<SEC-DOCUMENT>0001615774-19-010108.txt : 20190711
<SEC-HEADER>0001615774-19-010108.hdr.sgml : 20190711
<ACCEPTANCE-DATETIME>20190710182356
ACCESSION NUMBER:		0001615774-19-010108
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190711
DATE AS OF CHANGE:		20190710
EFFECTIVENESS DATE:		20190711

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		19950151

	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>497
<SEQUENCE>1
<FILENAME>s119300_497.htm
<DESCRIPTION>497
<TEXT>
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESTRA
MULTI-ALTERNATIVE FUND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
    I Shares</B></FONT></TD>
    <TD STYLE="width: 25%; font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MSFIX</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
    A Shares</B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MSFDX</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
    T Shares</B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MSFYX</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
    C Shares</B></FONT></TD>
    <TD STYLE="font-family: Calibri,sans-serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCFDX</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>July
1, 2019, <BR>
as Revised July 10, 2019</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price
    to Public</B><SUP>(1)</SUP></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
    Load</B><SUP>(2)</SUP></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceeds
    to the Fund</B><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per Class I Share</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">At current NAV</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount invested at current NAV</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per Class A Share</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 31%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">At current NAV, plus a sales
    load of up to 5.75%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.75%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount invested at current
    purchase price, less applicable Sales Load</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per Class T Share</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">At current NAV, plus a sales load of
    up to 3.00%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.00%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount invested at current purchase
    price, less applicable Sales Load</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per Class C Share</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">At current NAV</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount invested at current purchase
    price</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up to $276,080,000</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up to 5.75%</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to $276,080,000
    <SUP>(4)</SUP></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"><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 (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;</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">(4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 July 1, 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 holders of Shares (&ldquo;Shareholders) can 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 toll free 1-855-601-3841 or by accessing the Fund&rsquo;s
&ldquo;Prospectus&rdquo; page on Destra&rsquo;s website at <I><U>www.destracapital.com</U></I><U>.</U> 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 97 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><U>http://www.sec.gov</U></I><U>.
</U>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.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks.
</B>An investment in the Fund involves a high degree of risk. In particular:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></TD></TR></TABLE>



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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><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, which may also include funds that primarily hold real estate investments, (3)
master limited partnerships (&ldquo;MLPs&rdquo;), (4) common and preferred stocks, and (5) structured notes, notes, bonds and
asset-backed securities.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><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. The time
between notification to Shareholders and the date the repurchase offer ends (&ldquo;Repurchase Request Deadline&rdquo;) may vary
from no more than forty-two (42) days to no less than twenty-one (21) days. Shares will be repurchased at the NAV per share determined
as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business
day if the 14th day is not a business day (each a &ldquo;Repurchase Pricing Date&rdquo;). 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.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>See
&ldquo;Types of Investments and Related Risks&rdquo; beginning on page 31 of this prospectus.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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 (these minimums may be waived in certain circumstances). There is no minimum for subsequent
investments. 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.</FONT></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Beginning
on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund&rsquo;s
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></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><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 1-855-601-3841, or if you are a direct investor, by enrolling at www.destracapital.com.</I></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><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 1-855-601-3841 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></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 94%; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a001_v1"><FONT STYLE="font-size: 10pt">SUMMARY
    OF TERMS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a002_v1"><FONT STYLE="font-size: 10pt">SUMMARY
    OF FEES AND EXPENSES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a003_v1"><FONT STYLE="font-size: 10pt">SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a004_v1"><FONT STYLE="font-size: 10pt">THE
    FUND</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a005_v1"><FONT STYLE="font-size: 10pt">THE
    ADVISER</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a006_v1"><FONT STYLE="font-size: 10pt">THE
    SUB-ADVISER</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a007_v1"><FONT STYLE="font-size: 10pt">USE
    OF PROCEEDS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a008_v1"><FONT STYLE="font-size: 10pt">INVESTMENT
    OBJECTIVE, OPPORTUNITIES AND STRATEGIES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a009_v1"><FONT STYLE="font-size: 10pt">TYPES
    OF INVESTMENTS AND RELATED RISKS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a010_v1"><FONT STYLE="font-size: 10pt">MANAGEMENT
    OF THE FUND</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a011_v1"><FONT STYLE="font-size: 10pt">FUND
    EXPENSES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a012_v1"><FONT STYLE="font-size: 10pt">MANAGEMENT
    FEES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a013_v1"><FONT STYLE="font-size: 10pt">DETERMINATION
    OF NET ASSET VALUE</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a014_v1"><FONT STYLE="font-size: 10pt">CONFLICTS
    OF INTEREST</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a015_v1"><FONT STYLE="font-size: 10pt">QUARTERLY
    REPURCHASES OF SHARES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a016_v1"><FONT STYLE="font-size: 10pt">DESCRIPTION
    OF CAPITAL STRUCTURE AND SHARES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a017_v1"><FONT STYLE="font-size: 10pt">TAX
    ASPECTS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a018_v1"><FONT STYLE="font-size: 10pt">ERISA
    CONSIDERATIONS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a019_v1"><FONT STYLE="font-size: 10pt">DISTRIBUTION
    OF SHARES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a020_v1"><FONT STYLE="font-size: 10pt">DISTRIBUTIONS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a021_v1"><FONT STYLE="font-size: 10pt">FISCAL
    YEAR; REPORTS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a022_v1"><FONT STYLE="font-size: 10pt">PRIVACY
    NOTICE</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a023_v1"><FONT STYLE="font-size: 10pt">LEGAL
    MATTERS</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a024_v1"><FONT STYLE="font-size: 10pt">INQUIRIES</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a025_v1"><FONT STYLE="font-size: 10pt">TABLE
    OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</FONT></A></FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: right; padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a001_v1"></A><FONT STYLE="font-size: 10pt">SUMMARY
OF TERMS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><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 July 1, 2019 (the &ldquo;Statement of
Additional Information&rdquo;).</I></FONT></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    FUND</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    ADVISER</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
        is a subsidiary of Destra Capital Management LLC, a sponsor of investment funds.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SUB-ADVISER</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT
    OBJECTIVE</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Fund&rsquo;s investment objective is to seek returns from capital appreciation and income with an emphasis on income generation.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
        can be no assurance that the Fund will be able to achieve its investment objective.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESTMENT
    STRATEGIES AND POLICIES</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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, which may also include funds that primarily hold         real estate investments, (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 investments in traditional stocks and bonds (which could include any type
        of investment that is consistent with the investment strategy and not a traditional stock or bond).         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. The         Fund&rsquo;s         investments may include         investments in non-U.S.
        securities.</FONT></FONT></P></TD></TR>


</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                           Fund focuses a significant portion of its investments in the real estate sector, concentrating much
                           of this sector investment in real estate investment trusts (&ldquo;REITs&rdquo;) and as such, 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.</FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
        a further discussion of the Fund&rsquo;s principal investment strategies, see &ldquo;Investment Objective, Opportunities
        and Strategies.&rdquo;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUB-ADVISER&rsquo;S
        STRATEGY</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P></TD></TR>

</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Real
        Estate Securities</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Alternative
        Investment Funds</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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 (which could include any type of investment that is consistent with the investment
        strategy and offered as a private placement as opposed to a public sale), 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.</FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P></TD></TR>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Master
        Limited Partnerships</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Common
        and Preferred Stocks</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Structured
        Notes</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P></TD></TR>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Debt
        Securities</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Underlying
        Funds </U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P></TD></TR>




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    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEVERAGE</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT
    FEES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</FONT></P></TD></TR>
</TABLE>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pinhook
        is paid by Destra out of the Management Fee Destra is paid by the Fund.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Sub-Adviser previously served as the investment adviser to the Fund until November 30, 2018.</FONT></P></TD></TR>



<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSE
    LIMITATION AGREEMENT</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADMINISTRATION</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING
    EXPENSES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DISTRIBUTIONS
    </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P></TD></TR>

</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;&nbsp;</FONT></P></TD></TR>



<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOARD
    OF TRUSTEES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    OFFERING</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 T 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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;</FONT></P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFERING
    EXPENSES</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTOR
    SUITABILITY</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA
    PLANS AND OTHER TAX-EXEMPT ENTITIES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDER
    SERVICING FEES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISTRIBUTION
    FEES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSFER
    AGENT AND FUND ADMINISTRATOR</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLOSED-END
    INTERVAL STRUCTURE</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUARTERLY
    REPURCHASE OF SHARES</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARE
    CLASSES</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALUATIONS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY
    OF TAXATION</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FISCAL
    YEAR</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    accounting purposes, the Fund&rsquo;s fiscal year is the 12-month period ending on February 28.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORTS
    TO SHAREHOLDERS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>&nbsp;</FONT></P></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 77%"><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 77%"><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
</TABLE>


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<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: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 77%"><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><B>Real Estate Industry Trust (REIT) 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.&nbsp;</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&#9679;</TD>
    <TD STYLE="width: 77%"><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</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 COLSPAN="2">Additional risks relating to the Fund include risks resulting from:</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>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD><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.</TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 79%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;</FONT></P></TD></TR>



</TABLE>
<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a002_v1"></A><FONT STYLE="font-size: 10pt">SUMMARY
OF FEES AND EXPENSES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Shareholder
                                         Fees</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Class
                                         I</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Class
                                         A</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Class
                                         T</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Class
                                         C</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Maximum
    Sales Load Imposed on Purchases (as a percentage of offering price)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.75</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.00</FONT></TD><TD STYLE="width: 2%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font-size: 10pt; text-align: right"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></FONT></P></TD><TD STYLE="width: 2%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Annual
    Fund Expenses<SUP>(1)</SUP></B> (as a percentage of average net assets attributable to Shares)</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management
    Fee</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.35</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Interest
    Payments on Borrowed Funds<SUP>(2)</SUP></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.48</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.42</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    Expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholder
    Servicing Fee<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.25</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Distribution
    Fee<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.75</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remaining
    Other Expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.54</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Acquired
    Fund Fees and Expenses<SUP>(4)</SUP></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Annual Fund Operating Expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.57</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.76</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.26</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.51</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee
    Waiver and/or Expense Reimbursement<SUP>(5)</SUP></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.19</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total
    Annual Fund Operating Expenses (after Fee Waiver and/or Expense Reimbursement)<SUP>(5)</SUP></FONT></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.38</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.57</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.07</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.32</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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 and only the direct operating expenses incurred by the Fund and not Acquired Fund
                                         Fees and Expenses.</FONT></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&rdquo;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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.</FONT></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(5)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 63 of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Examples:</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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 until November 30, 2020):</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Share Class</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1
    Year</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3
    Years</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5
    Years</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">10
    Years</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class I</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">108</FONT></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">183</FONT></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">382</FONT></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class A</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">91</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">434</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class T</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">154</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">458</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class C</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">135</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">227</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">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 until November 30, 2020, 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;</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL
HIGHLIGHTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the periods ended February 28, 2017, February 29,
2016 and February 28, 2015 was audited by the former independent registered public accounting firm. 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 1-855-601-3841.</FONT></P>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 12pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Destra Multi-Alternative
    Fund - Class I</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL
    HIGHLIGHTS</FONT></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.</I></FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Period</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2019</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2018</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2017</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    29, 2016</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2015 *</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="width: 30%; font-weight: bold; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, Beginning of Period</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.64</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.86</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.24</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.75</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.02</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    Operations:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (a)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.18</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.25</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.42</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.48</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    gain (loss) on investments (both realized and unrealized)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.15</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.54</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.15</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1.03</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.09</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    from Operations</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.03</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.29</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.57</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.55</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.39</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    Distributions:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net investment income</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.23</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.40</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.06</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net realized gains on investments</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    return of capital</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.81</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.70</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.65</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.56</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.23</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Distributions</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.86</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.93</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.95</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.96</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.66</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, End of Period</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.81</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.64</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.86</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.24</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.75</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Return (b)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.17</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2.39</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.52</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%
                                         (g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (d)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratios/Supplemental
    Data</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    assets, end of period (in 000&rsquo;s)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,879</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,395</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,820</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,806</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,185</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.79</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.39</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.18</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.57</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.39</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.25</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.64</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.67</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.09</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.80</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets (excluding interest expense)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.89</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.76</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.29</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.24</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.70</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.55</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.29</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.24</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio
    turnover rate</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (d)</FONT></td></tr>
</table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div align="LEFT" style="margin-top: 0pt; margin-bottom: 3pt"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></div></div><!-- Field: /Rule-Page -->

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<td style="width: 0"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         I commenced operations on July 2, 2014.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                         share amounts are calculated using the average shares method, which more appropriately
                                         presents the per share data for the period.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         returns are historical in nature and assume changes in share price, reinvestment of dividends
                                         and capital gains distributions, if any. Total returns for periods less than one year
                                         are not annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized
                                         for periods less than one year.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                         annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                         not include the expenses of the investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                         adjustments in accordance with accounting principles generally accepted in the United
                                         States and, consequently, the net asset value for financial reporting purposes and the
                                         returns based upon those net asset values may differ from the net asset values and returns
                                         for shareholder transactions.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Destra
    Multi-Alternative Fund - Class A</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">FINANCIAL
    HIGHLIGHTS</FONT></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
table below sets forth financial data for one share of beneficial interest outstanding throughout each year presented.</I></FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2019</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2018</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2017</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    29, 2016</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2015</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="width: 30%; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, Beginning of Year</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.45</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.67</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.20</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.74</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.51</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    Operations:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (a)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.32</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.22</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.35</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.46</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.41</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    gain (loss) on investments (both realized and unrealized)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.32</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.52</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.06</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1.04</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.80</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    from Operations</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.30</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.41</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.58</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.21</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    Distributions:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net investment income</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.23</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.29</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.40</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.40</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net realized gains on investments</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    paid in capital</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.80</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.69</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.65</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.56</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.21</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Distributions</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.85</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.92</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.94</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.96</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.98</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, End of Year</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.60</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.45</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.67</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.20</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.74</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Return (b)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2.56</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.48</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (h)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3.57</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%
                                         (h)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.46</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratios/Supplemental
    Data</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    assets, end of year (in 000&rsquo;s)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">113,921</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">150,428</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">168,232</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">157,986</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">178,502</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.56</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.99</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.66</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.58</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.55</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.80</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.66</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.58</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.61</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (e)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income, Net of Reimbursement/Recapture (c)(g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.25</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.42</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.25</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.87</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.43</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets (excluding interest expense):</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.14</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.96</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.57</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.49</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.55</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.95</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.77</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.57</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.49</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.61</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (e)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio
    turnover rate</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
</table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

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<td style="width: 0"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                         share amounts are calculated using the average shares method, which more appropriately
                                         presents the per share data for the period.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         returns are historical in nature and assume changes in share price, reinvestment of dividends
                                         and capital gains distributions, if any and exclude the effects of sales loads. Total
                                         returns for periods less than one year are not annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized
                                         for periods less than one year.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                         annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></td><td style="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
                                         ratio includes the Advisor&rsquo;s recapture of waived/reimbursed fees from prior periods.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></td><td style="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                         not include the expenses of the investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 199.65pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                         adjustments in accordance with accounting principles generally accepted in the United
                                         States and, consequently, the net asset value for financial reporting purposes and the
                                         returns based upon those net asset values may differ from the net asset values and returns
                                         for shareholder transactions.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Destra Multi-Alternative
    Fund - Class L (Redesignated as Class T Shares as of July 1, 2019)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL
    HIGHLIGHTS</FONT></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.</I></FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Period</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2019</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2018</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2017</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    29, 2016</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2015 *</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 30%; font-weight: bold; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, Beginning of Period</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.21</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.51</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.11</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.72</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.02</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    Operations:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (a)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.25</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.14</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.27</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.20</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    gain (loss) on investments (both realized and unrealized)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.31</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.53</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.06</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1.03</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.17</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    from Operations</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.06</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.39</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.33</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.66</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.37</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    Distributions:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net investment income</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.23</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.28</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.39</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.13</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net realized gains on investments</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.35</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    return of capital</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.78</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.68</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.65</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.56</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.19</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Distributions</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.83</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.91</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.93</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.95</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.67</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, End of Period</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.32</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.21</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.51</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.11</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.72</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Return (b)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.46</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3.13</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.01</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4.03</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%
                                         (g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.25</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (d)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; text-indent: -0.15in; padding-left: 0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratios/Supplemental
    Data</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    assets, end of period (in 000&rsquo;s)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,845</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,570</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,192</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,143</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,356</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.06</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.46</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.16</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.08</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.87</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.28</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.16</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.08</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.78</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.90</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.77</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.37</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.00</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets (excluding interest expense)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.64</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.43</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.07</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.99</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.45in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.45</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.26</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.07</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.99</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.15in; padding-left: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio
    turnover rate</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (d)</FONT></td></tr>
</table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

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<td style="width: 0"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         L commenced operations on July 2, 2014.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                         share amounts are calculated using the average shares method, which more appropriately
                                         presents the per share data for the period.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         returns are historical in nature and assume changes in share price, reinvestment of dividends
                                         and capital gains distributions, if any and exclude the effects of sales loads. Total
                                         returns for periods less than one year are not annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized
                                         for periods less than one year.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                         annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                         not include the expenses of the investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                         adjustments in accordance with accounting principles generally accepted in the United
                                         States and, consequently, the net asset value for financial reporting purposes and the
                                         returns based upon those net asset values may differ from the net asset values and returns
                                         for shareholder transactions.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to financial statements.</FONT></p>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Destra
    Multi-Alternative Fund - Class C</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="1" style="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">FINANCIAL
    HIGHLIGHTS</FONT></td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.</I></FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Year</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
    the Period</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ended</FONT></td><td style="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2019</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2018</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2017</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    29, 2016</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">February
    28, 2015 *</FONT></td><td style="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="width: 30%; font-weight: bold; padding-bottom: 1pt; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, Beginning of Period</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.11</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.42</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.06</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.71</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="width: 3%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="width: 5%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.02</FONT></td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    Operations:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (a)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.22</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.10</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.23</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.18</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    gain (loss) on investments (both realized and unrealized)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.33</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.51</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.06</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1.03</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.16</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    from Operations</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.11</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.41</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.29</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.70</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.34</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    Distributions:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.6in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net investment income</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.05</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.22</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.28</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.39</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.12</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.6in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    net realized gains on investments</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.35</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.6in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
    return of capital</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.77</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.68</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.65</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.56</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.18</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Distributions</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.82</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.90</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.93</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.95</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td><td style="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.65</FONT></td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Asset Value, End of Period</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.18</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.11</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.42</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.06</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.71</FONT></td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Return (b)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.80</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3.32</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.73</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4.28</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%
                                         (g)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.04</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (d)</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0.15in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratios/Supplemental
    Data</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    assets, end of period (in 000&rsquo;s)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,451</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,575</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,585</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,046</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,926</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets:</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.31</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.75</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.40</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.12</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.55</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.40</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    investment income (c)(f)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.58</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.68</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.48</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.12</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.76</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratio
    to average net assets (excluding interest expense)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Gross (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.89</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.72</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.24</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.45in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses,
    Net of Reimbursement/Recapture (c)(e)</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.70</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.53</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.33</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.24</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.30</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.3in; text-indent: -0.15in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Portfolio
    turnover rate</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></td><td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td><td style="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></td><td style="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
                                         (d)</FONT></td></tr>
</table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div align="LEFT" style="margin-top: 0pt; margin-bottom: 3pt"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></div></div><!-- Field: /Rule-Page -->

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<td style="width: 0"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
                                         C commenced operations on July 2, 2014.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

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<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                         share amounts are calculated using the average shares method, which more appropriately
                                         presents the per share data for the period.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         returns are historical in nature and assume changes in share price, reinvestment of dividends
                                         and capital gains distributions, if any. Total returns for periods less than one year
                                         are not annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annualized
                                         for periods less than one year.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                         annualized.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.5pt 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
                                         not include the expenses of the investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         recognition of investment income is affected by the timing and declaration of dividends
                                         by the underlying investment companies in which the Fund invests.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: left"></td><td style="width: 0.3in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></td><td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                         adjustments in accordance with accounting principles generally accepted in the United
                                         States and, consequently, the net asset value for financial reporting purposes and the
                                         returns based upon those net asset values may differ from the net asset values and returns
                                         for shareholder transactions.</FONT></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a003_v1"></A><FONT STYLE="font-size: 10pt">SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a004_v1"></A><FONT STYLE="font-size: 10pt">THE
FUND</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a005_v1"></A><FONT STYLE="font-size: 10pt">THE
ADVISER</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 May 31, 2019 Destra had approximately $481 million in assets under
management.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a006_v1"></A><FONT STYLE="font-size: 10pt">THE
SUB-ADVISER</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 May 31, 2019, Pinhook had approximately $478 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;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pinhook
is paid by Destra out of the advisory fee Destra is paid by the Fund.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a007_v1"></A><FONT STYLE="font-size: 10pt">USE
OF PROCEEDS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a008_v1"></A><FONT STYLE="font-size: 10pt">INVESTMENT
OBJECTIVE, OPPORTUNITIES AND STRATEGIES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Objective</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Opportunities and Strategies</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR> <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, which may also
include funds that primarily hold real estate investments, (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 investments in traditional stocks and bonds (which could include any type
        of investment that is consistent with the investment strategy and not a traditional stock or bond). 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. The Fund&rsquo;s investments may include investments in non-U.S. securities.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund focuses a significant portion of its investments in the real estate sector, concentrating much of this sector investment
in REITs and as such, under normal circumstances, it 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;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
Composition</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Real
Estate Securities</I></B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Alternative
Investment Funds</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Master
Limited Partnerships</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Common
and Preferred Stocks</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Structured
Notes</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Debt
Securities</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Underlying
Funds</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Other
Information Regarding the Investment Strategy</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
Characteristics</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Real
Estate Securities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Convertible
Securities</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Alternative
Investment Funds</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leverage</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary
Investments&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segregation
and Cover Requirements&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio
Turnover&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a009_v1"></A><FONT STYLE="font-size: 10pt">TYPES
OF INVESTMENTS AND RELATED RISKS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
Risks Relating to Investment Strategies and Fund Investments</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Structured
Products Risk.</I></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt"><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.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Real
Estate Industry Trust (REIT) 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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
factors may contribute to the risk of real estate investments:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9675;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9675;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9675;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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; font-size: 10pt">&#9675;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Associated with Market Developments and Regulatory Changes</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offered
Rate (&ldquo;LIBOR&rdquo;). According to various reports, certain financial institutions, commencing as early as 2005 and throughout
the global financial crisis, routinely made artificially low submissions in the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;)
setting process. Since the LIBOR scandal came to light, several financial institutions have been fined significant amounts by
various financial regulators in connection with allegations of manipulation of LIBOR rates. Other financial institutions in various
countries are being investigated for similar actions. These developments may have adversely affected the interest rates on securities
whose interest payments were determined by reference to LIBOR. Any future similar developments could, in turn, reduce the value
of such securities owned by the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2017, the United Kingdom&rsquo;s Financial Conduct Authority (&ldquo;FCA&rdquo;) warned that LIBOR may cease to be available or
appropriate for use by 2021. The unavailability of LIBOR presents risks to the Fund, including the risk that any pricing or adjustments
to the Fund&rsquo;s investments resulting from a substitute reference rate may adversely affect the Fund&rsquo;s performance and/or
NAV.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to the Fund&rsquo;s Investment Program</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed
                                         Return on the Fund&rsquo;s Portfolio (net of expenses)</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">-10%</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">-5%</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">0%</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">5%</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">10%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 51%; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Corresponding
    return to Shareholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10.82</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5.51</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.21</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">)%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.09</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.40</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
Risks Relating to the Fund</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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. Also, because the Fund&rsquo;s investments
may include securities denominated in foreign currencies, changes in currency values between the date a repurchase offer terminates
and the repurchase date may also adversely affect the value of the Fund&rsquo;s shares. 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a010_v1"></A><FONT STYLE="font-size: 10pt">MANAGEMENT
OF THE FUND</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Personnel&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is biographical information of the members of Pinhook who serve as the portfolio managers of the Fund:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s SAI provides additional information about the portfolio managers&rsquo; compensation, other accounts managed, and
ownership of the Fund&rsquo;s shares.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control
Persons and Principal Holders of Securities&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 May 30, 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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative
Services&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custodian&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMB
Bank, N.A., with principal offices at 928 Grand Boulevard, Kansas City, MO 64106, serves as custodian for the Fund.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a011_v1"></A><FONT STYLE="font-size: 10pt">FUND
EXPENSES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
Costs&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a012_v1"></A><FONT STYLE="font-size: 10pt">MANAGEMENT
FEES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
Fee&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Management Agreement and Sub-Advisory Agreement&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a013_v1"></A><FONT STYLE="font-size: 10pt">DETERMINATION
OF NET ASSET VALUE</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of calculating NAV, Destra uses the following valuation methods:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a description of factors that may be considered when valuing securities for which no active secondary market exists.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a014_v1"></A><FONT STYLE="font-size: 10pt">CONFLICTS
OF INTEREST</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a015_v1"></A><FONT STYLE="font-size: 10pt">QUARTERLY
REPURCHASES OF SHARES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Right of Redemption</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Repurchases
of Shares</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Determination
of Repurchase Offer Amount</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Shareholders</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Repurchase
Price</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Repurchase
Amounts and Payment of Proceeds</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suspension
or Postponement of Repurchase Offer</B><FONT STYLE="font-weight: normal">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidity
Requirements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consequences
of Repurchase Offers</B><FONT STYLE="font-weight: normal">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a016_v1"></A><FONT STYLE="font-size: 10pt">DESCRIPTION
OF CAPITAL STRUCTURE AND SHARES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares
of Beneficial Interest&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund offers four classes of Shares: Class I Shares, Class A Shares, Class T Shares and Class C Shares.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is a chart describing the classes of the Fund&rsquo;s securities outstanding as of May 30, 2019:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: top"><B>(1)</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>(2)</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>(3)</B></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><B>(4)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
                                         of Class</B></FONT></P></TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         </B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorized</B></FONT></P></TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         Held by the</B></FONT> <BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund or
                                         for its Account</B></FONT></P></TD><TD STYLE="width: 3%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         Outstanding Exclusive</B></FONT><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Amount
                                         Under Column (3)</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class I Shares</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unlimited*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,600,471.138</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class A Shares</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unlimited*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7,741,032.094</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class T Shares</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unlimited*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">351,163.857</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class C Shares</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unlimited*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">1,159,045.170</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;&nbsp;subject
to a $5 billion limit on the Fund</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Common
Shares</I></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">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.</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Preferred
Shares and Other Securities</I></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt">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.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
on Liability of Trustees and Officers; Indemnification and Advance of Expenses</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Trustees; Appointment of Trustees; Vacancies; Removal</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
July 1, 2019, 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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Action
by Shareholders&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
of Declaration of Trust and Bylaws&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict
with Applicable Laws and Regulations&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a017_v1"></A><FONT STYLE="font-size: 10pt">TAX
ASPECTS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of the Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remainder of this discussion assumes that the Fund qualifies for taxation as a RIC.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Investments&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of Shareholders</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a018_v1"></A><FONT STYLE="font-size: 10pt">ERISA
CONSIDERATIONS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a019_v1"></A><FONT STYLE="font-size: 10pt">DISTRIBUTION
OF SHARES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Automatic
Investment Plan&ndash;Subsequent Investments</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchase
Terms</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. There is no minimum for subsequent investments. 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share
Class Considerations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
selecting a Share class, you should consider the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
                                         Share classes are available to you;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">how
                                         much you intend to invest;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">how
                                         long you expect to own the Shares; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">total
                                         costs and expenses associated with a particular Share class.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
I Shares</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         minimum initial investment of $1,000,000 (the Fund reserves the right to waive investment
                                         minimums).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
A Shares</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         Purchased</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dealer
                                         Reallowance*</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distribution
                                         Fee</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
                                         Load as a %</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>of Offering Price</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
                                         Load as a %</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>of Amount Invested </B></FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
    $100,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.00%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.75%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.10%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">$100,000-$249,999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.75%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.99%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">$250,000-$499,999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.75%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.90%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">$500,000-$999,999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.50%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.56%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1,000,000
    and Above</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.50%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.52%</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*</I></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Gross
                                         Dealer Concession paid to participating broker-dealers.</I></FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are additional features that should be taken into account when purchasing Class A Shares of the Fund:</FONT></P>

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         minimum initial investment of $2,500 (the Fund reserves the right to waive investment
                                         minimums); and</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
T Shares</B></FONT></P>

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

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    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         Purchased</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dealer
                                         Reallowance*</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distribution
                                         Fee</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
                                         Load as a %</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>of Offering Price</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
                                         Load as a % </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>of Amount Invested</B></FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
    $250,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.00%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.00%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.09%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">$250,000-$999,999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.04%</FONT></TD></TR>
</TABLE>



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

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

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    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; width: 36%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         Purchased</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 15%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dealer
                                         Reallowance*</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 15%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distribution
                                         Fee</B></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 15%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
                                         Load as a %</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>of Offering Price</B></FONT></FONT></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; width: 15%"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
                                         Load as a % </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
                                         <FONT STYLE="font-size: 10pt"><B>of Amount Invested</B></FONT></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1,000,000
    and Above</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.00%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.01%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Gross Dealer Concession paid to participating broker-dealers.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are additional features that should be taken into account when purchasing Class T Shares:</FONT></P>

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

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         minimum initial investment of $2,500 (the Fund reserves the right to waive investment
                                         minimums);</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
C Shares</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are additional features that should be taken into account when purchasing Class C Shares:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         minimum initial investment of $2,500 (the Fund reserves the right to waive investment
                                         minimums);</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Potential
Sales Charge Waiver</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reinvesting
                                         distributions through the DRP. See &ldquo;Distributions&rdquo;;</FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                         eligible retirement or benefit plans made through Financial Intermediaries that perform
                                         participant recordkeeping or other administrative services for the plans;</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,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="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchasing
                                         Shares through the Distributor;</FONT></TD></TR></TABLE>

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

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

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

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #262326">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exchanging
                                         an investment in Class A or Class T (or equivalent type) Shares of another fund for an
                                         investment in the Fund.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Letters
of Intent</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right
of Accumulation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minimum
Account Balances</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share
Class Conversions</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distribution
Fee</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
Servicing Fees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
Intermediaries</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payments
to Financial Intermediaries</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a020_v1"></A><FONT STYLE="font-size: 10pt">DISTRIBUTIONS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
Reinvestment Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a021_v1"></A><FONT STYLE="font-size: 10pt">FISCAL
YEAR; REPORTS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a022_v1"></A><FONT STYLE="font-size: 10pt">PRIVACY
NOTICE</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund does not share this information with any non-affiliated third party except as described below.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a023_v1"></A><FONT STYLE="font-size: 10pt">LEGAL
MATTERS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a024_v1"></A><FONT STYLE="font-size: 10pt">INQUIRIES</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman Bold,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inquiries
concerning the Fund and the Shares should be directed to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
Gemini Fund Services, LLC&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80
Arkay Drive&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hauppauge,
NY 11788&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
855-601-3841&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Website:
<I><U>www.destracapital.com</U></I><U>.</U></FONT></P>

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

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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="a025_v1"></A><FONT STYLE="font-size: 10pt">TABLE
OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<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%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">GENERAL INFORMATION
    AND HISTORY</FONT></FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESTMENT OBJECTIVE,
    POLICIES AND RISKS</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESTMENT RESTRICTIONS</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MANAGEMENT OF
    THE FUND</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CONFLICTS OF
    INTEREST</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PORTFOLIO TRANSACTIONS
    AND BROKERAGE ALLOCATION</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PROXY VOTING
    POLICY AND PROXY VOTING RECORD</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CONTROL PERSONS
    AND PRINCIPAL HOLDERS OF SECURITIES</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DISTRIBUTOR</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">LEGAL COUNSEL</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ADMINISTRATOR</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">CUSTODIAN</FONT></FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ADDITIONAL INFORMATION</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">APPENDIX A&nbsp;&ndash;
    &nbsp;SUB-ADVISER PROXY VOTING POLICIES AND PROCEDURES</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">APPENDIX B&nbsp;&ndash;
    &nbsp;RATINGS OF INVESTMENTS</FONT></FONT></TD>
    <TD STYLE="text-align: right"><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-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FINANCIAL STATEMENTS</FONT></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Up
to 18,666,666.66 Common Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Destra
Multi-Alternative Fund</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment
Adviser</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
Capital Advisors LLC</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>July
1, 2019,<BR>
as Revised July 10, 2019</B></FONT></P>

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

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