Preferred securities may include provisions
that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer.
If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes
although it has not yet received such income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Subordination Risk</I>. Preferred securities are subordinated
to bonds and other debt instruments in a company&rsquo;s capital structure in terms of having priority to corporate income and
liquidation payments, and therefore will be subject to greater credit risk than debt instruments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Limited Voting Rights Risk</I>. Generally, preferred security
holders (such as the Fund) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears
for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer&rsquo;s
board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Special Redemption Rights Risk</I>. In certain varying circumstances,
an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred
securities, a redemption may be triggered by certain changes in U.S. federal income tax or securities laws. As with call provisions,
a special redemption by the issuer may negatively impact the return of the security held by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>New Types of Securities Risk. </I>From time to time, preferred
securities have been, and may in the future be, offered having features other than those described herein. The Fund reserves the
right to invest in these securities if the Advisers believe that doing so would be consistent with the Fund&rsquo;s investment
objective and policies. Since the market for these instruments would be new, the Fund may have difficulty disposing of them at
a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Associated with Market Developments and Regulatory
Changes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Market Developments Risk. </I></B>In 2007, the global
financial markets experienced stress, volatility, instability, illiquidity and disruption evidenced by a lack of liquidity in the
debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated
credit market and the failure of certain major financial institutions. While this volatility and disruption peaked in 2008 to 2009
and appears to have abated somewhat, these events contributed to general economic conditions that materially and adversely affected
the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and
financial services firms in particular. While recent conditions have improved, there can be no assurance that adverse market conditions
will not repeat themselves or worsen in the future. If these adverse and volatile market conditions worsen, the capital markets,
and, in particular, the market for debt obligations, may be subject to heightened volatility, increased risks of default, periods
of illiquidity and other situations adverse to investors.</P>

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

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instability in the credit markets has made it more difficult
at certain times for a number of issuers of debt instruments to obtain financing or refinancing for their investment or lending
activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt instruments may
be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities
they purchase and securities they issue. Certain borrowers may, due to macroeconomic conditions, be unable to repay their loans
or other debt obligations because of these conditions. A borrower&rsquo;s failure to satisfy financial or operating covenants imposed
by lenders could lead to defaults and, potentially, termination of the loans and foreclosure on the underlying secured assets,
which could trigger cross-defaults under other agreements and jeopardize a borrower&rsquo;s ability to meet its obligations under
its debt instruments. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms
with a defaulting borrower. The Fund may also experience a loss of principal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These developments also (i) may make it more difficult for the
Fund to accurately value its portfolio securities or to sell its portfolio securities on a timely basis; (ii) could adversely affect
the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns
to the Shareholders; and (iii) may adversely affect the broader economy, which in turn may adversely affect the ability of issuers
of securities owned by the Fund to make payments of principal and interest when due, lead to lower credit ratings of the issuer
and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely
affect the net asset value and market price of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to various reports, certain financial institutions,
commencing as early as 2005 and throughout the global financial crisis, may have routinely made artificially low submissions in
the LIBOR rate setting process. In June 2012, one such financial institution was fined a significant amount by various financial
regulators in connection with allegations of manipulation of LIBOR rates. Investigations of other financial institutions for similar
actions in various countries are ongoing. These developments may have adversely affected the interest rates on securities whose
interest payments were determined by reference to LIBOR, including certain loans. Any future similar developments could, in turn,
reduce the value of such securities owned by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Government Intervention in the Financial Markets Risk.
</I></B>Instability in the financial markets has led the U.S. government, the U.S. Federal Reserve and foreign governments and
central banks around the world to take a number of unprecedented actions designed to support certain financial institutions and
segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. U.S. federal
and state and foreign governments, their regulatory agencies or self-regulatory organizations may take additional actions that
affect the regulation of the securities, debt instruments or structured products in which the Fund invests, or the issuers of such
securities or structured products, in ways that are unforeseeable or not fully understood or anticipated. Governments or their
agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions.
The implications of government ownership and disposition of these assets are unclear, and such programs may have positive or negative
effects on the liquidity, valuation and performance of the Fund&rsquo;s portfolio holdings. Furthermore, volatile financial markets
can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the
Fund. Destra will monitor developments and seek to manage the Fund&rsquo;s portfolio in a manner consistent with achieving the
Fund&rsquo;s investment objective, but there can be no assurance that it will be successful in doing so.</P>

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

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Legislation and Regulation Risk. </I></B>On July 21, 2010,
the Dodd-Frank Act was enacted. The Dodd-Frank Act, among other things, grants regulatory authorities such as the U.S. Commodity
Futures Trading Commission (the &ldquo;CFTC&rdquo;) and the SEC broad rulemaking authority to promulgate rules under the Dodd-Frank
Act, including comprehensive regulation of the OTC derivatives market. It is unclear to what extent these regulators will exercise
these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely
affect the Fund or investments made by the Fund. Possible regulatory actions taken under these revised and expanded powers may
include actions related to financial consumer protection, proprietary trading and derivatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While some rules have been promulgated by the CFTC and the SEC,
a number of important rulemakings have not yet been finalized and there can be no assurance that future regulatory actions authorized
by the Dodd-Frank Act will not significantly reduce the returns of the Fund. The implementation of the Dodd-Frank Act could adversely
affect the Fund by increasing transaction and/or regulatory compliance costs and may affect the availability, liquidity and cost
of entering into derivatives, including potentially limiting or restricting the ability of the Fund to use certain derivatives
or certain counterparties as a part of its investment strategy, increasing the costs of using these instruments or making these
instruments less effective. In addition, greater regulatory scrutiny may increase the Fund&rsquo;s and Destra&rsquo;s exposure
to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund and Destra, including,
without limitation, responding to examinations or investigations and implementing new policies and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with an ongoing review by the SEC and its staff
of the regulation of investment companies&rsquo; use of derivatives, on August 31, 2011, the SEC issued a concept release to seek
public comment on a wide range of issues raised by the use of derivatives by investment companies. In December 2015, the SEC proposed
a new rule regarding the use of derivatives by registered investment companies. Although the proposed rule has not yet been adopted
as of the date of this prospectus, it is possible that such regulations could limit the implementation of the Fund&rsquo;s use
of derivatives and increase the Fund&rsquo;s asset coverage requirements under the 1940 Act, which could have an adverse impact
on the Fund and/or its ability to incur effective leverage. Neither the Fund nor Destra can predict the effects of these regulations
or interpretations on the Fund&rsquo;s portfolio. Destra intends to monitor developments and seek to manage the Fund&rsquo;s portfolio
in a manner consistent with achieving the Fund&rsquo;s investment objective, but there can be no assurance that it will be successful
in doing so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to Europe (including the United Kingdom), the Financial
Stability Board (the &ldquo;FSB&rdquo;), which monitors and makes recommendations about the global financial system, has enhanced
its monitoring and regulation of the so-called &ldquo;shadow banking&rdquo; system in Europe, broadly described as credit intermediation
involving entities and activities outside the regular banking system. The FSB, working with the Basel Committee on Banking Supervision
and the International Organization of Securities Commissions, also issued policy recommendations in November 2012 to strengthen
the oversight and regulation of the shadow banking system. The recommendations were issued for public consultation and the FSB
is targeting issuance of the final recommendations in September 2013. While at this stage it is difficult to predict the final
scope of any new regulations, the recommendations contain proposals to, among other things, enhance data reporting and disclosure
requirements for shadow banking activities. If the Fund was considered to be engaged in &ldquo;shadow banking,&rdquo; the regulatory
and operating costs associated therewith could adversely affect the implementation of the Fund&rsquo;s investment strategy and
returns and may become prohibitive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At any time after the date of this prospectus, legislation by
U.S. and foreign governments may be enacted that could negatively affect the assets of the Fund or the issuers of such assets.
Changing approaches to regulation may have a negative impact on the entities in which the Fund invests. Legislation or regulation
may also change the way in which the Fund itself is regulated. There can be no assurance that future legislation, regulation or
deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment
objective.</P>

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

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Defensive Investing Risk</I></B>. In response to market
conditions and for defensive purposes, the Fund may allocate assets into cash or short-term fixed income securities without limitation.
In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective. Further, the value
of short-term fixed income securities may be affected by changing interest rates and by changes in credit ratings of the investments.
If the Fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to the Fund&rsquo;s Investment Program</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Valuation Risk</I></B>. There may be no central place
or exchange for certain of the securities or instruments in which the Fund invests. Bonds and certain other debt securities, for
example, generally trade on an OTC market which may be anywhere in the world where the buyer and seller can settle on a price.
Due to the lack of centralized information and trading, the valuation of bonds and certain other debt securities may carry more
risk than that of common stock which trades on national exchanges. Uncertainties in the conditions of the financial market, unreliable
reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing.
In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to
the risk that when a bond or other debt security is sold in the market, the amount received by the Fund is less than the value
of such bond or other debt security carried on the Fund&rsquo;s books.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Leverage Risk</I></B>. The Fund may use leverage to seek
to achieve its investment objective. Leverage involves risks and special considerations for Shareholders, including (i) the likelihood
of greater volatility of NAV and dividend rate of the Shares than a comparable portfolio without leverage; (ii) the risk that fluctuations
in interest rates on borrowings and short-term debt or in the interest or dividend rates on any leverage that the Fund must pay
will reduce the return to Shareholders; (iii) the effect of leverage in a declining market, which is likely to cause a greater
decline in the NAV of the Shares than if the Fund were not leveraged; and (iv) the likelihood that leverage may increase operating
costs, which may reduce total return.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any decline in the NAV of the Fund&rsquo;s investments will
be borne entirely by the Shareholders (as opposed to, e.g., holders of the Fund&rsquo;s preferred shares, if any). Therefore, if
the market value of the Fund&rsquo;s portfolio declines, leverage will result in a greater decrease in NAV to Shareholders than
if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for Shares
when and if Shares are ever listed on a national securities exchange. While the Fund may from time to time consider reducing any
outstanding leverage in response to actual or anticipated changes in interest rates in an effort to mitigate the increased volatility
of current income and NAV associated with leverage, there can be no assurance that the Fund will actually reduce any outstanding
leverage in the future or that any reduction, if undertaken, will benefit the Shareholders. Changes in the future direction of
interest rates are very difficult to predict accurately. If the Fund were to reduce any outstanding leverage based on a prediction
about future changes to interest rates, and that prediction turned out to be incorrect, the reduction in any outstanding leverage
would likely operate to reduce the income and/or total returns to Shareholders relative to the circumstance where the Fund had
not reduced any of its outstanding leverage. The Fund may decide that this risk outweighs the likelihood of achieving the desired
reduction to volatility in income and share price if the prediction were to turn out to be correct, and determine not to reduce
any of its outstanding leverage as described above.</P>

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

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 1940 Act generally limits the extent to which the Fund may
utilize borrowings and &ldquo;uncovered&rdquo; transactions that may give rise to a form of leverage, including reverse repurchase
agreements, swaps, options, the leverage incurred from securities lending transactions and other derivative transactions or short
selling, together with any other senior securities representing indebtedness, to 33 1/3% of the Fund&rsquo;s total assets at the
time utilized. In addition, the 1940 Act limits the extent to which the Fund may issue preferred shares to 50% of the Fund&rsquo;s
total assets (less the Fund&rsquo;s obligations under senior securities representing indebtedness). &ldquo;Covered&rdquo; reverse
repurchase agreements, swaps, options, securities lending arrangements and other derivative transactions or short selling will
not be counted against the foregoing limits under the 1940 Act. The Fund will &ldquo;cover&rdquo; its derivative positions by segregating
or earmarking an amount of cash and/or liquid assets to the extent required by the 1940 Act and applicable SEC or SEC staff interpretations
and guidance from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alternatively, the Fund may enter into an offsetting position
or own positions covering its obligations with respect to the transaction; otherwise, this transaction will be considered &ldquo;uncovered.&rdquo;
The Fund may not cover an applicable derivative transaction if it does not need to do so to comply with the foregoing 1940 Act
requirements and, in the view of the Advisers, the assets that would have been used to cover could be better used for a different
purpose. However, these transactions, even if covered, may represent a form of economic leverage and will create risks. The potential
loss on derivative instruments may be substantial relative to the initial investment therein. In addition, these segregation/earmarking
and coverage requirements could result in the Fund maintaining securities positions that it would otherwise liquidate, segregating/earmarking
assets at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such segregation/earmarking
and coverage requirements will not limit or offset losses on related positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain types of leverage the Fund may use may result in the
Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain
restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for any preferred shares
issued by the Fund. The terms of any borrowings or these rating agency guidelines may impose asset coverage or portfolio composition
requirements that are more stringent than those imposed by the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in the securities of other investment companies.
Such investment companies may also be leveraged, and will therefore be subject to the leverage risks described above. This additional
leverage may in certain market conditions reduce the NAV of the Shares and the returns to Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Illustration</I>. The following table illustrates the effect
of leverage on returns from an investment in the Fund&rsquo;s shares, assuming various annual returns, net of expenses. The calculations
in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes
(i) $190,393,461 million in average total assets, (ii) a weighted average cost of funds of 3.69%, (iii) $13,115,385 million in
borrowings outstanding (i.e. assumes the Fund borrows funds equal to 7.3% of its average net assets during such period) and (iv)
$180,169,461 million in average net assets. In order to compute the corresponding return to shareholders, the &ldquo;Assumed Return
on the Fund&rsquo;s Portfolio (net of expenses)&rdquo; is multiplied by the assumed average total assets to obtain an assumed return
to the Fund. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by
the assumed borrowings outstanding, and the product is subtracted from the assumed return to the Fund in order to determine the
return available to shareholders. The return available to shareholders is then divided by shareholders&rsquo; equity to determine
the corresponding return to shareholders. Actual interest payments may be different.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Assumed Return on the Fund&rsquo;s Portfolio (net of expenses)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">-10%</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">-5%</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">0%</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">5%</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">10%</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Corresponding return to Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.82</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.51</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.21</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.09</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.40</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similarly, the Fund&rsquo;s assets would need to yield an annual
return (net of expenses) of approximately 0.21% in order to cover the annual interest payments on the Fund&rsquo;s outstanding
borrowings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cost of Capital and Net Investment Income Risk</I></B>.
If the Fund uses debt to finance investments, its net investment income may depend, in part, upon the difference between the rate
at which it borrows funds and the rate at which it invests those funds. As a result, the Fund can offer no assurance that a significant
change in market interest rates will not have a material adverse effect on the Fund&rsquo;s net investment income. In periods of
rising interest rates when it has debt outstanding, the Fund&rsquo;s cost of funds will increase, which could reduce the Fund&rsquo;s
net investment income. The Fund may use interest rate risk management techniques in an effort to limit its exposure to interest
rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act.
These activities may limit its ability to participate in the benefits of lower interest rates with respect to the hedged portfolio.
Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the
Fund&rsquo;s business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Prepayment and Maturity Extension Risk</I></B>. Prepayment
risk occurs when a debt investment held by the Fund can be repaid in whole or in part prior to its maturity. The amount of prepayable
obligations in which the Fund invests from time to time may be affected by general business conditions, market interest rates,
borrowers&rsquo; financial conditions and competitive conditions among lenders. In a period of declining interest rates, borrowers
may prepay investments more quickly than anticipated, reducing the yield to maturity and the average life of the relevant investment.
Moreover, when the Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest
that is lower than the rate of interest on the security that was prepaid. To the extent that the Fund purchases the relevant investment
at a premium, prepayments may result in a loss to the extent of the premium paid. If the Fund buys such investments at a discount,
both scheduled payments and unscheduled prepayments will increase current and total returns and unscheduled prepayments will also
accelerate the recognition of income, which may be taxable as ordinary income to investors. In a period of rising interest rates,
prepayments of investments may occur at a slower than expected rate, creating maturity extension risk. This particular risk may
effectively change an investment that was considered short- or intermediate-term at the time of purchase into a longer-term investment.
Since the value of longer-term investments generally fluctuates more widely in response to changes in interest rates than shorter-term
investments, maturity extension risk could increase the volatility of the Fund. When interest rates decline, the value of an investment
with prepayment features may not increase as much as that of other fixed-income securities, and, as noted above, changes in market
rates of interest may accelerate or delay prepayments and thus affect maturities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Market and Economic Risks</I></B>. The Fund and its portfolio
companies may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors
in which they invest or operate, including factors affecting interest rates, the availability of credit, currency exchange rates
and trade barriers. These factors are outside the Fund&rsquo;s control and could adversely affect the liquidity and value of its
investments, and may reduce the ability of the Fund to make attractive new investments.</P>

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

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In particular, economic and financial market conditions began
to significantly deteriorate in 2008. Global financial markets experienced considerable declines in the valuations of debt and
equity securities, an acute contraction in the availability of credit and the failure of a number of leading financial institutions.
As a result, certain government bodies and central banks worldwide, including the U.S. Treasury Department and the U.S. Federal
Reserve, undertook unprecedented intervention programs, the long-term effects of which remain uncertain. The U.S. economy has experienced
and continues to experience relatively high levels of unemployment and constrained lending. The Fund&rsquo;s investment strategy
and the availability of opportunities relies in part on the continuation of certain trends and conditions observed in the market
for debt securities and the larger financial markets and, in some cases, on the improvement of such conditions. Although certain
financial markets have shown some recent signs of improvement, to the extent economic conditions experienced over the last several
years continue, they may adversely impact the investments of the Fund. Trends and historical events do not imply, forecast or predict
future events and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions
made or the beliefs and expectations currently held by Adviser will prove correct, and actual events and circumstances may vary
significantly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may be subject to risk arising from a default by one
of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default
by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as &ldquo;systemic risk&rdquo;
and may adversely affect Financial Intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges,
with which the Fund interacts on a daily basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Arbitrage Risk</I></B>. The Fund may engage in arbitrage
strategies. Arbitrage strategies entail various risks, including the risk that external events, regulatory approvals and other
factors will impact the consummation of announced corporate events and/or the prices of certain positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>U.S. Credit Rating and Economic Crisis Risk</I></B>. In
August 2011, S&amp;P lowered its long-term sovereign credit rating on the United States from &ldquo;AAA&rdquo; to &ldquo;AA+,&rdquo;
which was re-affirmed by S&amp;P in November 2016. In January 2012, S&amp;P lowered its long-term sovereign credit ratings for
France, Italy, Spain and six other European countries, which negatively impacted global markets and economic conditions. S&amp;P
subsequently raised its long-term sovereign credit rating on Spain to &ldquo;BBB,&rdquo; but its current credit rating still signifies
significant ongoing risk. Furthermore, following the United Kingdom&rsquo;s referendum to leave the European Union (&ldquo;EU&rdquo;),
S&amp;P lowered its long-term sovereign credit rating. In addition, the terms of the United Kingdom&rsquo;s exit and any future
referendums in other European countries may disrupt the global market. Recent U.S. budget deficit concerns, together with signs
of deteriorating sovereign debt conditions in Europe, have increased the possibility of additional credit-rating downgrades and
economic slowdowns. The impact of any further downgrades to sovereign credit ratings, or perceived creditworthiness, and the ability
of certain countries to continue to service their sovereign debt obligations is inherently unpredictable and could adversely affect
the U.S. and global financial markets and economic conditions. In addition, adverse economic conditions resulting from any further
downgrade of sovereign credit ratings or an economic crisis could have a material adverse effect on the Fund&rsquo;s business,
financial condition and results of operations.</P>

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

<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Eurozone and Redenomination Risk</I></B>. The Fund will
invest from time to time in European companies and companies that may be affected by the Eurozone economy. In June 2016, citizens
of the United Kingdom voted to leave the EU in a popular referendum. As a result of the referendum, S&amp;P downgraded the United
Kingdom&rsquo;s credit rating from &ldquo;AAA&rdquo; to &ldquo;AA&rdquo; and the EU&rsquo;s credit rating from &ldquo;AA+&rdquo;
to &ldquo;AA&rdquo; in the days that followed the vote. Other credit ratings agencies have taken similar actions. The United Kingdom
sought to withdraw from the EU by invoking article 50 of the Lisbon Treaty in late March 2017. It is unclear what the potential
consequences of the withdrawal (&ldquo;Brexit&rdquo;) may be. If no agreement is reached as to the terms of the UK&rsquo;s exit
from the EU prior to the October 31, 2019 exit date (&ldquo;hard Brexit&rdquo;), these impacts may be exaggerated. Brexit (and
in particular a hard Brexit) may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic
activity, a decrease in business confidence, increased likelihood of a recession in the UK, and potentially lower economic growth
on markets in the United Kingdom, Europe and globally that could potentially have an adverse effect on the value of the Fund&rsquo;s
investments. Further, Brexit may cause other member states to contemplate departing the EU, which would likely perpetuate political
and economic instability in the region and cause additional market disruption in global financial markets. In addition, ongoing
concerns regarding the sovereign debt of various Eurozone countries, including the potential for investors to incur substantial
write-downs, reductions in the face value of sovereign debt and/or sovereign defaults, as well as the possibility that one or more
countries might leave the EU or the Eurozone create risks that could materially and adversely affect the Fund&rsquo;s investments.
Sovereign debt defaults and EU and/or Eurozone exits could have material adverse effects on the Fund&rsquo;s investments in European
companies, including, but not limited to, the availability of credit to support such companies&rsquo; financing needs, uncertainty
and disruption in relation to financing, increased currency risk in relation to contracts denominated in Euros and wider economic
disruption in markets served by those companies, while austerity and/or other measures introduced in order to limit or contain
these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. Legal uncertainty about the
funding of Euro-denominated obligations following any breakup or exits from the Eurozone, particularly in the case of investments
in companies in affected countries, could also have material adverse effects on the Fund. In addition, securities or other investments
that are redenominated may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar
investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect
of certain Eurozone-related investments, or should the Euro cease to be used entirely, the currency in which such investments are
denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional
expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Market Developments</I></B>. Although the U.S. and foreign
markets are not currently experiencing the same levels of disruption as occurred during 2008 and 2009, extreme volatility or market
disruption may occur in the future. Instability in the credit markets may make it more difficult for issuers of debt securities
to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile
conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting
standards and reduced liquidity for loans they make, securities they purchase and securities they issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These developments may increase the volatility of the value
of securities owned by the Fund. These developments also may make it more difficult for the Fund to accurately value its securities
or to sell its securities on a timely basis. These developments, including rising interest rates, could adversely affect the ability
of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to investors.
These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of
securities owned by the Fund to make payments of principal and interest when due, leading to lower credit ratings of the issuer
and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely
affect the Fund&rsquo;s NAV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Economic Recession or Downturn Risk</I></B>. Many of the
Fund&rsquo;s portfolio companies may be susceptible to economic slowdowns or recessions. Therefore, the Fund&rsquo;s non-performing
assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession
may result in losses of value in the Fund&rsquo;s portfolio and a decrease in the Fund&rsquo;s revenues, net income and NAV. Unfavorable
economic conditions also could increase the Fund&rsquo;s funding costs, limit the Fund&rsquo;s access to the capital markets or
result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from
increasing investments and harm the Fund&rsquo;s operating results.</P>

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

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Market Disruption and Geopolitical Risk</I></B>. The occurrence
of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt,
Libya, Syria, Russia, Ukraine and other parts of the Middle East, the outbreak of infectious diseases, terrorist attacks in the
U.S. and around the world, social and political discord, debt crises (such as the recent Greek crisis), sovereign debt downgrades,
or the exits or potential exits of one or more countries from the EU or various trade pacts, among others, may result in market
volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties
in the U.S. and worldwide. The Fund does not know how long the securities markets may be affected by these events and cannot predict
the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected
by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest,
failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure
of local, national and international organization to carry out the duties prescribed to them under the relevant agreements, revisions
of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and
agreements. The Fund may be adversely affected by uncertainties such as terrorism, international political developments, and changes
in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other
developments in the laws and regulations of the countries in which it is invested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Government Intervention and Regulatory Risks</I></B>.
Instability in the financial markets over the past two decades led the U.S. government and certain foreign governments to take
a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that
have experienced extreme volatility, and in some cases a lack of liquidity, including through direct purchases of equity and debt
securities. Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions
that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may
also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&rsquo;s ability
to achieve its investment objective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Dodd-Frank Act contains sweeping financial legislation regarding
the operation of banks, private fund managers and other financial institutions. The Dodd-Frank Act includes provisions regarding,
among other things, the regulation of derivatives, the identification, monitoring and prophylactic regulation of systemic risks
to financial markets, and the regulation of proprietary trading and investment activity of banking institutions. The continuing
implementation of the Dodd-Frank Act and any other regulations could adversely affect the Advisers and the Fund. The Advisers may
attempt to take certain actions to lessen the impact of the Dodd-Frank Act and any other legislation or regulation affecting the
Fund, although no assurances can be given that such actions would be successful and no assurances can be given that such actions
would not have a significant negative impact on the Fund. The ultimate impact of the Dodd-Frank Act, and any additional future
legislation or regulation, is not yet certain and the Advisers and the Fund may be affected by governmental action in ways that
are unforeseeable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC and its staff have also engaged in various initiatives
and reviews that seek to improve and modernize the regulatory structure governing investment companies. These efforts appear to
be focused on risk identification and controls in various areas, including embedded leverage through the use of derivatives and
other trading practices, cybersecurity, liquidity, enhanced regulatory and public reporting requirements and the evaluation of
systemic risks. On October 13, 2016, the SEC adopted new rules and forms, and amended existing rules and forms, to modernize the
reporting of information provided by funds and to improve the quality and type of information that funds provide to the SEC and
investors. In part, the new and amended rules and forms amended Regulation S-X and require standardized, enhanced disclosure about
derivatives in a Fund&rsquo;s financial statements, as well as other amendments. Any additional new rules, guidance or regulatory
initiatives resulting from these efforts could increase the Fund&rsquo;s expenses and impact its returns to Shareholders or, in
the extreme case, impact or limit the Fund&rsquo;s use of various portfolio management strategies or techniques and adversely impact
the Fund.</P>

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

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the aftermath of the late-2000s financial crisis, there appears
to be a renewed popular, political and judicial focus on finance-related consumer protection. Financial institution practices are
also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general
public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public,
particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having
had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors
holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly
seek to strictly interpret terms and legal rights in favor of retail investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investment Terms and Timeframe Risk</I></B>. Delays in
investing the net proceeds of this Offering may impair the Fund&rsquo;s performance. The Fund cannot assure investors that it will
be able to identify any investments that meet the Fund&rsquo;s investment objective or that any investment that the Fund makes
will produce a positive return. The Fund may be unable to invest its assets on acceptable terms within the time period that it
anticipates or at all, which could harm the Fund&rsquo;s financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to investing in securities of portfolio companies, the
Fund may invest primarily in cash, cash equivalents, U.S. government securities, repurchase agreements and high-quality debt instruments
maturing in one year or less from the time of investment, which may produce returns that are significantly lower than the returns
which it expects to achieve when the Fund&rsquo;s portfolio is fully invested in securities meeting its investment objective. As
a result, any distributions that the Fund pays while its portfolio is not fully invested in securities meeting its investment objective
may be lower than the distributions that the Fund may be able to pay when its portfolio is fully invested in securities meeting
its investment objective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Restrictions on Entering into Affiliated Transactions</I></B>.
The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without relying
on an available exemption or the prior approval of the SEC. For purposes of the 1940 Act, the following persons are considered
an affiliate of the Fund and the Fund is generally prohibited from buying any securities from or selling any securities to such
affiliate: (i) any person that owns, directly or indirectly, 5% or more of the Fund&rsquo;s outstanding voting securities; (ii)
any person that owns, directly or indirectly, 5% or more of the outstanding voting securities of Destra or Pinhook (or either of
their respective controlling entities); or (iii) any person in which Adviser or Sub-Adviser or a person controlling or under common
control with Adviser or Sub-Adviser owns, directly or indirectly, 5% or more of such person&rsquo;s voting securities. The 1940
Act also prohibits certain &ldquo;joint&rdquo; transactions with certain of the Fund&rsquo;s affiliates, which could include investments
in the same portfolio company (whether at the same or different times), without the prior approval of the SEC. If a person, directly
or indirectly, holds more than 5% of the voting securities of the Fund, Adviser or Sub-Adviser (or either of their respective controlling
entities), or is under common control with the Fund, Adviser or Sub-Adviser, the Fund is prohibited from buying any securities
or other property from or selling any securities or other property to such person or certain of that person&rsquo;s affiliates,
or entering into &ldquo;joint&rdquo; transactions with such person or certain of that person&rsquo;s affiliates, absent an available
exemption or the prior approval of the SEC. Similar restrictions limit the Fund&rsquo;s ability to transact business with its officers
or Trustees or their affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the Fund is not permitted to co-invest with certain
entities affiliated with Destra or Pinhook in transactions originated by Destra or Pinhook or their respective affiliates unless
it first obtains an exemptive order from the SEC or co-invests alongside Destra or Pinhook or their respective affiliates in accordance
with existing regulatory guidance and the allocation policies of the Advisers and their respective affiliates, as applicable.</P>

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

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, entering into certain transactions that are not
deemed &ldquo;joint&rdquo; transactions (for purposes of the 1940 Act and relevant guidance from the SEC) may potentially lead
to joint transactions within the meaning of the 1940 Act in the future. This may be the case, for example, with issuers who are
near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include
the Fund and its affiliates. In some cases, to avoid the potential of future joint transactions, the Advisers may avoid allocating
an investment opportunity to the Fund that they would otherwise allocate, subject to the Advisers&rsquo; \then-current allocation
policies and any applicable exemptive orders, and to the Advisers&rsquo; obligations to allocate opportunities in a fair and equitable
manner consistent with their fiduciary duties owed to the Fund and other accounts respectively advised by the Advisers and policies
related to approval of investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Lack of Funds to Make Additional Investments Risk</I></B>.
The Fund may not have the funds or ability to make additional investments in its portfolio companies. After the Fund&rsquo;s initial
investment in a portfolio company, it may be called upon from time to time to provide additional funds to such company or have
the opportunity to increase its investment through the exercise of a warrant to purchase common stock. There is no assurance that
the Fund will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment
or any inability on the Fund&rsquo;s part to make such an investment may have a negative impact on a portfolio company in need
of such an investment, may result in a missed opportunity for the Fund to increase its participation in a successful operation
or may reduce the expected return on the investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Funding Future Capital Needs Risk</I></B>. The net proceeds
from this Offering may be used for the Fund&rsquo;s investment opportunities, operating expenses and for payment of various fees
and expenses, such as the Management Fee and other fees. Any working capital reserves the Fund maintains may not be sufficient
for investment purposes, and the Fund may require debt or equity financing to operate. Accordingly, in the event that the Fund
develops a need for additional capital in the future for investments or for any other reason, these sources of funding may not
be available to it. Consequently, if the Fund cannot obtain debt or equity financing on acceptable terms, or at all, the Fund&rsquo;s
ability to acquire investments and to expand the Fund&rsquo;s operations will be adversely affected. As a result, the Fund would
be less able to allocate its portfolio among various issuers and industries and achieve its investment objective, which may negatively
impact its results of operations and reduce its ability to make distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Uncertain Exit Strategies</I></B>. Due to the illiquid
nature of some of the positions that the Fund may acquire, as well as the risks associated with the Fund&rsquo;s investment strategies,
the Fund is unable to predict with confidence what the exit strategy may ultimately be for any given investment, or that one will
definitely be available. Exit strategies which appear to be viable when an investment is initiated may be precluded by the time
the investment is ready to be realized due to economic, legal, political or other factors.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Risks Relating to the Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Closed-End Interval Fund Structure; Liquidity Risks</I></B>.
The Fund has been organized as a non-diversified, closed-end management investment company structured as an &ldquo;interval fund&rdquo;
and designed primarily for long-term investors. An investor should not invest in the Fund if the investor needs a liquid investment.
Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end
fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares
on a securities exchange, the Fund does not intend to list the Shares for trading on any securities exchange, and the Fund does
not expect any secondary market to develop for the Shares. Instead, the Fund will provide limited liquidity to Shareholders by
offering to repurchase a limited amount of the Fund&rsquo;s Shares (at least 5% but no more than 25%) quarterly. See {&ldquo;Quarterly
Repurchases of Shares.&rdquo; The Fund, similar to a mutual fund, is subject to continuous asset in-flows, although not subject
to the continuous out-flows. Therefore, an investment in the Fund, unlike an investment in a mutual fund or listed closed-end fund,
is not a liquid investment.</P>

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

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competition for Investment Opportunities</I></B>. The
Fund competes for investments with other closed-end funds and investment funds, as well as traditional financial services companies
such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, have begun
to invest in areas in which they have not traditionally invested. As a result of these new entrants, competition for investment
opportunities may intensify. Many of the Fund&rsquo;s competitors are substantially larger and have considerably greater financial,
technical and marketing resources than it does. For example, some competitors may have a lower cost of capital and access to funding
sources that are not available to the Fund. In addition, some of the Fund&rsquo;s competitors may have higher risk tolerances or
different risk assessments than it has. These characteristics could allow the Fund&rsquo;s competitors to consider a wider variety
of investments, establish more relationships and pay more competitive prices for investments than it is able to do. The Fund may
lose investment opportunities if it does not match its competitors&rsquo; pricing. If the Fund is forced to match its competitors&rsquo;
pricing, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss. A significant
increase in the number and/or the size of the Fund&rsquo;s competitors could force it to accept less attractive investment terms.
Furthermore, many of the Fund&rsquo;s competitors have greater experience operating under, or are not subject to, the regulatory
restrictions that the 1940 Act imposes on it as a closed-end fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Systems Risks</I></B>. The Fund depends on the Advisers
to develop and implement appropriate systems for the Fund&rsquo;s activities. The Fund relies extensively on computer programs
and systems to evaluate certain securities based on real-time trading information, to monitor its portfolio and net capital, and
to generate risk management and other reports that are critical to oversight of the Fund&rsquo;s activities. In addition, certain
of the Fund&rsquo;s and the Advisers&rsquo; operations interface with or depend on systems operated by third parties, including
market counterparties and other service providers, and the Fund or the Advisers may not be in a position to verify the risks or
reliability of such third-party systems. These programs or systems may be subject to certain defects, failures or interruptions,
including, but not limited to, those caused by worms, viruses and power failures. Any such defect or failure could have a material
adverse effect on the Fund. For example, such failures could cause settlement of trades to fail, lead to inaccurate accounting,
recording or processing of trades and cause inaccurate reports, which may affect the Fund&rsquo;s ability to monitor its investment
portfolio and its risks. Studies have shown that a lack of adequate systems is often a significant contributing factor to failures
of funds like the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cybersecurity Risk</I></B>. As part of their business,
the Advisers process, store and transmit large amounts of electronic information, including information relating to the transactions
of the Fund and personally identifiable information of the Shareholders. Similarly, service providers of the Advisers or the Fund,
especially the Fund&rsquo;s Administrator, may process, store and transmit such information. The Advisers have procedures and systems
in place that they believe are reasonably designed to protect such information and prevent data loss and security breaches. However,
such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable or degrade service,
or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from
third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security.
Network connected services provided by third parties to the Advisers may be susceptible to compromise, leading to a breach of the
Advisers&rsquo; networks. The Advisers&rsquo; systems or facilities may be susceptible to employee error or malfeasance, government
surveillance, or other security threats. Online services provided by the Advisers to the Shareholders may also be susceptible to
compromise. Breach of the Advisers&rsquo; information systems may cause information relating to the transactions of the Fund and
personally identifiable information of the Shareholders to be lost or improperly accessed, used or disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The service providers of the Advisers and the Fund are subject
to the same electronic information security threats as the Advisers. If a service provider fails to adopt or adhere to adequate
data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally
identifiable information of the Shareholders may be lost or improperly accessed, used or disclosed.</P>

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

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The loss or improper access, use or disclosure of the Advisers&rsquo;
or the Fund&rsquo;s proprietary information may cause the Advisers or the Fund to suffer, among other things, financial loss, the
disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events
could have a material adverse effect on the Fund and the Shareholders&rsquo; investments therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Operational Risk</I></B>. The Fund depends on the Advisers
to develop the appropriate systems and procedures to control operational risk. Operational risks arising from mistakes made in
the confirmation or settlement of transactions, from transactions not being properly booked, evaluated or accounted for or other
similar disruption in the Fund&rsquo;s operations may cause the Fund to suffer financial loss, the disruption of its business,
liability to clients or third parties, regulatory intervention or reputational damage. The Fund relies heavily on its financial,
accounting and other data processing systems. The ability of its systems to accommodate an increasing volume of transactions could
also constrain the Fund&rsquo;s ability to properly manage the portfolio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Purchase Price Risk</I></B>. The purchase price at which
an investor purchases Shares will be determined at each daily closing and will equal the NAV per Share of the applicable class
as of such date, plus the applicable Sales Load. As a result, in the event of an increase in the NAV per Share of an applicable
class, an investor&rsquo;s purchase price may be higher than the prior daily closing price per Share of the applicable class, and
therefore an investor may receive fewer Shares than if an investor had subscribed at the prior daily closing price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&ldquo;Best-Efforts&rdquo; Offering Risk</I></B>. This
Offering is being made on a best efforts basis, whereby Destra Capital Investments LLC (the &ldquo;Distributor&rdquo;) is only
required to use its best efforts to sell the Shares and has no firm commitment or obligation to purchase any of the Shares. To
the extent that less than the maximum number of Shares is subscribed for, the opportunity for the allocation of the Fund&rsquo;s
investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced
as a result of allocating all of the Fund&rsquo;s expenses over a smaller capital base.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Potentially Inadequate Broker-Dealer Network Risk. </I></B>The
success of the Fund&rsquo;s continuous offering, and correspondingly the Fund&rsquo;s ability to implement its investment objective
and strategies, depends upon the ability of the Distributor to establish, operate and maintain a network of Selected Broker-Dealers
(defined below) to sell the Shares. If the Distributor fails to perform, the Fund may not be able to raise adequate proceeds through
the Fund&rsquo;s continuous offering to implement the Fund&rsquo;s investment objective and strategies. If the Fund is unsuccessful
in implementing its investment objective and strategies, an investor could lose all or a part of his or her investment in the Fund.
&ldquo;Selected Broker-Dealers&rdquo; refers to other broker-dealers authorized by the Distributor to sell Shares that are members
of The Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;) or other properly licensed agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fluctuations in Results</I></B>. The Fund could experience
fluctuations in its operating results due to a number of factors, including the Fund&rsquo;s ability or inability to make investments
that meet the Fund&rsquo;s investment objective, the interest or dividend rates payable on the securities it acquires, the level
of the Fund&rsquo;s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree
to which it encounters competition in its markets and general economic conditions. As a result of these and other factors, results
for any previous period should not be relied upon as being indicative of performance in future periods.</P>

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

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Repurchase Risks</I></B>. Quarterly repurchases by the
Fund of its Shares typically will be funded from available cash or sales of portfolio securities. However, payment for repurchased
Shares may require the Fund to liquidate portfolio holdings earlier than the Advisers otherwise would liquidate such holdings,
potentially resulting in losses, and may increase the Fund&rsquo;s portfolio turnover. Destra may take measures to attempt to avoid
or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases
of Shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect Shareholders who do
not tender their Shares in a repurchase offer by increasing the Fund&rsquo;s expenses and reducing any net investment income. To
the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its net assets
in less liquid securities. The Fund&rsquo;s investments are subject to liquidity risk. Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous
time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy
its obligations. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations,
derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. The
sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund&rsquo;s
NAV. Additionally, to the extent the Fund consistently is in a &ldquo;net repurchase&rdquo; position, its assets will likely decline,
which will in turn increase the Fund&rsquo;s expense ratio and could place the continued viability of the Fund in jeopardy. If
the Fund were to liquidate after a period of net repurchases, the assets left in the Fund would likely be the Fund&rsquo;s more
illiquid assets, which may result in remaining Shareholders being required to hold their investment in the Fund, and be subject
to changes (including declines) in value, for a prolonged period of time while the Fund seeks to liquidate its remaining investments.
In such a scenario, a Shareholder could lose the entire value of his or her investment in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Distribution Payment Risk</I></B>. The Fund cannot assure
investors that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year
increases in cash distributions. All distributions will be paid at the discretion of the Board and may depend on the Fund&rsquo;s
earnings, the Fund&rsquo;s net investment income, the Fund&rsquo;s financial condition, maintenance of the Fund&rsquo;s RIC status,
compliance with applicable regulations and such other factors as the Board may deem relevant from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the Fund encounters delays in locating suitable
investment opportunities, all or a substantial portion of the Fund&rsquo;s distributions to Shareholders may constitute a return
of capital to Shareholders and will lower an investor&rsquo;s tax basis in his or her Shares. A return of capital generally is
a return of an investor&rsquo;s investment rather than a return of earnings or gains derived from the Fund&rsquo;s investment activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investment Dilution Risk</I></B>. The Fund&rsquo;s investors
do not have preemptive rights to any Shares that the Fund may issue in the future. The Fund&rsquo;s Amended and Restated Agreement
and Declaration of Trust (&ldquo;Declaration of Trust&rdquo;) authorizes it to issue an unlimited number of Shares. A majority
of the Board may amend the Fund&rsquo;s Declaration of Trust. After an investor purchases Shares, the Board may elect to sell additional
Shares or other classes of Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional
equity interests after an investor purchases its Shares, such investor&rsquo;s percentage ownership interest in the Fund will be
diluted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Anti-Takeover Risk</I></B>. The Fund&rsquo;s Declaration
of Trust and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect
of discouraging a third party from attempting to acquire it or from attempting to change the composition of the Board. Under the
Fund&rsquo;s Declaration of Trust, the Fund is not required to hold annual meetings of Shareholders. The Trustees are elected for
indefinite terms and do not stand for reelection. Subject to the limitations of the 1940 Act, the Board may, without Shareholder
action, authorize the issuance of Shares in one or more classes or series, including preferred shares; and the Board may, without
Shareholder action, amend the Fund&rsquo;s Declaration of Trust. These anti-takeover provisions may inhibit a change of control
in circumstances that could give Shareholders the opportunity to realize a premium over the value of the Shares.</P>

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

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Conflicts of Interest Risk</I></B>. The Advisers and certain
of their affiliates may experience conflicts of interest in connection with the management of the Fund, including, but not limited
to: the allocation of the Advisers&rsquo; time and resources between the Fund and other investment activities; compensation payable
by the Fund to Destra and its affiliates; competition with certain affiliates of the Advisers for investment opportunities; investments
at different levels of an entity&rsquo;s capital structure by the Fund and other clients of the Advisers, subject to the limitations
of the 1940 Act; differing recommendations given by the Advisers to the Fund versus other clients; restrictions on the Advisers&rsquo;
existing business relationships or use of material non-public information with respect to potential investments by the Fund; the
formation of additional investment funds or entrance into other investment banking, advisory, investment advisory, and other relationships
by the Advisers or their affiliates; and limitations on purchasing or selling securities to other clients of the Advisers or their
respective affiliates and on entering into &ldquo;joint&rdquo; transactions with certain of the Fund&rsquo;s, Destra&rsquo;s or
Pinhook&rsquo;s affiliates. See &ldquo;<FONT STYLE="text-transform: uppercase">Conflicts of Interest</FONT>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Portfolio Fair Value Risk</I></B>. Under the 1940 Act,
the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair
value. There is not a public market for the securities of the privately-held companies in which the Fund may invest. Certain of
the Fund&rsquo;s investments may not be exchange-traded, but may, instead, be traded on a privately negotiated OTC secondary market
for institutional investors. As a result, the Board has adopted methods for determining the fair value of such securities and other
assets, and has delegated the responsibility for applying the valuation methods to Destra. On a quarterly basis, the Board reviews
the valuation determinations made with respect to the Fund&rsquo;s investments during the preceding quarter and evaluates whether
such determinations were made in a manner consistent with the Fund&rsquo;s valuation process. See &ldquo;Determination of Net Asset
Value.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain factors that may be considered in determining the fair
value of the Fund&rsquo;s investments include dealer quotes for securities traded on the OTC secondary market for institutional
investors, the nature and realizable value of any collateral, the portfolio company&rsquo;s earnings and its ability to make payments
on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly traded companies,
discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and
private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, determinations
of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities
existed. Due to this uncertainty, the Fund&rsquo;s fair value determinations may cause the Fund&rsquo;s NAV on a given date to
materially understate or overstate the value that it may ultimately realize upon the sale of one or more of its investments. Additionally,
fair valuation processes for certain securities necessarily involve subjective judgments and assumptions about the value of an
asset or liability and these judgments and assumptions may ultimately be incorrect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ASC 820 and Other Changes in Accounting Rules</I></B>.
The Fund&rsquo;s assets and liabilities are valued in accordance with the valuation policies set forth herein, subject to the policies
and control of the Board. However, for purposes of preparing the Fund&rsquo;s annual audited financial statements, which are prepared
in accordance with GAAP, certain of the Fund&rsquo;s assets and liabilities may be valued in a manner that while consistent with
GAAP, is different from the manner in which such assets are valued in accordance with the valuation policies set forth herein.</P>

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

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, for purposes of GAAP-compliant financial reporting,
the Fund is required to follow a specific framework for measuring the fair value of its assets and liabilities, and is required
to provide certain additional disclosures regarding the use of fair value measurements in their audited financial statements. Many
of these requirements are set forth in ASC 820, Fair Value Measurements and Disclosures (&ldquo;ASC 820&rdquo;), which defines
and establishes a framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating
to fair value measurements. Other valuation-related requirements are contained in other provisions of GAAP, and other related Financial
Accounting Standards Board (&ldquo;FASB&rdquo;) Statements and guidance. Additional FASB Statements and guidance, and additional
provisions of GAAP, that may be adopted in the future may also impose additional, or different, specific requirements as to the
valuation of assets and liabilities for purposes of GAAP-compliant financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may determine in certain instances to value a particular
asset at a different value for financial reporting purposes than the value of that same asset as determined in accordance with
the valuation policies set forth herein. For example, the Fund may determine that ASC 820 may require the Fund, for purposes of
GAAP-compliant financial reporting, to value its investments at values that are at a discount to the values that are determined
in accordance with the valuation policies set forth herein. Conversely, under other accounting guidelines, such as those set forth
in ASC No. 805, &ldquo;Business Combinations,&rdquo; GAAP may require investments to be priced at values that would be different
than values assigned under the valuation policies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, to the extent that GAAP would require any of the
Fund&rsquo;s assets or liabilities to be valued in a manner that differs from the valuation policies set forth herein, such assets
or liabilities will be valued (x) in accordance with GAAP, solely for purposes of preparing the Fund&rsquo;s GAAP-compliant annual
audited financial statements, and (y) in accordance with the valuation policies set forth herein, subject to the policies and control
of the Board (without regard to any GAAP requirements relating to the determination of fair value), for all other purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, ASC 820 and other accounting rules applicable to
investment funds and various assets they invest in are evolving. Such changes may adversely affect the Fund. For example, the evolution
of rules governing the determination of the fair market value of assets to the extent such rules become more stringent would tend
to increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn increase
the costs associated with selling assets or affect their liquidity due to inability to obtain a third-party determination of fair
market value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ASC 740 &ndash; Accounting Changes; Effect on NAV</I></B>.
Pursuant to FASB ASC 740, formerly known as FIN 48 (&ldquo;ASC 740&rdquo;), which provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in financial statements, the Fund is required to determine whether a tax
position, based on its technical merits, meets a more-likely-than-not recognition threshold that the position will be sustained
upon examination. As a result of such a determination, the Fund may be required to recognize a contingent tax liability in its
NAV calculation if the related tax position meets the recognition criterion in ASC 740 and, conversely, may be required to unrecognize
a contingent tax liability in its NAV calculation if the related tax position does not meet the recognition criterion in ASC 740.
In addition, the NAV of the Fund may be adjusted if an uncertain tax position is settled. Recognition and measurement of each tax
position, including any tax position for which there is a lack of authority and audit experience, is determined by the Board, in
its sole discretion, based on discussions with the Advisers, tax advisers and the auditor and based on the facts and circumstances
known at the time. There can be no assurance that any such determination will not change over time. Adjustments made to the NAV
of the Fund in connection with the recognition or unrecognition of contingent tax liabilities may have a material positive or negative
effect on certain Shareholders and prospective investors, depending on the circumstances.</P>

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

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Non-Diversification Risk</I></B>. The Fund is classified
as &ldquo;non-diversified&rdquo; under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations
of a single issuer than a &ldquo;diversified&rdquo; fund. The Fund may therefore be more susceptible than a diversified fund to
being adversely affected by any single corporate, economic, political or regulatory occurrence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Risks Relating to the Fund&rsquo;s RIC Status</I></B>.
To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the Fund must,
among other things, meet certain source-of-income, asset diversification and annual distribution requirements. Very generally,
in order to qualify as a RIC, the Fund must derive at least 90% of its gross income for each tax year from dividends, interest,
payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies,
other income derived with respect to its business of investing in stock or other securities, or net income from &ldquo;qualified
publicly traded partnerships&rdquo; (as defined in the Code). The Fund must also meet certain asset diversification requirements
at the end of each quarter of each of its tax years. As a result of these diversification requirements, the Fund may have to dispose
of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous
prices or times, and may result in substantial losses to the Fund. In addition, in order to be eligible for the special tax treatment
accorded RICs, the Fund must meet the annual distribution requirement, requiring it to distribute with respect to each tax year
at least 90% of the sum of its &ldquo;investment company taxable income&rdquo; (generally its taxable ordinary income and the excess,
if any, of its net short-term capital gains over its net long-term capital losses) and its net tax-exempt income (if any), to Shareholders.
If the Fund fails to qualify for taxation as a RIC for any reason, it would be subject to regular corporate-level U.S. federal
income taxes on all of its taxable income and gains, and the resulting corporate taxes could substantially reduce its net assets,
the amount of income available for distribution and the amount of its distributions. Such a failure would have a material adverse
effect on the Fund and Shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes
and interest and make substantial distributions in order to re-qualify as a RIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>RIC-Related Risks of Investments Generating Non-Cash Taxable
Income</I></B>. Certain of the Fund&rsquo;s investments may require the Fund to recognize taxable income in a tax year in excess
of the cash generated on those investments during that year. In particular, the Fund may invest in loans and other debt obligations
that will be treated as having &ldquo;market discount&rdquo; and/or original issue discount (&ldquo;OID&rdquo;) for U.S. federal
income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or without receiving,
cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs
and avoiding Fund-level U.S. federal income or excise taxes. Accordingly, the Fund may be required to sell assets, including at
potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of Shares or debt
securities, or reduce new investments, to obtain the cash needed to make these distributions. If the Fund liquidates assets to
raise cash, the Fund may realize gain or loss on such liquidations, which may further increase the amount that the Fund must distribute
to maintain RIC status or avoid Fund-level U.S. federal income or excise taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instruments that are treated as having OID for U.S. federal
income tax purposes may have unreliable valuations because their continuing accruals require judgments about the collectability
of the deferred payments and the value of any collateral. Loans that are treated as having OID generally represent a significantly
higher credit risk than coupon loans. Accruals on such instruments may create uncertainty about the source of Fund distributions
to Shareholders. OID creates the risk of non-refundable cash payments to Destra based on accruals that may never be realized. In
addition, the deferral of paid-in-kind (&ldquo;PIK&rdquo;) interest also reduces a loan&rsquo;s loan-to-value ratio at a compounding
rate.</P>

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

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Uncertain Tax Treatment</I></B>. The Fund may invest a
portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special
tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue
interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments
received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in
a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary in order
to seek to ensure that it distributes sufficient income so that it does not become subject to U.S. federal income or excise tax.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a010_v1"></A>MANAGEMENT OF THE FUND</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Fund&rsquo;s Declaration of Trust and bylaws, the
Fund&rsquo;s business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring
and overseeing the Fund&rsquo;s management and operations. The Board consists of four members, three of whom are considered Independent
Trustees. The Trustees are subject to removal or replacement in accordance with the laws of the State of Delaware (&ldquo;Delaware
law&rdquo;) and the Fund&rsquo;s Declaration of Trust. The Trustees serving on the Board were elected by the organizational Shareholders
of the Fund. The Statement of Additional Information provides additional information about the Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra, located at 444 West Lake Street, Suite 1700, Chicago,
IL, serves as the Fund&rsquo;s investment adviser pursuant to the terms of the Investment Management Agreement and subject to the
authority of, and any policies established by, the Board. Under the Investment Management Agreement, Destra manages the Fund&rsquo;s
investment portfolio, directs and/or oversees the investment and allocation of the portfolio and reports thereon to the Fund&rsquo;s
officers and Trustees regularly. Destra has engaged Pinhook to act as the Fund&rsquo;s investment sub-adviser and make investment
decisions for the Fund&rsquo;s portfolio, subject to Destra&rsquo;s oversight.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board, including a majority of the Independent Trustees,
oversees and monitors the Fund&rsquo;s investment performance and, beginning with the second anniversary of the effective date
of the Investment Management Agreement, will annually review the Investment Management Agreement and the Sub-Advisory Agreement
to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The portfolio managers primarily responsible for the day-to-day
management of the Fund are Aaron Rosen and Mark C. Scalzo, each employees of Pinhook. The portfolio managers are not employed by
the Fund and receive no direct compensation from the Fund in connection with their portfolio management activities. The portfolio
managers&rsquo; management of the Fund is subject to Destra&rsquo;s oversight. See &ldquo;Management Fee&rdquo; for additional
information regarding the compensation payable to Destra and Pinhook.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is biographical information of the members of Pinhook
who serve as the portfolio managers of the Fund:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Aaron Rosen </B> &ndash; Co-Portfolio Manager &ndash; Mr.
Rosen is the Fund&rsquo;s Co-Portfolio Manager and serves as the Sub-Adviser&rsquo;s Senior Vice President. Mr. Rosen has been
employed by the Sub-Adviser since November 2014, has served the Fund as Co-Portfolio Manager since October 2017, and is responsible
for portfolio management and security selection, as well as due diligence, research, valuation, and sourcing of investments. Mr.
Rosen also served as the Assistant Portfolio Manager for the Fund from January 2016 until October 2017, and Director of Due Diligence
for Lucia Securities, LLC and held that role from November 2014 to September 2016. Prior to joining the Sub-Adviser, Mr. Rosen
served as Senior Alternative Investment Analyst for AIG Advisor Group, focusing specifically on illiquid alternatives. Before that,
Mr. Rosen served as the Senior Analyst for Irongate Capital Management, LLC, where he provided an extensive range of investment
management services, including research and allocation decisions on investments for a family office. Mr. Rosen graduated magna
cum laude from Honors Program of Boston University with a BSBA in Finance and a minor in Economics. He holds the Series 7, 63 and
66 licenses, and he holds the Chartered Financial Analyst (CFA) designation from the CFA Institute. Mr. Rosen was elected to the
2017 and 2018 Editorial Advisory Board of Real Assets Adviser magazine, and is a member of Mensa.</P>

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

<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark C. Scalzo</B> &ndash; Co-Portfolio Manager &ndash; Mr.
Scalzo, Chief Investment Officer of the Sub-Adviser, is the Fund&rsquo;s Co-Portfolio Manager. Mr. Scalzo has been employed by
the Sub-Adviser since June 2014, has served the Fund since March 1, 2015 and is responsible for investment management, investment
strategy creation, and research communications. Mr. Scalzo is also a Registered Principal of Lucia Securities, LLC, a registered
broker-dealer and member of FINRA/SIPC (&ldquo;Lucia Securities&rdquo;), as well as serving since November 2012 as Chief Investment
Officer for, and a Managing Partner of, Validus Growth Investors, LLC, a registered investment adviser. Prior to joining the Sub-Adviser,
Mr. Scalzo was Executive Vice President, Co-Portfolio Manager and Director of Research, from November 2008 to October 2012, for
Aletheia. Before that, he served as Group Vice President, Mergers &amp; Acquisitions, for Fisher Asset Management, LLC, a registered
investment adviser. Mr. Scalzo graduated cum laude from The Wharton School at the University of Pennsylvania with a B.S. in economics.
He holds the Series 65 (Investment Advisor Representative) license with Pinhook Capital, LLC (f/k/a LCM Investment Management,
LLC and FINRA Series 7, 24 and 79 licenses with Lucia Securities.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Control Persons and Principal Holders of Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A control person generally is a person who beneficially owns
more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such
company. As of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019, no shareholder is deemed to control the Fund because none had voting authority with respect to more
than 25% of the value of the outstanding interests in the Fund on such date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has retained the Administrator, Gemini Fund Services,
LLC, (&ldquo;GFS&rdquo; or the &ldquo;Administrator&rdquo;) located at 80 Arkay Drive, Hauppauge, NY, 11788, to provide administrative
services, provide accounting services, serve as the Fund&rsquo;s distribution paying agent, transfer agent, registrar and to assist
with operational needs. GFS provides such services to the Fund pursuant to a fund services agreement between the Fund and the GFS
(the &ldquo;Fund Services Agreement&rdquo;). The Administrator is responsible directly or through its agents for, among other things,
providing the following services to each of the Fund; (1) maintaining a list of Shareholders and generally performing all actions
related to the issuance and repurchase of Shares of the Fund, if any, including delivery of trade confirmations and capital statements;
(2) providing certain administrative, clerical and bookkeeping services; (3) providing transfer agency services, services related
to the payment of distributions, and accounting services; (4) computing the NAV of the Fund in accordance with U.S. generally accepted
accounting principles (&ldquo;GAAP&rdquo;) and procedures defined in consultation with the Investment Manager; (5) overseeing the
preparation of semi-annual and annual financial statements of the Fund in accordance with GAAP, quarterly reports of the operations
of the Fund and information required for tax returns; (6) supervising regulatory compliance matters and preparing certain regulatory
filings; and (7) performing additional services, as agreed upon, in connection with the administration of the Fund. The Administrator
may from time to time delegate its responsibilities under the Administration Agreement to one or more parties selected by the Administrator,
including its affiliates or affiliates of the Advisers.</P>

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

<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In consideration for these services, the Fund pays the Administrator
$474,487 annually (the &ldquo;Administration Fee&rdquo;). The Administration Fee is paid to the Administrator out of the assets
of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed
by the Fund for out-of-pocket expenses relating to services provided to the Fund, and receives a fee for transfer agency services,
fund accounting and tax services. The Administration Fee and the other terms of the Administration Agreement may change from time
to time as may be agreed to by the Fund and the Administrator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Administration Agreement provides that, in the absence of
bad faith, gross negligence, fraud or willful misconduct in the performance of its duties and obligations under the Administration
Agreement, the Administrator will not be liable to the Fund for any error of judgment, for any mistake of law or for any act or
omission in connection with the performance of administration services for the Fund. The Administration Agreement also provides
for indemnification of the Administrator against any liability or expense to which the person may be liable that arises in connection
with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the Administrator&rsquo;s
bad faith, gross negligence, fraud, reckless disregard or willful misconduct in the performance of its duties to the Fund.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UMB Bank, N.A., with principal offices at 928 Grand Boulevard,
Kansas City, MO 64106, serves as custodian for the Fund.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a011_v1"></A>FUND EXPENSES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will pay all of its expenses, or reimburse the Advisers
or their affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include,
but are not limited to, any fees and expenses in connection with the offering and issuance of Shares; all fees and expenses reasonably
incurred in connection with the operation of the Fund; all fees and expenses directly related to portfolio transactions and positions
for the Fund&rsquo;s account such as direct and indirect expenses associated with the Fund&rsquo;s investments, and enforcing the
Fund&rsquo;s rights in respect of such investments; quotation or valuation expenses; the Management Fee and the Administration
Fee; brokerage commissions; interest and fees on any borrowings by the Fund; professional fees; research expenses (including, without
limitation, expenses of consultants who perform fund manager due diligence research); fees and expenses of outside legal counsel
(including fees and expenses associated with the review of documentation for prospective investments by the Fund), including foreign
legal counsel; accounting, auditing and tax preparation expenses; fees and expenses in connection with repurchase offers and any
repurchases or redemptions of Shares; taxes and governmental fees (including tax preparation fees); fees and expenses of any custodian,
subcustodian, transfer agent, and registrar, and any other agent of the Fund; all costs and charges for equipment or services used
in communicating information regarding the Fund&rsquo;s transactions with any custodian or other agent engaged by the Fund; bank
services fees; costs and expenses relating to any amendment of the Declaration of Trust or other organizational documents of the
Fund; expenses of preparing, amending, printing, and distributing the Prospectus and any other sales material (and any supplements
or amendments thereto), reports, notices, other communications to Shareholders, and proxy materials; expenses of preparing, printing,
and filing reports and other documents with government agencies; expenses of Shareholders&rsquo; meetings, including the solicitation
of proxies in connection therewith; expenses of corporate data processing and related services; shareholder recordkeeping and account
services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the
Board who are not employees of the Advisers or their affiliates; insurance premiums; Extraordinary Expenses (as defined below);
and all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund. The Fund may need to sell
portfolio securities to pay fees and expenses, which could cause the Fund to realize taxable gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Extraordinary Expenses&rdquo; means all expenses incurred
by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any
claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid
in connection therewith, or the enforcement of the rights against any person or entity; costs and expenses for indemnification
or contribution payable to any person or entity; expenses of a reorganization, restructuring or merger, as applicable; expenses
of holding, or soliciting proxies for, a meeting of shareholders (except to the extent relating to items customarily addressed
at an annual meeting of a registered closed-end management investment company); and the expenses of engaging a new administrator,
custodian, transfer agent or escrow agent.</P>

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



<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class A, Class T and Class C shares are subject to a monthly
shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to the respective
share class. Class T Shares and Class C Shares pay a Distribution Fee that accrues at an annual rate equal to 0.50% for Class T
Shares and 0.75% for Class C Shares of the Fund&rsquo;s average daily net assets attributable to the applicable class of Shares
and is payable on a monthly basis. Class I shares are not subject to monthly shareholder servicing fees or a Distribution Fee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisers will bear all of their expenses and costs incurred
in providing investment advisory services to the Fund, including travel and other expenses related to the selection and monitoring
of investments. In addition, the Advisers are responsible for the payment of the compensation and expenses of those officers of
the Fund affiliated with the Advisers, and making available, without expense to the Fund, the services of such individuals, subject
to their individual consent to serve and to any limitations imposed by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will bear directly certain ongoing offering costs associated
with any periodic offers of Shares which will be expensed as they are incurred. Offering costs cannot be deducted by the Fund or
the Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s fees and expenses will decrease the net profits
or increase the net losses of the Fund that are credited to Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra and the Fund have entered into the Expense Limitation
Agreement under which, until [November 30, 2020,] Destra has agreed to reduce its fees and/or absorb expenses of the Fund to ensure
that total 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% of Class A shares&rsquo; net assets, 2.45% of Class T shares&rsquo; net assets, 2.70% of Class
C shares&rsquo; net assets, and 1.70% of Class I shares&rsquo; net assets (the &ldquo;Expense Limitation&rdquo;). In consideration
of Destra&rsquo;s agreement to limit the Fund&rsquo;s expenses, the Fund has agreed to repay Destra pro rata in the amount of any
Fund expense paid or waived by it, subject to the limitations that: (1) the reimbursement for expenses will be made only if payable
not more than three years following the time such payment or waiver was made; and (2) the reimbursement may not be made if it would
cause the Fund&rsquo;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when
Destra reimbursed, paid or absorbed the ordinary operating expenses that are the subject of the repayment, to be exceeded. Destra
may not terminate the Expense Limitation Agreement during the initial term. After the initial term, either the Board or Destra
may terminate the Expense Limitation Agreement upon 60 days&rsquo; written notice.</P>

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

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund, either directly or through reimbursement to Destra
or its affiliates, is responsible for its offering costs. Offering costs primarily include legal, accounting, printing and other
expenses relating to this Offering, including costs associated with technology integration between the Fund&rsquo;s systems and
those of its distribution partners, marketing expenses, salaries and direct expenses of the Advisers&rsquo; personnel, employees
of their affiliates and others while engaged in registering and marketing the Shares, including the development of marketing materials
and presentations, training and educational meetings, and generally coordinating the marketing process for the Fund. The Offering
costs cannot be deducted by the Fund or the Fund&rsquo;s shareholders. [Therefore, for tax purposes, the expenses incident to the
Offering and issuance of shares will be recorded as a reduction of capital of the Fund attributable to the shares.]</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a012_v1"></A>MANAGEMENT FEES</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Investment Management Agreement, Destra is entitled
to a Management Fee, calculated and payable monthly in arrears, at the annual rate of 1.35% of the Fund&rsquo;s average daily net
assets during such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Advisory Agreement provides that Pinhook is entitled
to receive an annual sub-advisory fee from Destra equal to 50% of the net revenue received by Destra after any fee waivers, subject
to a maximum sub-advisory fee of 0.675% of the Fund&rsquo;s average daily net assets. Pinhook is paid by Destra out of the Management
Fee Destra is paid by the Fund. Pinhook served as the investment adviser to the Fund until November 30, 2018.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Management Agreement and Sub-Advisory Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Investment Management Agreement and Sub-Advisory Agreement
were approved by the Board and the Fund&rsquo;s Shareholders and became effective November 30, 2018. Such approvals were made in
accordance with, and on the basis of an evaluation satisfactory to the Board as required by, Section 15(c) of the 1940 Act and
the applicable rules and regulations thereunder. A discussion regarding the basis for the approval of the Investment Management
Agreement and Sub-Advisory Agreement by the Board will be available in the Fund&rsquo;s next annual report to Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Investment Management Agreement may be terminated at any
time, without the payment of any penalty, upon 60 days&rsquo; written notice by Destra or, if the Board or the holders of a majority
of the Fund&rsquo;s outstanding voting securities determine that the Investment Management Agreement with Destra should be terminated,
by the Fund. The Investment Management Agreement will automatically terminate in the event of its assignment (as such term is defined
for purposes of Section 15(a)(4) of the 1940 Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Advisory Agreement may be terminated at any time, without
the payment of any penalty, upon 60 days&rsquo; written notice by Pinhook or, if the Board or the holders of a majority of the
Fund&rsquo;s outstanding voting securities determine that the Sub-Advisory Agreement with Pinhook should be terminated. The Sub-Advisory
Agreement will automatically terminate in the event of its assignment (as such term is defined for purposes of Section 15(a)(4)
of the 1940 Act) or the termination of the Investment Management Agreement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a013_v1"></A>DETERMINATION OF NET ASSET VALUE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund determines the NAV of Shares on each day that the NYSE
is open for business as of the close of the regular trading session. Each Class A Share and Class T Share will be offered at NAV
plus the applicable Sales Load, and each Class I Share will be offered at NAV. The Fund calculates NAV per Share on a class-specific
basis. The NAV of a class of Shares depends on the number of shares of the applicable class outstanding at the time the NAV of
the applicable share class is determined. As such, the NAV of each class of Shares may vary if the Fund sells different amounts
of Shares per class. The Fund&rsquo;s assets and liabilities are valued in accordance with the principles set forth below.</P>

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

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra values the Fund&rsquo;s assets in good faith pursuant
to the Fund&rsquo;s valuation policy and consistently applied valuation process, which was approved by the Board. Portfolio securities
and other assets for which market quotes are readily available are valued at market value or NAV in the case of mutual funds. In
circumstances where market quotes are not readily available, the Board has adopted methods for determining the fair value of such
securities and other assets, and has delegated the responsibility for applying the valuation methods to Destra. On a quarterly
basis, the Board reviews the valuation determinations made with respect to the Fund&rsquo;s investments during the preceding quarter
and evaluates whether such determinations were made in a manner consistent with the Fund&rsquo;s valuation process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accounting Standards Codification Topic 820, <I>Fair Value Measurements
and Disclosure </I>(&ldquo;ASC Topic 820&rdquo;), issued by the Financial Accounting Standards Board, clarifies the definition
of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in
interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received
from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs
such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little
or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore
requiring an entity to develop its own assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When determining the fair value of an asset, Destra seeks to
determine the price that would be received from the sale of the asset in an orderly transaction between market participants at
the measurement date, in accordance with ASC Topic 820. Fair value determinations are based upon all available inputs that Destra
deems relevant, with input from the Sub-Adviser, which may include indicative dealer quotes, values of like securities, recent
portfolio company financial statements and forecasts, and valuations prepared by third-party valuation services. However, determination
of fair value involves subjective judgments and estimates. Accordingly, the notes to the Fund&rsquo;s financial statements refer
to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on the Fund&rsquo;s
financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of calculating NAV, Destra uses the following valuation
methods:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In determining net asset value, portfolio instruments generally
are valued using prices provided by independent pricing services or obtained from other sources, such as broker-dealer quotations.
Exchange-traded instruments generally are valued at the last reported sales price or official closing price on an exchange, if
available. Independent pricing services typically value non-exchange-traded instruments utilizing a range of market-based inputs
and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments,
cash flows, and transactions for comparable instruments. In pricing certain instruments, the pricing services may consider information
about an instrument&rsquo;s issuer or market activity provided by the Fund&rsquo;s Sub-Adviser. Non-U.S. securities and currency
are valued in U.S. dollars based on non-U.S. currency exchange rate quotations supplied by an independent quotation service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For non-U.S. traded securities whose principal local markets
close before the close of the NYSE, the Fund may adjust the local closing price based upon such factors as developments in non-U.S.
markets, the performance of U.S. securities markets and the performance of instruments trading in U.S. markets that represent non-U.S.
securities. The Fund may rely on an independent fair valuation service in making any such fair value determinations. If the Fund
holds portfolio instruments that are primarily listed on non-U.S. exchanges, the value of such instruments may change on days when
shareholders will not be able to purchase or redeem the Fund&rsquo;s shares.</P>

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

<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In certain situations, Destra, with input from Pinhook, may
use the fair value of a portfolio instrument if such portfolio instrument is not priced by a pricing service, if the pricing service&rsquo;s
price is deemed unreliable or if events occur after the close of a securities market (usually a foreign market) and before the
Fund values its assets that would materially affect NAV. A portfolio instrument that is fair valued may be valued at a price higher
or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because
non-U.S. portfolio instruments may trade on days when Fund shares are not priced, the value of portfolio instruments held by the
Fund can change on days when Fund shares cannot be redeemed. Destra expects to use fair value pricing primarily when a portfolio
instrument is not priced by a pricing service or a pricing service&rsquo;s price is deemed unreliable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Due to the subjective nature of fair value pricing, the Fund&rsquo;s
value for a particular portfolio instrument may be different from the last price determined by the pricing service or the last
bid or ask price in the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other portfolio instruments held by the Fund are generally valued
at market value. Certain short-term instruments maturing within 60 days or less are valued at amortized cost, which approximates
market value. The value of the securities of other open-end funds held by the Fund, if any, will be calculated using the NAV of
such open-end funds, and the prospectuses for such open-end funds explain the circumstances under which they use fair value pricing
and the effects of using fair value pricing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is a description of factors that may be considered when
valuing securities for which no active secondary market exists.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Valuation of fixed income investments, such as loans and debt
securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future
interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market
prices, these factors may be incorporated into discounted cash flow models to arrive at fair value. Other factors that may be considered
include the borrower&rsquo;s ability to adequately service its debt, the fair market value of the portfolio company in relation
to the face amount of its outstanding debt and the quality of the collateral securing its debt investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For convertible debt securities, fair value will generally approximate
the fair value of the debt plus the fair value of an option to purchase the underlying security (the security into which the debt
may convert) at the conversion price. To value such an option, a standard option pricing model may be used.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For equity interests, various factors may be considered in determining
fair value, including but not limited to multiples of earnings before interest, taxes, depreciation and amortization (&ldquo;EBITDA&rdquo;),
cash flows, net income, revenues or, in limited instances, book value or liquidation value. All of these factors may be subject
to adjustments based upon the particular circumstances of a portfolio company or the Fund&rsquo;s actual investment position. For
example, adjustments to EBITDA may take into account compensation to previous owners or an acquisition, recapitalization, restructuring
or other related items.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other factors that may be considered in valuing securities include
private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied
by third-party investments in the portfolio companies, the acquisition price of such investment or industry practices in determining
fair value. Destra may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, and may
apply discounts or premiums, where and as appropriate, due to the higher (or lower) financial risk and/ or the size of the portfolio
company relative to comparable firms, as well as such other factors as Destra, in consultation with any third-party valuation or
pricing service, if applicable, may consider relevant in assessing fair value.</P>

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

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund receives warrants or other equity securities at
nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated
between the debt securities and any such warrants or other equity securities received at the time of origination. Such warrants
or other equity securities will subsequently be valued at fair value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio securities that carry certain restrictions on sale
will typically be valued at a discount from the public market value of the security, where applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If events materially affecting the price of foreign portfolio
securities occur between the time when their price was last determined on such foreign securities exchange or market and the time
when the Fund&rsquo;s NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong
correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined
in good faith in accordance with procedures established by the Board. For purposes of calculating NAV, all assets and liabilities
initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined
in good faith by Destra, under the supervision of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Swaps typically will be valued using valuations provided by
a third-party pricing service. Such pricing service valuations generally will be based on the present value of fixed and projected
floating rate cash flows over the term of the swap contract and, in the case of credit default swaps, generally will be based on
credit spread quotations obtained from broker-dealers and expected default recovery rates determined by the third-party pricing
service using proprietary models. Future cash flows will be discounted to their present value using swap rates provided by electronic
data services or by broker-dealers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the Fund&rsquo;s policy is intended to result in a calculation
of the Fund&rsquo;s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values
determined by Destra would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that
security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from
the value that would be realized if the securities were sold. The Fund will periodically benchmark the bid and ask prices received
from the third-party pricing service and/or dealers, as applicable, and valuations received from the third-party valuation service
against the actual prices at which it purchases and sells its investments. The Fund believes that these prices will be reliable
indicators of fair value.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a014_v1"></A>CONFLICTS OF INTEREST</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Adviser, the Sub-Adviser and the portfolio
managers of the Fund have interests which may conflict with the interests of the Fund.&nbsp; In particular, the Adviser and the
Sub-Adviser each manages and/or advises other investment funds or accounts with the same or similar investment objective and strategies
as the Fund.&nbsp; As a result, the Adviser, the Sub-Adviser and the Fund&rsquo;s portfolio managers may devote unequal time and
attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as complete a strategy
or identify equally attractive investment opportunities as might be the case if they were to devote substantially more attention
to the management of the Fund.&nbsp; The Adviser, the Sub-Adviser and the Fund&rsquo;s portfolio managers may identify a limited
investment opportunity that may be suitable for multiple funds and accounts, and the opportunity may be allocated among these several
funds and accounts, which may limit the Fund&rsquo;s ability to take full advantage of the investment opportunity.&nbsp; Additionally,
transaction orders may be aggregated for multiple accounts for purposes of execution, which may cause the price or brokerage costs
to be less favorable to the Fund than if similar transactions were not being executed concurrently for other accounts.&nbsp; Furthermore,
it is theoretically possible that a portfolio manager could use the information obtained from managing a fund or account to the
advantage of other funds or accounts under management, and also theoretically possible that actions could be taken (or not taken)
to the detriment of the Fund.&nbsp; At times, a portfolio manager may determine that an investment opportunity may be appropriate
for only some of the funds and accounts for which he or she exercises investment responsibility, or may decide that certain of
the funds and accounts should take differing positions with respect to a particular security.&nbsp; In these cases, the portfolio
manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or
the execution of the transaction, or both, to the detriment or benefit of one or more other funds and accounts.&nbsp; For example,
a portfolio manager may determine that it would be in the interest of another account to sell a security that the Fund holds, potentially
resulting in a decrease in the market value of the security held by the Fund.</P>

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

<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Conflicts potentially limiting the Fund&rsquo;s
investment opportunities may also arise when the Fund and other clients of the Adviser or Sub-Adviser invest in, or even conduct
research relating to, different parts of an issuer&rsquo;s capital structure.&nbsp; In such circumstances, decisions over whether
to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest.&nbsp;
In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give
rise to conflicts with other clients of the Adviser or Sub-Adviser (as applicable) or result in the Adviser or Sub-Adviser receiving
material, non-public information, or the Adviser and Sub-Adviser may enact internal procedures designed to minimize such conflicts,
which could have the effect of limiting the Fund&rsquo;s investment opportunities.&nbsp; Additionally, if the Adviser or Sub-Adviser
acquires material non-public confidential information in connection with its business activities for other clients, a portfolio
manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or
other clients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The portfolio managers also may engage
in cross trades between funds and accounts, may select brokers or dealers to execute securities transactions based in part on brokerage
and research services provided to the Adviser or the Sub-Adviser which may not benefit all funds and accounts equally and may receive
different amounts of financial or other benefits for managing different funds and accounts.&nbsp; Finally, the Adviser, the Sub-Adviser
and their affiliates may provide more services to some types of funds and accounts than others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To address the types of conflicts referred to above, Destra
and Pinhook have adopted policies and procedures under which they will detect, manage or mitigate the conflicts.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a015_v1"></A>QUARTERLY REPURCHASES OF SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Right of Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">No Shareholder will have the right to require the Fund to redeem
its Shares. No public market exists for the Shares, and none is expected to develop. Consequently, investors will not be able to
liquidate their investment other than as a result of repurchases of Shares by the Fund, as described below.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund operates as an interval fund under Rule 23c-3 of the
1940 Act and, as such, provides a limited degree of liquidity to Shareholders. As an interval fund, the Fund has adopted a fundamental
policy to offer to repurchase a specified percentage of its outstanding Shares at the NAV at regular intervals.</P>

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

<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once each quarter, the Fund will offer to repurchase at NAV
no less than 5% and no more than 25% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance
with regulatory requirements (as discussed below). The offer to purchase Shares is a fundamental policy that may not be changed
without the vote of the holders of a majority of the Fund&rsquo;s outstanding voting securities (as defined in the 1940 Act). Shareholders
will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the &ldquo;Repurchase Request
Deadline&rdquo;). 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 &ldquo;Repurchase Pricing Date&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders will be notified in writing about each quarterly
repurchase offer, how they may request that the Fund repurchase their Shares and the Repurchase Request Deadline. Shares tendered
for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase
amounts established for that Repurchase Request Deadline. The time between the notification to Shareholders and the Repurchase
Request Deadline may vary from no more than 42 days to no less than 21 days. Payment pursuant to the repurchase will be made by
checks to the Shareholder&rsquo;s address of record, or credited directly to a predetermined bank account on the purchase payment
date (each a &ldquo;Purchase Payment Date&rdquo;), which will be no more than seven days after the Repurchase Pricing Date. The
Board may establish other policies for repurchases of Shares that are consistent with the 1940 Act, regulations thereunder and
other pertinent laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Determination of Repurchase Offer Amount</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board, or a committee thereof, in its sole discretion, will
determine the number of Shares of each Share class that the Fund will offer to repurchase (the &ldquo;Repurchase Offer Amount&rdquo;)
for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of
the total number of Shares outstanding on the Repurchase Request Deadline.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No less than 21 days and no more than 42 days before each Repurchase
Request Deadline, the Fund shall send to each Shareholder of record and to each beneficial owner of Shares that are the subject
of the repurchase offer a notification (&ldquo;Shareholder Notification&rdquo;). The Shareholder Notification will contain information
Shareholders should consider in deciding whether to tender their Shares for repurchase. The notice also will include detailed instructions
on how to tender Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline,
the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment (the &ldquo;Repurchase Payment
Deadline&rdquo;). The notice also will set forth the NAV that has been computed no more than seven days before the date of notification,
and how Shareholders may ascertain the NAV after the notification date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The repurchase price of the Shares will be the NAV of the respective
Share class as of the close of regular trading on the NYSE on the Repurchase Pricing Date. You may call 1-855-601-3841 to learn
the NAV. The notice of the repurchase offer also will provide information concerning the NAV, such as the NAV as of a recent date
or a sampling of recent NAVs, and a toll-free number for information regarding the repurchase offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Repurchase Amounts and Payment of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares tendered for repurchase by Shareholders prior to any
Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that Repurchase
Request Deadline. Payment pursuant to the repurchase will be made by check to the Shareholder&rsquo;s address of record, or credited
directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven days after the Repurchase
Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the 1940 Act, regulations
thereunder and other pertinent laws.</P>

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

<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Shareholders tender for repurchase more than the Repurchase
Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not
to exceed 2.00% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase
more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus
2.00% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a <I>pro rata</I> basis.
However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender
all of their Shares, before prorating other amounts tendered. In addition, the Fund will accept the total number of Shares tendered
in connection with required minimum distributions from an IRA or other qualified retirement plan. It is the Shareholder&rsquo;s
obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other
qualified retirement plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Suspension or Postponement of Repurchase Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may suspend or postpone a repurchase offer only: (a)
if making or effecting the repurchase offer would cause the Fund to lose its status as a regulated investment company under the
Code; (b) for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is
closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c) for any period
during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable,
or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (d) for such
other periods as the Commission may by order permit for the protection of Shareholders of the Fund.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund must maintain liquid assets equal to the Repurchase
Offer Amount from the time that the notice is sent to Shareholders until the Repurchase Pricing Date. The Fund will ensure that
a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets (including cash and borrowings)
that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the
investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board has adopted
procedures that are reasonably designed to ensure that the Fund&rsquo;s assets are sufficiently liquid so that the Fund can comply
with the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out
of compliance with these liquidity requirements, the Board will take whatever action it deems appropriate to ensure compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consequences of Repurchase Offers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Repurchase offers will typically be funded from available cash
or sales of portfolio securities. Payment for repurchased Shares, however, may require the Fund to liquidate portfolio holdings
earlier than Destra otherwise would, thus increasing the Fund&rsquo;s portfolio turnover and potentially causing the Fund to realize
losses. Destra intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating
portfolio holdings, may borrow money to finance repurchases of Shares. If the Fund borrows to finance repurchases, interest on
that borrowing will negatively affect Shareholders who do not tender their Shares in a repurchase offer by increasing the Fund&rsquo;s
expenses and reducing any net investment income. To the extent the Fund finances repurchase amounts by selling Fund investments,
the Fund may hold a larger proportion of its assets in less liquid securities. The sale of portfolio securities to fund repurchases
also could reduce the market price of those underlying securities, which in turn would reduce the Fund&rsquo;s NAV.</P>

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

<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Repurchase of the Fund&rsquo;s Shares will tend to reduce the
amount of outstanding Shares and, depending upon the Fund&rsquo;s investment performance, its net assets. A reduction in the Fund&rsquo;s
net assets would increase the Fund&rsquo;s expense ratio, to the extent that additional Shares are not sold and expenses otherwise
remain the same (or increase). In addition, the repurchase of Shares by the Fund will be a taxable event to Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is intended as a long-term investment. The Fund&rsquo;s
quarterly repurchase offers are a Shareholder&rsquo;s only means of liquidity with respect to his or her Shares. Shareholders have
no rights to redeem or transfer their Shares. The Shares are not traded on a national securities exchange and no secondary market
exists for the Shares, nor does the Fund expect a secondary market for its Shares to exist in the future.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a016_v1"></A>DESCRIPTION OF CAPITAL STRUCTURE AND SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following description is based on relevant portions of
the Delaware Statutory Trust Act and on the Fund&rsquo;s Amended and Restated Agreement and Declaration of Trust and bylaws. This
summary is not intended to be complete. Please refer to the Delaware Statutory Trust Act and the Fund&rsquo;s Declaration of Trust
and bylaws, copies of which are filed with the books and records of the Fund, for a more detailed description of the provisions
summarized below.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shares of Beneficial Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is authorized to issue an unlimited number of shares
of beneficial interest, par value $0.001 per share. The Fund&rsquo;s Declaration of Trust permits the Board to classify or reclassify
any of the Fund&rsquo;s unissued Shares into one or more classes or series by setting or changing the preferences, conversion or
other rights, voting powers, limitations as to dividends, or terms or conditions of redemption of each class or series of Shares.
A majority of the Board, without action by the Fund&rsquo;s Shareholders, may amend the Fund&rsquo;s Declaration of Trust from
time to time to increase or decrease the aggregate number of Shares or may increase or decrease the number of Shares of any class
or series that the Fund has authority to issue; provided, that any such amendment or Board action may not change the preferences,
conversion or other rights, voting powers, limitations as to dividends, or terms or conditions of redemption of any issued and
outstanding Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund offers four classes of Shares: Class I Shares, Class
A Shares, Class T Shares and Class C Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has been granted exemptive relief by the SEC permitting
the Fund to offer multiple classes of Shares. An investment in any Share class of the Fund represents an investment in the same
assets of the Fund. However, the minimum investment amounts, sales loads, and ongoing fees and expenses for each Share class are
different. The fees and expenses for the Fund are set forth in &ldquo;Summary of Fees and Expenses.&rdquo; The details of each
Share class are set forth in &ldquo;Distribution of Shares.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is currently no market for the Shares, including Class
I Shares, Class A Shares, Class T Shares and Class C Shares, and the Fund does not expect that a market for the Shares will develop.
Pursuant to the Fund&rsquo;s Declaration of Trust and as permitted by Delaware law, Shareholders generally will not be personally
liable for the Fund&rsquo;s debts or obligations.</P>

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

<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Set forth below is a chart describing the classes of the Fund&rsquo;s
securities outstanding as of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(1)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of Class</B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(2)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amount Authorized</B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(3)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amount Held by
the Fund or for its Account</B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(4)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amount Outstanding
Exclusive of Amount Under Column (3)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Class I Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[None]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Class A Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[None]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Class T Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[None]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Class C Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Unlimited*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[None]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* subject to a $5 billion limit on the Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common Shares</I></B><BR>
Under the terms of the Fund&rsquo;s Declaration of Trust, all issued Shares will be fully paid and non-assessable. Distributions
may be paid to the holders of the Fund&rsquo;s Class I Shares, Class A Shares, Class T Shares and Class C Shares (which shall be
done pro rata among the Shareholders of a specific class) at the same time and in different per share amounts on such Class I Shares,
Class A Shares, Class T Shares and Class C Shares if, as and when authorized and declared by the Board. Each class of Shares shall
represent beneficial interests in all of the Fund&rsquo;s assets and shall have the same preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption (if any) as each
other class of Shares except for such differences as are set forth in the Fund&rsquo;s Declaration of Trust or any resolution of
the Board. Except as may be provided by the Board in setting the terms of classified or reclassified Shares, Shares will have no
preference, preemptive, appraisal, conversion, exchange or redemption rights, and will be freely transferable, except where their
transfer is restricted by law or contract. The Fund&rsquo;s Declaration of Trust provides that the Board shall have the power to
repurchase or redeem Shares. In addition, the Shares are not subject to any mandatory redemption obligations by the Fund. In the
event of the Fund&rsquo;s liquidation, dissolution or winding up, each share of a class of Shares would be entitled to be paid,
out of the Fund&rsquo;s assets that are legally available for distribution to the Shareholders after the Fund pays or makes reasonable
provision for the payment of all claims and obligations and subject to any preferential rights of holders of the Fund&rsquo;s preferred
shares, if any preferred shares are outstanding at such time, a liquidation payment equal to the NAV per share of such class; provided,
however, that if the Fund&rsquo;s available assets are insufficient to pay in full the above described liquidation payment, then
such assets, or the proceeds thereof, shall be distributed among the holders of Shares of each class of Shares ratably in the same
proportion as the respective amounts that would be payable on such Shares of each class of Shares if all amounts payable thereon
were paid in full. Class I Shares, Class A Shares, Class T Shares and Class C Shares will vote together as a single class, and
each Share will be entitled to one vote on all matters submitted to a vote of Shareholders, including the election of trustees,
and subject to the express terms of any class or series of preferred shares, Shareholders shall have the exclusive right to vote
on all matters as to which a Shareholder is entitled to vote pursuant to applicable law at all meetings of Shareholders; provided,
however, that the holders of a class of Shares will have (i) exclusive voting rights on any matter that affects only the interests
of such class of Shares, and (ii) voting rights as set forth in Rule 18f-3(a)(2)-(3) promulgated under the 1940 Act. There will
be no cumulative voting in the election of trustees or on any other matter. Under the Fund&rsquo;s Declaration of Trust, the Fund
is not required to hold annual meetings of Shareholders. The Fund only expects to hold Shareholder meetings to the extent required
by the 1940 Act or pursuant to special meetings called by the Board or a majority of Shareholders, or in the future in compliance
with the requirements of any exchange on which Shares may be listed in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Preferred Shares and Other Securities</I></B><BR>
The Fund&rsquo;s Declaration of Trust provides that the Board may, subject to the Fund&rsquo;s investment policies and restrictions
and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including
preferred shares, debt securities or other senior securities), by action of the Board without the approval of Shareholders. The
Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees
fit.</P>

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

<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred shares could be issued with rights and preferences
that would adversely affect Shareholders. Preferred shares could also be used as an anti-takeover device. Every issuance of preferred
shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i) immediately
after issuance and before any distribution is made with respect to the shares and before any purchase of shares is made, the total
asset value of the Fund&rsquo;s portfolio is at least 200% of the liquidation value of the outstanding preferred shares, and (ii)
the holders of preferred shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect
a majority of the Trustees if distributions on such preferred shares are in arrears by two years or more. Certain matters under
the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitation on Liability of Trustees and Officers; Indemnification
and Advance of Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Fund&rsquo;s Declaration of Trust, Trustees and officers
of the Fund will not be subject in such capacity to any personal liability to the Fund or Shareholders, unless the liability arises
from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee&rsquo;s or officer&rsquo;s duty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in the Fund&rsquo;s Declaration
of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities
and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including
reasonable accountants&rsquo; and counsel fees), while and with respect to acting in the capacity of a Trustee or officer of the
Fund, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action
was in the best interest of the Fund. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any
liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties of his or her position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has entered into the Investment Management Agreement
with Destra. The Investment Management Agreement provides that, in the absence of willful misfeasance, gross negligence or reckless
disregard for its obligations and duties thereunder, Destra and any of its affiliates and controlling persons will not be liable
for any error of judgment or mistake of law or for any loss the Fund suffers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra has entered into the Sub-Advisory Agreement with Pinhook.
The Sub-Advisory Agreement provides that, in the absence of willful misconduct, bad faith, reckless disregard or gross negligence
for its obligations and duties thereunder, Pinhook is not liable for any error of judgment or mistake of law or for any loss the
Fund suffers. In addition, the Sub-Advisory Agreement provides that Pinhook will indemnify the Fund, Destra and any of their respective
affiliates and controlling persons for any and all losses, claims, damages, liabilities or litigation (including reasonable legal
and other expenses), which the Fund, Destra or any of their respective affiliates and controlling persons may sustain as a result
of Pinhook&rsquo;s willful misconduct, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder
or violation of applicable law.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Trustees; Appointment of Trustees; Vacancies;
Removal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Declaration of Trust provides that the number
of Trustees shall be no less than one. As set forth in the Declaration of Trust, a Trustee&rsquo;s term of office shall continue
until his or her death, resignation, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or removal. Subject
to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the
appointment of such persons by a majority of the Trustees then in office. Each Trustee shall hold office until his or her successor
shall have been duly elected and qualified pursuant to the Fund&rsquo;s Declaration of Trust. To the extent that the 1940 Act requires
that Trustees be elected by Shareholders, any such Trustees will be elected by a plurality of all Shares voted at a meeting of
Shareholders at which a quorum is present.</P>

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

<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Declaration of Trust provides that any Trustee
may be removed (provided that after the removal the aggregate number of Trustees is not less than the minimum required by the Declaration
of Trust) without cause only by a written instrument signed or adopted by a majority of the remaining Trustees or by a vote of
the holders of at least two-thirds of the shares of the Fund that are entitled to elect a Trustee and that are entitled to vote
on the matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], the Fund had a total of 4 members of the Board, 3
of whom were Independent Trustees. Pursuant to the 1940 Act, at least 40% of the members of the Board must be Independent Trustees.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Declaration of Trust provides that Shareholder
action can be taken only at a meeting of Shareholders or by unanimous written consent in lieu of a meeting. Subject to the 1940
Act, the Fund&rsquo;s Declaration of Trust or a resolution of the Board specifying a greater or lesser vote requirement, the affirmative
vote of a majority of Shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter
shall be the act of the Shareholders with respect to any matter submitted to a vote of the Shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment of Declaration of Trust and Bylaws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of the 1940 Act, pursuant to the Fund&rsquo;s
Declaration of Trust, the Board may amend the Declaration of Trust without any vote of Shareholders, except Shareholders shall
have the right to vote: (i) on any amendment that would adversely affect to a material degree the rights and preferences of the
Shares of any series or class already issued; (ii) on any amendment for which such vote is required by law; and (iii) on any amendment
submitted to Shareholders by the Board. Pursuant to the Fund&rsquo;s Declaration of Trust and bylaws, the Board has the exclusive
power to amend or repeal the bylaws or adopt new bylaws at any time.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflict with Applicable Laws and Regulations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Declaration of Trust provides that if and to
the extent that any provision of the Fund&rsquo;s Declaration of Trust conflicts with any provision of the 1940 Act, the provisions
under the Code applicable to the Fund as a RIC or other applicable laws and regulations, the conflicting provision shall be deemed
never to have constituted a part of the Fund&rsquo;s Declaration of Trust from the time when such provisions became inconsistent
with such laws or regulations; provided, however, that such determination shall not affect any of the remaining provisions of the
Declaration of Trust or affect the validity of any action taken or omitted to be taken prior to such determination.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a017_v1"></A>TAX ASPECTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following discussion is a general summary of U.S. federal
income tax considerations generally applicable to the Fund and its investors. Except as otherwise noted, this discussion assumes
you are a taxable U.S. person (as defined for U.S. federal income tax purposes) and that you hold your Shares as capital assets
for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based upon current provisions
of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change
or differing interpretations by the courts or the Internal Revenue Service (the &ldquo;IRS&rdquo;), possibly with retroactive effect.
No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and Shareholders
(including Shareholders subject to special rules under U.S. federal income tax law).</P>

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

<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The discussions set forth herein do not constitute tax advice.
The Fund has not sought and will not seek any ruling from the IRS regarding any matters discussed herein. No assurance can be given
that the IRS would not assert, or that a court would not sustain, a position contrary to those set forth below. This summary does
not discuss any aspects of foreign, state or local tax. Prospective investors must consult their own tax advisers as to the U.S.
federal income tax consequences (including the alternative minimum tax consequences) of acquiring, holding and disposing of the
Fund&rsquo;s Shares, as well as the effects of state, local and non-U.S. tax laws.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund intends to elect to be treated and to qualify to be
taxed as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain
requirements relating to the sources of its income, diversification of its assets, and distribution of its income to Shareholders.
First, the Fund must derive at least 90% of its annual gross income from (a) dividends, interest (including tax-exempt interest),
payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies,
or other income (including gains from options) derived with respect to its business of investing in such stock, securities or foreign
currencies, and (b) net income derived from interests in &ldquo;qualified publicly traded partnerships&rdquo; (as defined below).
Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i) at least 50% of the
value of its total assets consists of cash, cash items, U.S. government securities, the securities of other RICs and other securities,
with such other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&rsquo;s
total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value
of the total assets of the Fund is invested in the securities (other than U.S. government securities and the securities of other
RICs) of any one issuer, any two or more issuers controlled by the Fund and that are determined to be engaged in the same, similar
or related trades or businesses, or any one or more &ldquo;qualified publicly traded partnerships.&rdquo; Generally, a qualified
publicly traded partnership is a partnership the interests of which are traded on an established securities market or readily tradable
on a secondary market (or the substantial equivalent thereof) and that derives less than 90% of its gross income from the items
described in clause (a) above. Income from the Fund&rsquo;s investments in equity interests of other entities treated as partnerships
for U.S. federal income tax purposes will be qualifying income for purposes of the income test described above to the extent it
is attributable to items of partnership income that would be qualifying income if earned directly by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As long as the Fund qualifies as a RIC, the Fund will generally
not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each taxable year to Shareholders,
provided that in such taxable year it distributes at least 90% of the sum of (i) its &ldquo;investment company taxable income&rdquo;
(which includes, among other items, dividends, taxable interest, income from securities lending, net short-term capital gain in
excess of net long-term capital loss, and any other taxable income other than &ldquo;net capital gain&rdquo; (as defined below),
reduced by deductible expenses) determined without regard to the deduction for dividends paid, and (ii) the Fund&rsquo;s net tax-exempt
interest (the excess of its gross tax-exempt interest over certain disallowed deductions), if any. The Fund may retain for investment
its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). However,
if the Fund retains any net capital gain or any investment company taxable income, it will be subject to tax at regular corporate
rates on the amount retained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Code imposes a 4% nondeductible excise tax on the Fund to
the extent the Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not
taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital
loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year. In addition,
the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any
under-distribution or over-distribution, as the case may be, from the previous year. For purposes of the excise tax, the Fund will
be deemed to have distributed any income on which it paid U.S. federal income tax. Although the Fund intends to distribute any
income and capital gain in a manner necessary to minimize the imposition of the 4% nondeductible excise tax, there can be no assurance
that sufficient amounts of the Fund&rsquo;s taxable income and capital gain will be distributed to entirely avoid the imposition
of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing
distribution requirement.</P>

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

<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If in any taxable year the Fund should fail to qualify under
Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S. federal income tax upon all
of its taxable income (including net capital gain) for that year, and all distributions to Shareholders (including distributions
of net capital gain) would be taxable to Shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent
of the Fund&rsquo;s current or accumulated earnings and profits. Provided that certain holding period and other requirements are
met, such dividends would, however, be eligible (i) to be treated as qualified dividend income eligible to be taxed at long-term
capital gain rates in the case individual Shareholders and (ii) for the dividends-received deduction in the case of corporate Shareholders.
To qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute to Shareholders its earnings
and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable
years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to recognize and pay tax on
any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized
if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five
years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The remainder of this discussion assumes that the Fund qualifies
for taxation as a RIC.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any investment by the Fund in equity securities of REITs may
result in the Fund&rsquo;s receipt of cash in excess of the REIT&rsquo;s earnings; if the Fund distributes these amounts, these
distributions could constitute a return of capital to Fund Shareholders for U.S. federal income tax purposes. Investments in REIT
equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to
make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous
to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute
qualified dividend income. Fund distribution payments that are attributable to qualified REIT dividends received by the Fund may
be designated by the Fund as Section 199A dividends, which may be taxed to individuals and other non-corporate Shareholders at
a reduced effective federal income tax rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in REITs that hold residual interests in
real estate mortgage investment conduits (&ldquo;REMICs&rdquo;). Under Treasury regulations that have not yet been issued, but
may apply retroactively, a portion of the Fund&rsquo;s income from a REIT that is attributable to the REIT&rsquo;s residual interest
in a REMIC (referred to in the Code as an &ldquo;excess inclusion&rdquo;) will be subject to federal income tax in all events.
These regulations are also expected to provide that excess inclusion income of a regulated investment company, such as the Fund,
will be allocated to Shareholders of the regulated investment company in proportion to the dividends received by such Shareholders,
with the same consequences as if the Shareholders held the related REMIC residual interest directly. The IRS in Notice 2006-97
set forth some basic principles for the application of these rules until such regulations are issued. In general, the applicable
rules under the Code and expected rules under the regulations will provide that the excess inclusion income allocated to Shareholders
(i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute
unrelated business taxable income to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan,
a Keogh plan or other tax-exempt entity) subject to tax on unrelated business income, thereby potentially requiring such an entity
that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay
tax on such income, and (iii) in the case of a foreign shareholder, will not qualify for any reduction in U.S. federal withholding
tax. In addition, if at any time during any taxable year a &ldquo;disqualified organization&rdquo; (as defined in the Code to include
governmental units, tax-exempt entities and certain cooperatives) is a record holder of a share in a regulated investment company,
then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable
year that is allocable to the disqualified organization, multiplied by the highest federal income tax rate imposed on corporations.</P>

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

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain debt securities acquired by the Fund may be treated
as debt securities that were originally issued at a discount. Generally, the amount of the original issue discount is treated as
interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a RIC and
avoid U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment
of that amount is not received until a later time, usually when the debt security matures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Fund purchases a debt security on a secondary market
at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase price is &ldquo;market
discount.&rdquo; Unless the Fund makes an election to accrue market discount on a current basis, generally, any gain realized on
the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income
to the extent the gain, or principal payment, does not exceed the &ldquo;accrued market discount&rdquo; on the debt security. Market
discount generally accrues in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase
price plus the market discount previously included in income, the Fund may not be able to benefit from any offsetting loss deductions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in preferred securities or other securities
the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent
the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it
could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities,
or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest a portion of its assets in below investment
grade securities, commonly known as &ldquo;junk&rdquo; securities. Investments in these types of securities may present special
tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue
interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless
securities, how payments received on obligations in default should be allocated between principal and income and whether modifications
or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund&rsquo;s
ability to distribute sufficient income to preserve its status as a RIC or to avoid the imposition of U.S. federal income or excise
tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gain or loss on the sale of securities by the Fund will generally
be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale
of securities held for one year or less will generally be short-term capital gain or loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the Fund may invest in foreign securities, its income
from such securities may be subject to non-U.S. taxes. The Fund does not expect that it will be eligible to elect to &ldquo;pass
through&rdquo; to Shareholders the ability to use the foreign tax deduction or foreign tax credit for foreign taxes paid by the
Fund with respect to qualifying taxes.</P>

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

<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income from options on individual securities written by the
Fund will not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &ldquo;closing
transaction&rdquo; (as defined by applicable regulations) pursuant to which the Fund&rsquo;s obligations with respect to the option
are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the writing of such options
will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction, the difference between
the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital
gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium
will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security
as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. With respect
to a put or call option that is purchased by the Fund, if the option is sold, any resulting gain or loss will be a capital gain
or loss, and will be short-term or long-term, depending upon the holding period for the option. If the option expires, the resulting
loss is a capital loss and is short-term or long-term, depending upon the holding period for the option. If the option is exercised,
the cost of the option, in the case of a call option, is added to the basis of the purchased security and, in the case of a put
option, reduces the amount realized on the underlying security in determining gain or loss. Because the Fund will not have control
over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund
to realize gains or losses at inopportune times.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Options on indices of securities and sectors of securities that
qualify as &ldquo;section 1256 contracts&rdquo; will generally be &ldquo;marked-to-market&rdquo; for U.S. federal income tax purposes.
As a result, the Fund will generally recognize gain or loss on the last day of each taxable year equal to the difference between
the value of the option on that date and the adjusted basis of the option. The adjusted basis of the option will consequently be
increased by such gain or decreased by such loss. Any gain or loss with respect to options on indices and sectors that qualify
as &ldquo;section 1256 contracts&rdquo; will be treated as short-term capital gain or loss to the extent of 40% of such gain or
loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the
Fund to recognize gain in advance of the receipt of cash, the Fund may be required to dispose of investments in order to meet its
distribution requirements. &ldquo;Mark-to-market&rdquo; losses may be suspended or otherwise limited if such losses are part of
a straddle or similar transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s transactions in foreign currencies, options
(including options on foreign currencies) and short sales, to the extent permitted, will be subject to special provisions of the
Code (including provisions relating to &ldquo;hedging transactions,&rdquo; &ldquo;straddles&rdquo; and &ldquo;constructive sales&rdquo;)
that may, among other things, affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or
losses are ordinary or capital), accelerate recognition of income to the Fund and defer Fund losses. These rules could therefore
affect the character, amount and timing of distributions to Shareholders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may either distribute or retain for reinvestment all
or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such retained
amount. In that event, the Fund may report the retained amount as undistributed capital gain in a notice to Shareholders, each
of whom, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income for U.S. federal
income tax purposes as long-term capital gain its share of such undistributed amounts, (ii) will be entitled to credit its proportionate
share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit
exceeds such liability and (iii) will increase its basis in its Shares by the amount of undistributed capital gains included in
the Shareholder&rsquo;s income less the tax deemed paid by the Shareholder under clause (ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distributions paid to you by the Fund from its net capital gain,
if any, that the Fund properly reports as capital gain dividends (&ldquo;capital gain dividends&rdquo;) are taxable as long-term
capital gains, regardless of how long you have held your Shares.</P>

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

<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distributions of &ldquo;qualifying dividends&rdquo; will also
generally be taxable to you at long-term capital gain rates, as long as certain requirements are met. In general, if 95% or more
of the gross income of a Fund (other than net capital gain) consists of dividends received from domestic corporations or &ldquo;qualified&rdquo;
foreign corporations (&ldquo;qualifying dividends&rdquo;) and when certain other requirements are met, then all distributions paid
by the Fund to individual, trust or estate Shareholders will be treated as qualifying dividends. But if less than 95% of the gross
income of a Fund (other than net capital gain) consists of qualifying dividends, then distributions paid by the Fund to individual,
trust or estate Shareholders will be qualifying dividends only to the extent they are derived from qualifying dividends earned
by the Fund. For the lower rates to apply, you must have owned your Fund Shares for at least 61 days during the 121-day period
beginning on the date that is 60 days before the Fund&rsquo;s ex-dividend date (and the Fund will need to have met a similar holding
period requirement with respect to the shares of the corporation paying the qualifying dividend). The amount of a Fund&rsquo;s
distributions that qualify for this favorable treatment may be reduced as a result of the Fund&rsquo;s securities lending activities
(if any), a high portfolio turnover rate or investments in debt securities or &ldquo;non-qualified&rdquo; foreign corporations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A portion of distributions paid by the Fund to Shareholders
who are corporations also may qualify for the dividends received deduction for corporations, subject to certain holding period
requirements and debt financing limitations. The amount of the dividends qualifying for this deduction may, however, be reduced
as a result of the Fund&rsquo;s securities lending activities (if any), by a high portfolio turnover rate or by investments in
debt securities or foreign corporations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that the Fund invests a portion of its assets
in entities that qualify as REITs for U.S. federal income tax purposes, master limited partnerships, or foreign corporations that
are not &ldquo;qualified&rdquo; foreign corporations, distributions attributable to the dividends from those entities will generally
not constitute qualifying dividends. Accordingly, except as provided below, investors in the Fund should anticipate that all or
a portion of the dividends they receive may be taxable at the higher rates generally applicable to ordinary income. In addition,
a portion of gains distributed attributable to distributions of &ldquo;unrecaptured&rdquo; Section 1250 gain of master limited
partnerships is subject to tax at a maximum rate of 25%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may make distributions to you of &ldquo;Section 199A
dividends&rdquo; with respect to qualified dividends that it receives with respect to its investments in REITs. A Section 199A
dividend is any dividend or part of such dividend that a Fund pays to its Shareholders and reports as a Section 199A dividend in
written statements furnished to its Shareholders. Distributions paid by the Fund that are eligible to be treated as Section 199A
dividends for a taxable year may not exceed the &ldquo;qualified REIT dividends&rdquo; received by the Fund from REITs reduced
by the Fund&rsquo;s allocable expenses. Section 199A dividends may be taxed to individuals and other non-corporate Shareholders
at a reduced effective federal income tax rate, provided the Shareholder receiving the dividends has satisfied a holding period
requirement for the Fund&rsquo;s Shares and satisfied certain other conditions. For the lower rates to apply, you must have owned
your Fund Shares for at least 46 days during the 91-day period beginning on the date that is 45 days before the Fund&rsquo;s ex-dividend
date, but only to the extent that the Shareholder is not under an obligation (under a short-sale or otherwise) to make related
payments with respect to positions in substantially similar or related property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any distributions you receive that are in excess of your share
of the Fund&rsquo;s current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent
of your adjusted tax basis in your Shares, and thereafter as capital gain from the sale of your Shares. The amount of any Fund
distribution that is treated as a tax-free return of capital will reduce your adjusted tax basis in your Shares, thereby increasing
your potential gain or reducing your potential loss on any subsequent sale or other disposition of your Shares.</P>

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

<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders may be entitled to offset their capital gain dividends
(but not dividends treated as qualified dividend income) with capital losses. The Code contains a number of statutory provisions
affecting when capital losses may be offset against capital gain, and limiting the use of losses from certain investments and activities.
Accordingly, Shareholders that have capital losses are urged to consult their tax advisers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends and other taxable distributions are taxable to you
even though they are reinvested in additional Shares of the Fund. Dividends and other distributions paid by the Fund are generally
treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend
in January that was declared in the previous October, November or December to Shareholders of record on a specified date in one
of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received
by you on December 31 of the year in which the dividend was declared. In addition, certain other distributions made after the close
of the Fund&rsquo;s taxable year may be &ldquo;spilled back&rdquo; and treated as paid by the Fund (except for purposes of the
4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having received such dividends in the
taxable year in which the distributions were actually made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The price of Shares purchased at any time may reflect the amount
of a forthcoming distribution. Those purchasing Shares just prior to the record date of a distribution will receive a distribution
which will be taxable to them even though it represents, economically, a return of invested capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will send you information after the end of each year
setting forth the amount and tax status of any distributions paid to you by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as discussed below in the case of a repurchase of Shares,
the sale or other disposition of Shares will generally result in capital gain or loss to you and will be long-term capital gain
or loss if you have held such Shares for more than one year at the time of sale. Any loss upon the sale or other disposition of
Shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received
(including amounts credited as an undistributed capital gain dividend) by you with respect to such Shares. Any loss you recognize
on a sale or other disposition of Shares will be disallowed if you acquire other identical Shares (whether through the automatic
reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange
of the Shares. In such case, your tax basis in the Shares acquired will be adjusted to reflect the disallowed loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, a repurchase of Shares should be treated as a sale
or exchange of such Shares under section 302 of the Code, if the receipt of cash (a) is &ldquo;substantially disproportionate&rdquo;
with respect to the Shareholder, (b) results in a &ldquo;complete redemption&rdquo; of the Shareholder&rsquo;s interest, or (c)
is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the Shareholder. A &ldquo;substantially disproportionate&rdquo;
distribution generally requires a reduction of at least 20% in the Shareholder&rsquo;s proportionate interest in the Fund and where
the Shareholder owns less than 50% of the voting power of all classes entitled to vote. A &ldquo;complete redemption&rdquo; of
a Shareholder&rsquo;s interest generally requires that all Shares of the Fund owned by such Shareholder be disposed of. A distribution
&ldquo;not essentially equivalent to a dividend&rdquo; requires that there be a &ldquo;meaningful reduction&rdquo; in the Shareholder&rsquo;s
proportionate interest in the Fund, which should result if the Shareholder has a minimal interest in the Fund, exercises no control
over Fund affairs and suffers a reduction in his proportionate interest in the Fund. In determining whether any of these tests
has been met, any Shares actually owned, as well as Shares considered to be owned by the Shareholder by reason of certain constructive
ownership rules set forth in section 318 of the Code, generally must be taken into account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current U.S. federal income tax law taxes both long-term and
short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term capital
gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at a reduced maximum
rate.</P>

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

<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain U.S. holders who are individuals, estates or trusts
and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a part of their &ldquo;net investment
income,&rdquo; which includes dividends received from the Fund and capital gains from the sale or other disposition of the Fund&rsquo;s
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Shareholder that is a nonresident alien individual or a foreign
corporation (a &ldquo;foreign investor&rdquo;) generally will be subject to U.S. federal withholding tax at the rate of 30% (or
possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below). In general,
U.S. federal withholding tax and U.S. federal income tax will not apply to any capital gain realized by a foreign investor in respect
of any distribution of net capital gain (including amounts credited as an undistributed capital gain dividend) or upon the sale
or other disposition of Shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade
or business in the United States or, in the case of an individual, is present in the United States for 183 days or more during
a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the tax consequences
of investing in the Fund&rsquo;s Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ordinary income dividends properly reported by a RIC are generally
exempt from U.S. federal withholding tax where they (i) are paid in respect of the RIC&rsquo;s &ldquo;qualified net interest income&rdquo;
(generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation
or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are
paid in respect of the RIC&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the excess of the RIC&rsquo;s net
short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances, the Fund may report
all, some or none of its potentially eligible dividends as qualified net interest income or as qualified short-term capital gains,
and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this
exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S.
status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of Shares held through
an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified
short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to
their accounts. There can be no assurance as to what portion of the Fund&rsquo;s distributions will qualify for favorable treatment
as qualified net interest income or qualified short-term capital gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, with respect to Shares held by certain foreign
financial institutions (including investment funds), a U.S. withholding at a rate of 30% will be imposed on dividends unless such
institution enters into an agreement with the U.S. Treasury to report, on an annual basis, information with respect to Shares in,
and accounts maintained by, the institution to the extent such Shares or accounts are held by certain U.S. persons and by certain
non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity
through which Shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends
in respect of Shares of the Fund held by an investor that is a non-financial foreign entity that does not qualify under certain
exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies that such entity does not have
any &ldquo;substantial United States owners&rdquo; or (ii) provides certain information regarding the entity&rsquo;s &ldquo;substantial
United States owners,&rdquo; which the Fund or applicable withholding agent will in turn provide to the Secretary of the Treasury.
An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other
guidance, may modify these requirements. The Fund will not pay any additional amounts to Shareholders in respect of any amounts
withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules
on their investment in the Fund&rsquo;s Shares.</P>

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

<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. federal backup withholding tax may be required on dividends,
distributions and sale or redemption proceeds payable to certain non-exempt Shareholders who fail to supply their correct taxpayer
identification number (in the case of individuals, generally, their social security number) or to make required certifications,
or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be
refunded or credited against your U.S. federal income tax liability, if any, provided that you timely furnish the required information
to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ordinary income dividends, capital gain dividends, and gain
from the sale, redemption or other disposition of Shares of the Fund also may be subject to state, local, and/or foreign taxes.
Shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal, state, local or foreign
tax consequences to them of investing in the Fund.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The foregoing is a general and abbreviated summary of certain
provisions of the Code and the Treasury Regulations presently in effect as they directly govern the taxation of the Fund and Shareholders.
For complete provisions, reference should be made to the pertinent Code sections and Treasury Regulations. The Code and the Treasury
Regulations are subject to change by legislative or administrative action, and any such change may be retroactive with respect
to Fund transactions. Prospective investors are advised to consult their own tax advisers for more detailed information concerning
the tax consequences of an investment in the Fund.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a018_v1"></A>ERISA CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employee benefit plans and other plans subject to ERISA or Section
4975 of the Code, including corporate savings and 401(k) plans, IRAs and Keogh Plans (each, an &ldquo;ERISA Plan&rdquo;) may purchase
Shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan,
including prudence, diversification, prohibited transactions and other standards. Because the Fund is registered as an investment
company under the 1940 Act, the underlying assets of the Fund will not be considered to be &ldquo;plan assets&rdquo; of any ERISA
Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA
or Section 4975 of the Code. Thus, none of the Fund nor Destra, nor Pinhook will be a fiduciary under and within the meaning of
ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a Shareholder, solely as a result of
the ERISA Plan&rsquo;s investment in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The provisions of ERISA are subject to extensive and continuing
administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may
be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding
the consequences under ERISA of an investment in the Fund through an ERISA Plan.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a019_v1"></A>DISTRIBUTION OF SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is a continuous offering of Class I Shares, Class A Shares,
Class T Shares and Class C Shares as permitted by the federal securities laws. Destra Capital Investments LLC located at 444 West
Lake Street, Suite 1700, Chicago, Illinois 60606, serves as the Fund&rsquo;s principal underwriter, within the meaning of the 1940
Act, and acts as the distributor of the Fund&rsquo;s Shares on a best efforts basis, subject to various conditions. The Fund&rsquo;s
Shares are offered for sale through the Distributor at NAV plus, in the case of the Class A Shares and Class T Shares, the applicable
sales load. The Distributor also may enter into agreements with Financial Intermediaries for the sale and servicing of Shares.
In reliance on Rule 415, the Fund intends to offer to sell up to 18,666,666.66 Shares, on a continuous basis, through the Distributor.
No arrangement has been made to place funds received in an escrow, trust or similar account. The Distributor is not required to
sell any specific number or dollar amount of the Fund&rsquo;s Shares, but will use its best efforts to solicit orders for the sale
of the Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a
market maker in the Shares. The Class T Shares and Class C Shares will pay the Distributor a Distribution Fee that will accrue
at an annual rate equal to 0.50% for Class T Shares and 0.75% for Class C Shares of the Fund&rsquo;s average daily net assets attributable
to the applicable share class and is payable on a monthly basis. Class I Shares and Class A Shares are not currently subject to
a Distribution Fee. The Distributor will seek to market and otherwise promote the Fund through various &ldquo;wholesale&rdquo;
distribution channels.</P>

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

<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra or its affiliates, in Destra&rsquo;s discretion and from
their own resources, may pay additional compensation to Financial Intermediaries in connection with the sale and servicing of Fund
Shares (the &ldquo;Additional Compensation&rdquo;). In return for the Additional Compensation, the Fund may receive certain marketing
advantages including access to a Financial Intermediary&rsquo;s registered representatives, placement on a list of investment options
offered by a Financial Intermediary, or the ability to assist in training and educating the Financial Intermediaries. The Additional
Compensation may differ among Financial Intermediaries in amount or in the manner of calculation: payments of Additional Compensation
may be fixed dollar amounts, or based on the aggregate value of outstanding Shares held by Shareholders introduced by the Financial
Intermediary, or determined in some other manner. The receipt of Additional Compensation by a selling Financial Intermediary may
create potential conflicts of interest between an investor and its Financial Intermediary who is recommending the Fund over other
potential investments. Additionally, Destra or its affiliates may pay a servicing fee to financial industry professionals or firms
for providing ongoing services in respect of clients with whom they have distributed certain classes of Shares of the Fund. Such
services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations
with the Fund&rsquo;s transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts
for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing,
and such other information and ongoing liaison services as may be necessary with respect to such accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has agreed to indemnify the Distributor against certain
liabilities, including liabilities under the Securities Act, or to contribute to payments the Distributor may be required to make
because of any of those liabilities. Such agreement does not include indemnification of the Distributor against liability resulting
from willful misfeasance, bad faith, or gross negligence on the part of the Distributor in the performance of its duties or from
reckless disregard by the Distributor of its obligations and duties under the Distribution Agreement. The Distributor may, from
time to time, perform services for Destra and its affiliates in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Automatic Investment Plan&ndash;Subsequent Investments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may participate in the Fund&rsquo;s Automatic Investment
Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the use of electronic
funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $25 into your
established Fund account on specified days on a monthly, quarterly, semi-annual or annual basis. Please contact the Fund at 1-855-601-3841
or Destra Multi-Alternative Fund, c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788 for more information about
the Fund&rsquo;s Automatic Investment Plan.</P>

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

<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The minimum initial investment by a shareholder is $1,000,000
for Class I Shares and $2,500 for Class A Shares, Class T Shares and Class C Shares, respectively. Subsequent investments may be
made with at least $100 for regular accounts and $50 for retirement plan accounts. All Share purchases are subject to approval
by Destra. The Fund reserves the right to waive investment minimums. The Fund may permit a Financial Intermediary to waive the
initial minimum per Shareholder for Class I Shares in the following situations: broker-dealers purchasing Class I Shares for clients
in broker-sponsored fee-based advisory programs; Financial Intermediaries with clients of a registered investment advisor (RIA)
purchasing Class I Shares in fee-based advisory accounts with a $1,000,000 aggregated initial investment across multiple clients;
and certain other situations deemed appropriate by the Fund. The Fund&rsquo;s Shares are offered for sale through the Distributor
at NAV plus the applicable sales load, if any. The price of the Shares during the Fund&rsquo;s continuous offering will fluctuate
over time with the NAV of the Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When selecting a Share class, you should consider the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>which Share classes are available to you;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>how much you intend to invest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>how long you expect to own the Shares; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>total costs and expenses associated with a particular Share class.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each investor&rsquo;s financial considerations are different.
You should speak with your financial advisor to help you decide which Share class is best for you. Not all Financial Intermediaries
offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider
which class of Shares to purchase. Investors should consult with their Financial Intermediary regarding the sales load and any
additional fees or charges their Financial Intermediary might impose on each class of shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class I Shares are sold at the then-current NAV per Class I
Share and are not subject to any upfront sales charge. While Class I Shares are not subject to a sales load, investors may be required
to pay a brokerage commission and/or other forms of compensation on purchases of Class I Shares to their Financial Intermediary.
The following additional feature should be taken into account when purchasing Class I Shares:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a minimum initial investment of $1,000,000 (the Fund reserves the right to waive investment minimums).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class I Shares may only be available through certain Financial
Intermediaries. Because the Class I Shares of the Fund are sold at the prevailing NAV per Class I Share without an upfront Sales
Load, the entire amount of your purchase is invested immediately.</P>

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

<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors purchasing Class A Shares will pay a Sales Load based
on the amount of their investment in the Fund. The Sales Load payable by each investor depends upon the amount invested by such
investor in the Fund, but may range from 1.50% to 5.75%, as set forth in the table below. A reallowance to participating broker dealers
will be made by the Distributor from the Sales Load paid by each investor. The following Sales Loads apply to your purchases of
Class A Shares of the Fund:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Amount Purchased</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dealer<BR> Reallowance*</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Distribution Fee</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales Load as a %<BR> of Offering Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales Load as a %<BR>
 of Amount<BR> Invested</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 42%">Under $100,000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">None</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5.75</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6.10</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>$100,000-$249,999</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">None</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.75</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.99</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>$250,000-$499,999</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">None</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.75</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.90</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>$500,000-$999,999</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">None</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.56</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$1,000,000 and Above</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">None</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.50</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.52</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>



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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><I>*</I></TD><TD><I>Gross Dealer Concession paid to participating broker-dealers.</I></TD>
</TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are additional features that should be taken into
account when purchasing Class A Shares of the Fund:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a minimum initial investment of $2,500 (the Fund reserves the right to waive investment minimums); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable
to Class A Shares.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors purchasing Class T Shares will pay a Sales Load based
on the amount of their investment in the Fund. The Sales Load payable by each investor depends upon the amount invested by such
investor in the Fund, but may range from 1.00% to 3.00%, as set forth in the table below. A reallowance to participating broker
dealers will be made by the Distributor from the Sales Load paid by each investor. The following Sales Loads apply to your purchases
of Class T Shares of the Fund:</P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Amount Purchased</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dealer<BR> Reallowance*</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Distribution Fee</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales Load as a %<BR> of Offering Price</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales Load as a %<BR>
 of Amount<BR> Invested</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Under $250,000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.50</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3.09</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>$250,000-$999,999</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.04</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$1,000,000 and Above</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.01</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>




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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><I>*</I></TD><TD><I>Gross Dealer Concession paid to participating broker-dealers.</I></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are additional features that should be taken into
account when purchasing Class T Shares:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a minimum initial investment of $2,500 (the Fund reserves the right to waive investment minimums);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable
to Class T Shares; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a monthly Distribution Fee which will accrue at an annual rate equal to 0.50% of the average daily net assets of the Fund attributable
to Class T Shares.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class C Shares are sold at the then-current NAV per Class C
Share and are not subject to any upfront sales charge. While Class I Shares are not subject to a sales load, investors may be required
to pay a brokerage commission and/or other forms of compensation on purchases of Class C Shares to their Financial Intermediary.
The following additional feature should be taken into account when purchasing Class C Shares:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are additional features that should be taken into
account when purchasing Class C Shares:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a minimum initial investment of $2,500 (the Fund reserves the right to waive investment minimums);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable
to Class C Shares; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>a monthly Distribution Fee which will accrue at an annual rate equal to 0.75% of the average daily net assets of the Fund attributable
to Class C Shares.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential Sales Charge Waiver</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purchases of Class A Shares and Class T Shares may be made without
a sales charge (i.e., &ldquo;load-waived&rdquo;) when they are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>reinvesting distributions through the DRP. See &ldquo;Distributions&rdquo;;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>purchases by (i) directors, officers and employees of Destra and its affiliates, (ii) Trustees and officers of the Fund, and
(iii) directors and officers of any sub-adviser to a fund advised by Destra, including retired persons who formerly held such positions
and immediate family members of such purchasers (immediate family members are defined as spouses, domestic partners, parents and
children);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>purchases:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>for eligible retirement or benefit plans made through Financial Intermediaries that perform participant recordkeeping or other
administrative services for the plans;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>as a trustee or custodian of any pension or profit sharing plan or payroll deduction IRA for the employees of any consenting
securities dealer having a sales agreement with the Distributor; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>for certain employee benefits or retirement plans, other than employee benefits or retirement plans that purchase Class A shares
through brokerage relationships in which sales charges are customarily imposed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>purchasing Shares through the Distributor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>participating in an eligible investment advisory or agency commission program under which the investor pays a fee to an investment
advisor or other firm for portfolio management or brokerage services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>purchases by investors maintaining a self-directed brokerage account with a registered broker-dealer that has entered into
an agreement with the Distributor to offer Class A shares through a load-waived network or platform, which may or may not charge
transaction fees;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #262326">&#9679;</FONT></TD><TD>exchanging an investment in Class A or Class T (or equivalent type) Shares of another fund for an investment in the Fund.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>To the extent the Distributor offers Shares with reduced
sales charges through an arrangement with (i) eligible retirement or benefit plans; (ii) securities dealers, brokers or Financial
Intermediaries having a sales agreement with the Distributor; (iii) investment advisors that administer eligible investment advisory
or agency commission programs; and (iv) any other entity, such arrangements will be disclosed via an appendix to the Fund&rsquo;s
Prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, concurrent purchases of Class A or Class T by related
accounts may be combined to determine the application of the Sales Load (i.e., available breakpoints or volume discounts). The
Fund will combine purchases made by an investor, the investor&rsquo;s spouse or domestic partner, and dependent children when it
calculates the Sales Load.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is the investor&rsquo;s responsibility to determine whether
a reduced Sales Load would apply. The Fund is not responsible for making such a determination. To receive a reduced Sales Load,
notification must be provided at the time of the purchase order. If you purchase Class A or Class T Shares directly from the Fund,
you must notify the Fund in writing. Otherwise, notice should be provided to the Financial Intermediary through whom the purchase
is made so they can notify the Fund.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may be eligible for a reduced sales
charge if you assure the Fund in writing that you intend to invest at least $100,000 for Class A Shares and at least $250,000 for
Class T Shares of the Fund, respectively, over the next 13 months in exchange for a reduced sales charge (&ldquo;Letter of Intent&rdquo;).
By signing a Letter of Intent you can purchase Class A or Class T at a lower sales charge level. Your individual purchases will
be made at the applicable sales charge based on the amount you intend to invest over a 13-month period as stated in the Letter
of Intent. Any Shares purchased within 90 days prior to the date you sign the Letter of Intent may be used as credit toward completion
of the stated amount, but the reduced sales charge will only apply to new purchases made on or after the date of the Letter of
Intent. Purchases resulting from the reinvestment of dividends and capital gains do not apply toward fulfillment of the Letter
of Intent. Shares equal to 5.75% for Class A Shares and 3.00% for Class T Shares of the Fund, respectively, of the amount stated
in the Letter of Intent will be held in escrow during the 13-month period. If, at the end of the period, the total net amount invested
is less than the amount stated in the Letter of Intent, you will be required to pay the difference between the reduced sales charge
and the sales charge applicable to the individual net amounts invested had the Letter of Intent not been in effect. This amount
will be obtained from redemption of the escrowed Shares. Any remaining escrowed Shares after payment to the Fund of the difference
in applicable sales charges will be released to you. If you establish a Letter of Intent with the Fund, you can aggregate your
accounts as well as the accounts of your immediate family members. You will need to provide written instructions with respect to
the other accounts whose purchases should be considered in fulfillment of the Letter of Intent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of determining the applicable reduced sales
charge, the right of accumulation may allow you to include prior purchases of Class A or Class T Shares of the Fund, as well as
reinvested distributions, as part of your current investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order for your purchases and holdings to be aggregated for
purposes of qualifying for such discount, they must have been made through one Financial Intermediary and you must provide sufficient
information to your Financial Intermediary at the time of initial purchase of shares that qualify for the right of accumulation
to permit verification that the purchase qualifies for the reduced sales charge.</P>

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

<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund reserves the right to annually request that intermediaries
close Fund accounts that are valued at less than $500, other than as a result solely of depreciation in share value. Please note
that you may incur a tax liability as a result of your account closure and associated redemption. Certain accounts held through
Financial Intermediaries may not be subject to closure due to the policies of the Financial Intermediaries. You may receive written
notice from your Financial Intermediary to increase your account balance to the required minimum to avoid having your account closed.
If you hold Shares directly with the Fund, you may receive written notice prior to the closure of your Fund account so that you
may increase your account balance to the required minimum. The Fund reserves the right to change the amount of these minimums or
maximums from time to time or to waive them in whole or in part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon request, the Fund may, in its discretion, permit a current
Shareholder to convert Shares held by them to another class of Fund Shares in a non-taxable transaction; provided that such Shareholder
meets the requirements of the new Share class.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund, with respect to its Class T Shares and Class C Shares,
is authorized under a &ldquo;Distribution Plan&rdquo; to pay to the Distributor a Distribution Fee for certain activities relating
to the distribution of shares to investors and maintenance of shareholder accounts. These activities include marketing and other
activities to support the distribution of the Class T Shares and Class C Shares. The Plan operates in a manner consistent with
Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear
the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with
the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have asset based distribution
fees. Under a Distribution Plan, the Fund pays the Distributor a Distribution Fee at an annual rate of 0.50% for Class T Shares
and 0.75% for Class C Shares of average daily net assets attributable to the applicable share classes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has adopted a &ldquo;Shareholder Servicing Plan&rdquo;
with respect to its Class A Shares, Class T Shares and Class C Shares under which the Fund may compensate financial industry professionals
or firms for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Such services
may include (i) responding to Shareholder inquiries of a general nature regarding the Fund; (ii) crediting distributions from the
Fund to Shareholder accounts; (iii) arranging for bank wire transfer of funds to or from a Shareholder&rsquo;s account; (iv) responding
to Shareholder inquiries and requests regarding the Statement of Additional information, shareholder reports, notices, proxies
and proxy statements, and other Fund documents; (v) forwarding the prospectus, Statement of Additional Information, tax notices
and annual and semi-annual reports to beneficial owners of Fund Shares; (vi) assisting the Fund in establishing and maintaining
Shareholder accounts and records; (vii) assisting Shareholder in changing account options, account designations and account addresses,
and (vii) providing such other similar services as the Fund may reasonably request to the extent permitted to do so under applicable
statutes, rules, or regulations. Under the Shareholder Servicing Plan, the Fund, with respect Class A Shares, Class T Shares and
Class C Shares may incur expenses on an annual basis up to 0.25% of its average daily net assets attributable to Class A Shares,
Class T Shares and Class C Shares, respectively.</P>

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

<!-- Field: Page; Sequence: 92; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has authorized one or more Financial Intermediaries
to receive on its behalf purchase orders and repurchase requests. Such Financial Intermediaries are authorized to designate other
intermediaries to receive purchase orders and repurchase requests on the Fund&rsquo;s behalf. The Fund will be deemed to have received
a purchase order or repurchase request when a Financial Intermediary or, if applicable, a Financial Intermediary&rsquo;s authorized
designee, receives the order or request. Customer orders will be priced at the Fund&rsquo;s net asset value next computed after
they are received by a Financial Intermediary or the Financial Intermediary&rsquo;s authorized designee. Investors may be charged
a fee if they effect transactions through a Financial Intermediary or authorized designee. Investors who purchase Shares through
Financial Intermediaries will be subject to the procedures of those Intermediaries through which they purchase Shares, which may
include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein.
Information concerning any charges or services will be provided to customers by the Financial Intermediary through which they purchase
Shares. Investors purchasing Shares of the Fund through Financial Intermediaries should acquaint themselves with their Financial
Intermediary&rsquo;s procedures and should read the Prospectus in conjunction with any materials and information provided by their
Financial Intermediary. The Financial Intermediary, and not its customers, will be the Shareholder of record, although customers
may have the right to vote Shares depending upon their arrangement with the Financial Intermediary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payments to Financial Intermediaries</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra, out of its own resources and without additional cost
to the Fund or its Shareholders, may provide additional cash payments to Financial Intermediaries, which may include affiliates
of Destra, for the sale of Fund shares and related services. These payments and compensation are in addition to shareholder servicing
fees paid by the Fund, if any. Payments are generally made to Financial Intermediaries that provide shareholder servicing, marketing
and related sales support or access to sales meetings, sales representatives and management representatives of the Financial Intermediary.
Payments may also be paid to Financial Intermediaries for inclusion of the Fund on a sales list, including a preferred or select
sales list or in other sales programs. Compensation may be paid as an expense reimbursement in cases in which the Financial Intermediary
provides shareholder services to the Fund. Destra may also pay cash compensation in the form of finder&rsquo;s fees that vary depending
on the dollar amount of the Shares sold.&nbsp;The level of such payments may be substantial and may vary among Financial Intermediaries.
These payments may create incentives on the part of a Financial Intermediary to view the Fund favorably compared with investment
funds that do not make these payments, or that make smaller payments.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a020_v1"></A>DISTRIBUTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the Board&rsquo;s discretion and applicable legal
restrictions, the Fund intends to pay ordinary cash distributions to Shareholders on a monthly basis. Such regular distributions
are expected to be paid using all or a portion of the Fund&rsquo;s Available Operating Funds, which are defined as the Fund&rsquo;s
net investment income after the application of the Expense Limitation, net capital gains and dividends and other distributions,
including those treated as a return of capital, paid to the Fund on account of preferred and common equity investments in portfolio
companies (to the extent such amounts are not included in net investment income or net capital gains). From time to time, to maintain
a stable level of distributions, the Fund may also pay distributions from offering proceeds or borrowings. A distribution from
offering proceeds is treated as a return of capital (shareholders&rsquo; original investment in the Fund) and generally will reduce
a shareholder&rsquo;s basis in his or her Shares, which may increase the capital gain or reduce the capital loss realized upon
the sale of such Shares.&nbsp;Any amounts received in excess of a shareholder&rsquo;s basis are generally treated as capital gain,
assuming the Shares are held as capital assets.</P>

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

<!-- Field: Page; Sequence: 93; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the Board&rsquo;s discretion and applicable legal
restrictions, the Fund from time to time may also pay special interim distributions in the form of cash or Shares. At least annually,
the Fund intends to authorize and declare special cash distributions of net long-term capital gains, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Expense Limitation will have the effect of increasing the
Available Operating Funds available to fund regular distributions. The Fund&rsquo;s future repayments of amounts reimbursed or
waived by Destra pursuant to the Expense Limitation will in turn reduce the Available Operating Funds available to fund regular
distributions. There can be no assurance that the Fund will achieve the performance necessary to sustain its distributions or that
it will be able to pay distributions at a specific rate or at all. Destra has no obligation to waive fees and expenses or otherwise
reimburse expenses in future periods.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each year a statement on Form 1099-DIV identifying the character
of the distributions (i.e., as ordinary income, &ldquo;qualified dividend income,&rdquo; &ldquo;capital gain dividends,&rdquo;
and/or a tax-free return of capital) will be mailed to Shareholders. Fund distributions to Shareholders may exceed the Fund&rsquo;s
earnings and profits for U.S. federal income tax purposes, especially during the period before the Fund has substantially invested
the proceeds from this Offering. As a result, a portion of such distributions may constitute a return of capital and will lower
an investor&rsquo;s tax basis in his or her Shares. A return of capital generally is a return of an investor&rsquo;s investment
rather than a return of earnings or gains derived from the Fund&rsquo;s investment activities. In addition, certain investments
the Fund makes, including preferred and common equity investments, may generate dividends and other distributions to the Fund that
are treated for tax purposes as a return of capital, and a portion of the Fund&rsquo;s distributions to Shareholders may also be
deemed to constitute a return of capital for tax purposes to the extent that the Fund may use such dividends or other distribution
proceeds to fund its distributions to Shareholders. There can be no assurance that the Fund will be able to pay distributions at
a specific rate or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To qualify for and maintain RIC tax treatment, the Fund must
distribute on a timely basis with respect to each tax year an amount at least equal to the sum of 90% of its &ldquo;investment
company taxable income&rdquo; and its net tax-exempt interest income, if any, for such tax year. In order to avoid certain excise
taxes imposed on RICs, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its
ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital
gain net income for the one-year period ending on October 31 of the calendar year and (iii) any ordinary income and capital gains
for previous years that were not distributed during such years and on which the Fund paid no federal income tax. The Fund can offer
no assurance that it will achieve results that will permit the payment of any cash distributions. If the Fund issues senior securities,
the Fund will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated
by the 1940 Act or if distributions are limited by the terms of any of the Fund&rsquo;s borrowings. Any such limitations would
adversely impact the Fund&rsquo;s ability to make distributions to Shareholders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will operate under a DRP administered by the Fund&rsquo;s
Administrator. Pursuant to the plan, the Fund&rsquo;s cash distributions are reinvested in the same class of Shares of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders automatically participate in the DRP, unless and
until an election is made to withdraw from the plan on behalf of such participating Shareholder. Registered Shareholders who do
not wish to have cash distributions automatically reinvested should so notify the Fund in writing at Destra Multi-Alternative Fund,
c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788. Such written notice must be received by the Administrator no
later than 15 days prior to the record date of the cash distribution or the Shareholder will receive such cash distribution in
Shares through the DRP. If Shares are held by a broker or other financial intermediary, a Shareholder may elect to withdraw from
the DRP by notifying their broker or other financial intermediary of their election. Under the DRP, the Fund&rsquo;s cash distributions
to Shareholders are reinvested in full and fractional Shares as described below.</P>

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

<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When the Fund declares a cash distribution, the Administrator,
on the Shareholder&rsquo;s behalf, will receive additional authorized, newly-issued Shares from the Fund. The number of Shares
to be received when cash distributions are reinvested will be determined by dividing the total dollar amount of the distribution
payable by the NAV per Share of the applicable class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although Shares issued pursuant to the DRP will not be subject
to any Sales Load, such Shares will be subject to the shareholder servicing fee and Distribution Fee, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Administrator will maintain all Shareholder accounts and
furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and
tax records. The Administrator will hold Shares in the account of the Shareholders in non-certificated form in the name of the
participant, and each Shareholder&rsquo;s proxy, if any, will include those Shares purchased pursuant to the DRP. Each participant,
nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in
its sole discretion. The Administrator, or another entity selected by a financial intermediary, as the case may be, will distribute
all proxy solicitation materials, if any, to participating Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of Shareholders, such as banks, brokers or nominees,
that hold Shares for others who are beneficial owners participating under the DRP, the Administrator will administer the DRP on
the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares
registered in the Shareholder&rsquo;s name and held for the account of beneficial owners participating under the DRP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither the Administrator nor the Fund shall have any responsibility
or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRP, nor shall they have any
duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any
act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant&rsquo;s
account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold
for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the
federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The automatic reinvestment of cash distributions will not relieve
participants of any federal, state or local income tax that may be payable (or required to be withheld) on such distributions.
See &ldquo;Tax Aspects.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund reserves the right to amend, suspend or terminate the
DRP. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right
to amend the DRP to include a service charge payable by participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All correspondence concerning the DRP should be directed to
the plan administrator by mail at Destra Multi-Alternative Fund, c/o Gemini Fund Services, LLC, 80 Arkay Drive, Hauppauge, NY 11788.
A Shareholder may obtain a copy of the DRP by request to the plan administrator or by contacting the Fund.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a021_v1"></A>FISCAL YEAR; REPORTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For accounting purposes, the Fund&rsquo;s fiscal year ends on
February 28. After the end of each calendar year, the Fund will furnish to Shareholders a statement on Form 1099-DIV identifying
the sources of the distributions paid by the Fund to Shareholders for U.S. federal income tax purposes. In addition, the Fund will
prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the
period for which the report is being made, or as otherwise required by the 1940 Act.</P>

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

<!-- Field: Page; Sequence: 95; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a022_v1"></A>PRIVACY NOTICE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is committed to protecting the privacy of Shareholders.
This privacy notice explains the privacy policies of the Fund and its affiliates. This notice supersedes any other privacy notice
Shareholders may have received from the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will safeguard, according to strict standards of security
and confidentiality, all information the Fund receives about Shareholders. The only information the Fund collects from Shareholders
is their name, address, number of Shares held and their social security number.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This information is used only so that the Fund can send Shareholders
annual reports, semi-annual reports and other information about the Fund, and send Shareholders other information required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund does not share this information with any non-affiliated
third party except as described below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Authorized employees of Destra</I>. It is the Fund&rsquo;s policy that only authorized employees of Destra who need to know
a Shareholder&rsquo;s personal information will have access to it.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Service providers</I>. The Fund may disclose a Shareholder&rsquo;s personal information to companies that provide services
on the Fund&rsquo;s behalf, such as record keeping, processing the Shareholder&rsquo;s trades and mailing the Shareholder information.
These companies are required to protect the Shareholder&rsquo;s information and use it solely for the purpose for which they received
it.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Courts and government officials</I>. If required by law, the Fund may disclose a Shareholder&rsquo;s personal information
in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena or
court order will be disclosed.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a023_v1"></A>LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain legal matters in connection with the shares will be
passed upon for the Fund by Drinker Biddle &amp; Reath LLP, One Logan Square, Ste. 2000, Philadelphia, PA 19103-6996.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a024_v1"></A>INQUIRIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inquiries concerning the Fund and the Shares should be directed
to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Multi-Alternative Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Gemini Fund Services, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">80 Arkay Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hauppauge, NY 11788</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 855-601-3841</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Website: <I><U>www.destracapital.com</U></I><U>.</U></P>

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

<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a025_v1"></A>TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL
INFORMATION</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL INFORMATION AND HISTORY</FONT></TD>
    <TD STYLE="width: 7%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT OBJECTIVE, POLICIES AND RISKS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT RESTRICTIONS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT OF THE FUND</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONFLICTS OF INTEREST</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROXY VOTING POLICY AND PROXY VOTING RECORD</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>DISTRIBUTOR</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL COUNSEL</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADMINISTRATOR</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSTODIAN</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPENDIX A &ndash; <FONT STYLE="text-transform: uppercase">Sub-Adviser Proxy Voting Policies and Procedures</FONT></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPENDIX B &ndash; RATINGS OF INVESTMENTS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">FINANCIAL STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 10pt">F-1</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 97; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All dealers that buy, sell or trade the Fund&rsquo;s Shares,
whether or not participating in this offering, may be required to deliver a prospectus when acting on behalf of the Fund&rsquo;s
Distributor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors should rely only on the information contained in this
prospectus. No dealer, salesperson or other individual has been authorized to give any information or to make any representations
that are not contained in this prospectus. If any such information or statements are given or made, investors should not rely upon
such information or representations. This prospectus does not constitute an offer to sell any securities other than those to which
this prospectus relates, or an offer to sell to, or a solicitation of an offer to buy from, any person in any jurisdiction where
such an offer or solicitation would be unlawful. This prospectus speaks as of the date set forth below. Investors should not assume
that the delivery of this prospectus or that any sale made pursuant to this prospectus implies that the information contained in
this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Up to 18,666,666.66 Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Destra Multi-Alternative Fund</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2019</B></P>

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

<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maximum Offering of 18,666,666.66 Common
Shares</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DESTRA <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Multi-Alternative</FONT>
FUND</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Statement of Additional Information</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 15%"><B>Class I Shares</B></TD>
    <TD STYLE="width: 85%"><B>MSFIX</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>Class A Shares</B></TD>
    <TD><B>MSFDX</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>Class T Shares</B></TD>
    <TD><B>MSFYX</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><B>Class C Shares</B></TD>
    <TD><B>MCFDX</B></TD></TR>
</TABLE>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], 2019</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;)
is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;),
as a non-diversified, closed-end management investment company and operates as an interval fund. The Fund makes investments as
described in the Fund&rsquo;s prospectus dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2019, as may be supplemented from time to time (the &ldquo;Prospectus&rdquo;),
which is incorporated herein by reference, with the proceeds it receives from the sale of common shares of beneficial interest
(&ldquo;Shares&rdquo;). There can be no assurance that the Fund will achieve its investment objective.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Statement of Additional Information (this
&ldquo;Statement of Additional Information&rdquo;) is not a prospectus and is authorized for distribution to prospective investors
only if preceded or accompanied by the Prospectus. This Statement of Additional Information should be read in conjunction with
the Prospectus, a copy of which may be obtained upon request and without charge by writing to the Fund at c/o Gemini Fund Services,
LLC, 80 Arkay Drive, Hauppauge, NY 11788, by calling the Fund toll-free at 1-855-601-3841 or by accessing the Fund&rsquo;s &ldquo;Prospectus&rdquo;
page on Fund&rsquo;s website at <I><U>www.destracapital.com</U></I>. The information on the Fund&rsquo;s website is not incorporated
by reference into this Statement of Additional Information and investors should not consider it a part of this Statement of Additional
Information. The Prospectus, and other information about the Fund, is also available on the U.S. Securities and Exchange Commission&rsquo;s
(the &ldquo;SEC&rdquo;) website at http://www.sec.gov. The address of the SEC&rsquo;s website is provided solely for the information
of prospective investors and is not intended to be an active link.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capitalized terms used but not defined in this
Statement of Additional Information have the meanings ascribed to them in the Prospectus.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b001_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">GENERAL INFORMATION AND HISTORY</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b002_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">INVESTMENT OBJECTIVE, POLICIES AND RISKS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b003_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">INVESTMENT RESTRICTIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b004_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">MANAGEMENT OF THE FUND</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b005_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONFLICTS OF INTEREST</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b006_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b007_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROXY VOTING POLICY AND PROXY VOTING RECORD</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b008_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b009_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">DISTRIBUTOR</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b010_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b011_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">LEGAL COUNSEL</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b012_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">ADMINISTRATOR</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b013_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">CUSTODIAN</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b014_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b015_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">APPENDIX A&nbsp;&ndash;&nbsp;SUB-ADVISER PROXY
    VOTING POLICIES AND PROCEDURES</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b016_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">APPENDIX B&nbsp;&ndash;&nbsp;RATINGS OF INVESTMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">B-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#b017_v1"><FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">F-1</FONT></TD></TR>
</TABLE>


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

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b001_v1"></A>GENERAL INFORMATION AND HISTORY</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Destra Multi-Alternative Fund (previously,
until November 30, 2018, the Multi-Strategy Growth &amp; Income Fund and then until December 6, 2018, the Destra Alternative Access
Fund) (the &ldquo;Fund&rdquo; or the &ldquo;Trust&rdquo;) is a continuously offered, non-diversified, closed-end management investment
company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust on June 3, 2011 and commenced
operations on March 16, 2012. The Fund&rsquo;s principal office is c/o Destra Capital Advisors, 444 West Lake Street, Suite 1700,
Chicago IL 60606, and its telephone number is 1-855-601-3841. The investment objective and principal investment strategies of the
Fund, as well as the principal risks associated with the Fund&rsquo;s investment strategies, are set forth in the Prospectus. Certain
additional investment information is set forth below.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund offers four classes of shares: Class
A shares, Class T shares, Class C shares and Class I shares. The Fund&rsquo;s Board of Trustees (the &ldquo;Board,&rdquo; &ldquo;Trustees&rdquo;
or &ldquo;Board of Trustees&rdquo;) may classify and reclassify the shares of the Fund into additional classes of shares at a future
date.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b002_v1"></A>INVESTMENT OBJECTIVE, POLICIES AND RISKS</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following disclosure supplements the disclosure
set forth under the caption &ldquo;Types of Investments and Related Risks&rdquo; in the Prospectus and does not, by itself, present
a complete or accurate explanation of the matters disclosed. Prospective investors must refer also to &ldquo;Types of Investments
and Related Risks&rdquo; in the Prospectus for a complete presentation of the matters disclosed below.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underlying Funds </B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests in index-linked or actively
managed exchange-traded funds (&ldquo;ETFs&rdquo;), mutual funds and closed-end funds (collectively &ldquo;Underlying Funds&rdquo;).
The expenses of the Fund will generally be higher than the direct expenses of other fund shares. The Fund indirectly bears fees
and expenses charged by the Underlying Funds in which the Fund invests in addition to the Fund&rsquo;s direct fees and expenses.
See &ldquo;Summary of Fund Expenses&rdquo; in the Prospectus for a further description of such fees and their impact on the expenses
of the Fund. The Fund may also incur brokerage costs when it purchases shares of Underlying Funds. Furthermore, investments in
Underlying Funds could affect the timing, amount and character of distributions to common shareholders and therefore may increase
the amount of taxes payable by investors in the Fund. The value of an investment in the Fund will go up and down with the prices
of Underlying Fund shares (and other securities) in which the Fund invests. Similarly, the value of the Fund&rsquo;s investments
in Underlying Funds will go up and down with the prices of the securities in which the Underlying Funds invest.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund will incur higher and additional expenses
when it invests in Underlying Funds. There is also the risk that the Fund may suffer losses due to the investment practices or
operations of the Underlying Funds. To the extent that the Fund invests in one or more Underlying Funds that concentrate in a particular
industry, the Fund would be vulnerable to factors affecting that industry and the concentrating Underlying Funds&rsquo; performance,
and that of the Fund, may be more volatile than Underlying Funds that do not concentrate. In addition, one Underlying Fund may
purchase a security that another Underlying Fund is selling.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s performance will depend to
an extent on the performance of the Underlying Funds (and other assets) in which the Fund invests. The use of leverage by Underlying
Funds magnifies gains and losses on amounts invested and increases the risks associated with investing in Underlying Funds. Further,
the Underlying Funds are not subject to the Fund&rsquo;s investment policies and restrictions. The Fund generally receives information
regarding the portfolio holdings of Underlying Funds only when that information is made available to the public. The Fund cannot
dictate how the Underlying Funds invest their assets. The Underlying Funds may invest their assets in securities and other instruments,
and may use investment techniques and strategies, that are not described in this Prospectus. Common shareholders bear two layers
of fees and expenses with respect to the Fund&rsquo;s investments in Underlying Funds because each of the Fund and the Underlying
Fund will charge fees and incur separate expenses. See &ldquo;Summary of Fund Expenses&rdquo; for a further description of such
fees and their impact on the expenses of the Fund. In addition, subject to applicable 1940 Act limitations, the Underlying Funds
themselves may purchase securities issued by registered and unregistered funds (e.g., common stock, preferred stock, auction rate
preferred stock), and those investments would be subject to the risks associated with Underlying Funds and unregistered funds (including
a third layer of fees and expenses, i.e., the Underlying Fund will indirectly bear fees and expenses charged by the funds in which
the Underlying Fund invests, in addition to the Underlying Fund&rsquo;s own fees and expenses). An Underlying Fund with positive
performance may indirectly receive a performance fee from the Fund, even when the Fund&rsquo;s overall returns are negative. Additionally,
the Fund&rsquo;s investment in an Underlying Fund may result in the Fund&rsquo;s receipt of cash in excess of the Underlying Fund&rsquo;s
earnings; if the Fund distributes these amounts, the distributions could constitute a return of capital to Fund shareholders for
federal income tax purposes. As a result of these factors, the use of the fund of funds structure by the Fund could therefore affect
the amount, timing and character of distributions to shareholders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests in closed-end investment companies
or funds. The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share that
is less than the net asset value per share, the difference representing the &ldquo;market discount&rdquo; of such shares. This market
discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as
well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next
determined net asset value, but rather, are subject to supply and demand in the secondary market. A relative lack of secondary
market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their net asset value.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in shares of closed-end
funds that are trading at a discount to net asset value or at a premium to net asset value. There can be no assurance that the
market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this market
discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price
of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund&rsquo;s shares. Similarly, there
can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium
or that the premium will not decrease subsequent to a purchase of such shares by the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Closed-end funds may issue senior securities
(including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund&rsquo;s common shares in an attempt
to enhance the current return to such closed-end fund&rsquo;s common shareholders. The Fund&rsquo;s investment in the common shares of closed-end
funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time
may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies
without a leveraged capital structure.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Index-based ETFs (and other index funds) in
which the Fund may invest may not be able to replicate exactly the performance of the indices they track or benchmark due to transactions
costs and other expenses of the ETFs. The Fund may also invest in actively managed ETFs that are subject to management risk as
the ETF&rsquo;s investment adviser will apply certain investment techniques and risk analyses in making investment decisions. There
can be no guarantee that these will produce the desired results. The shares of closed-end funds frequently trade at a discount
to their net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the
Fund will ever decrease, and it is possible that the discount may increase. Underlying Funds may not be able to match or outperform
their benchmarks.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s investment in Underlying Funds
may be limited by provisions of the 1940 Act, which generally limit the amount the Fund and its affiliates can invest in any one
Underlying Fund to 3% of the Underlying Fund&rsquo;s outstanding voting stock. As a result, the Fund may hold a smaller position
in an Underlying Fund than if it were not subject to this restriction. In addition, to comply with provisions of the 1940 Act,
in any matter upon which Underlying Fund shareholders are solicited to vote, the Adviser may be required to vote Underlying Fund
shares in the same proportion as shares held by other shareholders of the Underlying Fund. However, pursuant to exemptive orders
issued by the SEC to various ETF fund sponsors, the Fund is permitted to invest in such Underlying Funds in excess of the limits
set forth in the 1940 Act subject to certain terms and conditions set forth in such exemptive orders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Development Companies (BDCs)</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in BDCs as a principal part
of its strategy. BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve
greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of dividends,
certain BDCs during certain periods of time may not generate such income. The Fund indirectly bears its proportionate share of
any management fees and other operating expenses incurred by the BDCs and of any performance-based or incentive fees payable by
the BDCs in which it invests, in addition to the expenses paid by the Fund. BDCs generally charge a management fee of up to 2.0%
and up to a 20% incentive fee on income and/or capital gains. The use of leverage by BDCs magnifies gains and losses on amounts
invested and increases the risks associated with investing in BDCs. A BDC may make investments with a larger amount of risk of
volatility and loss of principal than other investment options and may also be highly speculative and aggressive.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in BDCs may be subject to a high
degree of risk. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have
access to public equity markets or capital raising. As a result, a BDC&rsquo;s portfolio typically will include a substantial amount
of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or private
debt fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative
of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line
of business may have a greater impact on the value of their stock than is the case with a larger company. Some BDCs invest substantially,
or even exclusively, in one sector or industry group and therefore carry risk of that particular sector or industry group. To the
extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory
occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments
in BDCs are subject to various other risks, including management&rsquo;s ability to meet the BDC&rsquo;s investment objective and
to manage the BDC&rsquo;s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as
investors&rsquo; perceptions regarding a BDC or its underlying investments change. BDC shares are not redeemable at the option
of the BDC shareholder and, as with shares of other closed-end funds, they may trade in the secondary market at a discount to their
NAV.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Master Limited Partnerships</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may invest in master limited partnerships
(&ldquo;MLPs&rdquo;). Investments in publicly traded MLPs, which are limited partnerships or limited liability companies taxable
as partnerships, involve some risks that differ from an investment in the common stock of a corporation, including risks related
to limited control and limited rights to vote on matters affecting MLPs, risks related to potential conflicts of interest between
an MLP and the MLP&rsquo;s general partner, cash flow risks, dilution risks and risks related to the general partner&rsquo;s right
to require unit-holders to sell their common units at an undesirable time or price. MLPs may derive income and gains from the exploration,
development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products
thereof), or the marketing of any mineral or natural resources. MLPs may be subject to legal and other restrictions on resale or
will otherwise be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their smaller
capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market
liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. As a result, these
investments may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. MLPs are
generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not
provide attractive returns, which may adversely impact the overall performance of the Fund. The benefit the Fund will derive from
its investments in MLPs will be largely dependent on the MLPs being treated as partnerships and not as corporations for federal
income tax purposes. Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction
in the after-tax return to the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fixed-Income Instruments</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests in fixed-income instruments,
such as high-yield corporate debt securities or bonds. Corporate bonds and other fixed-income instruments are typically originated,
negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution
(the &ldquo;Underwriter&rdquo;) for a group of investors (&ldquo;Bond Investors&rdquo;). In secured fixed-income instrument offerings,
an institution, typically but not always an agent affiliated with the Underwriter, holds any collateral on behalf of the Bond Investors.
The Fund may purchase fixed-income instruments either directly from the Underwriter or from a Bond Investor.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An issuer of fixed-income instruments must typically
comply with the terms contained in a note purchase agreement or indenture between the issuer and the holders of the instruments
(the &ldquo;Bond Agreement&rdquo;). These Bond Agreements generally detail the schedule of payments and also place certain restrictive
financial and other covenants on the issuer, similar to those in loan agreements. A trustee typically administers and enforces
the terms of the Bond Agreement and the fixed-income instrument on behalf of all holders of the instrument.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights of holders of high-yield corporate
debt securities or bonds are generally subordinate to any existing senior or secured lenders in the issuer&rsquo;s capital structure
and are structurally subordinated to the rights of any existing or future lenders to an issuer&rsquo;s subsidiaries that do not
guarantee the high-yield corporate debt securities or bonds, and thus have a lower priority in payment than such lenders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks of Foreign Investments</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments in foreign issuers or securities
principally traded outside the United States may involve special risks due to foreign economic, political and legal developments,
including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage),
expropriation, nationalization or confiscatory taxation of assets, and possible difficulty in obtaining and enforcing judgments
against foreign entities. The Fund may be subject to foreign taxation on realized capital gains, dividends or interest payable
on foreign securities, on transactions in those securities and on the repatriation of proceeds generated from those securities.
Transaction-based charges are generally calculated as a percentage of the transaction amount and are paid upon the sale or transfer
of portfolio securities subject to such taxes. Any taxes or other charges paid or incurred by the Fund in respect of its foreign
securities will reduce the Fund&rsquo;s yield.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, the tax laws of some foreign jurisdictions
in which the Fund may invest are unclear and interpretations of such laws can change over time. As a result, to comply with guidance
related to the accounting and disclosure of uncertain tax positions under generally accepted accounting principles (&ldquo;GAAP&rdquo;),
the Fund may be required to accrue for book purposes certain foreign taxes in respect of its foreign securities or other foreign
investments that it may or may not ultimately pay. Such tax accruals will reduce the Fund&rsquo;s NAV at the time accrued, even
though, in some cases, the Fund ultimately will not pay the related tax liabilities. Conversely, the Fund&rsquo;s NAV will be increased
by any tax accruals that are ultimately reversed.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Issuers of foreign securities are subject to
different, often less comprehensive, accounting, custody, reporting and disclosure requirements than U.S. issuers. The securities
of some foreign governments, companies and securities markets are less liquid, and at times more volatile, than comparable U.S.
securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than those in the United
States. Investments in foreign securities also may be affected by different custody and/or settlement practices or delayed settlements
in some foreign markets. The laws of some foreign countries may limit the Fund&rsquo;s ability to invest in securities of certain
issuers located in those countries. Foreign countries may have reporting requirements with respect to the ownership of securities,
and those reporting requirements may be subject to interpretation or change without prior notice to investors. No assurance can
be given that the Fund will satisfy applicable foreign reporting requirements at all times.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may engage in short sales of securities,
particularly of corporate bonds and other fixed-income instruments. A short sale is a transaction in which the Fund sells a security
it does not own as a means of attractive financing for purchasing other assets or in anticipation that the market price of that
security will decline. The Fund may make short sales for financing, for risk management, to maintain portfolio flexibility or to
enhance income or gain. The Fund does not intend to enter into short sales (other than short sales &ldquo;against the box&rdquo;)
if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds
50% of the value of the Fund&rsquo;s net assets. This percentage may be varied by action of the Board of Trustees. A short sale is &ldquo;against
the box&rdquo; to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical
to those sold short.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When the Fund makes a short sale, it must borrow
the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation
to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often
obligated to pay over any payments received on such borrowed securities.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s obligation to replace the borrowed
security may be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid
securities. The Fund may also be required to designate on its books and records similar collateral with its custodian to the extent,
if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security
sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of
any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral
deposited with such broker-dealer.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Short selling involves a number of risks. If
a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price,
resulting in a loss. The Fund may, but is not expected to, have substantial short positions and may engage in short sales where
it does not own or have the immediate right to acquire the security sold short, and as such must borrow those securities to make
delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver
or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier
than it had expected. Thus, the Fund may not be able to successfully implement any short sale strategy it employs due to limited
availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail
to honor its contractual terms, causing a loss to the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until the Fund replaces a security borrowed
in connection with a short sale, it may be required to maintain a segregated account of cash or liquid assets with a broker or
custodian to cover the Fund&rsquo;s short position.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, securities held in a segregated account
cannot be sold unless they are replaced with other liquid assets. The Fund&rsquo;s ability to access the pledged collateral may
also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract.
In such instances, the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays
in obtaining any recovery in a bankruptcy or other reorganization proceeding. Additionally, the Fund must maintain sufficient liquid
assets, less any additional collateral pledged to the broker, marked-to-market daily, to cover the borrowed securities obligations.
This may limit the Fund&rsquo;s investment flexibility, as well as its ability to meet other current obligations.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In times of unusual or adverse market, economic,
regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods
of unusual or adverse market, economic, regulatory or political conditions generally may exist for as long as six months and, in
some cases, much longer.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Private and Hedge Funds</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When the Fund invests in securities issued by
private investment funds and hedge funds, it will bear its pro rata portion of the funds&rsquo; expenses. These expenses are in
addition to the direct expenses of the Fund&rsquo;s own operations, thereby increasing indirect costs and potentially reducing
returns to Shareholders. A fund in which the Fund invests has its own investment risks, and those risks can affect the value of
the private fund&rsquo;s or hedge fund&rsquo;s shares and therefore the value of the Fund&rsquo;s investments. There can be no
assurance that the investment objective of a private fund or hedge fund will be achieved. A private investment fund or hedge fund
may change its investment objective or policies without the Fund&rsquo;s approval, which could force the Fund to withdraw its investment
from such fund at a time that is unfavorable. In addition, one private fund or hedge fund may buy the same securities that another
investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment
purpose. Hedge funds often engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives,
and other strategies that may increase investment loss. Hedge funds can be highly illiquid and often charge high fees that can
erode performance. Additionally, private funds and hedge funds may involve complex tax structures and delays in distributing tax
information.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Real Estate Investment Trusts</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Real estate investment trusts (&ldquo;REITs&rdquo;)
are typically publicly-traded corporations or trusts that invest in residential or commercial real estate. REITs generally can
be divided into the following three types: (i)&nbsp;equity REITs, which invest the majority of their assets directly in real property
and derive their income primarily from rents and capital gains or real estate appreciation; (ii)&nbsp;mortgage REITs, which invest
the majority of their assets in real estate mortgage loans and derive their income primarily from interest payments; and (iii)&nbsp;hybrid
REITs which combine the characteristics of equity REITs and mortgage REITs. Generally, dividends received by the Fund from REIT
shares and distributed to the Fund&rsquo;s shareholders are not likely to constitute &ldquo;qualified dividend income&rdquo; eligible
for the reduced tax rate applicable to qualified dividend income; therefore, the portion of the dividend income attributable to
REIT shares held by the Fund that shareholders of the Fund receive will likely be treated as ordinary income and taxed at a higher
rate than dividends eligible for the reduced tax rate applicable to qualified dividend income. The Fund will indirectly bear its
proportionate share of any management and other expenses paid by REITs in which it invests in addition to expenses paid by the
Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment in REITs may subject the Fund to
risks associated with the direct ownership of real estate, such as decreases in real estate values, overbuilding, increased competition
and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning
laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent and fluctuations in rental
income. Equity REITs generally experience these risks directly through fee or leasehold interests, whereas mortgage REITs generally
experience these risks indirectly through mortgage interests, unless the mortgage REIT forecloses on the underlying real estate.
Changes in interest rates may also affect the value of the Fund&rsquo;s investment in REITs. For instance, during periods of declining
interest rates, certain mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the
yield on securities issued by those REITs.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain REITs have relatively small market capitalizations,
which may tend to increase the volatility of the market price of their securities. Furthermore, REITs are dependent upon specialized
management skills and have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited
number of projects. REITs are also subject to heavy cash flow dependency, defaults by borrowers and the possibility of failing
to qualify for tax-free pass-through of income under the Code and to maintain exemption from the registration requirements of the
1940 Act. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of
the expenses of the Fund, but also, indirectly, similar expenses of the REITs. In addition, REITs depend generally on their ability
to generate cash flow to make distributions to shareholders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may not be able to readily dispose
of illiquid securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded
and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary
to raise cash to meet its obligations.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may purchase certain securities eligible
for resale to qualified institutional buyers as contemplated by Rule 144A under the Securities Act (such securities, &ldquo;Rule
144A Securities&rdquo;). Rule 144A provides an exemption from the registration requirements of the Securities Act for the resale
of certain restricted securities to certain qualified institutional buyers. One effect of Rule 144A is that certain restricted
securities may be considered liquid, though no assurance can be given that a liquid market for Rule 144A Securities will develop
or be maintained. However, where a substantial market of qualified institutional buyers has developed for certain unregistered
securities purchased by the Fund pursuant to Rule 144A under the Securities Act, the Fund intends to treat such securities as liquid
securities in accordance with procedures approved by the Board. Because it is not possible to predict with assurance how the market
for Rule 144A Securities will develop, the Board directs Destra Capital Advisors LLC (&ldquo;Destra&rdquo;) and Pinhook Capital,
LLC (f/k/a LCM Investment Management, LLC) (&ldquo;Pinhook&rdquo;) (Pinhook together with Destra are referred to herein as the
&ldquo;Advisers&rdquo;) to carefully monitor the Fund&rsquo;s investments in such securities with particular regard to trading
activity, availability of reliable price information and other relevant information. To the extent that, for a period of time,
qualified institutional buyers cease purchasing restricted securities pursuant to Rule 144A, the Fund&rsquo;s investing in such
securities may have the effect of increasing the level of illiquidity in its investment portfolio during such period.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to common stock, the Fund may invest
in other equity securities, including preferred stock, convertible securities, contingent convertible securities and depositary
receipts.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Preferred Stock. </I>Preferred stock has
a preference over common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer
in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies
inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects
some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration
in the credit quality of the issuer will cause greater changes in the value of the issuer&rsquo;s preferred stock than in more
senior credit securities with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock
dividends are payable only if declared by the issuer&rsquo;s board of directors. Preferred stock also may be subject to optional
or mandatory redemption provisions.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Convertible Securities.</I> Convertible securities
are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount
of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price
or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend
that is paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion,
convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable
stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than
comparable nonconvertible securities. The investment value of a convertible security is influenced by changes in interest rates,
with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the
issuer and other factors also may have an effect on the convertible security&rsquo;s investment value. Convertible securities rank
senior to common stock in a corporation&rsquo;s capital structure but are usually subordinated to comparable nonconvertible securities.
Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security&rsquo;s
governing instrument.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash Equivalents and Short-Term Debt Securities</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For temporary defensive purposes, the Fund may
invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt securities are defined to include,
without limitation, the following:</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either
issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include
securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States,
Small Business Administration and Government National Mortgage Association, the securities of which are supported by the full faith
and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority,
the securities of which are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage
Association, the securities of which are supported by the discretionary authority of the U.S. government to purchase certain obligations
of the agency or instrumentality; and (d) the Student Loan Marketing Association, the securities of which are supported only by
its credit. While the U.S. government provides financial support to such U.S. government- sponsored agencies or instrumentalities,
no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and
instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate.
The economic crisis in the United States during 2008 and 2009 negatively impacted government-sponsored entities. As the real estate
market deteriorated through declining home prices and increasing foreclosure, government-sponsored entities, which back the majority
of U.S. mortgages have experienced extreme volatility, and in some cases, a lack of liquidity. The Advisors will monitor developments
and seek to manage the Fund&rsquo;s portfolio in a manner consistent with achieving the Fund&rsquo;s investment objectives, but
there can be no assurance that it will be successful in doing so.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for
a definite period of time, earn a specified rate of return and are normally negotiable. The issuer of a certificate of deposit
agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of
deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a
repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees
to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period,
since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an
opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect
to obligations of the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers&rsquo; acceptances
in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities.
The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of
default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral
declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying
collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Advisors will monitor
the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement.
The Advisors will do so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase
price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate
the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued
by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a
corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Advisors will
consider the financial condition of the corporation (<I>e.g.</I>, earning power, cash flow and other liquidity ratios) and will
continuously monitor the corporation&rsquo;s ability to meet all of its financial obligations, because the Fund&rsquo;s liquidity
might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will
be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the
date of purchase or carry a variable or floating rate of interest.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">When-Issued and Forward Commitment Securities</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may purchase securities on a &ldquo;when-issued&rdquo;
basis and may purchase or sell securities on a &ldquo;forward commitment&rdquo; basis to acquire the security or to hedge against
anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed
in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later
date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued
and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the
Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive
against a forward commitment, it might incur a gain or loss. At the time the Fund enters into a transaction on a when-issued or
forward commitment basis, it will designate on its books and records cash or liquid credit securities equal to at least the value
of the when-issued or forward commitment securities, unless future SEC staff guidance permits designation or segregation to a lesser
extent. The value of these assets will be monitored daily to ensure that their marked-to-market value will at all times equal or
exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the
Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated
by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities purchased on a forward commitment
or when-issued basis are subject to changes in value (generally changing in the same way, <I>i.e.</I>, appreciating when interest
rates decline and depreciating when interest rates rise) based upon the public&rsquo;s perception of the creditworthiness of the
issuer and changes, actual or anticipated, in the level of interest rates. Securities purchased on a forward commitment or when-issued
basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities
on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually
may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis
when the Fund is fully invested may result in greater potential fluctuation in the Fund&rsquo;s NAV.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risks and effect of settlements in the ordinary
course on the Fund&rsquo;s NAV are not the same as the risks and effect of when-issued and forward commitment securities.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purchase price of when-issued and forward
commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations
of the security&rsquo;s value in the market from the date of the Fund&rsquo;s commitment (the &ldquo;Commitment Date&rdquo;) to
the date of the actual delivery and payment for such securities (the &ldquo;Settlement Date&rdquo;). There is a risk that, on the
Settlement Date, the Fund&rsquo;s payment of the final purchase price, which is calculated on the yield negotiated on the Commitment
Date, will be higher than the market&rsquo;s valuation of the security on the Settlement Date. This same risk is also borne if
the Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive, a forward commitment security,
and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. In some instances,
no income accrues to the Fund during the period from the Commitment Date to the Settlement Date. On the other hand, the Fund may
incur a gain if the Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest
rates and prices in the market.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Turnover</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio turnover measures the percentage of
the Fund&rsquo;s total portfolio market value that was purchased or sold during the period. The Fund&rsquo;s turnover rate provides
an indication of how transaction costs (which are not included in the Fund&rsquo;s expenses) may affect the Fund&rsquo;s performance.
Also, funds with a high turnover may be more likely to distribute capital gains that may be taxable to shareholders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the fiscal year ended February 28, 2019,
the Fund&rsquo;s portfolio turnover rate was [ &nbsp;]%. For the fiscal year ended February 28, 2018, the Fund&rsquo;s portfolio turnover
rate was 27%.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b003_v1"></A>INVESTMENT RESTRICTIONS</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may not:</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Borrow money, except to the extent permitted by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)
(which currently limits borrowing to no more than 33-1/3% of the value of the Fund&rsquo;s total assets, including the value of the assets
purchased with the proceeds of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity,
or to finance repurchases of its shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Issue senior securities, except to the extent permitted by Section 18 of the 1940 Act (which currently limits the issuance
of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Fund&rsquo;s total assets or, if the
class of senior security is stock, to no more than 50% of the value of the Fund&rsquo;s total assets).</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;) in connection with the disposition of its portfolio securities. The Fund may
invest in restricted securities (those that must be registered under the Securities Act before they may be offered or sold to the
public) to the extent permitted by the 1940 Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Invest 25% or more of the market value of its net assets in the securities of companies or entities engaged in any one industry,
except the REIT industry. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or
instrumentalities. Under normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the
REIT industry.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Purchase or sell real estate or interests in real estate. This limitation is not applicable to investments in securities that
are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related
securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in
real estate (including real estate investment trusts).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>Purchase or sell commodities, commodity contracts, except commodity futures contracts, unless acquired as a result of ownership
of securities or other investments, except that the Fund may invest in securities or other instruments backed by or linked to commodities,
and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities,
and may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>Make loans to others, except (a) through the purchase of debt securities in accordance with its investment objectives and policies,
(b) to the extent the entry into a repurchase agreement is deemed to be a loan, and (c) by loaning portfolio securities up to one-third
of total Fund assets.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: #231F20">In addition, the Fund has
adopted a fundamental policy that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>The Fund will make quarterly repurchase offers for no less than for 5% of the Fund&rsquo;s shares outstanding at net asset value
(&ldquo;NAV&rdquo;) less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements, and each
repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline, or the next business day if the
14th is not a business.</TD></TR></TABLE>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has adopted a fundamental policy that
it will make quarterly repurchase offers pursuant to Rule 23c-3 of the 1940 Act, as such rule may be amended from time to time,
for no less than 5% nor more than 25% of the Shares outstanding at NAV, less any repurchase fee, unless suspended or postponed
in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase
Request Deadline (as defined in the Prospectus), or the next business day if the 14th day is not a business day. Holders of the
Fund&rsquo;s Shares (&ldquo;Shareholders&rdquo;) will be notified in writing about each quarterly repurchase offer, how they may
request that the Fund repurchase their Shares and the Repurchase Request Deadline, which is the date the repurchase offer ends.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fundamental investment limitations set forth
above restrict the ability of the Fund to engage in certain practices and purchase securities and other instruments other than
as permitted by, or consistent with, applicable law, including the 1940 Act. Relevant limitations of the 1940 Act as they presently
exist are described below. These limitations are based either on the 1940 Act itself, the rules or regulations thereunder or applicable
orders of the SEC. In addition, interpretations and guidance provided by the SEC staff may be taken into account to determine if
a certain practice or the purchase of securities or other instruments is permitted by the 1940 Act, the rules or regulations thereunder
or applicable orders of the SEC. As a result, the foregoing fundamental investment policies may be interpreted differently over
time as the statutes, rules, regulations or orders (or, if applicable, interpretations) that relate to the meaning and effect of
these policies change, and no vote of Shareholders will be required or sought.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notations Regarding Fundamental Investment Restrictions</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following notations are not considered to
be part of the Fund&rsquo;s fundamental investment policies described above and are subject to change without Shareholder approval.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the fundamental policy relating
to borrowing money set forth in (1) above, the 1940 Act permits the Fund to borrow money in amounts of up to one-third of the Fund&rsquo;s
total assets from banks for any purpose, and to borrow up to 5% of the Fund&rsquo;s total assets from banks or other lenders for
temporary purposes. The Fund&rsquo;s total assets include the amounts being borrowed. To limit the risks attendant to borrowing,
the 1940 Act requires the Fund to maintain at all times an &ldquo;asset coverage&rdquo; of at least 300% of the amount of its borrowings.
Asset coverage means the ratio that the value of the Fund&rsquo;s total assets (including amounts borrowed), minus liabilities
other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known
as &ldquo;leveraging.&rdquo; Certain trading practices and investments, such as reverse repurchase agreements, may be considered
to be borrowings or involve leverage and thus are subject to the 1940 Act restrictions. In accordance with SEC staff guidance and
interpretations, when the Fund engages in such transactions, the Fund, instead of maintaining asset coverage of at least 300%,
may segregate or earmark liquid assets, or enter into an offsetting position, in an amount at least equal to the Fund&rsquo;s exposure,
on a mark-to-market basis, to the transaction (as calculated pursuant to requirements of the SEC). The policy in (1) above will
be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing or to involve
leverage to the extent permitted by the 1940 Act and to permit the Fund to segregate or earmark liquid assets or enter into offsetting
positions in accordance with SEC staff guidance and interpretations. Short-term credits necessary for the settlement of securities
transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices
and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the fundamental policy relating
to making loans set forth in (7) above, the 1940 Act does not prohibit the Fund from making loans (including lending its securities);
however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets (including lending
its securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition, collateral arrangements
with respect to options, forward currency and futures transactions and other derivative instruments (as applicable), as well as
delays in the settlement of securities transactions, will not be considered loans.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the fundamental policy relating
to underwriting set forth in (3) above, the 1940 Act does not prohibit the Fund from engaging in the underwriting business or from
underwriting the securities of other issuers; in fact, in the case of diversified funds, the 1940 Act permits the Fund to have
underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount
of the Fund&rsquo;s underwriting commitments, when added to the value of the Fund&rsquo;s investments in issuers where the Fund
owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions
involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act.
Although it is not believed that the application of the Securities Act provisions described above would cause the Fund to be engaged
in the business of underwriting, the policy in (3) above will be interpreted not to prevent the Fund from engaging in transactions
involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter
under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by applicable law.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Altering Fundamental Investment Restrictions</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The restrictions listed above (but not the notations
with respect thereto) are fundamental policies of the Fund. The Fund may not alter these fundamental policies without the approval
of the holders of a majority of the outstanding Shares. For purposes of the foregoing, &ldquo;a majority of the outstanding Shares&rdquo;
means (i) 67% or more of such Shares present at a meeting, if the Shareholders of more than 50% of such Shares are present or represented
by proxy, or (ii) more than 50% of such Shares, whichever is less.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than the fundamental policies listed above,
the Fund&rsquo;s investment policies are non- fundamental policies and may be changed by the Board without prior Shareholder approval.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, all limitations
applicable to the investments (as stated above and elsewhere in this Statement of Additional Information and the Prospectus) of
the Fund apply only at the time a transaction is entered into, and subsequent changes in value, ratings downgrades or changes in
credit quality will not result in the Fund being required to dispose of any portfolio security. Except as otherwise noted, all
percentage limitations set forth above apply immediately after a purchase and any subsequent change in any applicable percentage
resulting from market fluctuations does not require any action. With respect to the limitations on the issuance of senior securities
and in the case of borrowings, the percentage limitations apply at the time of issuance and on an ongoing basis.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b004_v1"></A>MANAGEMENT OF THE FUND</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Fund&rsquo;s Agreement and Declaration
of Trust (&ldquo;Declaration of Trust&rdquo;) and bylaws, the Fund&rsquo;s business and affairs are managed under the direction
of the Board, which has overall responsibility for monitoring and overseeing the Fund&rsquo;s management and operations. The officers
of the Fund conduct and supervise the Fund&rsquo;s daily business operations.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board Trustees and Executive Officers</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board consists of 4 members, three of whom
are considered independent and are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund, Destra or Pinhook
(collectively, &ldquo;Independent Trustees&rdquo;). Among other things, the Board sets broad policies for the Fund and appoints
the Fund&rsquo;s officers. The role of the Board, and of any individual Trustee, is one of oversight and not of management of the
Fund&rsquo;s day-to-day affairs. Each Trustee will serve until his or her successor is duly elected and qualified. The Trustees
are subject to removal or replacement in accordance with Delaware law and the Fund&rsquo;s Declaration of Trust. The Trustees serving
on the Board were elected by the organizational Shareholders of the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Dalmaso serves as Chairman of the Board
and is not an Independent Trustee by virtue of his relationship with Destra. The Board feels that Mr. Dalmaso is the Trustee with
the most knowledge of the Fund&rsquo;s business strategy and regulatory parameters and is best situated to serve as Chairman of
the Board. The Board does not currently have a lead independent trustee, and each Independent Trustee plays an active role on the
Board. The Independent Trustees are expected to meet separately in executive session as often as necessary to exercise their oversight
responsibilities. The Board believes that its leadership structure is the optimal structure for the Fund at this time given the
Fund&rsquo;s current size and complexity. The Board, which reviews its leadership structure periodically, further believes that
its structure is presently appropriate to enable it to exercise its oversight of the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board Role in Risk Oversight</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Through its direct oversight role, and indirectly
through its committees, the Board performs a risk oversight function for the Fund consisting of, among other things, the following
activities: (i) at regular and special Board meetings, and on an ad hoc basis as needed, receiving and reviewing reports related
to the Fund&rsquo;s performance and operations; (ii) reviewing and approving, as applicable, the Fund&rsquo;s compliance policies
and procedures; (iii) meeting with members of the Fund&rsquo;s portfolio management team to review investment strategies, techniques
and the processes used to manage related risks; (iv) meeting with, or reviewing reports prepared by, the representatives of key
service providers, including Destra and Pinhook and the Fund&rsquo;s administrator, distributor, transfer agent, custodian and
independent registered public accounting firm, to review and discuss the Fund&rsquo;s activities and to provide direction with
respect thereto; and (v) engaging the services of the Fund&rsquo;s chief compliance officer to test the compliance procedures of
the Fund and its service providers. However, not all risks that may affect the Fund can be identified or processes and controls
developed to eliminate or mitigate their occurrence or effects, and some risks are beyond the control of the Fund and its service
providers.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information regarding the members of the Board
is set forth below. The address for each Trustee is c/o Destra Multi-Alternative Fund, 444 West Lake Street, Suite 1700, Chicago,
Illinois 60606. As set forth in the Fund&rsquo;s Declaration of Trust, a Trustee&rsquo;s term of office shall continue until his
or her death, resignation or removal.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name and Birth Year</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee
                                         Since</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
                                         Occupation(s) During the past 5 years</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number
                                         of Registered</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Investment Companies in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fund Complex Overseen by</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee<SUP>1</SUP></B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other
                                         Directorships held by the</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trustee during the past five
        years</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Independent Trustees</U></I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John S. Emrich, CFA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1967</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Private Investor, January 2011 to present; Co-Founder
and Portfolio Manager, Ironworks Capital</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management (an investment adviser) (April 2005 to December
2010); Member (June 2012 to present)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Manager (2013 to 2015), Iroquois Valley Farms LLC (a farmland
        finance company).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meridian Fund, Inc. (4 portfolios)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael S. Erickson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1952</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Private Investor (August 2007 to present); Chief Operating
Officer and Chief Financial Officer, Erickson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holding Corp. (a passive real estate holding company)
(2003 to present); Chief Operating Officer and Chief Financial Officer,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">McGee Island LLC (a real estate management company) (2015 to
        present).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meridian Fund, Inc. (registered investment company) (4 portfolios)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeffery S. Murphy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1966</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retired (2014 to present); Executive Manager, Affiliated Managers Group, Inc. (an asset manager) (1995 to 2014).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aston Funds, 2010 to 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Interested Trustee</U></I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Dalmaso,<SUP>2</SUP> Chairman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1965</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel and Chief Compliance Officer of M1 Holdings LLC (2015 to present); General Counsel and Chief Compliance Officer of M1 Finance LLC (an investment adviser) (2015 to present); General Counsel and Chief Compliance Officer of M1 Advisory Services LLC (an investment adviser) (2015 to present); Co-Chairman, General Counsel and Chief Operating Officer of Destra Capital Management LLC (2010 to 2014); President, Chief Operating Officer and General Counsel, Destra Capital Advisors LLC (2010 to 2014); President, Chief Operating Officer and General Counsel, Destra Capital Investments LLC (2010 to 2014); Chief Executive Officer, Destra Investment Trust and Destra Investment Trust II (2010 to 2014).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><SUP>1</SUP></B> The Fund Complex consists of the Fund,
the Destra International &amp; Event-Driven Credit Fund, the Destra Wolverine Dynamic Asset Fund and the Destra Flaherty &amp;
Crumrine Preferred and Income Fund, both a series of the Destra Investment Trust, and the Destra Exchange-Traded Fund Trust, of
which there is currently no active series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Mr. Dalmaso is an &ldquo;interested person&rdquo;
of the Fund, as defined in the 1940 Act, by reason of his position with Destra.</P>

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

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>John S. Emrich.</I> Mr. Emrich has significant
experience in the investment management and financial services industry. Mr. Emrich served as a financial analyst or portfolio
manager for over 14 years for various investment advisory firms and currently serves as a director of Meridian Fund, Inc. Prior
to such positions he also performed business valuations and appraisal analyses at KPMG Peat Marwick, an accounting firm.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Michael S. Erickson.</I> Mr. Erickson has
significant leadership and financial management experience, previously serving as Chairman of the Board and Chief Financial Officer
of AeroAstro for nearly ten years, and as a Director on the Board of Directors of Decimal, Inc., an online IRA administration company.
Mr. Erickson also currently serves as a director of Meridian Fund, Inc., an open-end registered investment company. He has served
as a certified public accountant for Coopers &amp; Lybrand, an accounting firm, and has served as Chief Operating Officer and Chief
Financial Officer for several companies. Mr. Erickson holds a Master of Business Administration degree from Stanford Graduate School
of Business.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Jeffery S. Murphy.</I> Mr. Murphy has significant
experience in the investment management and financial services industry. Mr. Murphy held numerous positions during his 20-year
tenure at Affiliated Managers Group, Inc., including in operations, finance and capital development areas. Mr. Murphy also held</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">positions on the executive board and mutual fund board of trustees for several Affiliated Managers Group, Inc. affiliates.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interested Trustee</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Nicholas Dalmaso.</I> Mr. Dalmaso has extensive
experience in the mutual fund industry. He has experience as General Counsel and Chief Administrative Officer at Claymore Securities,
Inc. His work experience in the mutual fund industry and educational background have prepared him to be a trustee.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Officers</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following persons serve as the Fund&rsquo;s executive officers
in the following capacities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name and Birth Year</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s) Held with the Fund</B>&nbsp;</P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s) During
the past 5 years</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Watson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1965</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President since November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Managing Director and Investment Product Strategist, Destra Capital Investments LLC (2011 to present); Global Product &amp; Strategic Relationship Director, Aviva Investors (2009 to 2011).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Derek Mullins</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1973</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Treasurer since November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner and Co-Founder, PINE Advisor Solutions (2018 to present); Director of Operations, ArrowMark Partners LLC (2009 to 2018); Chief Financial Officer (Principal Financial Officer) and Treasurer, Meridian Fund, Inc. (2013 to 2018).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jane Hong Shissler</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Birth year: 1972</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer and Secretary since November 2018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel, Destra Capital Management LLC, Destra Capital Investments LLC and Destra Capital Management LLC; Partner (2012 to 2015) and Associate (2005 to 2012), Chapman and Cutler LLP.</FONT></TD></TR>
</TABLE>
<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The address for each executive officer is c/o
Destra Multi-Alternative Fund, 444 West Lake Street, Suite 1700, Chicago, Illinois 60606.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustees who do not also serve in an executive
officer capacity for the Fund, the Adviser or the Sub-Adviser are entitled to receive from the Fund an annual cash retainer.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effective April 1, 2019, in consideration of
the services rendered by the Independent Trustees, the Destra Fund Complex will pay each Independent Trustee a retainer of $39,000
per year, and the Chairman of the Board a retainer of $46,000 per year for his services in this capacity. The Destra Fund Complex
consists of the Fund, the Destra International &amp; Event-Driven Credit Fund, Destra Wolverine Dynamic Asset Fund and the Destra
Flaherty &amp; Crumrine Preferred and Income Fund, both a series of the Destra Investment Trust, and the Destra Exchange-Traded
Fund Trust, of which there is currently no active series. Each fund in the Destra Fund Complex pays a portion of the retainer received
by each Trustee, which is allocated annually across the Destra Fund Complex based on each fund&rsquo;s respective net assets as
of December 31 of the preceding year.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to April 1, 2019, the Fund paid each Independent
Trustee a retainer of $18,000 per year, and the Chairman of the Board a retainer of $18,000 per year for his services in this capacity.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund also reimburses each of the Trustees
for all reasonable and authorized business expenses in accordance with the Fund&rsquo;s policies as in effect from time to time,
including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting
and each committee meeting not held concurrently with a Board meeting.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below details the amount of compensation
the Trustees received from the Fund and Fund Complex during the fiscal period ended February 28, 2019. The Fund does not have a
bonus, profit sharing, pension or retirement plan.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding-right: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><B>Name of Trustee</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Aggregate
Compensation From Fund</B></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Pension
or Retirement Benefits Accrued as Part of Fund Expenses</B>&nbsp;</P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Estimated
Annual Benefits Upon Retirement</B>&nbsp;</P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><B>Total
Compensation From Fund Complex<SUP>*</SUP></B>&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John S. Emrich</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael S. Erickson</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey S. Murphy</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas Dalmaso</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark J. Riedy**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[32,500]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[32,500]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ira J. Miller**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[31,500]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[31,500]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John D. Frager**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[20,000]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[20,000]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darlene DeRemer**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[31,500]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[31,500]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond J. Lucia, Jr.**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The term &ldquo;Destra Fund Complex&rdquo;
refers to the Fund, the Destra International &amp; Event-Driven Credit Fund, Destra Wolverine Dynamic Asset Fund and the Destra
Flaherty &amp; Crumrine Preferred and Income Fund, both a series of the Destra Investment Trust, and the Destra Exchange-Traded
Fund Trust, of which there is currently no active series.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Messrs. Riedy, Miller, Frager, Lucia and
Ms. DeRemer each resigned as Trustees of the Fund effective on November 30, 2018, which was also prior to the Fund&rsquo;s inclusion
in the Destra Fund Complex.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to serving on the Board, Trustees
may also serve on one or more of the following committees which have been established by the Board to handle certain designated
responsibilities. The Board has designated a chairman of each committee. Subject to applicable law, the Board may establish additional
committees, change the membership of any committee, fill all vacancies and designate alternate members to replace any absent or
disqualified member of any committee, or to dissolve any committee as it deems necessary and in the Fund&rsquo;s best interest.
During the fiscal year ended February 28, 2019, the Board held [ &nbsp;&nbsp;&nbsp;] meetings</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-weight: normal">The Board
has formed an Audit Committee that is responsible for overseeing the Fund&rsquo;s accounting and financial reporting policies and
practices, its internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality
and objectivity of the Fund&rsquo;s financial statements and the independent audit of those financial statements; and acting as
a liaison between the Fund&rsquo;s independent auditors and the full Board. In performing its responsibilities, the Audit Committee
will select and recommend annually to the entire Board a firm of independent certified public accountants to audit the books and
records of the Fund for the ensuing year, and will review with the firm the scope and results of each audit. The Audit Committee
currently consists of each of the Fund&rsquo;s Independent Trustees. The Board has determined that Mr. Murphy is an &ldquo;audit
committee financial expert&rdquo; as defined under SEC rules. During the fiscal year ended February 28, 2019, the Audit Committee
held [ &nbsp;&nbsp;&nbsp;] meetings. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nominating and Governance Committee</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board has formed a Nominating and Governance
Committee that is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating and Governance
Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates
to be presented to Shareholders for election. In performing its responsibilities, the Nominating and Governance Committee will
consider candidates recommended by management of the Fund and by Shareholders and evaluate them both in a similar manner, as long
as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending
Shareholder and information concerning the Shareholder&rsquo;s interests in the Fund in sufficient detail to establish that the
Shareholder held Shares on the relevant record date; and the name, address and telephone number of the recommended nominee and
information concerning the recommended nominee&rsquo;s education, professional experience, and other information that might assist
the Nominating and Governance Committee in evaluating the recommended nominee&rsquo;s qualifications to serve as a trustee. The
Nominating and Governance Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the
Board&rsquo;s prior approval, the Nominating and Governance Committee may employ and compensate counsel, consultants or advisers
to assist it in discharging its responsibilities. The Nominating and Governance Committee currently consists of each of the Fund&rsquo;s
Independent Trustees. During the fiscal year ended February 28, 2019, the Nominating and Governance Committee held [&nbsp;&nbsp;&nbsp; ] meetings.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Qualified Legal Compliance Committee</B></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board has formed a Qualified Legal Compliance
Committee that is responsible for (i) receiving reports of certain material breaches or violations of certain U.S. laws or regulations
or fiduciary duties, (ii) reporting evidence of such breaches or violations to the Fund&rsquo;s Chief Executive Officer (&ldquo;CEO&rdquo;),
(iii) determining whether an investigation of such breaches or violations is required, (iv) if the Qualified Legal Compliance Committee
determines an investigation is required, initiating such investigation, (v) at the conclusion of such investigation, recommending
that the Fund implement an appropriate response to evidence of a breach or violation, and (vi) informing the CEO and the Board
of results of the investigation. The Qualified Legal Compliance Committee currently consists of the members of the Audit Committee.
The Qualified Legal Compliance Committee did not hold any meetings during the fiscal year ended February 28, 2019.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee Beneficial Ownership of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">[As of December 31, 2018, none of the Trustees
owned Shares of the Fund.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders may send communications to the
Board. Shareholders should send communications intended for the Board by addressing the communication directly to the Board (or
individual Trustee(s)) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual
Trustee(s)) and by sending the communication to the Fund&rsquo;s address for the Trustee(s) at c/o Destra Multi-Alternative Fund,
444 West Lake Street, Suite 1700, Chicago, Illinois 60606. Other Shareholder communications received by the Fund not directly addressed
and sent to the Board will be reviewed and generally responded to by management, and will be forwarded to the Board only at management&rsquo;s
discretion based on the matters contained therein.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund, Destra, and Pinhook have each adopted
a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restrict certain
personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts
so long as such investments are made in accordance with the applicable code&rsquo;s requirements.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Capital Advisors LLC, located at 444
West Lake Street, Suite 1700, Chicago, IL, serves as the Fund&rsquo;s investment adviser, with responsibility for the overall management
of the Fund. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended.
The Adviser was established in August 2008 and is a subsidiary of Destra Capital Management LLC, a sponsor of investment funds.
The Adviser is a Delaware limited liability company and is a wholly-owned subsidiary of Destra Capital Management LLC, a holding
company, which is in turned controlled by Continuum Funds Holdings, LLC. Continuum is an affiliate of Continuum Capital Managers
LLC, a multi-boutique asset manager that makes equity investments in investment advisers. Continuum Capital Managers LLC was founded
in 2012 by Douglas Grip and Steve Vanourny. For more information regarding Destra, see &ldquo;The Adviser&rdquo; in the Prospectus.
For more information on the services provided by Destra to the Fund, see &ldquo;Management of the Fund&rdquo; in the Prospectus.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund&rsquo;s Investment Management Agreement
(the &ldquo;Investment Management Agreement&rdquo;) was approved by the Board and the Fund&rsquo;s Shareholders and became effective
on November 30, 2018, and continues in effect for a period of two years from its effective date. Thereafter, the Investment Management
Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i)
the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board, and (ii) the vote of a majority
of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. A discussion
regarding the basis for the Board&rsquo;s approval of the Investment Management Agreement, or any other investment advisory contracts,
will be available in the Fund&rsquo;s next annual report to Shareholders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Investment Management Agreement, Destra
is entitled to a Management Fee, calculated and payable monthly in arrears, at the annual rate of 1.35% of the average daily net
assets during such period (the &ldquo;Management Fee&rdquo;). The Management Fee may or may not be taken in whole or in part at
the discretion of Destra. All or any part of the Management Fee not taken as to any quarter will be deferred without interest and
may be taken in any such other quarter as Destra may determine, provided that such deferred Management Fee will only be recoverable
if not more than three years following the time such deferral was made. The Management Fee for any partial quarter will be appropriately
prorated.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Investment Management Agreement may be terminated
at any time, without the payment of any penalty, upon 60 days&rsquo; written notice by Destra or, if the Board or the holders of
a majority of the Fund&rsquo;s outstanding voting securities determine that the Investment Management Agreement with Destra should
be terminated, by the Fund. The Investment Management Agreement will automatically terminate in the event of its assignment (as
such term is defined for purposes of Section 15(a)(4) of the 1940 Act).</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser was engaged by the Fund as investment
adviser effective November 30, 2018. Prior to that time, Pinhook Capital, LLC (f/k/a LCM Investment Management, LLC)(the &ldquo;Prior
Adviser&rdquo;) served as the Fund&rsquo;s investment adviser. During the fiscal year ended February 28, 2019, the Fund paid $478,175
in advisory fees to Destra and $1,831,869 in advisory fees to the Prior Adviser. During the fiscal year ended February 28, 2018,
the Fund paid $2,222,113 in advisory fees to the Prior Adviser. During the fiscal year ended February 28, 2017, the Fund paid $1,492,225
in advisory fees to the Prior Adviser.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra and the Fund have entered into an expense
limitation agreement (the &ldquo;Expense Limitation Agreement&rdquo;) under which, until November 30, 2020, Destra has agreed to
reduce its fees and/or absorb expenses of the Fund to ensure that total 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% of Class A shares&rsquo; net assets,
2.45% of Class T shares&rsquo; net assets, 2.70% of Class C shares&rsquo; net assets, and 1.70% of Class I shares&rsquo; net assets
(the &ldquo;Expense Limitation&rdquo;). In consideration of Destra&rsquo;s agreement to limit the Fund&rsquo;s expenses, the Fund
has agreed to repay Destra pro rata in the amount of any Fund expense paid or waived by it, subject to the limitations that: (1)
the reimbursement for expenses will be made only if payable not more than three years following the time such payment or waiver
was made; and (2) the reimbursement may not be made if it would cause the Fund&rsquo;s then-current Expense Limitation, if any,
and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the ordinary operating expenses
that are the subject of the repayment, to be exceeded. Destra may not terminate the Expense Limitation Agreement during the initial
term. After the initial term, either the Board or Destra may terminate the Expense Limitation Agreement upon 60 days&rsquo; written
notice.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><FONT STYLE="font-weight: normal">During the
fiscal year ended February 28, 2019, the Prior Adviser waived fees/reimbursed expenses of $283,500 under a previous expense limitation
agreement, and Destra waived fees/reimbursed expenses of $43,956 under the Expense Limitation Agreement. During the fiscal year
ended February 28, 2018, the Prior Adviser waived fees/reimbursed expenses of $386,639 under a previous expense limitation agreement.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra has engaged Pinhook Capital, LLC (f/k/a
LCM Investment Management, LLC), a California limited liability company, to act as the Fund&rsquo;s investment sub-adviser pursuant
to a sub-advisory agreement (the &ldquo;Sub-Advisory Agreement&rdquo;). Pinhook has responsibility to make investment decisions
for the Fund&rsquo;s portfolio, subject to the oversight of Destra. Pinhook is located at 13520 Evening Creek Drive N., Suite 300,
San Diego, CA 92128. Pinhook is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as
amended, and was established in June 2011 for the purpose of providing investment management services to institutional investors
such as the Fund. The majority of interests of the Pinhook are owned by Raymond Lucia, Jr., who is deemed to control the Sub-Adviser
because he owns more than 25% of the voting interests of the Sub-Adviser.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Advisory Agreement provides that the
Sub-Adviser is entitled to receive an annual fee from the Adviser equal to 50% of the net revenue received by the Adviser after
any fee waivers, subject to a maximum of 0.675% of the Fund&rsquo;s average daily net assets. The Sub-Adviser is compensated by
the Adviser, not the Fund. During the fiscal year ended February 28, 2019, the Fund paid $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] in sub-advisory fees to the Sub-Adviser.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Advisory Agreement may be terminated at any time, without
the payment of any penalty, upon 60 days&rsquo; written notice by Pinhook or, if the Board or the holders of a majority of the
Fund&rsquo;s outstanding voting securities determine that the Sub-Advisory Agreement with Pinhook should be terminated. The Sub-Advisory
Agreement will automatically terminate in the event of its assignment (as such term is defined for purposes of Section 15(a)(4)
of the 1940 Act) or the termination of the Investment Management Agreement.</P>

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

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Management</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Accounts Managed by Portfolio Managers</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The portfolio managers primarily responsible
for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and
other accounts, as indicated below. The following table identifies, as of February 28, 2019: (i) the number of other registered
investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets
of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are
subject to an advisory fee based on performance.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aaron Rosen</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number of Accounts</B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assets of Accounts (in
        thousands)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number of Accounts Subject to a Performance Fee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assets Subject to a Performance Fee (in thousands)
&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registered Investment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Pooled Investment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vehicles</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Account</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Mark C. Scalzo</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registered Investment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Pooled Investment</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vehicles</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Account</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation of Portfolio Managers</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Rosen is the Fund&rsquo;s Co-Portfolio Manager,
and has served in this capacity since January 2016. As of June 1, 2016, Mr. Rosen receives a salary, a discretionary bonus and
is eligible for retirement plan benefits from the Sub-Adviser. Mr. Scalzo is the Fund&rsquo;s Co-Portfolio manager and has served
in this capacity since March 1, 2015. As of February 29, 2016, Mr. Scalzo receives a salary, a discretionary bonus and is eligible
for retirement plan benefits from the Sub-Adviser.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the portfolio managers may manage assets
for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net
worth individuals (collectively, &ldquo;Client Accounts&rdquo;)) or may be affiliated with such Client Accounts, there may be an
incentive to favor one Client Account over another, resulting in conflicts of interest. For example, the Sub-Adviser may, directly
or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or
indirectly, receive a performance-based fee on a Client Account. In those instances, a portfolio manager may have an incentive
to not favor the Fund over the Client Accounts. The Sub-Adviser has adopted trade allocation and other policies and procedures
that it believes are reasonably designed to address these and other conflicts of interest.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities Ownership of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">[As of February 28, 2019, neither of the Fund&rsquo;s
portfolio managers owned Shares of the Fund.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b005_v1"></A>CONFLICTS OF INTEREST</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The Adviser,
the Sub-Adviser and the portfolio managers of the Fund have interests which may conflict with the interests of the Fund. In particular,
the Adviser and the Sub-Adviser each manages and/or advises other investment funds or accounts with the same or similar investment
objective and strategies as the Fund. As a result, the Adviser, the Sub-Adviser and the Fund&rsquo;s portfolio managers may devote
unequal time and attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as
complete a strategy or identify equally attractive investment opportunities as might be the case if they were to devote substantially
more attention to the management of the Fund. The Adviser, the Sub-Adviser and the Fund&rsquo;s portfolio managers may identify
a limited investment opportunity that may be suitable for multiple funds and accounts, and the opportunity may be allocated among
these several funds and accounts, which may limit the Fund&rsquo;s ability to take full advantage of the investment opportunity.
Additionally, transaction orders may be aggregated for multiple accounts for purposes of execution, which may cause the price or
brokerage costs to be less favorable to the Fund than if similar transactions were not being executed concurrently for other accounts.
Furthermore, it is theoretically possible that a portfolio manager could use the information obtained from managing a fund or account
to the advantage of other funds or accounts under management, and also theoretically possible that actions could be taken (or not
taken) to the detriment of the Fund. At times, a portfolio manager may determine that an investment opportunity may be appropriate
for only some of the funds and accounts for which he or she exercises investment responsibility, or may decide that certain of
the funds and accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager
may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution
of the transaction, or both, to the detriment or benefit of one or more other funds and accounts. For example, a portfolio manager
may determine that it would be in the interest of another account to sell a security that the Fund holds, potentially resulting
in a decrease in the market value of the security held by the Fund.</FONT></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Conflicts
potentially limiting the Fund&rsquo;s investment opportunities may also arise when the Fund and other clients of the Adviser or
Sub-Adviser invest in, or even conduct research relating to, different parts of an issuer&rsquo;s capital structure. In such circumstances,
decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in
conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that
would potentially give rise to conflicts with other clients of the Adviser or Sub-Adviser (as applicable) or result in the Adviser
or Sub-Adviser receiving material, non-public information, or the Adviser and Sub-Adviser may enact internal procedures designed
to minimize such conflicts, which could have the effect of limiting the Fund&rsquo;s investment opportunities. Additionally, if
the Adviser or Sub-Adviser acquires material non-public confidential information in connection with its business activities for
other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain
securities for the Fund or other clients.</FONT></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">The portfolio
managers also may engage in cross trades between funds and accounts, may select brokers or dealers to execute securities transactions
based in part on brokerage and research services provided to the Adviser or the Sub-Adviser which may not benefit all funds and
accounts equally and may receive different amounts of financial or other benefits for managing different funds and accounts. Finally,
the Adviser, the Sub-Adviser and their affiliates may provide more services to some types of funds and accounts than others.</FONT></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b006_v1"></A>PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specific decisions to purchase or sell securities
for the Fund are made by the portfolio managers. The Adviser and Sub-Adviser are authorized by the Trustees to allocate the orders
placed on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services
to the Fund or the Adviser and/or Sub-Adviser for the Fund&rsquo;s use. Such allocation is to be in such amounts and proportions as the
Adviser and/or Sub-Adviser may determine.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In selecting a broker or dealer to execute each
particular transaction, the following is taken into consideration:</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the best net price available;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the reliability, integrity and financial condition of the broker or dealer;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the size of and difficulty in executing the order; and</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the value of the expected contribution of the broker or dealer to the investment performance of the Fund on a continuing basis.</TD></TR></TABLE>

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

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brokers or dealers executing a portfolio transaction
on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged
for executing the transaction if the Adviser or Sub-Adviser, as applicable, determines in good faith that such commission is reasonable
in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser
or Sub-Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which
the Adviser or Sub-Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may
primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf
of those other accounts may primarily benefit the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the fiscal years ended February 28, 2019,
February 28, 2018 and February 29, 2017, Lucia Securities, LLC (&ldquo;Lucia Securities&rdquo;), an affiliate of the Sub-Adviser,
received $[&nbsp;&nbsp;&nbsp; ], $14,579, $14,726 and $85,816, respectively, in placement fees which could be deemed to be a form of brokerage
commissions. During the fiscal year ended February 28, 2019, the percentage of the Fund&rsquo;s (i) aggregate brokerage commissions
paid to Lucia Securities was 100%; and (ii) aggregate dollar amount of transactions involving the payment of commissions effected
through Lucia Securities was 100%.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Affiliated Party Brokerage</U></P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser, Sub-Adviser, and their affiliates
will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may
in accordance with rules under the 1940 Act engage in transactions with accounts that are affiliated with the Fund as a result
of common officers, directors, advisers, members, managing general partners or common control. These transactions would be effected
in circumstances in which the Adviser and/or Sub-Adviser, as applicable, has determined that it would be appropriate for the Fund
to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument each
on the same day.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser executes trades, on behalf of
the Fund, through its affiliated broker, Lucia Securities. The Sub-Adviser may realize a profit from such trading activity. Any
commission, fee or other remuneration paid to an affiliated broker or dealer is paid in compliance with the Fund&rsquo;s procedures adopted
in accordance with Rule 17e-1 under the 1940 Act. The policy of the Fund with respect to brokerage is reviewed by the Trustees
from time to time. Because of the possibility of further regulatory developments affecting the securities exchanges and brokerage
practices generally, the foregoing practices may be modified.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b007_v1"></A>PROXY VOTING POLICY AND PROXY VOTING RECORD</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board has adopted Proxy Voting Policies
and Procedures (&ldquo;Policies&rdquo;) on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser,
subject to the Board&rsquo;s continuing oversight. The Adviser has delegated proxy voting responsibility to the Sub-Adviser. The Policies
require that the Sub-Adviser vote, or cause to be voted, proxies received in a manner consistent with the best interests of the
Fund and shareholders. A summary of the proxy policies and procedures of the Sub-Adviser is attached to this SAI. The Sub-Adviser
will vote such proxies in accordance with its proxy policies and procedures. The Policies also require the Sub-Adviser to present
to the Board, at least annually, the Sub-Adviser&rsquo;s Proxy Policies and a record of the proxy voted, or those caused to be voted,
by the Sub-Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Sub-Adviser involving
a conflict of interest.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where a proxy proposal raises a material conflict
between the interests of the Adviser or Sub-Adviser, any affiliated person(s) of the Adviser or Sub-Adviser, the Fund&rsquo;s principal
underwriter (distributor) or any affiliated person of the principal underwriter (distributor), or any affiliated person of the
Trust and the Fund&rsquo;s or its shareholder&rsquo;s interests, the Sub-Adviser will resolve the conflict by voting in accordance with the
policy guidelines or at the Trust&rsquo;s directive using the recommendation of an independent third party. If the third party&rsquo;s recommendations
are not received in a timely fashion, the Sub-Adviser will abstain from voting.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information regarding how the Fund voted proxies
relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30 will be available (1) without
charge, upon request, by calling the Fund toll-free at 1-855-601-3841; and (2) on the U.S. Securities and Exchange Commission&rsquo;s
website at http://www.sec.gov. In addition, a copy of the Fund&rsquo;s proxy voting policies and procedures are also available by calling
toll-free at 1-855-601-3841 and will be sent within three business days of receipt of a request.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b008_v1"></A>CONTROL PERSONS AND PRINCIPAL HOLDERS OF
SECURITIES</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A control person is one who owns, either directly
or indirectly more than 25% of the voting securities of a company or acknowledges the existence of such control. A control person
may be able to determine the outcome of a matter put to a shareholder vote. A principal shareholder is any person who owns (either
of record or beneficially) 5% or more of any class of the Fund&rsquo;s outstanding shares.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of
[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], the following shareholders
of record owned 5% or more of a class of the outstanding shares of the Fund:</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name and Address</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of Ownership</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[ &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;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% of Shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[ &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;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% of Shares</FONT></TD></TR>
</TABLE>
<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><A NAME="b009_v1"></A>Distributor</FONT></P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Destra Capital Investments,
LLC (the &ldquo;Distributor&rdquo;), a registered broker-dealer and affiliate of the Adviser, located at 444 West Lake Street,
Suite 1700, Chicago, Illinois 60606, serves as the Fund&rsquo;s principal underwriter and acts as the distributor of the Fund&rsquo;s
shares, subject to various conditions. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Fund&rsquo;s previous distribution
agreement with Northern Lights Distributors, LLC (the &ldquo;Prior Distributor&rdquo;), the Prior Distributor entered into a sub-distribution
agreement with Destra Capital Investments, under which Destra Capital Investments provided wholesaling services with respect to
the Fund. Previously, the Prior Distributor had also entered into a sub-distribution arrangement with Lucia Securities, LLC, a
registered broker-dealer and affiliate of the Sub-Adviser. For the fiscal year ended February 28, 2019, Destra Capital Investments
received $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] under the sub-distribution agreement, and Lucia Securities received $[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] under the sub-distribution agreement.
For the fiscal year ended February 28, 2018, Lucia Securities received $42,201.01 under the agreement. For the fiscal year ended
February 28, 2017, Lucia Securities received $105,027.22 under the agreement. The sub-distribution arrangement Destra Capital Investments
terminated on January with Lucia Securities terminated on November 30, 2018.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b010_v1"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An independent registered public accounting
firm for the Fund will perform an annual audit of the Fund&rsquo;s financial statements. The Board has engaged Deloitte &amp; Touche,
LLP (&ldquo;Deloitte&rdquo;), located at 695 Town Center Drive, Suite 1000, Costa Mesa, CA 92636, to serve as the Fund&rsquo;s
independent registered public accounting firm.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b011_v1"></A>LEGAL COUNSEL</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Drinker Biddle &amp; Reath LLP, One Logan Square,
Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b012_v1"></A>ADMINISTRATOR</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund has contracted with Gemini Fund Services,
LLC (&ldquo;GFS&rdquo;), located at 80 Arkay Drive, Suite 110, Hauppauge, NY 11788, to provide various accounting and administrative
services, and to assist with operational the Fund&rsquo;s needs. For the fiscal year ended February 28, 2019, the Fund paid $148,915,
$59,096 and $136,076 in administration, fund accounting and transfer agency fees, respectively. For the fiscal year ended February
28, 2018, the Fund paid $192,001, $71,485 and $211,001 in administration, fund accounting and transfer agency fees, respectively.
For the fiscal year ended February 28, 2017, the Fund paid $188,655, $70,224 and $189,636 in administration, fund accounting and
transfer agency fees, respectively.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b013_v1"></A>CUSTODIAN</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UMB Bank, N.A. (the &ldquo;Custodian&rdquo;),
which has its principal address at 928 Grand Boulevard, Kansas City, MO 64106, serves as custodian for the Fund.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b014_v1"></A>ADDITIONAL INFORMATION</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A registration statement on Form N-2, including
amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC. The Prospectus and this Statement
of Additional Information do not contain all of the information set forth in the registration statement, including any exhibits
and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the
registration statement. A copy of the registration statement may be reviewed on the EDGAR database on the SEC&rsquo;s website at
<I>http://www.sec.gov</I>. Prospective investors can also request copies of these materials, upon payment of a duplicating fee,
by electronic request at the SEC&rsquo;s e-mail address (publicinfo@sec.gov).</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b015_v1"></A>APPENDIX A &ndash; Sub-Adviser Proxy Voting
Policies and Procedures</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Sub-Adviser</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROXY VOTING POLICIES
AND PROCEDURES</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">PROXY VOTING: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Pinhook
Capital, LLC (f/k/a LCM Investment Management, LLC)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>SUMMARY OF PROXY VOTING GUIDELINES</U></P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the absence of specific voting guidelines
from the client, Pinhook Capital, LLC (&ldquo;Pinhook&rdquo;) will vote proxies in the best interests of each particular client.
Pinhook&rsquo;s policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions
from a client. Clients are permitted to place reasonable restrictions on Pinhook&rsquo;s voting authority in the same manner that
they may place such restrictions on the actual selection of account securities.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pinhook will generally vote in favor of routine
corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised
by an auditor&rsquo;s non-audit services.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pinhook will generally vote against proposals
that cause board members to become entrenched or cause unequal voting rights.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In reviewing proposals, Pinhook will further
consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer&rsquo;s business
practices.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If Pinhook is voting proxies on behalf of a
registered investment company (&ldquo;RIC&rdquo;), any proxies received for holdings in other RICs will vote proxies proportionally
to reflect, or echo, the way that previous voters split on a particular issue. For example, if 100 shareholders cast 60 votes for
a proposal and 40 votes against, the brokerage firm would follow the 3:2 proportion in voting the proxies of the non-voting shareholders.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest:</B> Pinhook will identify
any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of Pinhook or Pinhook&rsquo;s
affiliates with the issuer of each security to determine if Pinhook or any of its employees has any financial, business or personal
relationship with the issuer.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a material conflict of interest exists, the
portfolio manager will vote in a manner consistent with an independent third party voting recommendation.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pinhook will maintain a record of the voting
resolution of any conflict of interest.</P>

<P STYLE="color: #231F20; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b016_v1"></A>APPENDIX B &ndash; RATINGS OF INVESTMENTS</P>

<P STYLE="color: #231F20; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Short-Term Credit Ratings</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An <B><I>S&amp;P Global Ratings </I></B>short-term
issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes
the rating categories used by S&amp;P Global Ratings for short-term issues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;A-1&rdquo; &ndash; A short-term obligation
rated &ldquo;A-1&rdquo; is rated in the highest category by S&amp;P Global Ratings. The obligor&rsquo;s capacity to meet its financial
commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates
that the obligor&rsquo;s capacity to meet its financial commitment on these obligations is extremely strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;A-2&rdquo; &ndash; A short-term obligation
rated &ldquo;A-2&rdquo; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions
than obligations in higher rating categories. However, the obligor&rsquo;s capacity to meet its financial commitments on the obligation
is satisfactory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;A-3&rdquo; &ndash; A short-term obligation
rated &ldquo;A-3&rdquo; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to weaken an obligor&rsquo;s capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;B&rdquo; &ndash; A short-term obligation
rated &ldquo;B&rdquo; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the
capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor&rsquo;s
inadequate capacity to meet its financial commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;C&rdquo; &ndash; A short-term obligation
rated &ldquo;C&rdquo; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions
for the obligor to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;D&rdquo; &ndash; A short-term obligation
rated &ldquo;D&rdquo; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &ldquo;D&rdquo;
rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that
such payments will be made within any stated grace period. However, any stated grace period longer than five business days will
be treated as five business days. The &ldquo;D&rdquo; rating also will be used upon the filing of a bankruptcy petition or the
taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.
An obligation&rsquo;s rating is lowered to &ldquo;D&rdquo; if it is subject to a distressed exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Local Currency and Foreign Currency Ratings
&ndash; S&amp;P Global Ratings&rsquo; issuer credit ratings make a distinction between foreign currency ratings and local currency
ratings. A foreign currency rating on an issuer will differ from the local currency rating on it when the obligor has a different
capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 33; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Moody&rsquo;s Investors Service (&ldquo;Moody&rsquo;s&rdquo;)</I></B>
short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity
of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and
the expected financial loss suffered in the event of default or impairment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moody&rsquo;s employs the following designations
to indicate the relative repayment ability of rated issuers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;P-1&rdquo; &ndash; Issuers (or supporting
institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;P-2&rdquo; &ndash; Issuers (or supporting
institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;P-3&rdquo; &ndash; Issuers (or supporting
institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NP&rdquo; &ndash; Issuers (or supporting
institutions) rated Not Prime do not fall within any of the Prime rating categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; Is assigned to
an unrated issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Fitch, Inc. / Fitch Ratings Ltd. (&ldquo;Fitch&rdquo;)</I></B>
short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and
relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term
deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed
as &ldquo;short-term&rdquo; based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured
obligations and up to 36 months for obligations in U.S. public finance markets. The following summarizes the rating categories
used by Fitch for short-term obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;F1&rdquo; &ndash; Securities possess
the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial
commitments; may have an added &ldquo;+&rdquo; to denote any exceptionally strong credit feature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;F2&rdquo; &ndash; Securities possess
good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;F3&rdquo; &ndash; Securities possess
fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments
is adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;B&rdquo; &ndash; Securities possess
speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments,
plus heightened vulnerability to near term adverse changes in financial and economic conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;C&rdquo; &ndash; Securities possess
high short-term default risk. Default is a real possibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;RD&rdquo; &ndash; Restricted default.
Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial
obligations. Typically applicable to entity ratings only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;D&rdquo; &ndash; Default. Indicates
a broad-based default event for an entity, or the default of a short-term obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Plus (+) or minus (-) &ndash; The &ldquo;F1&rdquo;
rating may be modified by the addition of a plus (+) or minus (-) sign to show the relative status within that major rating category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; Is assigned to
an unrated issue of a rated issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The <B><I>DBRS&reg; Ratings Limited (&ldquo;DBRS&rdquo;)</I></B>
short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations
in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking
of claims. The R-1 and R-2 rating categories are further denoted by the sub-categories &ldquo;(high)&rdquo;, &ldquo;(middle)&rdquo;,
and &ldquo;(low)&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summarizes the ratings used
by DBRS for commercial paper and short-term debt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-1
(high)&rdquo;</FONT> - Short-term debt rated &ldquo;R-1 (high)&rdquo; is of the <FONT STYLE="font-weight: normal">highest credit
quality. The capacity for the payment of short-term financial obligations</FONT> as they fall due is exceptionally high. Unlikely
to be adversely affected by future events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-1
(middle)&rdquo; &ndash; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Short-term debt rated &ldquo;R-1 (middle)&rdquo;
is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high.
Differs from &ldquo;R-1 (high)&rdquo; by a relatively modest degree. Unlikely to be significantly vulnerable to future events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-1
(low)&rdquo; &ndash; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Short-term debt rated &ldquo;R-1 (low)&rdquo;
is of <FONT STYLE="font-weight: normal">good credit quality.</FONT> The capacity for the payment of short-term financial obligations
as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future
events, but qualifying negative factors are considered manageable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-2
(high)&rdquo; &ndash; Short-term debt rated &ldquo;R-2 (high)&rdquo; is considered to be at the upper end of adequate credit quality.
The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-2
(middle)&rdquo; &ndash; Short-term debt rated &ldquo;R-2 (middle)&rdquo; is considered to be of adequate credit quality. The capacity
for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be
exposed to other factors that could reduce credit quality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-2
(low)&rdquo; &ndash; Short-term debt rated &ldquo;R-2 (low)&rdquo; is considered to be at the lower end of adequate credit quality.
The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.
A number of challenges are present that could affect the issuer&rsquo;s ability to meet such obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;R-3&rdquo;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash; Short-term debt rated &ldquo;R-3&rdquo; is considered to be at
the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall
due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;R-4&rdquo; &ndash; Short-term debt
rated &ldquo;R-4&rdquo; is considered to be of speculative credit quality. The capacity for the payment of short-term financial
obligations as they fall due is uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;R-5&rdquo; &ndash; Short-term debt
rated &ldquo;R-5&rdquo; is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the
capacity to meet short-term financial obligations as they fall due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;D&rdquo; &ndash; Short-term debt
rated &ldquo;D&rdquo; is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or
there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to &ldquo;D&rdquo; may occur. DBRS
may also use &ldquo;SD&rdquo; (Selective Default) in cases where only some securities are impacted, such as the case of a &ldquo;distressed
exchange&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Long-Term Credit Ratings</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summarizes the ratings used
by <B><I>S&amp;P Global Ratings </I></B>for long-term issues:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;AAA&rdquo; &ndash; An obligation
rated &ldquo;AAA&rdquo; has the highest rating assigned by S&amp;P Global Ratings. The obligor&rsquo;s capacity to meet its financial
commitments on the obligation is extremely strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;AA&rdquo; &ndash; An obligation rated
&ldquo;AA&rdquo; differs from the highest-rated obligations only to a small degree. The obligor&rsquo;s capacity to meet its financial
commitments on the obligation is very strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;A&rdquo; &ndash; An obligation rated
&ldquo;A&rdquo; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
in higher-rated categories. However, the obligor&rsquo;s capacity to meet its financial commitments on the obligation is still
strong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;BBB&rdquo; &ndash; An obligation
rated &ldquo;BBB&rdquo; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to weaken the obligor&rsquo;s capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;BB,&rdquo; &ldquo;B,&rdquo; &ldquo;CCC,&rdquo;
&ldquo;CC&rdquo; and &ldquo;C&rdquo; &ndash; Obligations rated &ldquo;BB,&rdquo; &ldquo;B,&rdquo; &ldquo;CCC,&rdquo; &ldquo;CC&rdquo;
and &ldquo;C&rdquo; are regarded as having significant speculative characteristics. &ldquo;BB&rdquo; indicates the least degree
of speculation and &ldquo;C&rdquo; the highest. While such obligations will likely have some quality and protective characteristics,
these may be outweighed by large uncertainties or major exposure to adverse conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;BB&rdquo; &ndash; An obligation rated
&ldquo;BB&rdquo; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties
or exposure to adverse business, financial, or economic conditions that could lead to the obligor&rsquo;s inadequate capacity to
meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;B&rdquo; &ndash; An obligation rated
&ldquo;B&rdquo; is more vulnerable to nonpayment than obligations rated &ldquo;BB&rdquo;, but the obligor currently has the capacity
to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the
obligor&rsquo;s capacity or willingness to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;CCC&rdquo; &ndash; An obligation
rated &ldquo;CCC&rdquo; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic
conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or
economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;CC&rdquo; &ndash; An obligation rated
&ldquo;CC&rdquo; is currently highly vulnerable to nonpayment. The &ldquo;CC&rdquo; rating is used when a default has not yet occurred
but S&amp;P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;C&rdquo; &ndash; An obligation rated
&ldquo;C&rdquo; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or
lower ultimate recovery compared with obligations that are rated higher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;D&rdquo; &ndash; An obligation rated
&ldquo;D&rdquo; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &ldquo;D&rdquo; rating
category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such
payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace
period or 30 calendar days. The &ldquo;D&rdquo; rating also will be used upon the filing of a bankruptcy petition or the taking
of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&rsquo;s
rating is lowered to &ldquo;D&rdquo; if it is subject to a distressed exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Plus (+) or minus (-) &ndash; The ratings
from &ldquo;AA&rdquo; to &ldquo;CCC&rdquo; may be modified by the addition of a plus (+) or minus (-) sign to show relative standing
within the major rating categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; This indicates
that a rating has not been assigned, or is no longer assigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Local Currency and Foreign Currency Risks
S&amp;P Global Ratings&rsquo; issuer credit ratings make a distinction between foreign currency ratings and local currency ratings.
An issuer&rsquo;s foreign currency rating will differ from its local currency rating when the obligor has a different capacity
to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Moody&rsquo;s</I></B> long-term ratings
are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of one year or more.
Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial
loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody&rsquo;s for long-term debt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Aaa&rdquo; &ndash; Obligations rated
&ldquo;Aaa&rdquo; are judged to be of the highest quality, subject to the lowest level of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Aa&rdquo; &ndash; Obligations rated
&ldquo;Aa&rdquo; are judged to be of high quality and are subject to very low credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;A&rdquo; &ndash; Obligations rated
&ldquo;A&rdquo; are judged to be upper-medium grade and are subject to low credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Baa&rdquo; &ndash; Obligations rated
&ldquo;Baa&rdquo; are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative
characteristics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Ba&rdquo; &ndash; Obligations rated
&ldquo;Ba&rdquo; are judged to be speculative and are subject to substantial credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;B&rdquo; &ndash; Obligations rated
&ldquo;B&rdquo; are considered speculative and are subject to high credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Caa&rdquo; &ndash; Obligations rated
&ldquo;Caa&rdquo; are judged to be speculative of poor standing and are subject to very high credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Ca&rdquo; &ndash; Obligations rated
&ldquo;Ca&rdquo; are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;C&rdquo; &ndash; Obligations rated
&ldquo;C&rdquo; are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Note: Moody&rsquo;s appends numerical modifiers
1, 2, and 3 to each generic rating classification from &ldquo;Aa&rdquo; through &ldquo;Caa.&rdquo; The modifier 1 indicates that
the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier
3 indicates a ranking in the lower end of that generic rating category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; Is assigned to
unrated obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following summarizes long-term ratings
used by <B><I>Fitch</I></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;AAA&rdquo; &ndash; Securities considered
to be of the highest credit quality. &ldquo;AAA&rdquo; ratings denote the lowest expectation of credit risk. They are assigned
only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely
affected by foreseeable events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;AA&rdquo; &ndash; Securities considered
to be of very high credit quality. &ldquo;AA&rdquo; ratings denote expectations of very low credit risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;A&rdquo; &ndash; Securities considered
to be of high credit quality. &ldquo;A&rdquo; ratings denote expectations of low credit risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions
than is the case for higher ratings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;BBB&rdquo; &ndash; Securities considered
to be of good credit quality. &ldquo;BBB&rdquo; ratings indicate that expectations of credit risk are currently low. The capacity
for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair
this capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;BB&rdquo; &ndash; Securities considered
to be speculative. &ldquo;BB&rdquo; ratings indicate that there is an elevated vulnerability to credit risk, particularly in the
event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available
to allow financial commitments to be met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;B&rdquo; &ndash; Securities considered
to be highly speculative. &ldquo;B&rdquo; ratings indicate that material credit risk is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;CCC&rdquo; &ndash; A &ldquo;CCC&rdquo;
rating indicates that substantial credit risk is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;CC&rdquo; &ndash; A &ldquo;CC&rdquo;
rating indicates very high levels of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;C&rdquo; &ndash; A &ldquo;C&rdquo;
rating indicates exceptionally high levels of credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Defaulted obligations typically are not
assigned &ldquo;RD&rdquo; or &ldquo;D&rdquo; ratings but are instead rated in the &ldquo;CCC&rdquo; to &ldquo;C&rdquo; rating categories,
depending on their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations
that have comparable overall expected loss but varying vulnerability to default and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Plus (+) or minus (-) may be appended to
a rating to denote relative status within major rating categories. Such suffixes are not added to the &ldquo;AAA&rdquo; obligation
rating category, or to corporate finance obligation ratings in the categories below &ldquo;CCC&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; Is assigned to
an unrated issue of a rated issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The <B><I>DBRS</I></B> long-term rating
scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations
in accordance with the terms under which an obligation has been issued. Ratings are based on quantitative and qualitative considerations
relevant to the issuer, and the relative ranking of claims. All rating categories other than AAA and D also contain subcategories
&ldquo;(high)&rdquo; and &ldquo;(low)&rdquo;. The absence of either a &ldquo;(high)&rdquo; or &ldquo;(low)&rdquo; designation indicates
the rating is in the middle of the category. The following summarizes the ratings used by DBRS for long-term debt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;AAA&rdquo;
&ndash; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt rated &ldquo;AAA&rdquo; is of the <FONT STYLE="font-weight: normal">highest
credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected
by future events.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;AA&rdquo;
&ndash; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt rated &ldquo;AA&rdquo; is of <FONT STYLE="font-weight: normal">superior
credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from &ldquo;AAA&rdquo;
only to a small degree. Unlikely to be significantly vulnerable to future events.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;A&rdquo;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash; Long-term debt rated &ldquo;A&rdquo; is of good <FONT STYLE="font-weight: normal">credit
quality.</FONT> The capacity for the payment of financial obligations is substantial, but of lesser credit quality than &ldquo;AA.&rdquo;
May be vulnerable to future events, but qualifying negative factors are considered manageable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;BBB&rdquo;
&ndash; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt rated &ldquo;BBB&rdquo; is of <FONT STYLE="font-weight: normal">adequate
credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;BB&rdquo;
&ndash;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt rated &ldquo;BB&rdquo; is of <FONT STYLE="font-weight: normal">speculative,
non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;B&rdquo;
&ndash; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt rated &ldquo;B&rdquo; is of <FONT STYLE="font-weight: normal">highly
speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;CCC&rdquo;,
&ldquo;CC&rdquo; and &ldquo;C&rdquo;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash; Long-term debt rated
in any of these categories is of <FONT STYLE="font-weight: normal">very highly speculative credit quality. I</FONT>n danger of
defaulting on financial obligations. There is little difference between these three categories, although &ldquo;CC&rdquo; and &ldquo;C&rdquo;
ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in
the &ldquo;CCC&rdquo; to &ldquo;B&rdquo; range. Obligations in respect of which default has not technically taken place but is
considered inevitable may be rated in the &ldquo;C&rdquo; category.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&ldquo;D&rdquo;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash; A security rated &ldquo;D&rdquo; is assigned when the issuer has
filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the
exhaustion of grace periods, a downgrade to &ldquo;D&rdquo; may occur. DBRS may also use &ldquo;SD&rdquo; (Selective Default) in
cases where only some securities are impacted, such as the case of a &ldquo;distressed exchange&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Municipal Note Ratings</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An <B><I>S&amp;P Global Ratings </I></B>U.S.
municipal note rating reflects S&amp;P Global Ratings&rsquo; opinion about the liquidity factors and market access risks unique
to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than
three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P Global
Ratings&rsquo; analysis will review the following considerations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization schedule - the larger the final maturity relative to
other maturities, the more likely it will be treated as a note; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Source of payment - the more dependent the issue is on the market
for its refinancing, the more likely it will be treated as a note.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Municipal Short-Term Note rating symbols
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SP-1&rdquo; &ndash; A municipal note
rated &ldquo;SP-1&rdquo; exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong
capacity to pay debt service is given a plus (+) designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SP-2&rdquo; &ndash; A municipal note
rated &ldquo;SP-2&rdquo; exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial
and economic changes over the term of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SP-3&rdquo; &ndash; A municipal note
rated &ldquo;SP-3&rdquo; exhibits a speculative capacity to pay principal and interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;D&rdquo; &ndash; This rating is assigned
upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the
taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Moody&rsquo;s</I></B> uses the Municipal
Investment Grade (&ldquo;MIG&rdquo;) scale to rate U.S. municipal bond anticipation notes of up to five years maturity. Municipal
notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note
maturity. MIG ratings expire at the maturity of the obligation, and the issuer&rsquo;s long-term rating is only one consideration
in assigning the MIG rating. MIG ratings are divided into three levels &ndash; &ldquo;MIG-1&rdquo; through &ldquo;MIG-3&rdquo;
while speculative grade short-term obligations are designated &ldquo;SG&rdquo;. The following summarizes the ratings used by Moody&rsquo;s
for short-term municipal obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;MIG-1&rdquo; &ndash; This designation
denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support,
or demonstrated broad-based access to the market for refinancing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;MIG-2&rdquo; &ndash; This designation
denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;MIG-3&rdquo; &ndash; This designation
denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely
to be less well-established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SG&rdquo; &ndash; This designation
denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; Is assigned to
an unrated obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of variable rate demand obligations
(&ldquo;VRDOs&rdquo;), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating. The
first element represents Moody&rsquo;s evaluation of risk associated with scheduled principal and interest payments. The second
element represents Moody&rsquo;s evaluation of risk associated with the ability to receive purchase price upon demand (&ldquo;demand
feature&rdquo;). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade
or &ldquo;VMIG&rdquo; scale. The rating transitions on the VMIG scale differ from those on the Prime scale to reflect the risk
that external liquidity support generally will terminate if the issuer&rsquo;s long-term rating drops below investment grade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;VMIG-1&rdquo; &ndash; This designation
denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider
and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;VMIG-2&rdquo; &ndash; This designation
denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and
structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;VMIG-3&rdquo; &ndash; This designation
denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity
provider and structural and legal protections that ensure the timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;SG&rdquo; &ndash; This designation
denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that
does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the
timely payment of purchase price upon demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;NR&rdquo; &ndash; Is assigned to
an unrated obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>About Credit Ratings</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An <B><I>S&amp;P Global Ratings </I></B>issue credit rating
is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific
class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial
paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement
on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P Global
Ratings&rsquo; view of the obligor&rsquo;s capacity and willingness to meet its financial commitments as they come due, and this
opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ratings assigned on <B><I>Moody&rsquo;s</I></B> global long-term
and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial
corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fitch&rsquo;s </I></B>credit ratings provide an opinion
on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal,
insurance claims or counterparty obligations. Fitch credit ratings are used by investors as indications of the likelihood of receiving
the money owed to them in accordance with the terms on which they invested. Fitch&rsquo;s credit ratings cover the global spectrum
of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national entities)
and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit ratings provided by <B><I>DBRS</I></B> are forward-looking
opinions about credit risk which reflect the creditworthiness of an issuer, rated entity, and/or security. Credit ratings are not
statements of fact. While historical statistics and performance can be important considerations, credit ratings are not based solely
on such; they include subjective considerations and involve expectations for future performance that cannot be guaranteed. To the
extent that future events and economic conditions do not match expectations, credit ratings assigned to issuers and/or securities
can change. Credit ratings are also based on approved and applicable Methodologies (&ldquo;Methodologies&rdquo;), which are periodically
updated and when material changes are deemed necessary, this may also lead to rating changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit ratings typically provide an opinion on the risk that
investors may not be repaid in accordance with the terms under which the obligation was issued. In some cases, credit ratings may
also include consideration for the relative ranking of claims and recovery, should default occur. Credit ratings are meant to provide
opinions on relative measures of risk and are not based on expectations of any specific default probability, nor are they meant
to predict such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The data and information on which DBRS bases its opinions is
not audited or verified by DBRS, although, DBRS conducts a reasonableness review of information received and relied upon in accordance
with its Methodologies and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DBRS uses rating symbols as a concise method of expressing its
opinion to the market, but there are a limited number of rating categories for the possible slight risk differentials that exist
across the rating spectrum and DBRS does not assert that credit ratings in the same category are of &ldquo;exactly&rdquo; the same
quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b017_v1"></A>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B>PRINTER: Please insert Financial Statements
here</B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART C:&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Destra Multi-Alternative Fund (the &ldquo;<U>Registrant</U>&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 25. &nbsp;Financial Statements and
Exhibits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Financial Statements:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Registrant&rsquo;s financial
highlights for the fiscal year ended February 28, 2019, are included in Part A of this registration statement in the section entitled
&ldquo;Financial Highlights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Financial Statements are included
as an appendix to the Statement of Additional Information filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Exhibits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(a)(1)</TD><TD STYLE="text-align: justify">Amended and Restated Agreement and Declaration of Trust is incorporated by reference to Exhibit
(a)(1) to Registrant&rsquo;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on May 31, 2013.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(a)(2)</TD><TD STYLE="text-align: justify">Certificate of Trust is incorporated by reference to Exhibit (a)(2) to Registrant&rsquo;s Registration
Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June 15, 2011.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(a)(3)</TD><TD STYLE="text-align: justify">Amended Certificate of Trust is incorporated by reference to Exhibit (a)(3) to Registrant&rsquo;s
Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on December 7, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(a)(4)</TD><TD STYLE="text-align: justify">Amended Certificate of Trust is incorporated by reference to Exhibit (a)(4) to Registrant&rsquo;s
Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on December 7, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">By-Laws are incorporated by reference to Exhibit (b) to Registrant&rsquo;s Registration Statement
on Form N-2 (Reg. No. 811-22572) as previously filed on November 16, 2011.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(d)(1)</TD><TD STYLE="text-align: justify">Refer to Exhibits (a)(1) and (b).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(d)(2)</TD><TD STYLE="text-align: justify">Multiple Class Plan to be filed by amendment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">Not Applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(g)(1)</TD><TD STYLE="text-align: justify">Investment Management Agreement is incorporated by reference to Exhibit (g)(1) to Registrant&rsquo;s
Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on December 7, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(g)(2)</TD><TD STYLE="text-align: justify">Sub-Advisory Agreement by and among the Registrant, Destra Capital Advisors and Pinhook Capital,
LLC is incorporated by reference to Exhibit (g)(2) to Registrant&rsquo;s Registration Statement on Form N-2 (Reg. No. 811-22572)
as previously filed on April 27, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(h)(1)</TD><TD STYLE="text-align: justify">Distribution Agreement between the Registrant and Destra Capital Investments LLC is filed herewith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(h)(2)</TD><TD STYLE="text-align: justify">Shareholder Servicing Plan to be filed by amendment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(h)(3)</TD><TD STYLE="text-align: justify">Distribution Plan &ndash; Class C is incorporated by reference to Exhibit (h)(2) to Registrant&rsquo;s
Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June 27, 2014.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(h)(4)</TD><TD STYLE="text-align: justify">Distribution Plan &ndash; Class T to be filed by amendment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(j)</TD><TD STYLE="text-align: justify">Custody Agreement is incorporated by reference to Exhibit (j) to Registrant&rsquo;s Registration
Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November 16, 2011.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(k)(1)</TD><TD STYLE="text-align: justify">Fund Services Agreement is incorporated by reference to Exhibit (k)(1) to Registrant&rsquo;s Registration
Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November 16, 2011.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(k)(2)</TD><TD>Expense Limitation Agreement is incorporated by reference to Exhibit (k)(3) to Registrant&rsquo;s Registration Statement on
Form N-2 (Reg. No. 811-22572) as previously filed on December 7, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(l)</TD><TD STYLE="text-align: justify">Opinion and Consent of Drinker Biddle &amp; Reath LLP to be filed by amendment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(m)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(n)</TD><TD STYLE="text-align: justify">Consent of Independent Registered Public Accounting Firm to be filed by amendment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(o)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(p)</TD><TD STYLE="text-align: justify">Initial Capital Agreement is incorporated by reference to Exhibit (p) to Registrant&rsquo;s Registration
Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November 16, 2011.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.1pt"></TD><TD STYLE="width: 36pt">(q)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(r)(1)</TD><TD STYLE="text-align: justify">Code of Ethics for the Registrant, Destra Capital Advisors LLC and Destra Capital Investments LLC
is incorporated by reference to Exhibit (r)(1) to Registrant&rsquo;s Registration Statement on Form N-2 (Reg. No. 811-22572) as
previously filed on December 7, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(r)(2)</TD><TD STYLE="text-align: justify">Code of Ethics for Pinhook Capital, LLC (f/k/a LCM Investment Management, LLC) is incorporated
by reference to Exhibit (r)(2) to Registrant&rsquo;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed
on November 11, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 36.75pt">(Other)</TD><TD STYLE="text-align: justify">Powers of Attorney are incorporated by reference to Registrant&rsquo;s Registration Statement on
Form N-2 (Reg. No. 811-22572) as previously filed on December 7, 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in"><B>Item
26. Marketing Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Item 27. Other Expenses
of Issuance and Distribution of Securities Being Registered</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 28. Persons Controlled by or
Under Common Control With Registrant</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 29. Number of Holders of Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt; padding-bottom: 8pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 38%; border: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt; padding-bottom: 8pt; padding-left: 5.4pt">Number of Shareholders<SUP>*</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt; padding-bottom: 8pt; padding-left: 5.4pt">Shares of Beneficial Ownership</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; text-indent: 0in; font-size: 10pt; border-right: Black 1pt solid; padding-bottom: 8pt; padding-left: 5.4pt">3795</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">* As of November 29,
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 30. Indemnification</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Reference is made to Article VIII Section
2 of the Registrant&rsquo;s Agreement and Declaration of Trust (the &ldquo;Declaration of Trust&rdquo;), incorporated by reference
to Exhibit (a)(1) to Registrant&rsquo;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on May 31,
2013. The Registrant hereby undertakes that it will apply the indemnification provisions of the Declaration of Trust in a manner
consistent with Release 40-11330 of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under the Investment Company Act
of 1940, as amended (the &ldquo;1940 Act&rdquo;), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act
remains in effect. The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee,
or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position.
However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for
any act for which the Registrant itself is not permitted to indemnify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Insofar as indemnification for liability arising
under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;) may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, trustee, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be
governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Additionally, the Registrant&rsquo;s various
agreements with its service providers contain indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 31. Business and Other Connections of Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information as to the directors and officers
of the Registrant&rsquo;s investment adviser, Destra Capital Advisors LLC (the &ldquo;Investment Manager&rdquo;), together with
information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Manager,
and each director, executive officer, managing member or partner of the Investment Manager, is or has been, at any time during
the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member,
partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-71604), and
is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information as to the directors and officers
of the Registrant&rsquo;s investment sub-adviser, Pinhook Capital, LLC (f/k/a LCM Investment Management, LLC) (&ldquo;Pinhook&rdquo;),
together with information as to any other business, profession, vocation, or employment of a substantial nature in which Pinhook,
and each director, executive officer, managing member or partner of Pinhook, is or has been, at any time during the past two fiscal
years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee,
is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-72595), and is incorporated herein
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 32. Location of Accounts and
Records</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All accounts, books,
and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated
thereunder are maintained at the offices of (1) the Registrant&rsquo;s Administrator, (2) the Custodian, (3) the Investment Manager,
(4) the Sub-Adviser, and/or (5) the Registrant&rsquo;s counsel. The address of each is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gemini Fund Services, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80 Arkay Drive, Suite 110</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hauppauge, New York 11788</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMB Bank, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1010 Grand Blvd.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas City, MO 64141</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra Capital Advisors LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">444 West Lake Street, Suite 1700</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago, IL 60606</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pinhook Capital, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13520 Evening Creek Drive N., Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Diego, CA 92128</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drinker Biddle &amp; Reath LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Logan Square, Ste. 2000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia, PA 19103</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 33. Management Services</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 34. Undertakings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant undertakes to suspend the offering of its shares until it amends its prospectus if (1) subsequent to the
effective date of its Registration Statement, the net asset value declines more than 10 percent from its net asset value as
of the effective date of the Registration Statement, or (2) the net asset value increases to an amount greater than its net
proceeds as stated in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes (a) to file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time
shall be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the Registrant is subject to Rule
430C; each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act of 1933, shall be deemed to be part
of and included in this Registration Statement as of the date it is first used after effectiveness. Provided, however, that no
statement made in this Registration Statement or prospectus that is part of this registration statement or made in a document incorporated
or deemed incorporated by reference into this registration statement or prospectus that is art of this registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supercede or modify any statement that was made in this
registration statement or prospectus that was part of this registration statement or made in any such document immediately prior
to such date of first use;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned Registrant
undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to the purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
497 under the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
portion of any advertisement pursuant to Rule 482 under the Securities Act of 1933 relating to the offering containing material
information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
days of receipt of a written or oral request, any Statement of Additional Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago in the
State of Illinois on the 26th day of April, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Destra Multi-Alternative Fund</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Robert Watson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name: &nbsp;Robert Watson</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:&nbsp;&nbsp;President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, his Registration Statement has been signed below by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Watson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Derek Mullins</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derek Mullins</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* John S. Emrich</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John S. Emrich</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* Michael S. Erickson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael S. Erickson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* Jeffery S. Murphy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffery S. Murphy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* Nicholas Dalmaso</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 26, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas Dalmaso</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By: &nbsp;</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Watson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-In-Fact (pursuant to</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><A HREF="s117625_exh1.htm" STYLE="-sec-extract: exhibit">(h)(1)</A></TD><TD STYLE="text-align: justify"><A HREF="s117625_exh1.htm" STYLE="-sec-extract: exhibit">Distribution Agreement between the Registrant and Destra Capital &nbsp;Investments LLC</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>

    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(1)
<SEQUENCE>2
<FILENAME>s117625_exh1.htm
<DESCRIPTION>EXHIBIT 99.(H)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
(h)(1)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DISTRIBUTION
AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AGREEMENT is made and entered into as of this 28th day of January, 2019, by and between the Destra Multi-Alternative Fund (the
&ldquo;Fund&rdquo;) and Destra Capital Investments LLC, a Delaware limited liability company (the &ldquo;Distributor&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Fund is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), as a non-diversified
closed-end management investment company and operates as an interval fund, and is authorized to issue units of beneficial interest
(&ldquo;Units&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Fund desires to retain the Distributor as principal underwriter in connection with the offering of the Units of the Fund;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;),
and is a member of the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
this Agreement has been approved by a vote of the Fund&rsquo;s board of trustees (the &ldquo;Board&rdquo;) and its disinterested
directors in conformity with Section 15(c) of the 1940 Act; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment
of Distributor. </B>The Fund hereby appoints the Distributor as the principal underwriter of the Fund, on the terms and conditions
set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties
set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services
and Duties of the Distributor.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor agrees to act as the principal underwriter of the Fund for distribution of the Units of the Fund, upon the terms and
at the current offering price described in the Prospectus. As used in this Agreement, the term &ldquo;Prospectus&rdquo; shall
mean the current prospectus, including the statement of additional information, as amended or supplemented, relating to the Fund
and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the &ldquo;Registration
Statement&rdquo;) of the Fund under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;) and the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall use commercially reasonable efforts to distribute the Units. All orders for Units shall be made through financial
intermediaries or directly to the applicable Fund, or its designated agent. Such purchase orders shall be deemed effective at
the time and in the manner set forth in the Prospectus. The Fund or its designated agent will confirm orders and subscriptions
upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Units
in uncertificated form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number
for the Fund so as to enable the Units to be traded through FundSERV. The Distributor shall not be responsible for any operational
matters associated with FundSERV or Networking transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding
the Fund other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by
the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor agrees to review all proposed advertising materials and sales literature for compliance with applicable FINRA laws
and regulations, and shall file with appropriate regulators those advertising materials and sales literature it believes are in
compliance with such laws and regulations. The Distributor agrees to furnish to the Fund any comments provided by regulators with
respect to such materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund agrees to redeem or repurchase Units tendered by shareholders of the Fund in accordance with the Fund&rsquo;s obligations
in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice
to the Distributor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with such qualified broker-dealers
and other financial intermediaries as it may select (the &ldquo;Financial Intermediaries&rdquo;), in order that such Financial
Intermediaries may sell Units of the Fund. The form of any dealer agreement shall be approved by the Fund. The Distributor shall
not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) the Distributor has received
an authorized payment from the Fund and (ii) such payment has been approved by the Fund&rsquo;s Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall not be obligated to sell any certain number of Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably
requested by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor may enter into agreements (&ldquo;Subcontracts&rdquo;) with qualified third parties to carry out some or all of the
Distributor&rsquo;s obligations under this Agreement, with the prior written consent of the Fund, such consent not to be unreasonably
withheld; provided that execution of a Subcontract shall not relieve the Distributor of any of its responsibilities hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar
services to others so long as its services under this Agreement are not impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction
or to maintain its registration in any jurisdiction in which it is now registered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations,
Warranties and Covenants of the Fund.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization
                                         and is registered as a closed-end management investment company under the 1940 Act;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                         Agreement has been duly authorized, executed and delivered by the Fund and, when executed
                                         and delivered, will constitute a valid and legally binding obligation of the Fund, enforceable
                                         in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
                                         and other laws of general application affecting the rights and remedies of creditors
                                         and secured parties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is conducting its business in compliance in all material respects with all applicable
                                         laws and regulations, both state and federal, and has obtained all regulatory approvals
                                         necessary to carry on its business as now conducted; there is no statute, rule, regulation,
                                         order or judgment binding on it and no provision of its charter, bylaws/operating agreement
                                         or any contract binding it or affecting its property which would prohibit its execution
                                         or performance of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Units are validly authorized and, when issued in accordance with the description in the
                                         Prospectus, will be fully paid and nonassessable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Registration Statement and Prospectus included therein have been prepared in conformity
                                         with the requirements of the 1933 Act and the 1940 Act and the rules and regulations
                                         thereunder;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Registration Statement and Prospectus and any advertising materials and sales literature
                                         prepared by the Fund or its agent do not and shall not contain any untrue statement of
                                         material fact or omit to state any material fact required to be stated therein or necessary
                                         to make the statements therein not misleading, and that all statements or information
                                         furnished to the Distributor pursuant to this Agreement shall be true and correct in
                                         all material respects;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Fund owns, possesses, licenses or has other rights to use all patents, patent applications,
                                         trademarks and service marks, trademark and service mark registrations, trade names,
                                         copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual
                                         property (collectively, &ldquo;Intellectual Property&rdquo;) necessary for or used in
                                         the conduct of the Fund&rsquo;s business and for the offer, issuance, distribution and
                                         sale of the Fund Units in accordance with the terms of the Prospectus and this Agreement,
                                         and such Intellectual Property does not and will not breach or infringe the terms of
                                         any Intellectual Property owned, held or licensed by any third party; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         necessary approvals, authorizations, consents or orders of or filings with any federal,
                                         state, local or foreign governmental or regulatory commission, board, body, authority
                                         or agency have been or will be obtained by the Fund in connection with the issuance and
                                         sale of the Units, including registration of the Units under the 1933 Act, the filing
                                         with FINRA&rsquo;s corporate financing department through its Public Offering System,
                                         and any necessary qualification under the securities or blue sky laws of the various
                                         jurisdictions in which the Units are being offered.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall take, or cause to be taken, all necessary action to register the Units under the federal and all applicable state securities
laws and to maintain an effective Registration Statement for such Units in order to permit the sale of Units as herein contemplated.
The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection
with the sale of Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund agrees to advise the Distributor promptly in writing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                         any material correspondence or other communication by the Securities and Exchange Commission
                                         (&ldquo;SEC&rdquo;) or its staff relating to the Fund, including requests by the SEC
                                         for amendments to the Registration Statement or Prospectus;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         the event of the issuance by the SEC of any stop-order suspending the effectiveness of
                                         the Registration Statement then in effect or the initiation of any proceeding for that
                                         purpose;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                         the happening of any event which makes untrue any statement of a material fact made in
                                         the Prospectus or which requires the making of a change in such Prospectus in order to
                                         make the statements therein not misleading;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                         all actions taken by the SEC with respect to any amendments to any Registration Statement
                                         or Prospectus which may from time to time be filed with the SEC;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         the event that it determines to suspend the sale of Units at any time in response to
                                         conditions in the securities markets or otherwise or to suspend the redemption of Units
                                         of the Fund at any time as permitted by the 1940 Act or the rules of the SEC; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                         the commencement of any litigation or proceedings against the Fund or any of its officers
                                         or directors in connection with the issue and sale of any of the Units.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including
state blue sky laws, and shall notify the Distributor in writing of the states in which the Units may be sold and of any changes
to such information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order
that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall fully cooperate in the efforts of the Distributor to arrange for the sale of Units. In addition, the Fund shall keep
the Distributor fully informed of its affairs and shall provide to the Distributor from time to time copies of all information,
financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution
of Units, including, without limitation, certified copies of any financial statements prepared for the Fund by its independent
public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and
annual and interim reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including
the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not
use or authorize the use of any advertising or sales material unless and until such materials have been approved and authorized
for use by the Distributor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall provide, and cause each other agent or service provider to the Fund, including the Fund&rsquo;s transfer agent and
investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium)
that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains
to Distributor, the distribution of the Units or the applicable sales loads or public offering price without giving Distributor
reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund&rsquo;s
right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may
deem advisable, such right being in all respects absolute and unconditional.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has adopted policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time.
In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards
reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use
of, records and information relating to the Fund and the owners of the Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations,
Warranties and Covenants of the Distributor.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is duly organized and existing under the laws of the jurisdiction of its organization,
                                         with full power to carry on its business as now conducted, to enter into this Agreement
                                         and to perform its obligations hereunder;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                         Agreement has been duly authorized, executed and delivered by the Distributor and, when
                                         executed and delivered, will constitute a valid and legally binding obligation of the
                                         Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
                                         reorganization, moratorium and other laws of general application affecting the rights
                                         and remedies of creditors and secured parties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is conducting its business in compliance in all material respects with all applicable
                                         laws and regulations, both state and federal, and has obtained all regulatory approvals
                                         necessary to carry on its business as now conducted; there is no statute, rule, regulation,
                                         order or judgment binding on it and no provision of its charter, operating agreement
                                         or any contract binding it or affecting its property which would prohibit its execution
                                         or performance of this Agreement; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is registered as a broker-dealer under the 1934 Act and is a member in good standing
                                         of FINRA.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933
Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any
of its managers, officers or directors in connection with the issue and sale of any of the Units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the Distributor&rsquo;s services in connection with the distribution of Units of the Fund, the Distributor shall
receive the compensation set forth in <U>Exhibit A</U>, which may be amended from time to time upon the approval of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as specified in Section 5A, the Distributor shall be entitled to no compensation or reimbursement of expenses for services provided
by the Distributor pursuant to this Agreement. The Distributor may receive compensation from Destra Capital Advisors LLC (&ldquo;Adviser&rdquo;)
related to its services hereunder or for additional services all as may be agreed to between the Adviser and the Distributor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall bear all costs and expenses in connection with registration of the Units with the SEC and the applicable states, as
well as all costs and expenses in connection with the offering of the Units and communications with shareholders of the Fund,
including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses
of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as
related advertising and sales literature, (iii) costs and expenses of the preparation, printing and mailing of annual and interim
reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer
and sale of Units in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or
state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for
any expenses not expressly assumed hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors,
officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of
Section 15 of the 1933 Act (collectively, the &ldquo;Distributor Indemnitees&rdquo;), free and harmless from and against any and
all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged
losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively,
&ldquo;Losses&rdquo;) that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute
(including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to
(i) the Distributor serving as distributor of the Fund pursuant to this Agreement; (ii) the Fund&rsquo;s breach of any of its
obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund&rsquo;s failure to comply with
any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports,
sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended)
include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any
violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Units of the Fund are sold, provided, however,
that the Fund&rsquo;s obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising
out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus,
annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information
relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing and acknowledging the purpose
of its use. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to
the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith,
or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations
under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund
being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the
summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor
Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter or by telegram
addressed to the Fund&rsquo;s President, but the failure so to notify the Fund of any such action shall not relieve the Fund from
any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged
untrue, statement or omission, or alleged omission, otherwise than on account of the Fund&rsquo;s indemnity agreement contained
in this Section 7(A).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit
brought to enforce any such Losses, but if the Fund elect to assume the defense, such defense shall be conducted by counsel chosen
by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elect to
assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and
expenses of any additional counsel retained by them. If the Fund do not elect to assume the defense of any such suit, or in case
the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing
law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor
Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the fees and expenses of any counsel retained
by Distributor and them. The Fund&rsquo;s indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative
and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s), and shall
survive the delivery of any Units and the termination of this Agreement. This agreement of indemnity will inure exclusively to
the Distributor&rsquo;s benefit, to the benefit of each Distributor Indemnitee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund shall advance attorney&rsquo;s fees and other expenses incurred by a Distributor Indemnitee in defending any claim, demand,
action or suit, which is the subject of a claim for indemnification pursuant to this Section 7 to the maximum extent permissible
under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall indemnify, defend and hold the Fund, its affiliates, and each of its respective directors, officers, employees,
representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act
(collectively, the &ldquo;Fund Indemnitees&rdquo;), free and harmless from and against any and all Losses that any Fund Indemnitee
may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation
thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor&rsquo;s breach of any of its obligations,
representations, warranties or covenants contained in this Agreement; (ii) the Distributor&rsquo;s failure to comply with any
applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and
advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with,
information furnished to the Fund by the Distributor in writing. In no event shall anything contained herein be so construed as
to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful
misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless
disregard of its obligations under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Distributor&rsquo;s agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor&rsquo;s being notified
of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter or telegram addressed
to the Distributor&rsquo;s President, within a reasonable time after the summons or other first legal process giving information
of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice
the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability
which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue,
statement or omission, otherwise than on account of the Distributor&rsquo;s indemnity agreement contained in this Section 7(D).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any
suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted
by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In
the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such
suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume
the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen
by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests
of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the
fees and expenses of any counsel retained by the Fund and them. The Distributor&rsquo;s indemnification agreement contained in
Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf
of the Fund Indemnitee(s), and shall survive the delivery of any Units and the termination of this Agreement. This Agreement of
indemnity will inure exclusively to the Fund&rsquo;s benefit, to the benefit of each Fund Indemnitee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under
the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be
provided under this Section 7 to the maximum extent so permissible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dealer
Agreement Indemnification.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor
acknowledges and agrees that certain large and significant broker-dealers, such as (without limitation) Merrill Lynch, UBS and
Morgan Stanley (all such brokers referred to herein as the &ldquo;Brokers&rdquo;), require that Distributor enter into dealer
agreements (the &ldquo;Non-Standard Dealer Agreements&rdquo;) that contain certain representations, undertakings and indemnification
that are not included in the Standard Dealer Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that Distributor is requested or required by the Fund to enter into any Non-Standard Dealer Agreement, the Fund shall
indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor
Indemnitee may incur arising out of or relating to (a) the Distributor&rsquo;s actions or failures to act pursuant to any Non-Standard
Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement to the extent that the
Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided
by the Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification
the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so
construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor
Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of
Distributor&rsquo;s obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor&rsquo;s reckless
disregard of its obligations or duties under the Non-Standard Dealer Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations
on Damages. </B>Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other
Party, whether or not the likelihood of such losses or damages was known by the Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force
Majeure. </B>Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly
or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including
fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts
of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption,
loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific
case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duration
and Termination.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective with respect to the Fund as of the date hereof. Unless sooner terminated as provided herein,
this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall
continue automatically in effect as to the Fund for successive one-year periods, provided such continuance is specifically approved
at least annually by (i) the Fund&rsquo;s Board or (ii) the vote of a majority of the outstanding voting securities of the Fund,
in accordance with Section 15 of the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, this Agreement may be terminated, without the payment of any penalty (i) through a failure to renew this Agreement
at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60
days&rsquo; written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested
persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement
or by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement will automatically terminate in the event of its assignment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;Anti-Money
Laundering Compliance.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank
Secrecy Act (collectively, the &ldquo;AML Acts&rdquo;), which require, among other things, that financial institutions adopt compliance
programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue
to comply with the AML Acts and applicable regulations in all relevant respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Distributor shall include specific contractual provisions regarding anti-money laundering compliance obligations in agreements
entered into by the Distributor with any broker-dealer or other financial intermediary that is authorized to effect transactions
in Units of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Distributor and Fund agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary,
to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies
and controls related thereto (&ldquo;AML Operations&rdquo;). Distributor undertakes that it will grant to the Fund, the Fund&rsquo;s
anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor&rsquo;s
AML Operations, and related books and records to the extent they pertain to the Distributor&rsquo;s services hereunder. It is
expressly understood and agreed that the Fund and the Fund&rsquo;s compliance officer shall have no access to any of Distributor&rsquo;s
AML Operations, books or records pertaining to other clients or services of Distributor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privacy.
</B>In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation
S-P, received from the Fund or the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such
information to any party as necessary in the ordinary course of business to carry out the purposes for which such information
was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards
reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of,
records and information relating to consumers and customers of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities
and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor
agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality.
</B>During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such
matters as either party&rsquo;s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients.
As used in this Agreement, &ldquo;Confidential Information&rdquo; means information belonging to the Distributor or the Fund which
is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including,
without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information
or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i)
information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing Party; (ii) information
that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any obligation of confidentiality
to the Party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade
without violation of this Agreement by the Receiving Party; or (iv) information that is independently developed by the Receiving
Party or its employees or affiliates without reference to the Disclosing Party&rsquo;s information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Each
party will protect the other&rsquo;s Confidential Information with at least the same degree of care it uses with respect to its
own Confidential Information, and will not use the other party&rsquo;s Confidential Information other than in connection with
its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other&rsquo;s Confidential Information if (i)
required by law, regulation or legal process or if requested by any Agency; (ii) it is advised by counsel that it may incur liability
for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing
party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate
with the other party (at such other party&rsquo;s expense) in any efforts to prevent such disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.
</B>Any notice required or permitted to be given by any party to the other shall be in writing and shall be deemed to have been
given on the date delivered personally or by courier service or 3 days after sent by registered or certified mail, postage prepaid,
return receipt requested or on the date sent and confirmed received by facsimile transmission to the other party&rsquo;s address
as set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices
to the Distributor shall be sent to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
Capital Investments LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
General Counsel&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">444
West Lake Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1700&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois 60606&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
legal@destracapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices
to the Fund shall be sent to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
Multi-Alternative Fund&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
President&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Destra Capital Advisors LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">444
West Lake Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1700&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois 60606&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
Rob.Watson@destracapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modifications. </B>The
terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written
instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the
Fund&rsquo;s Board, including a majority of the Fund&rsquo;s Board who are not interested persons, as such term is defined in
the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law. </B>This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts
of law principles thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire
Agreement. </B>This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications,
understandings and agreements relating to the subject matter hereof, whether oral or written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival.
</B>The provisions of Sections 5, 6, 7, 8, 9, 12, 13 and 17 of this Agreement shall survive any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.
</B>The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent
authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.
</B>This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together
shall be deemed to constitute one and the same document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts
as of the date first above written.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESTRA CAPITAL INVESTMENTS LLC</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 57%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ James K. Yount</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: James Yount</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ON BEHALF OF <FONT STYLE="text-transform: uppercase">Destra
    Multi-Alternative Fund</FONT></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Robert Watson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
(h)(1)</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(as
of January 28, 2019)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compensation</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SALES
LOADS</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
I Shares</B> &ndash; 0.00%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
A Shares</B> &ndash; Up to 5.75% (As set forth in the Registration Statement, including the Prospectus, filed with the SEC and
in effect at the time of sale of such Shares.)&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
L Shares</B> &ndash; Up to 2.00% (As set forth in the Registration Statement, including the Prospectus, filed with the SEC and
in effect at the time of sale of such Shares.)&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
C Shares</B> &ndash; 0.00%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>DISTRIBUTION
FEE</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
I Shares</B> &ndash; 0.00%&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
A Shares</B> &ndash; 0.00%&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
L Shares</B> &ndash; 0.50% (As set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect
at the time of sale of such Shares.)&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
C Shares</B> &ndash; 0.75% (As set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect
at the time of sale of such Shares.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<!-- Field: Page; Sequence: 15; Value: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>

    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>3
<FILENAME>filename3.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drinker
Biddle &amp; Reath LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">191
N. Wacker Drive, Suite 3700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
IL 60606-1698</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.drinkerbiddle.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
26, 2019</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>VIA
EDGAR TRANSMISSION</U></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></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 0 0 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Destra Multi-Alternative Fund (Registration Nos. 811-22572, 333-</U> <U>189008); (the &ldquo;Fund&rdquo;)</U></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
behalf of the Fund, I have transmitted herewith for filing Post-Effective Amendment No. 10 to the Fund&rsquo;s Registration Statement
on Form N-2 under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and Amendment No. 16 to the Fund&rsquo;s
Registration Statement on Form N-2 under the Investment Company Act of 1940, as amended (the &ldquo;Amendment&rdquo;). This Amendment
is being filed to reflect changes to the Fund&rsquo;s disclosure, to conform with the form and substance of disclosure of the
sponsor&rsquo;s Fund complex.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Rule 486(a) under the 1933 Act, it is proposed that the Amendment become effective 60 days after filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Questions
and comments may be directed to the undersigned at (312) 569-1109 or, in my absence, to Joshua B. Deringer at (215) 988-2959.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
Benjamin D. McCulloch </FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benjamin D. McCulloch</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 72pt">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
