<SEC-DOCUMENT>0001615774-20-005608.txt : 20201203
<SEC-HEADER>0001615774-20-005608.hdr.sgml : 20201203

<ACCEPTANCE-DATETIME>20200508153225

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001615774-20-005608

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		2

CONFORMED PERIOD OF REPORT:	20200508

FILED AS OF DATE:		20200508

DATE AS OF CHANGE:		20201015


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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-22572

		FILM NUMBER:		20860282



	BUSINESS ADDRESS:	

		STREET 1:		444 WEST LAKE STREET

		STREET 2:		SUITE 1700

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60606

		BUSINESS PHONE:		877-855-3434



	MAIL ADDRESS:	

		STREET 1:		444 WEST LAKE STREET

		STREET 2:		SUITE 1700

		CITY:			CHICAGO

		STATE:			IL

		ZIP:			60606



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Multi-Strategy Growth & Income Fund

		DATE OF NAME CHANGE:	20110614



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>s125056_pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
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<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of the Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exchange Act of 1934 </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Filed by the
Registrant &#9746;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Filed by a Party other
than the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Check the appropriate box:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="text-align: justify">Preliminary Proxy Statement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify"><B>Confidential, for use of the Commission Only (as
permitted by Rule 14a-6(e)(2)).</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Definitive Proxy Statement.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Definitive Additional Materials.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to &sect; 240.14a-12.</TD>
</TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Destra Multi-Alternative Fund</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules
14a-6(i)(1) and 0-11.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction
applies:</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;&nbsp;Per
unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which
the filing fee is calculated and state how it was determined):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials:</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">(2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">(3)</TD><TD STYLE="text-align: justify">Filing Party:</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">(4)</TD><TD STYLE="text-align: justify">Date Filed:</TD>
</TR>                                   <TR STYLE="vertical-align: top; text-align: justify">
<TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Mailing Date], 2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;)
will hold a Special Meeting of Shareholders on [Meeting date], 2020 at the offices of the Fund, 444 West Lake Street, Suite 1700,
Chicago, IL 60606 (the &ldquo;Special Meeting&rdquo;). This Special Meeting is being called because the shareholders of the Fund
are being asked to consider the proposals set forth below. The Fund will not bear any portion of the costs related to the Special
Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Special
Meeting is being called to facilitate the Fund listing its shares on the New York Stock Exchange (&ldquo;NYSE&rdquo;) or
other national securities exchange. To provide time to position the portfolio for Fund shares to be listed on the NYSE or
other national securities exchange, the Fund is seeking shareholder approval to modify the fundamental policy regarding
repurchase offers from requiring the Fund to conduct quarterly repurchase offers, to requiring the Fund to conduct annual
repurchase offers. Repurchase offers would continue to be offered for no less than 5% of the Fund&rsquo;s shares outstanding
at net asset value (&ldquo;NAV&rdquo;) and are generally expected to be 20% of the Fund&rsquo;s shares outstanding at NAV per each annual repurchase offer. Contingent on the Fund&rsquo;s listing on the NYSE or other national securities
exchange, the modified fundamental policy of conducting annual repurchase offers would be subsequently eliminated. There can
be no assurance that Fund shares will be approved for listing on the NYSE or any other securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also contingent on
the Fund listing its shares on the NYSE or other national securities exchange, the Fund is seeking approval of an amendment to
its investment advisory and sub-advisory agreements to reflect the inclusion of borrowing for investment purposes in the calculation
of the advisory and sub-advisory fees. Furthermore, contingent on the Fund listing its shares on the NYSE or other national securities
exchange, the Fund is seeking approval of the early termination and replacement of the Fund&rsquo;s current expense limitation
agreement, with an expense limitation agreement between the Fund and Destra Capital Advisors LLC (&ldquo;Destra&rdquo; or the &ldquo;Adviser&rdquo;)
that would limit the total non-management and non-investment fees that the Fund may pay to 0.53%. If approved, the expense limitation
agreement would have a term of five (5) years from the date Fund shares are listed on the NYSE or other national securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Lastly, the Fund is
seeking shareholder approval of a revision to its fundamental policy that currently requires that the Fund concentrate its investments
in the real estate investment trust (&ldquo;REIT&rdquo;) industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The enclosed proxy
statement explains the following proposals (the &ldquo;Proposals&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">v</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A proposal to modify the fundamental
                                                                                                          policy regarding repurchase offers from requiring the Fund to conduct quarterly repurchase offers, to requiring the Fund to
                                                                                                          conduct annual repurchase offers. Annual repurchase offers would continue to be offered for no less than 5% of the
                                                                                                          Fund&rsquo;s shares outstanding at NAV and are generally expected to be 20% of the Fund&rsquo;s shares outstanding at NAV per each
                                                                                                          annual repurchase offer. However, moving to an annual schedule, would provide time to position the portfolio for Fund shares to be
                                                                                                          listed on the NYSE or other national securities exchange. The Fund&rsquo;s modified fundamental policy of conducting annual
                                                                                                          repurchase offers would be eliminated at such time as the Fund&rsquo;s shares are listed on the NYSE or other national
                                                                                                          securities exchange. There can be no assurance that Fund shares will be approved for listing on the NYSE or any other
                                                                                                          securities exchange.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">v</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A proposal to amend the investment advisory
agreement between the Fund and Destra and the investment sub-advisory agreement among the Fund, Destra and Pinhook Capital, LLC
(&ldquo;Pinhook&rdquo; or the &ldquo;Sub-Adviser&rdquo;), contingent on the Fund listing its shares on the NYSE or other national
securities exchange, to reflect the inclusion of borrowing for investment purposes and other financial leverage in the calculation
of advisory and sub-advisory fees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">v</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A proposal to approve the early termination
and replacement of the Fund&rsquo;s current expense limitation with an expense limitation agreement with a term of five (5) years,
between the Fund and Destra, that would limit the total non-management and non-investment fees that the Fund may pay to 0.53%,
contingent on the Fund listing its shares on the NYSE or other national securities exchange. The Fund&rsquo;s current expense limitation
agreement limits each share class&rsquo; total operating expenses after fee waiver and/or reimbursement so such total does 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, respectively. For further information on the structure of the current expense limitation agreement, please
see Proposal 3.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">v</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A proposal to revise the Fund&rsquo;s
fundamental policy regarding concentration of investments in the REIT industry to include investments in the broader real estate
industry. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s Board
of Trustees (the &ldquo;Board of Trustees&rdquo;) believes that approving the Proposals is in the best interests of the Fund and
its shareholders. Accordingly, the current Board of Trustees has unanimously voted to approve the Proposals and to recommend that
the shareholders of the Fund also approve the Proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thank you for your
investment in the Fund. I encourage you to exercise your rights in governing the Fund by voting on the Proposals. <B>The Board
of Trustees recommends that you vote FOR the Proposals.</B> Your vote is important.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is sensitive
to the health and travel concerns the Fund&rsquo;s shareholders may have and the protocols that federal, state and local governments
may impose. Due to the difficulties arising from the coronavirus known as COVID-19, the date, time, location or means of conducting
the Special Meeting may change. In the event of such a change, the Fund will announce alternative arrangements for the Special
Meeting as promptly as practicable, which may include holding the Special Meeting by means of remote communication, among other
steps, but the Fund may not deliver additional soliciting materials to shareholders or otherwise amend the Fund&rsquo;s proxy materials.
The Fund plans to announce these changes, if any, at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and encourages you to check this website prior to the Special Meeting
if you plan to attend.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not you
expect to attend the Special Meeting, it is important that your shares be represented. Your immediate response will help reduce
the need for the Fund to conduct additional proxy solicitations. Please review the proxy statement and then vote by Internet, telephone
or mail as soon as possible. If you vote by mail, please sign and return all of the proxy cards included in this package.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas Dalmaso</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and Trustee</FONT></TD></TR>
</TABLE>


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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">Why am I receiving this proxy statement?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">You are being asked to vote on several important matters
affecting the Fund:</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(1) <U>Approval
of the Modification and Subsequent Elimination of Fundamental Policy to Conduct Repurchase Offers.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">You are
being asked to vote to approve discontinuing the operation of the Fund as an interval fund so that the Fund may trade on the
NYSE or other national securities exchange. To provide time to position the portfolio for Fund shares to be listed on the
NYSE or other national securities exchange, the Fund is seeking shareholder approval to modify the fundamental policy
regarding repurchase offers from requiring the Fund to conduct quarterly repurchase offers, to requiring the Fund to conduct
annual repurchase offers. Annual repurchase offers would continue to be offered for no less than 5% of the Fund&rsquo;s
shares outstanding at NAV and are generally expected to be 20% of the Fund&rsquo;s shares outstanding at NAV per each annual
repurchase offer. Contingent on the Fund&rsquo;s listing on the NYSE or other national securities exchange, the modified
fundamental policy of conducting annual repurchase offers would be subsequently eliminated. Shareholders must approve the
change from quarterly repurchases to annual repurchases and the subsequent elimination of the Fund&rsquo;s modified
fundamental policy to conduct annual repurchase offers. If these changes are approved by shareholders, the Board of Trustees
intends to pursue a listing of the Fund&rsquo;s shares on the NYSE or other national securities exchange as soon as
reasonably practicable. In addition, if approved, the next repurchase offer would occur one year from the most recent
repurchase offer, unless listing on the NYSE or other national securities exchange occurs first. There can be no assurance
that Fund shares will be approved for listing on the NYSE or any other securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(2) <U>Approval
to Amend the Investment Advisory and Investment Sub-Advisory Agreements to Reflect Changes to the Calculation of the Advisory and
Sub-Advisory Fees. </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">You are also
being asked to approve amendments to the investment advisory and investment sub-advisory agreements to revise the calculation of
the advisory and sub-advisory fees from &ldquo;net assets&rdquo; to &ldquo;managed assets,&rdquo; contingent on the Fund listing
its shares on the NYSE or other national securities exchange. &ldquo;Managed assets&rdquo; would be defined to include the total
assets of the Fund (including assets attributable to money borrowed for investment purposes) minus the sum of the Fund&rsquo;s
accrued liabilities (other than money borrowed for investment purposes).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">As a result,
the aggregate advisory and sub-advisory fees will be higher during periods when leverage is utilized, which may create an incentive
for Destra and Pinhook to employ leverage. However, Destra and Pinhook intend to utilize leverage only when they believe that the
potential return on the additional investments acquired through the use of leverage is likely to exceed the costs incurred in connection
with the borrowings. The Board of Trustees will monitor this potential conflict of interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(3) <U>Approval of the Early
Termination and Replacement of the Current Expense Limitation Agreement, with a New Expense Limitation Agreement That Limits Total
Non-Management and Non-Investment Fees that the Fund Pays</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">You are being asked to approve
the early termination and replacement of the Fund&rsquo;s current expense limitation agreement, with an expense limitation agreement
with a term of five (5) years, between the Fund and Destra Capital Advisors LLC (&ldquo;Destra&rdquo; or the &ldquo;Adviser&rdquo;),
that would limit the total non-management and non-investment fees that the Fund may pay to 0.53%, contingent on the Fund listing
its shares on the NYSE or other national securities exchange. The Fund&rsquo;s current expense limitation agreement limits each share
class&rsquo; total operating expenses after fee waiver and/or reimbursement so such total does 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, respectively.
For further information on the structure of the current expense limitation agreement, please see Proposal 3.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This expense agreement would
effectively cap any fees and expenses related to operations, exchange listing, transfer agency, custodial, fund accounting and
administration and legal fees to no more than 0.53% for the first five (5) years of the Fund&rsquo;s listing on the NYSE or other
national securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(4) <U>Approval of Revisions
to the Fund&rsquo;s Fundamental Policy Regarding Concentration in the REIT Industry.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">You are also being asked to approve
revisions to the Fund&rsquo;s fundamental policy regarding concentration in the REIT industry. The current policy states that the
Fund may not invest 25% or more of the market value of its net assets in the securities of companies or entities engaged in any
one industry, except the REIT industry, and that, under normal circumstances, the Fund will invest over 25% of its net assets in
securities of companies in the REIT industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If approved by shareholders,
the policy would be revised to include the broader real estate industry, rather than only the REIT industry, which will provide
Destra and Pinhook with additional investment flexibility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approval of the Modification and Subsequent
Removal of Fundamental Policy to Conduct Repurchase Offers.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">What is the difference between a closed-end fund operating as an interval fund and an exchange-traded
closed-end fund?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Typically, an interval fund offers to sell its shares on a daily basis, but only offers to repurchase
shares at net asset value (&ldquo;NAV&rdquo;) on a periodic basis (in the case of the Fund, quarterly) in a limited amount, such
as 5% in the case of the Fund. Shareholders do not have a right to force the Fund to repurchase shares, and there is no secondary
market for shares. An exchange-traded closed-end fund generally does not continue to sell new shares once it is listed on an exchange,
though it may conduct additional offerings and/or rights offerings, subject to applicable law. Shareholders do not have a right
to force the Fund to repurchase shares but may sell their shares in the secondary market on the exchange. Shares of an exchange-traded
closed-end fund may trade at a premium or discount to NAV, and shares of many closed-end funds, particularly smaller closed-end
funds, trade at a discount to NAV. The Fund intends to proceed with an application to list its shares on the NYSE or other national
securities exchange, as soon as practicable after the approval of the Proposal. If the Fund is not approved for listing, the Board
of Trustees will not implement the Proposal to remove the Fund&rsquo;s modified fundamental policy to conduct annual repurchase
offers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Why is the conversion from interval status to exchange-traded status being proposed?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The Board of Trustees believes that converting the Fund from an interval fund to an exchange-traded
fund has the potential to increase shareholder liquidity. The Board of Trustees believes the Proposal also has the potential to
benefit shareholders by eliminating the need for the Fund to hold cash reserves and liquid securities, or the need to sell illiquid
securities, in order to meet quarterly repurchase offers. The Proposal will allow the Fund to pursue its existing investment objective
and investment strategy through a structure that better positions the Fund to capitalize on its universe of investment opportunities.
Additionally, the Board of Trustees anticipates that operating expenses could be reduced as an exchange-traded fund requires fewer
services. There can be no assurance that the Fund&rsquo;s shares will be listed on the NYSE or any other national securities exchange.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Did the Board of Trustees consider options other than converting the Fund to an exchange-traded
closed-end fund structure?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Yes. The decision to discontinue operating as an interval fund and convert the Fund to an exchange-traded
closed-end structure was made after extensive discussions between the Board of Trustees and Destra. After reviewing numerous options,
including liquidating and closing the Fund or merging the Fund, the Board of Trustees determined that the best way to protect the
interests of the Fund and its shareholders, and continue the investment strategy selected by the shareholders when they invested
in the Fund, is to discontinue operating as an interval fund and convert the Fund to an exchange-traded closed-end fund. As discussed
above, the Board of Trustees believes this has the potential to increase shareholder liquidity, allow the portfolio managers to
fully invest the Fund&rsquo;s assets without reserving cash or being required to sell illiquid securities to fund repurchases,
and could reduce operating expenses.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Why is it necessary to move from quarterly repurchase offers to annual repurchase offers in advance
of conversion and listing on the NYSE or other national securities exchange?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Modifying the fundamental policy from requiring a quarterly repurchase offer to requiring an annual
repurchase offer may allow the Fund to more effectively reposition its portfolio in contemplation of listing on the NYSE or other
national securities exchange, including by reducing its investment in private funds, as the portfolio can then be managed to meet
repurchases once a year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">If approved, when will the Fund transition to making annual repurchase offers?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The Fund will transition to an annual repurchase offer schedule immediately upon shareholder approval
at the Special Meeting and the next repurchase offer would occur one year from the last occurring repurchase offer, unless listing
on the NYSE or other national securities exchange occurs first.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">If approved, when will the Fund stop making annual repurchase offers?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The Fund will eliminate the Fund&rsquo;s fundamental policy to offer annual repurchases only if
the Fund is approved for listing on the NYSE or other national securities exchange.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Will there be any changes to Fund fees and expenses as a result of the conversion?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">[Total annual fund operating expenses borne by all shareholders are expected to decrease upon the
Fund&rsquo;s conversion to an exchange-traded closed-end fund. By lowering transfer agency fees, eliminating distribution and service
fees, as well as reducing other expenses, the Board expects Fund savings to be, in the aggregate, approximately [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% per
year, based on recent levels of Fund assets.] Please see Proposal 2 for additional information regarding a proposal to change the
calculation of advisory and sub-advisory fees. Additionally, please see Proposal 3 for information regarding a proposal to approve
an expense limitation agreement. Please note that both Proposal 2 and Proposal 3 are contingent on the listing of Fund shares on
the NYSE or other national securities exchange.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Will the Fund trade at a premium or a discount after the conversion?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The Adviser believes that in the short-term shares may trade at a substantial discount to NAV as
shareholders take advantage of newly-available secondary market liquidity. The Board also believes that in the long-term, as is
the case with many exchange-traded closed-end funds, shares may trade at a discount to NAV.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">If approved, when will the conversion happen?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The Fund will take steps to begin the discontinuance of the interval fund aspect of operations,
including the immediate implementation of an annual repurchase offer policy, upon shareholder approval at the Special Meeting.
However, in the event a quorum is not present at the Special Meeting, or if a quorum is present but sufficient votes to approve
the Proposal are not received, the persons named as proxies may propose one or more adjournments or postponements of the Special
Meeting to permit further solicitation of proxies. This may delay the close of the conversion and there is no guarantee that the
conversion to a listed closed-end fund will take place. Assuming shareholder approval of the Proposal, the Fund intends to proceed
with an application to list its shares on the NYSE or other national securities exchange, as soon as reasonably practicable.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Can I purchase more shares of the Fund prior to the conversion?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Yes, you can purchase additional shares from the Fund prior to the conversion. After conversion,
you may purchase additional shares of the Fund on the exchange.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">What will happen if the Fund is not approved for listing on the NYSE or other national securities
exchange?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">If the Fund is not approved for listing on the NYSE or any other securities exchange, the Fund
will continue to operate as an interval fund with annual repurchase offers for no less than 5% of the Fund&rsquo;s shares outstanding
at NAV, but generally expects to offer 20% of the Fund&rsquo;s shares outstanding at NAV per each annual repurchase offer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approval to Amend the Investment Advisory
Agreement and Investment Sub-Advisory Agreement to Reflect Changes to the Calculation of the Advisory and Sub-Advisory Fees.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">How will the Proposal affect the amount of advisory and
sub-advisory fees paid to Destra and &#9;Pinhook, respectively?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">If approved, the amount of advisory fees and sub-advisory fees paid to Destra and Pinhook, respectively,
would be based on &ldquo;managed assets&rdquo; instead of net assets. &ldquo;Managed assets&rdquo; would be defined to include
the total assets of the Fund (including assets attributable to money borrowed for investment purposes) minus the sum of the Fund&rsquo;s
accrued liabilities (other than money borrowed for investment purposes). Although the proposed change would not change the contractual
fee rates, the assets upon which such fees are calculated would be increased to include borrowings and the effect of leveraging
the Fund. If investment leverage is not used at any time, the proposed change would not result in any change to the amount of the
advisory or sub-advisory fees (assuming no change in the Fund&rsquo;s asset level). If investment leverage is used, the aggregate
amount of advisory fees incurred by the Fund would increase, even though the contractual fee rates would remain the same, depending
on the Fund&rsquo;s asset level.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">What will happen if the Fund is not approved for listing on the NYSE or other national securities
exchange?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">If the Fund is not approved for listing on the NYSE or other national securities exchange, the
Board of Trustees will not move forward with this particular Proposal, and the Fund&rsquo;s current advisory and sub-advisory fee
structures will remain in place.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Approval
of Termination and Replacement of Current Expense Limitation Agreement.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">What is an &ldquo;Expense Limitation Agreement&rdquo;?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">If shareholders approve the proposals to facilitate the listing of the Fund&rsquo;s shares on the
NYSE or other national securities exchange, Destra has agreed to reimburse and/or pay or absorb, on a quarterly basis, the ordinary
operating expenses (as defined below) of the Fund to the extent that such expenses exceed 0.53% per annum of the Fund&rsquo;s average
[daily net assets] for a period of five (5) years from the commencement of the Fund&rsquo;s listing on the NYSE or other national
securities exchange. &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 (the &ldquo;New Expense Limitation Agreement&rdquo;).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Fund&rsquo;s
current expense limitation agreement does not expire until November 30, 2021 and consequently, shareholders are being asked to
approve its early termination so that the New Expense Limitation Agreement can become effective at the time Fund shares are listed
on the NYSE or other national securities exchange. The Fund&rsquo;s current expense limitation agreement limits each share class&rsquo; total
operating expenses after fee waiver and/or reimbursement so such total does 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, respectively. For
further information on the structure of the current expense limitation agreement, please see Proposal 3.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">What will happen if the Fund is not approved for listing on the NYSE or other national securities
exchange?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">If the Fund is not approved for listing on the NYSE or other national securities exchange, the
Board of Trustees will not move forward with this particular Proposal, and the Fund&rsquo;s current expense limitation agreement
will remain in place.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approval of Revisions to the Fund&rsquo;s
Fundamental Policy Regarding Concentration in the REIT Industry.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">Why is the Board of Trustees recommending that shareholders vote for the revisions to the Fund&rsquo;s
fundamental policy regarding concentration of investments in the REIT industry to include investments in the broader real estate
industry?</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The existing fundamental concentration policy mandates that, under normal circumstances, the Fund
invest at least 25% of its net assets in securities of companies in the REIT industry. Destra and Pinhook believe that replacing
this fundamental concentration policy with a policy under which the Fund will invest at least 25% of its net assets in securities
of companies in the real estate industry will allow Destra and Pinhook greater flexibility in seeking attractive investment opportunities
for the Fund, while pursuing the Fund&rsquo;s investment objective.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">Will the Fund pay for the proxy solicitation and related
legal costs?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">No. These costs ultimately will be borne by Destra.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">How does the Board recommend that I vote?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The current members of the Board of Trustees, including all of the trustees who are not &ldquo;interested
persons&rdquo; (as defined in the Investment Company 1940 Act (the &ldquo;1940 Act&rdquo;)) of the Fund (the &ldquo;Independent
Trustees&rdquo;) recommend that you vote in favor of each Proposal.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">I have only a few shares &mdash; does my vote matter?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Your vote is important. If many shareholders choose not to vote, the Fund might not receive enough
votes to reach a quorum to hold the Special Meeting. If it appears that there will not be a quorum, the Fund would have to send
additional mailings or otherwise solicit shareholders to try to obtain more votes.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">What is the deadline for submitting my vote?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">We encourage you to vote as soon as possible to make sure that the Fund receives enough votes to
act on the Proposals. Unless you attend the Special Meeting to vote in person, your vote (cast by Internet, telephone or paper
proxy card as described below) must be received by the Fund by [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] Central Time on [Meeting Date], 2020.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">Who is eligible to vote?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">Any person who owned shares of the Fund on the &ldquo;record date,&rdquo; which was [Record Date],
2020 (even if that person has since sold those shares).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">How can I vote?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">You may vote in any of four ways:</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">Through the Internet. Please follow the instructions on your proxy card.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">By telephone, with a toll-free call to the phone number indicated on the proxy card.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">By mailing in your proxy card.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">In person at the Special Meeting at the offices of the Fund on [Meeting Date], 2020.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We encourage you to vote via
the Internet or telephone using the control number on your proxy card and following the simple instructions because these methods
result in the most efficient means of transmitting your vote and reduce the need for the Fund to conduct telephone solicitations
and/or follow up mailings. If you would like to change your previous vote, you may vote again using any of the methods described
above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Q.</TD><TD STYLE="text-align: justify">How should I sign the proxy card?</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">You should sign your name exactly as it appears on the proxy card. Unless you have instructed us
otherwise, either owner of a joint account may sign the card, but again, the owner must sign the name exactly as it appears on
the card. The proxy card for accounts of which the signer is not the owner should be signed in a way that indicates the signer&rsquo;s
authority&mdash;for example, &ldquo;Mary Smith, Custodian.&rdquo;</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Destra Multi-Alternative Fund</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">444 West
Lake Street, Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">Chicago,
IL 60606-0070</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">NOTICE
OF SPECIAL MEETING OF SHAREHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">To be held [Meeting Date],
2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;)
will host a Special Meeting of Shareholders on [Meeting Date], 2020 at the offices of the Fund, 444 West Lake Street, Suite 1700,
Chicago, IL 60606, at [Meeting Time] a.m. Central Time (the &ldquo;Special Meeting&rdquo;). This Special Meeting of the Fund is
being held so that shareholders can consider the following proposals (collectively, the &ldquo;Proposals&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">A proposal to modify the fundamental policy regarding repurchase offers from requiring the
                                                                Fund to conduct quarterly repurchase offers, to requiring the Fund to conduct annual repurchase offers. Annual repurchase
                                                                offers would continue to be offered for no less than 5% of the Fund&rsquo;s shares outstanding at net asset value
                                                                (&ldquo;NAV&rdquo;) and are generally expected to be 20% of the Fund&rsquo;s shares outstanding at NAV per each annual repurchase
                                                                offer. However, moving to annual repurchase offers, would provide time to position the portfolio for Fund shares to be listed on
                                                                the New York Stock Exchange (&ldquo;NYSE&rdquo;) or other national securities exchange. The Fund&rsquo;s modified fundamental
                                                                policy of conducting annual repurchase offers would be eliminated at such time as the Fund&rsquo;s shares are listed on the
                                                                NYSE or other national securities exchange. There can be no assurance that Fund shares will be approved for listing on the
                                                                NYSE or any other securities exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">A proposal to amend the investment advisory agreement between the Fund and Destra Capital Advisors
LLC (&ldquo;Destra&rdquo; or the &ldquo;Adviser&rdquo;) and the investment sub-advisory agreement among the Fund, Destra and Pinhook
Capital, LLC (&ldquo;Pinhook&rdquo; or the &ldquo;Sub-Adviser&rdquo;), contingent on the Fund listing its shares on the NYSE or
other national securities exchange, to reflect the inclusion of borrowing for investment purposes in the calculation of advisory
and sub-advisory fees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">A proposal to approve the early termination and replacement of the Fund&rsquo;s current expense
limitation, with an expense limitation agreement with a term of five (5) years, between the Fund and Destra, that would limit the
total non-management and non-investment fees that the Fund may pay to 0.53%, contingent on the Fund listing its shares on the NYSE
or other national securities exchange. The Fund&rsquo;s current expense limitation agreement limits each share class&rsquo; total operating
expenses after fee waiver and/or reimbursement so such total does 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, respectively. For further information
on the structure of the current expense limitation agreement, please see Proposal 3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">A proposal to revise the Fund&rsquo;s fundamental policy regarding concentration of investments
in the real estate investment trust (&ldquo;REIT&rdquo;) industry to include investments in the broader real estate industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY
RECOMMENDS THAT YOU VOTE IN FAVOR OF THE PROPOSALS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of record of the Fund at the
close of business on the record date, [Record Date], 2020 are entitled to notice of and to vote at the Special Meeting and any
adjournment(s) thereof. The Notice of Special Meeting of Shareholders, proxy statement and proxy card is being mailed on or about
[Mailing Date] to such shareholders of record.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Order of the Board of Trustees,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: -3.5in">Nicholas
Dalmaso</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Mailing Date], 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YOUR VOTE IS IMPORTANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can vote easily and quickly over the
Internet, by toll-free telephone call, or by mail. Just follow the simple instructions that appear on your proxy card. Please help
the Fund reduce the need to conduct telephone solicitation and/or follow-up mailings by voting today.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Destra Multi-Alternative Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">444 West
Lake Street, Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">Chicago,
IL 60606-0070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">PROXY STATEMENT</P>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

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

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SPECIAL
MEETING OF SHAREHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Meeting Date], 2020</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This proxy statement is being provided
to you on behalf of the Board of Trustees (the &ldquo;Board of Trustees&rdquo;) of Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;)
in connection with the solicitation of proxies to be used at a Special Meeting of Shareholders (the &ldquo;Special Meeting&rdquo;)
of the Fund. The following table identifies the proposals set forth in this proxy statement.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="border: Black 1pt solid; padding: 2pt 4pt; width: 23%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposal <BR>
Number</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 4pt; width: 78%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposal Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval of modifying the quarterly repurchase offers to annual repurchase offers and the subsequent elimination of the Fund&rsquo;s fundamental policy of conducting annual repurchase offers.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval of amendments to the advisory and sub-advisory agreements for the Fund to reflect a change in the calculation of advisory and sub-advisory fees.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval of the early termination and replacement of the Fund&rsquo;s current expense limitation agreement with an expense limitation agreement that would limit the total non-management and non-investment fees that the Fund may pay to 0.53% for a period of five (5) years, contingent on the Fund listing its shares on the New York Stock Exchange (&ldquo;NYSE&rdquo;) or other national securities exchange.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval of revision to Fund&rsquo;s fundamental policy to concentrate in the real estate investment trust (&ldquo;REIT&rdquo;) industry. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You will find this proxy statement divided
into seven parts:</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 1</TD><TD STYLE="text-align: justify">Provides details on the proposal to modify and subsequently
eliminate the Fund&rsquo;s fundamental policy of conducting repurchase offers, to facilitate the Fund listing its shares on the
NYSE or other national securities exchange (see page 3)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 2</TD><TD STYLE="text-align: justify">Provides details on the proposal to amend the Fund&rsquo;s
advisory and sub-advisory agreements to reflect a change in the calculation of advisory and sub-advisory fees, subject to the
Fund listing its shares on the NYSE or other national securities exchange (see page 5)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 3</TD><TD STYLE="text-align: justify">Provides details on the proposal to approve the early termination
and replacement of the Fund&rsquo;s current expense limitation agreement with an expense limitation agreement that would limit
the total non-management and non-investment fees that the Fund may pay to 0.53% for a period of five (5) years, contingent on
the Fund listing its shares on the NYSE or other national securities exchange.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 4</TD><TD STYLE="text-align: justify">Provides details on the proposal to revise the Fund&rsquo;s
fundamental policy to concentrate in the REIT industry (see page 16)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 5</TD><TD STYLE="text-align: justify">Provides information about ownership of shares of the Fund
(see page 17)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 6</TD><TD STYLE="text-align: justify">Provides information on proxy voting and the operation
of the Special Meeting (see page 18)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">Part 7</TD><TD STYLE="text-align: justify">Provides information on other matters (see page 20)</TD>
</TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please read the proxy statement before
voting on the proposals. Please call toll-free at 1-[Toll Free Number] if you have any questions about the proxy statement, or
if you would like additional information.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that the Notice of Special
Meeting of Shareholders, this proxy statement and the proxy card (collectively, the &ldquo;proxy materials&rdquo;) will be mailed
to shareholders beginning on or about [Mailing Date], 2020.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Annual and Semi-Annual Reports.</I>
The Fund&rsquo;s most recent annual and semi-annual reports to shareholders are available at no cost. You may obtain a copy of
a report through the Fund&rsquo;s website at www.destracapital.com. You may also request a report by calling toll-free at 844-9DESTRA
(933-7872).</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Materials </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the Shareholder Meeting to be Held
on [Meeting Date], 2020</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The proxy statement for the Special Meeting
is available at http://www.[________].</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal">PART 1</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">DESCRIPTION
OF PROPOSAL 1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">APPROVAL
OF MODIFICATION AND SUBSEQUENT ELIMINATION OF FUND&rsquo;S FUNDAMENTAL POLICY OF CONDUCTING REPURCHASE OFFERS, TO FACILITATE LISTING
ON THE NYSE <FONT STYLE="text-transform: uppercase">or other national securities exchange</FONT></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since it commenced
investment operations, the Fund has operated as an interval fund. As an interval fund, the Fund has made quarterly repurchase offers
to shareholders, and the Fund has adopted a fundamental policy to make quarterly repurchase offers for no less than 5% of the Fund&rsquo;s
NAV less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements. However, there was no guarantee
that shareholders would be able to sell all of the shares they desire in a quarterly repurchase offer. Upon recommendation by Destra,
the Board of Trustees agreed that increasing liquidity would be in the best interests of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Destra and the Board
of Trustees carefully considered the following options: (i) sell the Fund&rsquo;s investment portfolio, distribute proceeds to
shareholders and close the Fund; (ii) merge with another Fund that would provide enhanced liquidity; or (iii) list the Fund on
an exchange to provide secondary market liquidity to shareholders.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra believes that
listing the Fund on the NYSE or another national securities exchange would enhance shareholder liquidity by providing a secondary
market for Fund shares, and would also allow the Fund to fully pursue its investment objective and potentially reduce operating
expenses. Destra also believes that listing would benefit shareholders by eliminating the need for the Fund to hold cash reserves
and liquid securities, or the need to sell illiquid securities, in order to meet quarterly repurchase offers. In other words, the
Fund could be more fully invested in its investment strategy. Additionally, Destra anticipates that operating expenses could be
reduced because an exchange-traded fund requires fewer services. By lowering transfer agency fees, eliminating distribution and
service fees, as well as reducing other expenses, Destra expects Fund savings to be, in the aggregate, approximately [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% to [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% per year, based on recent levels of Fund assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consequently, the
Fund seeks approval to modify the fundamental policy regarding repurchase offers from requiring the Fund to conduct quarterly
repurchase offers, to requiring the Fund to conduct annual repurchase offers. Annual repurchase offers would continue to be
offered for no less than 5% of the Fund&rsquo;s shares outstanding at NAV and are generally expected to be 20% of the Fund&rsquo;s
shares outstanding at NAV per each annual repurchase offer. However, moving to annual repurchase offers, would provide time to
position the portfolio for Fund shares to be listed on the NYSE or other national securities exchange. The Fund&rsquo;s
modified fundamental policy of conducting annual repurchase offers would be eliminated at such time as the Fund&rsquo;s
shares are listed on the NYSE or other national securities exchange. There can be no assurance that Fund shares will be
approved for listing on the NYSE or any other securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If shareholders approve
this Proposal, the Fund will immediately transition to making annual repurchase offers and intends to take all necessary steps
to list its shares on the NYSE or other national securities exchange. If approved, the next repurchase offer would occur one year
from the last occurring repurchase offer, unless listing on the NYSE or other national securities exchange occurs first. [If shareholders
do not approve the proposal, the Board of Trustees will consider other options, including closing and liquidating the Fund].</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors Considered by the Trustees and their Recommendation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Board considerations
to be added by Independent Trustee counsel after Board meeting.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Based on all of
the foregoing, the Trustees recommend that shareholders of the Fund vote FOR the approval of the modification of and contingent
on the Fund listing its shares on the NYSE or other national securities exchange, the subsequent elimination of the Fund&rsquo;s
fundamental policy of conducting repurchase offers.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of the proposal
to modify the Fund&rsquo;s fundamental policy of conducting quarterly repurchase offers and subsequently eliminate the modified
fundamental policy of conducting annual repurchase offers, will require the vote of a majority of the outstanding voting securities
of the Fund. In accordance with the 1940 Act, a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund means the
lesser of (a) 67% or more of the shares of the Fund present at a shareholder meeting if the owners of more than 50% of the shares
of the Fund then outstanding are present in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund entitled
to vote at the Special Meeting. The shareholders of the Fund will vote together as a single class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>For
the reasons set forth above, the BOARD OF TRUSTEES of THE FUND UNANIMOUSLY recommendS that shareholders OF THE FUND vote in favor
of the PROPOSAL TO Modify and SUBSEQUENTLY ELIMINATE THE FUND&rsquo;S FUNDAMENTAL POLICY OF CONDUCTING REPURCHASE OFFERS, TO FACILITATE
THE FUND&rsquo;S LISTING ON THE NYSE or other national securities exchange. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>If shareholders approve
this proposal, the Fund will immediately transition to making annual repurchase offers and intends to take all necessary steps
to list its shares on the NYSE or other national securities exchange. If shareholders do not approve the proposal, the Board will
consider other options, including closing and liquidating the Fund. </B></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal">PART 2</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">DESCRIPTION
OF PROPOSAL 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">APPROVAL
OF AMENDMENT TO ADVISORY AND SUB-ADVISORY AGREEMENTS TO REFLECT A <BR>
CHANGE IN THE CALCULATION OF ADVISORY AND SUB-ADVISORY FEES </FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Trustees
recommend that shareholders approve an amendment to the existing advisory agreement between the Fund and Destra (the &ldquo;Advisory
Agreement Amendment&rdquo;) and an amendment to the existing sub-advisory agreement among the Fund, Destra and Pinhook (the &ldquo;Sub-Advisory
Agreement Amendment&rdquo; and together with the Advisory Agreement Amendment, the &ldquo;Amendments&rdquo;), contingent on the
Fund listing its shares on the NYSE or other national securities exchange, to provide for investment leverage, including borrowing
for investment purposes, in the calculation of the advisory and sub-advisory fees. The current method for calculating advisory
and sub-advisory fees does not take into account the Fund&rsquo;s use of leverage. If Proposal 2 is approved, and the Fund&rsquo;s
shares are listed on the NYSE or other national securities exchange, the contractual advisory fee rate payable by the Fund to Destra
and the contractual sub-advisory fee rate payable by Destra to Pinhook would remain the same but would be calculated to take leverage
into account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Current Calculation
of Fees under the Existing Advisory and Sub-Advisory Agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the existing
advisory agreement, Destra is entitled to a management fee, calculated and payable monthly in arrears, at the annual rate of 1.35%
of the Fund&rsquo;s average daily net assets during such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the existing
sub-advisory agreement, Pinhook is entitled to receive an annual sub-advisory fee from Destra equal to 50% of the net revenue received
by Destra after 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 advisory fee Destra is paid by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Proposed Calculation
of Advisory and Sub-Advisory Fees </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proposal 2 seeks to
revise the calculation of the advisory fee, and thus the sub-advisory fee, from &ldquo;net assets&rdquo; to &ldquo;managed assets.&rdquo;
&ldquo;Managed assets&rdquo; would be defined to include the total assets of the Fund (including assets attributable to money borrowed
for investment purposes) minus the sum of the Fund&rsquo;s accrued liabilities (other than money borrowed for investment purposes).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the proposed
change would not change the contractual fee rates based on the Fund&rsquo;s current assets, the assets upon which such fees are
calculated would be increased to include borrowings and the effect of leveraging the Fund. If investment leverage is not used,
the proposed change would not result in any change to the amount of the advisory fees, and thus the sub-advisory fees, (assuming
no change in the Fund&rsquo;s asset level). If investment leverage is used, the aggregate amount of advisory fees incurred by the
Fund would increase, even though the contractual fee rates would remain the same, depending on the Fund&rsquo;s asset level. The
proposed change may provide Destra and Pinhook with an incentive to increase the managed assets by borrowing and, thus, Destra
and Pinhook may have differing interests from the Fund in determining whether the Fund&rsquo;s assets should be leveraged. The
Board of Trustees will monitor this potential conflict of interest to ensure that the use of leverage is beneficial to the Fund
and its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without the proposed
change to the advisory and sub-advisory fee structure, however, there may be a disincentive for Destra and Pinhook to utilize leverage
in managing the Fund&rsquo;s assets. For this reason, it is commonplace in the closed-end fund industry for investment advisers
to be compensated upon the assets they manage rather than net assets. The size of the Fund that Destra and Pinhook manage when
the Fund utilizes leverage through borrowings is larger, and as a result of managing a larger fund, Destra and Pinhook may face
increased management, administration and compliance costs and responsibilities. However, under the existing advisory and sub-advisory
agreements, if the Fund utilizes leverage, the fees paid to Destra by the Fund and the fees paid to Pinhook by Destra would not
increase and would no longer be directly aligned with the size of the Fund.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Trustees
believes that it is appropriate to align the size of the Fund with Destra&rsquo;s and Pinhook&rsquo;s costs proportionally with
the compensation paid to Destra and Pinhook and that Destra&rsquo;s and Pinhook&rsquo;s compensation should accurately reflect
the full size and scope of the Fund&rsquo;s portfolio. Accordingly, shareholders are being asked to approve the Amendments, which
calculates Destra&rsquo;s advisory fees, and thus Pinhook&rsquo;s sub-advisory fees, based on &ldquo;managed assets,&rdquo; which
include assets attributable to money borrowed for investment purposes. To the extent the Fund borrows money, the use of such leverage
may enhance the Fund&rsquo;s returns, but it may also magnify potential losses. To the extent leverage is utilized, Destra and/or
Pinhook expend additional resources in managing the amounts borrowed, and leverage also increases the complexity of the administrative
responsibilities of Destra and/or Pinhook in connection with securing and monitoring this leverage for the Fund. The Board of Trustees
believes it is appropriate to compensate Destra and Pinhook for the effort and resources necessary to manage the amount of leverage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Special Meeting,
shareholders will be asked to approve the Amendments. A blackline setting forth the proposed changes to the section of the existing
advisory agreement entitled &ldquo;Compensation of the Advisor&rdquo; is set forth on Exhibit A to this Proxy Statement, marked
to show changes from the relevant portions of the existing advisory agreement. If Proposal 2 is approved by shareholders, the Amendment
would be reflected in an amendment to the existing advisory agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A blackline setting
forth the proposed changes to the section of the existing sub-advisory agreement entitled &ldquo;Compensation of the Sub-Advisor&rdquo;
is set forth on Exhibit C to this Proxy Statement, marked to show changes from the relevant portions of the existing sub-advisory
agreement. If Proposal 2 is approved by shareholders, the Amendment would be reflected in an amendment to the existing advisory
agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Advisory and Sub-Advisory
Fees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate amount
of advisory fees that the Fund paid to Destra during the fiscal year ended February 28, 2020 was $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. If the Amendment had been
in effect during that period, the aggregate amount of the advisory fees for the same period would have been $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], resulting in
a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% [increase] in fees. The aggregate amount of sub-advisory fees that Destra paid to Pinhook during the fiscal year ended February
28, 2020 was $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. If the Amendment had been in effect during that period, the aggregate amount of the sub-advisory fees for the
same period would have been $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], resulting in a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% [increase] in fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
shows the Fund&rsquo;s expenses expressed as a percentage of average assets: (i) based on actual expenses incurred during the fiscal
year ended February 28, 2020 under the existing advisory agreement and (ii) on a <I>pro forma</I> basis as if the Amendments had
been in effect during the fiscal year, based on the Fund&rsquo;s estimated borrowing on a going forward basis. Upon conversion
to an exchange-traded closed-end fund, the Fund will offer only one class of shares. As such, the &ldquo;Actual Expenses&rdquo;
and &ldquo;Pro Forma Expenses&rdquo; tables reflect information for Class I Shares, which is considered to be the class most similar
to the class to be offered on the exchange.</P>

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

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; width: 90%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Class I </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Annual Fund Expenses<SUP>(1)</SUP></B> (as a percentage of average net assets attributable to Shares) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management Fee </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.35 </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest Payments on Borrowed Funds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Expenses </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shareholder Servicing Fee </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None </FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Distribution Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None </FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Remaining Other Expenses </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.54 </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acquired Fund Fees and Expenses<SUP>(2) </SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Annual Fund Operating Expenses </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee Waiver and/or Expense Reimbursement<SUP>(3) </SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Reimbursement)<SUP>(3) </SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">% </FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class I </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual Fund Expenses<SUP>(1)</SUP></B> (as a percentage of average net assets attributable to Shares) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee <SUP>(4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payments on Borrowed Funds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder Servicing Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None </FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None </FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remaining Other Expenses </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.54 </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<SUP>(2) </SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<SUP>(5) </SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses (after Fee Waiver and/or Expense Reimbursement)<SUP>(3) </SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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></TD></TR>
</TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3) </FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Destra has contractually agreed
to reduce its fees and/or absorb expenses of the Fund, until at least November 30, [2021], 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 investments 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
1.70% for Class I shares net assets (the &ldquo;Expense Limitation&rdquo;). In consideration of Destra&rsquo;s agreement to limit
the Fund&rsquo;s expenses, the Fund has agreed to repay Destra pro rata in the amount of any Fund expense paid or waived by it,
subject to the limitations that: (1) the reimbursement for expenses will be made only if payable not more than three years following
the time such payment or waiver was made; and (2) the reimbursement may not be made if it would cause the Fund&rsquo;s then-current
Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed
the ordinary operating expenses that are the subject of the repayment, to be exceeded. Destra may not terminate the Expense Limitation
Agreement during the initial term. After the initial term, either the Board or Destra may terminate the Expense Limitation Agreement
upon 60 days&rsquo; written notice.</P></TD></TR>
</TABLE>

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

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <I>pro forma</I> management fee is calculated and payable quarterly in arrears at the annual rate of 1.35% of the Fund&rsquo;s average daily Managed Assets during such period.&nbsp;&nbsp;&ldquo;Managed Assets&rdquo; means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund&rsquo;s accrued liabilities (other than money borrowed for investment purposes).&nbsp;&nbsp;The management fee shown in the table above is higher than the contractual rate because the management fee in the table is calculated as a percentage of average net assets, rather than managed assets.&nbsp;&nbsp;Because the <I>pro forma</I> management fee is based on the Fund&rsquo;s average daily managed assets, the Fund&rsquo;s use of leverage, if any, will increase the management fee and the sub-advisory fee paid to Destra and Pinhook, respectively. </FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 48px; text-align: left">(5)</TD><TD STYLE="text-align: justify">The <I>pro forma</I> Fee Waiver and/or Expense Reimbursement
assumes the implementation of the new expense limitation agreement upon listing of the Fund&rsquo;s Shares. See Proposal 3.
Destra &#9;agrees with the Fund to reimburse and/or pay or absorb, on a quarterly basis, the ordinary operating expenses (as
defined below) of the Fund to the extent that such expenses exceed 0.53% per annum of the Fund&rsquo;s average daily net assets.
&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. Recoupment by the Adviser of
any waiver or reimbursement within three years from the date of the waiver is allowed, provided that the Fund is able to make
the repayment without exceeding the expense limitation in place at the time of waiver or the current expense limitation
and the repayment is approved by the Board of Trustees. The agreement is terminable only by the Board of Trustees upon sixty
(60) days&rsquo; written notice to the Adviser.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, on an actual and on a <I>pro forma</I> basis as if the Amendments had
been in effect during the fiscal year ended February 28, 2020 (the example assumes the Fund&rsquo;s current Expense Limitation
will remain in effect until [November 30, 2021]) and the Pro Forma assumes the expense limitation contemplated in Proposal 3 is
effective:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share Class </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1 Year </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3 Years </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5 Years </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10 Years </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class I </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share Class </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1 Year </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3 Years </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5 Years </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10 Years </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class I </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ </FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;] </FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The contractual rates
of the advisory fee payable by the Fund to Destra, and the actual advisory fee rates paid to Destra by the Fund for the fiscal
year ended February 28, 2020, is set forth in Exhibit B. The dates on which the existing advisory agreement was most recently (i)
approved by the Board of Trustees; and (ii) submitted to shareholders for approval and the purpose for such submission is also
set forth in Exhibit&nbsp;B.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The contractual rates
of the sub-advisory fee payable to Pinhook, and the actual sub-advisory fee rates paid to Pinhook by Destra for the fiscal year
ended February 28, 2020, is set forth in Exhibit D. The date on which the existing sub-advisory agreement was most recently (i)
approved by the Board of Trustees and (ii) submitted to shareholders for approval and the purpose for such submission is also set
forth in Exhibit&nbsp;D.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Terms of the Investment Advisory Agreement
and Investment Sub-Advisory Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If approved at the
Special Meeting, the Amendments will become effective upon the Fund&rsquo;s listing on NYSE or other national securities exchange.
If the Amendments are not approved, the fee structures under the existing advisory agreement and existing sub-advisory agreement
will remain in effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra is a registered
investment adviser with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) under the Investment Advisers Act of 1940, as
amended (the &ldquo;Advisers Act&rdquo;). 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 September 30, 2019, Destra had approximately
$458 million in assets under management. Destra is a wholly-owned subsidiary of DCM, a sponsor of investment funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra does not manage
any other funds with similar investment strategies and objectives to the Fund&rsquo;s.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Advisory Services</I>.
The existing advisory agreement states that the Fund employs Destra, subject to the control of the Board of Trustees of the Fund,
in compliance with such policies as the Board of Trustees may from time to time establish and in compliance with the objectives,
policies and limitations for the Fund, to continuously review, supervise and (where appropriate) administer the investment program
of the Fund, to (i) determine in its discretion the securities to be purchased, held, sold or exchanged; (ii) provide the Fund
with records concerning Destra&rsquo;s activities which the Fund is required to maintain; and (iii) render regular reports to the
Fund&rsquo;s officers and trustees concerning Destra&rsquo;s discharge of its responsibilities. The existing advisory agreement
states that Destra may hire (subject to the approval of the Board of Trustees) and supervise the investment activities of one or
more sub-advisers deemed necessary to carry out the investment program of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Fund Transactions.</I>
The existing advisory agreement provides that Destra is authorized to select the brokers or dealers that will execute the purchases
and sales of portfolio securities for the Fund and is directed to use its best efforts to obtain &ldquo;best execution&rdquo; considering
the Fund&rsquo;s investment objectives, policies and restrictions as stated in the Fund&rsquo;s prospectus and statement of additional
information (&ldquo;SAI&rdquo;), and that Destra will promptly communicate to the officers and Board of Trustees such information
relating to portfolio transactions as they may reasonably request. The existing advisory agreement also provides that Destra will
not be deemed to have acted unlawfully or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing
to the Fund under the advisory agreement, or otherwise, by reason of its having directed a securities transaction on behalf of
the Fund to a broker-dealer in compliance with Section 28(e) of the Securities Exchange Act of 1934 or as described from time to
time by the Fund&rsquo;s prospectus and SAI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Compensation of
Destra.</I> If the Fund&rsquo;s shares are listed on the NYSE or other national securities exchange and shareholders approve the
proposed changes to the calculation of the advisory fee, as described below, the amount of advisory fees paid to Destra would be
based on &ldquo;managed assets&rdquo; instead of net assets. Please see Exhibit A to this Proxy Statement for a blackline setting
forth the proposed changes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Duration and Termination.</I>
The existing advisory agreement will continue for an initial two year term and may be continued for successive annual periods upon
the approval of a majority of the Board of Trustees, including a majority of the trustees who are not &ldquo;interested persons&rdquo;
(as defined in the 1940 Act) of the Fund (the &ldquo;Independent Trustees&rdquo;), voting separately. The existing advisory agreement
provides that it will continue in effect for successive periods of one year only if such continuance is specifically approved at
least annually (a) by the vote of a majority of those Trustees who are not parties to the agreement or interested persons of any
such party, as such term is defined in the 1940 Act, and (b) by a vote of a majority of the Board of Trustees or by a vote of a
majority of the outstanding voting securities of the Fund. The existing advisory agreement may be terminated at any time, without
the payment of any penalty by vote of a majority of the Board of Trustees or by vote of a majority of the outstanding voting securities
of the Fund on sixty (60) days written notice to Destra, or by Destra at any time without the payment of any penalty, on sixty
(60) days written notice to the Fund. The existing advisory agreement provides that the agreement will automatically and immediately
terminate in the event of its assignment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Payment of Expenses</I>.
Destra is responsible for the payment of certain expenses, and the Fund is generally otherwise responsible for the payment of its
own expenses. If Destra has agreed to limit the operating expenses of the Fund, Destra is also responsible on a monthly basis for
any operating expenses that exceed the agreed upon expense limit, subject to the terms of such agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Limitation of Liability.</I>
Destra will not be liable for any error of judgment, mistake of law or for any act or omission in connection with the performance
of services to the Fund, except as otherwise may be provided under provisions of applicable law, and except for a loss resulting
from Destra&rsquo;s willful misfeasance, gross negligence or reckless disregard in the performance of its duties under the agreement.
The Fund will indemnify Destra to the fullest extent permitted by law against any liability or expense 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 Destra&rsquo;s willful
misfeasance, bad faith or reckless disregard of its obligations to the Fund. Destra will indemnify the Fund and all controlling
persons of the Fund to the fullest extent permitted by law against any liability or expense that arises in connection with the
performance of services to Destra, so long as the liability and expense is not incurred by reason of the person&rsquo;s willful
misfeasance, gross negligence, or reckless disregard of its obligations to Destra.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra and the Fund
have entered into an expense limitation agreement (the &ldquo;Expense Limitation Agreement&rdquo;) under which, until November
30, [2021], 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. Please see Proposal 3 for additional information regarding a proposal to approve an expense
limitation agreement, contingent on listing of Fund shares on the NYSE or other national securities exchange.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Information Pertaining to Destra</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth the name, position and principal occupation of each current executive officer of Destra as of [Date], 2020. Each individual&rsquo;s
address is c/o Destra Capital Advisors LLC, 444 West Lake Street, Suite 1700, Chicago, IL 60606-0070.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Name</B></P></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.5in; width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupation at Destra</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[During the Fund&rsquo;s
last fiscal year, the Fund did not pay any amount to Destra or any affiliated person of Destra for services to the Fund (other
than pursuant to the existing advisory agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were no brokerage
commissions paid by the Fund to affiliated brokers of Destra for the fiscal year ended February 28, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the Record Date,
no officer or Trustee owns securities of, or has any other material direct or indirect interest in, Destra or any person controlling,
controlled by or under common control with Destra. As of the Record Date, no Trustee has had any material interest, direct or indirect,
in any material transaction, proposed or otherwise, since the beginning of the Fund&rsquo;s fiscal year ended February 28, 2020,
to which Destra was a party.]</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Pinhook does not manage
any other funds with similar investment strategies and objectives to the Fund&rsquo;s.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Terms of the Existing
Sub-Advisory Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sub-Advisory Services</I>.
Pinhook manages the investment and reinvestment of such portion of the Fund&rsquo;s assets as Destra from time to time allocates
to Pinhook for management (the &ldquo;Sub-Advised Assets&rdquo;), as well as vote on all proxies related to the Sub-Advised Assets.
In furnishing its services, Pinhook will furnish its services to the Fund in accordance with the following: (i) the Fund&rsquo;s
declaration of trust, by-laws and/or other governing documents; (ii) the currently effective registration statement; (iii) the
1940 Act and Advisers Act and the rules thereunder and all other federal and state laws or regulations applicable to the Fund;
(iv) the Fund&rsquo;s compliance manual and other policies and procedures adopted by the Board of Trustees; and (v) the instructions
of Destra.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Supplemental Arrangements</I>.
Pinhook may from time to time employ or associate itself with any person it believes to be particularly suited to assist it in
providing the services to be performed under the agreement, provided that no such person may perform services with respect to the
Fund that would constitute an assignment or require a written advisory contract pursuant to the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Compensation of
Pinhook.</I> Destra pays Pinhook a sub-advisory fee out of its management fee that it receives from the Fund. However, if the Fund&rsquo;s
shares are listed on the NYSE or other national securities exchange and shareholders approve the proposed changes to the calculation
of the advisory and sub-advisory fees, as described below, the amount of sub-advisory fees payable to Pinhook would be based on
&ldquo;managed assets&rdquo; instead of net assets. Please see Exhibit C to this Proxy Statement for a blackline setting forth
the proposed changes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Duration and Termination.</I>
The agreement will continue in effect for an initial term of two years, provided that the agreement may continue in effect for
a period of more than two years from its effective date only so long as such continuance is specifically approved at least annually
by the Board of Trustees provided that in such an event such continuance is also approved by the vote of a majority of the Independent
Trustees cast in person at a meeting called for the purpose of voting on such approval.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The agreement may be
terminated at any time, without the payment of any penalty, by the Board of Trustees, including a majority of the Independent Trustees,
or by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days&rsquo; written notice to Destra
and Pinhook, or by Pinhook or Destra on sixty (60) days&rsquo; written notice to the Fund and the other party. The agreement automatically
terminates, without the payment of any penalty, (i) in the event of its assignment (as defined in the 1940 Act), or (ii) in the
event that the investment management agreement between Destra and the Fund is assigned (as defined in the 1940 Act) or terminates
for any other reason. The agreement also terminates upon written notice to the other party that the other party is in material
breach of the agreement, unless the party in material breach cures the breach to the reasonable satisfaction of the other party
within thirty (30) days after written notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Expenses</I>. The
agreement provides that Pinhook will furnish, at its own expense: (i) all necessary facilities (including office space, furnishings
and equipment) and personnel, including salaries, expenses and fees of any personnel required for Pinhook to perform its duties
under the agreement; and (ii) administrative facilities, including bookkeeping and all equipment necessary for the performance
of Pinhook&rsquo;s duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Limitation of Liability.</I>
Neither Pinhook or its affiliates will be liable for any losses, claims, damages, liabilities or litigation incurred or suffered
by Destra or the Fund as a result of any error of judgment or mistake of law by Pinhook or its affiliates with respect to the Fund.
Pinhook will indemnify the Fund, Destra and their affiliates against any losses, claims, damages, liabilities or litigation arising
under law based on any willful misconduct, bad faith, reckless disregard or gross negligence of Pinhook in the performance of its
duties under the agreement or any untrue statement of a material fact contained in any registration statement, proxy materials,
advertisements, sales literature, or other materials for the Fund or the omission to state therein a material fact known to Pinhook
that was required to be stated therein or necessary to make the statements contained therein not misleading, if such statement
or omission was made in reliance upon written information furnished to Destra or the Fund by Pinhook. The agreement contains a
reciprocal provision with respect to the indemnification and limitation of liability for Pinhook.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Information Pertaining to Pinhook</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth the name, position and principal occupation of each current executive officer of Pinhook as of [Date], 2020. Each individual&rsquo;s
address is c/o Pinhook Capital, LLC, 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Name</B></P></TD>
    <TD STYLE="width: 10%; text-align: justify; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 60%; border-bottom: black 1pt solid; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupation at Pinhook</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; padding-top: 2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-left: 5.4pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[During the Fund&rsquo;s
last fiscal year, the Fund did not pay any amount to Pinhook or any affiliated person of Pinhook for services provided to the Fund
(other than pursuant to the existing sub-advisory agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were no brokerage
commissions paid by the Fund to affiliated brokers of Pinhook for the fiscal year ended February 28, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of the Record Date, no officer or Trustee owns securities
of, or has any other material direct or indirect interest in, Pinhook or any person controlling, controlled by or under common
control with Pinhook. As of the Record Date, no Trustee has had any material interest, direct or indirect, in any material transaction,
proposed or otherwise, since the beginning of the Fund&rsquo;s fiscal year ended February 28, 2020, to which Pinhook was a party.]</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors Considered by the Trustees and their Recommendation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Board considerations
to be added by Independent Trustee counsel after Board meeting.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Based on all of
the foregoing, the Trustees recommend that shareholders of the Fund vote FOR the approval of the Amendments. </B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As provided under the
1940 Act, approval of the Amendments will require the vote of a majority of the outstanding voting securities of the Fund. In accordance
with the 1940 Act, a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund means the lesser of (a) 67% or more
of the shares of the Fund present at a shareholder meeting if the owners of more than 50% of the shares of the Fund then outstanding
are present in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund entitled to vote at the Special Meeting.
The shareholders of the Fund will vote together as a single class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>For
the reasons set forth above, the BOARD OF TRUSTEES of THE FUND UNANIMOUSLY recommendS that shareholders OF THE FUND vote in favor
of the AMENDMENTS.</B></FONT></P>

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


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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">PART 3</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">DESCRIPTION
OF PROPOSAL 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">APPROVAL
<FONT STYLE="text-transform: uppercase">of the early termination and replacement of the Fund&rsquo;s current expense limitation
agreement</FONT> WITH AN EXPENSE LIMITATION AGREEMENT WITH A TERM OF FIVE (5) YEARS, CONTINGENT ON THE FUND LISTING ITS SHARES
ON THE NYSE <FONT STYLE="text-transform: uppercase">or other national securities exchange</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund currently offers four classes
of shares, Class A Shares, Class I Shares, Class T Shares, and Class C Shares. Under the Fund&rsquo;s current expense limitation
agreement, the Adviser has agreed to reduce its fees and and/or absorb expenses of the Fund so that the Fund&rsquo;s 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 Investment
Manager)) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If shareholders
approve Proposals 1 and 2, the Fund will seek to list its shares on the NYSE or other national securities exchange and upon listing,
will offer only one class of shares for purchase. Consequently, the existing expense limitation agreement will become obsolete.
So while the Adviser expects overall shareholder expenses to be reduced in the long-term, the Adviser is seeking shareholder approval
to terminate the Fund&rsquo;s current expense limitation agreement prior to its expiration and replace it with a new expense limitation
agreement. Under the new expense limitation agreement, the Adviser agrees with the Fund to reimburse and/or pay or absorb, on a
quarterly basis, the ordinary operating expenses (as defined below) of the Fund to the extent that such expenses exceed 0.53% per
annum of the Fund&rsquo;s average daily net assets. &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. Please see Exhibit
E for a copy of the proposed new expense limitation agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Both the existing
and proposed new expense limitation agreement allow for the recoupment of any waiver or reimbursement within three years from the
date of the waiver, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the
time of waiver or the current expense limitation and the repayment is approved by the Board of Trustees. In addition, both the
existing and proposed new expense limitation agreements are only terminable by the Board of Trustees upon sixty (60) days&rsquo;
written notice to the Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If approved by
shareholders, the current expense limitation agreement will terminate on the date Fund shares are listed on the NYSE or other national
securities exchange and the new expense limitation agreement will be effective for five (5) years from that same date. If shareholders
do not approve the proposals necessary to facilitate the listing of the Fund&rsquo;s shares on the NYSE or other national securities
exchange and Fund shares are consequently not listed on the NYSE or other national securities exchange, the existing expense limitation
agreement will remain in effect until its current expiration date of November 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra believes, and
the Board of Trustees agrees, that the proposed expense limitation agreement will benefit the Fund and its shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors Considered by the Trustees and their Recommendation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Board considerations
to be added by Independent Trustee counsel after Board meeting.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Based on all of
the foregoing, the Trustees recommend that shareholders of the Fund vote FOR the approval of the early termination and replacement
of the Fund&rsquo;s current expense limitation agreement, with an expense limitation agreement with a term of five (5) years, contingent
on the Fund listing its shares on the NYSE or other national securities exchange.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of the proposal
to terminate the Fund&rsquo;s current expense limitation agreement prior to its expiration and replace it with an expense limitation
agreement with a term of five (5) years, contingent on the Fund listing its shares on the NYSE or other national securities exchange,
will require the vote of a majority of the outstanding voting securities of the Fund. In accordance with the 1940 Act, a &ldquo;majority
of the outstanding voting securities&rdquo; of the Fund means the lesser of (a) 67% or more of the shares of the Fund present at
a shareholder meeting if the owners of more than 50% of the shares of the Fund then outstanding are present in person or by proxy,
or (b) more than 50% of the outstanding shares of the Fund entitled to vote at the Special Meeting. The shareholders of the Fund
will vote together as a single class.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">For
the reasons set forth above, the BOARD OF TRUSTEES of THE FUND UNANIMOUSLY recommendS that shareholders OF THE FUND vote in favor
of the PROPOSAL TO terminate the Fund&rsquo;s current expense limitation agreement EARLY and replace it with an expense limitation
agreement WITH A TERM of five (5) years, CONTINGENT ON THE FUND LISTING ITS SHARES ON THE nyse or other national securities exchange.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">PART 4</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">DESCRIPTION
OF PROPOSAL 4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">APPROVAL
OF REVISION TO FUND&rsquo;S FUNDAMENTAL POLICY TO CONCENTRATE IN THE REIT INDUSTRY</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 3pt 4pt; width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Current Fundamental Policy</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 4pt; width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Proposed Fundamental Policy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Fund may not invest 25% or more of the market value of its net assets in the securities of companies or entities engaged in any one industry, except the REIT industry. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. Under normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the REIT industry.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 4pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Fund may not invest 25% or more of the market value of its net assets in the securities of companies or entities engaged in any one industry, except the real estate industry. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. Under normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the real estate industry.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable law,
an investment company may not concentrate its investments in any particular industry or particular group of industries, unless
it does so pursuant to a fundamental policy that can be changed only with shareholder approval. In addition, the investment company
must concentrate its investments consistent with any policy to do so, and an investment company must specifically have a fundamental
policy governing investments in real estate. Although &ldquo;concentration&rdquo; is not defined in the 1940 Act, the SEC has generally
regarded a fund as concentrating its investments in an industry if the fund invests 25% or more of its assets in securities of
issuers in that industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s existing
fundamental concentration policy requires that, under normal circumstances, the Fund invest over 25% of its net assets in the securities
of companies in the REIT industry. If approved by shareholders, the new policy would be revised so that, under normal circumstances,
the Fund would invest over 25% of its net assets in the broader real estate industry. For purposes of the policy, the Fund will
define the real estate industry to include [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra believes that
the proposed change will allow it and Pinhook greater flexibility in seeking attractive investment opportunities for the Fund,
while pursuing the Fund&rsquo;s investment objective. Destra and Pinhook believe that the current investment requirement is not
necessary for the Fund to achieve its investment objective and that the proposed change will give Destra and Pinhook more flexibility
to seek to achieve the Fund&rsquo;s investment objective rather than having to meet a narrower investment allocation requirement
to the REIT industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Destra and Pinhook
believe, and the Board of Trustees agrees, that the proposed change in concentration policy will benefit the Fund and its shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors Considered by the Trustees and their Recommendation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[Board considerations
to be added by Independent Trustee counsel after Board meeting.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Based on all of
the foregoing, the Trustees recommend that shareholders of the Fund vote FOR the approval of the revision to the Fund&rsquo;s fundamental
policy to concentrate in the REIT industry.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approval of the proposal
to revise the Fund&rsquo;s fundamental policy to concentrate in the REIT industry will require the vote of a majority of the outstanding
voting securities of the Fund. In accordance with the 1940 Act, a &ldquo;majority of the outstanding voting securities&rdquo; of
the Fund means the lesser of (a) 67% or more of the shares of the Fund present at a shareholder meeting if the owners of more than
50% of the shares of the Fund then outstanding are present in person or by proxy, or (b) more than 50% of the outstanding shares
of the Fund entitled to vote at the Special Meeting. The shareholders of the Fund will vote together as a single class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>For
the reasons set forth above, the BOARD OF TRUSTEES of THE FUND UNANIMOUSLY recommendS that shareholders OF THE FUND vote in favor
of the PROPOSAL TO revise the fund&rsquo;s fundamental policy to concentrate in the reit industry. </B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART 5</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION ABOUT OWNERSHIP OF SHARES OF
THE FUND</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only shareholders of record at the close
of business on [Record Date], 2020, will be entitled to notice of, and to vote at, the Special Meeting. On [Record Date], 2020,
the following shares of each class of the Fund were outstanding and entitled to vote:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 30%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; font-weight: bold; text-align: left">Shares outstanding and</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><B><U>Class</U></B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>entitled to vote</U></B></FONT></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Class I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Class A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Class T</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Class C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">[_____]</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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


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


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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION ON PROXY VOTING AND THE SPECIAL
MEETING</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Who is Eligible To Vote</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Shareholders of record
of the Fund as of the close of business on [Record Date], 2020 (the &ldquo;record date&rdquo;) are entitled to vote on all of the
Fund&rsquo;s business at the Special Meeting and any adjournments thereof. Each whole share is entitled to one vote on each matter
on which it is entitled to vote, and each fractional share is entitled to a proportionate fractional vote. Shares represented by
properly executed proxies, unless revoked before or at the Special Meeting, will be voted according to the shareholder&rsquo;s
instructions. If you sign a proxy, but do not fill in a vote, your shares will be voted to approve the proposal. If any other business
comes before the Special Meeting, your shares will be voted at the discretion of the persons named as proxies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund does not intend to hold meetings
of shareholders except to the extent that such meetings may be required under the 1940 Act or state law or pursuant to special
meetings called by the Board of Trustees or a majority of shareholders, or in the future in compliance with the requirements of
any exchange on which the Fund&rsquo;s shares may be listed. [Shareholders who wish to submit proposals for inclusion in the proxy
statement for a subsequent shareholder meeting should submit their written proposals to the Fund at its principal office within
a reasonable time before such meeting. The timely submission of a proposal does not guarantee its consideration at the meeting.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Proxies, Quorum and Voting at the Special
Meeting </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders may use the proxy card provided
if they are unable to attend the Special Meeting in person or wish to have their shares voted by a proxy even if they do attend
the Special Meeting. Any shareholder that has given a proxy to someone has the power to revoke that proxy at any time prior to
its exercise by executing a superseding proxy or by submitting a notice of revocation to the secretary of the Fund. In addition,
although mere attendance at the Special Meeting will not revoke a proxy, a shareholder present at the Special Meeting may withdraw
a previously submitted proxy and vote in person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All properly executed and unrevoked proxies
received in time for the Special Meeting will be voted in accordance with the instructions contained in the proxies. If no instruction
is given, the persons named as proxies will vote the shares represented thereby in favor of the proposals described herein and
will use their best judgment to vote on such other business as may properly come before the Special Meeting or any adjournment
thereof. The Fund may also arrange to have votes recorded by telephone, the Internet or other electronic means.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Telephonic Voting. </I>Shareholders
may call the toll-free phone number indicated on their proxy card to vote their shares. Shareholders will need to enter the control
number set forth on their proxy card and then will be prompted to answer a series of simple questions. The telephonic procedures
are designed to authenticate a shareholder&rsquo;s identity, to allow shareholders to vote their shares and to confirm that their
instructions have been properly recorded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Internet Voting.</I> Shareholders may
submit an &ldquo;electronic&rdquo; proxy over the Internet in lieu of returning an executed proxy card. In order to use this voting
feature, shareholders should go to the website indicated on the shareholder&rsquo;s proxy card and enter the control number set
forth on the proxy card. Shareholders will be prompted to follow a simple set of instructions, which will appear on the website.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Quorum.</B> The presence in person or
by proxy of the holders of one-third percent (33-1/3%) of the Shares of the Fund present in person or represented by proxy and
entitled to vote shall constitute a quorum for the transaction of business at the Special Meeting. For purposes of determining
the presence of a quorum, abstentions, broker &ldquo;non-votes&rdquo; or withheld votes will be counted as present. Abstentions
will have the effect of a &ldquo;no&rdquo; vote for purposes of obtaining the requisite approval of the proposal. Broker &ldquo;non-votes&rdquo;
(that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owners
or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary
power) will be treated the same as abstentions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a quorum is not present at the Special
Meeting, or if a quorum is present at the Special Meeting but sufficient votes to approve a proposal are not received, the Fund
expects the chairman of the Special Meeting to adjourn the Special Meeting (from time to time in his or her discretion) in order
to solicit additional proxies. A shareholder vote may be taken on one or more proposals prior to such adjournment if sufficient
votes for its approval have been received and it is otherwise appropriate. Such vote will be considered final regardless of whether
the Special Meeting is adjourned to permit additional solicitation with respect to any other proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As provided under the 1940 Act, approval
of the Proposals will each require the vote of a majority of the outstanding voting securities of the Fund. In accordance with
the 1940 Act, a &ldquo;majority of the outstanding voting securities&rdquo; of the Fund means the lesser of (a) 67% or more of
the shares of the Fund present at a shareholder meeting if the owners of more than 50% of the shares of the Fund then outstanding
are present in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund entitled to vote at the Special Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Method of Solicitation and Expenses</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your vote is being solicited by the Board
of Trustees of the Fund. The cost of soliciting proxies, including the costs related to the printing, mailing and tabulation of
proxies and the fees of the proxy soliciting agent, ultimately will be borne by Destra. The Fund has engaged [proxy solicitation
firm name], a professional proxy solicitation firm, to serve as the proxy soliciting and tabulation agent for the Special Meeting
and estimates [Proxy Firm&rsquo;s] fees to be approximately $[Proxy Fee Amount]. Those fees do not reflect the costs associated
with printing and mailing of the proxy materials and the costs associated with reimbursing brokerage firms and other financial
intermediaries for their expenses in forwarding proxy materials to the beneficial owners and soliciting them to execute proxies.
The Fund expects that the solicitation will be primarily by mail, but may also include telephone, electronic or other means of
communication. If the Fund does not receive your proxy by a certain time, you may receive a telephone call from the proxy soliciting
agent asking you to vote. The Fund does not reimburse Trustees and officers of the Fund, or regular employees and agents of Destra,
for any involvement in the solicitation of proxies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Voting by Destra and Pinhook</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[To the extent that Destra and Pinhook
and their affiliates own shares of the Fund, each intends to vote Fund shares in favor of each Proposal.]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[As of the record date, the current Trustees
and officers as a group owned less than 1% of the outstanding shares of the Fund or any class of the Fund]. Each person that, to
the knowledge of the Fund, owned beneficially or of record 5% or more of the outstanding shares of the Fund as of the record date
is listed in Exhibit F to this proxy statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Procedures for Shareholder Communications with the Board</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders may send communications to
the Board of Trustees. Shareholders should send communications intended for the Board of Trustees by addressing the communication
directly to the Board of Trustees (or individual Trustee(s)) and/or otherwise clearly indicating in the salutation that the communication
is for the Board (or individual Trustee(s)) and by sending the communication to the Fund&rsquo;s address for the Trustee(s) at
c/o Destra Multi-Alternative Fund, 444 West Lake Street, Suite 1700, Chicago, Illinois 60606. Other Shareholder communications
received by the Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management, and
will be forwarded to the Board only at management&rsquo;s discretion based on the matters contained therein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Special Meeting has been called
to transact any business that may properly come before it, the only matters that the Trustees intend to present are those matters
stated in the attached Notice of Special Meeting of Shareholders. However, if any additional matters properly come before the Special
Meeting, and on all matters incidental to the conduct of the Special Meeting, it is the intention of the persons named in the proxy
to vote the proxy in accordance with their judgment on such matters unless instructed to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Mailing Date], 2020</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART 7</P>

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

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

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Householding&rdquo; is the term
used to describe the practice of delivering one copy of a document to a household of shareholders instead of delivering one copy
of a document to each shareholder in the household. Shareholders of the Fund who share a common address and who have not opted
out of the householding process should receive a single copy of the proxy statement together with one Proxy Card or Voting Instruction
Card, as applicable. If you received more than one copy of the proxy statement, you may elect to household in the future; if you
received a single copy of the proxy statement, you may opt out of householding in the future; and you may, in any event, obtain
an additional copy of this proxy statement by calling [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] or writing to the Fund at the following address: 444 West Lake Street,
Suite 1700, Chicago, IL 60606-0070. Copies of this proxy statement and the accompanying Notice of Special Meeting are also available
at www.[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UMB Fund Services, Inc. (&ldquo;UMB&rdquo;),
located at 235 West Galena Street, Milwaukee, WI 53212, serves as the Fund&rsquo;s administrator and provides administrative services
to assist with the Fund&rsquo;s operational needs. UMB also provides accounting services to the Fund and serves as the Fund&rsquo;s
distribution paying agent, transfer agent and registrar. UMB Bank, n.a., 928 Grand Boulevard, Kansas City, MO 64106, serves as
custodian for the Fund.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fiscal year-end of the Fund is February
28.</P>

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


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

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





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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">PROPOSED
AMENDMENT TO ADVISORY FEE STRUCTURE</FONT></P>

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

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

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGREEMENT made this 30 day of November 2018, by and between
Destra Alternative Access Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;), and Destra Capital Advisors LLC, a Delaware
limited liability company (the &ldquo;Advisor&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Fund is a closed-end, management investment company
registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Advisor is registered as an investment adviser
under the Investment Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;) and is engaged in the business of supplying investment
advice as an independent contractor; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Fund desires to retain the Advisor to render investment
management services with respect to the Fund and the Advisor is willing to render such services:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, in consideration of mutual covenants herein
contained, the parties hereto agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. APPOINTMENT AND ACCEPTANCE. The Fund hereby appoints the
Advisor to act as Advisor to the Fund for the period and on the terms set forth in this Agreement. The Advisor accepts such appointment
and agrees to furnish the services herein set forth for the compensation herein provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. DUTIES OF ADVISOR. The Fund employs the Advisor to furnish
and manage a continuous investment program for the Fund. The Advisor will continuously review, supervise and (where appropriate)
administer the investment program of the Fund, to (i) determine in its discretion (where appropriate) the securities to be purchased,
held, sold or exchanged, (ii) provide the Fund with records concerning the Advisor&rsquo;s activities which the Fund is required
to maintain and (iii) render regular reports to the Fund&rsquo;s officers and Trustees concerning the Advisor&rsquo;s discharge
of the foregoing responsibilities. The Advisor may hire (subject to the approval of the Fund&rsquo;s Board of Trustees (&ldquo;Board&rdquo;)
and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the Securities and Exchange
Commission, or by rule or regulation, a majority of the outstanding voting securities of the Fund) and thereafter supervise the
investment activities of one or more sub-advisers deemed necessary to carry out the investment program of the Fund. The retention
of a sub-adviser by the Advisor shall not relieve the Advisor of its responsibilities under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisor shall discharge the foregoing responsibilities subject
to the control of the Fund&rsquo;s Board and in compliance with such policies as the Board may from time to time establish, with
the objectives, policies, and limitations for the Fund set forth in the Fund&rsquo;s registration statement as amended from time to time,
and with applicable laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. FUND TRANSACTIONS. The Advisor is authorized to select the
brokers or dealers that will execute the purchases and sales of portfolio securities for the Fund and is directed to use its best
efforts to obtain &ldquo;best execution,&rdquo; considering the Fund&rsquo;s investment objectives, policies, and restrictions
as stated in the Fund&rsquo;s Prospectus and Statement of Additional Information, as the same may be amended, supplemented or restated
from time to time, and resolutions of the Fund&rsquo;s Board. The Advisor will promptly communicate to the officers and the Board
such information relating to portfolio transactions as they may reasonably request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is understood that the Advisor will not be deemed to have
acted unlawfully, or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing to the Fund under this
Agreement, or otherwise, by reason of its having directed a securities transaction on behalf of the Fund to a broker-dealer in
compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934 or as described from time to time by the
Fund&rsquo;s Prospectus and Statement of Additional Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. EXPENSES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to
the operation of the Fund, the Advisor shall be responsible for (i) providing the personnel, office space and equipment reasonably
necessary to perform its obligations hereunder; (ii) the expenses of printing and distributing extra copies of the Fund&rsquo;s
prospectus, statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting
fees attendant thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered
by any applicable plan adopted consistent with Rule 12b-1 under the Investment Company Act (each, a &ldquo;12b-1 Plan&rdquo;) or
pursuant to, or as a condition of multiple-class exemptive relief obtained from the Securities and Exchange Commission; (iii) the
costs of any special Board meetings or shareholder meetings convened for the primary benefit of the Advisor and attendance at required
annual Board meeting; (iv) the costs associated with any supplements to the Fund&rsquo;s registration statement created at the
Advisor&rsquo;s request; and (v) any costs of liquidating or reorganizing the Fund (unless such cost is otherwise allocated by
the Board). If the Advisor has agreed to limit the operating expenses of the Fund as referenced in Section 5 below, the Advisor
also shall be responsible on a monthly basis for any operating expenses that exceed the agreed upon expense limit, subject to the
terms of such agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is responsible
for and has assumed the obligation for payment of all of its expenses, other than as stated in Subparagraph 4(a) above, including
but not limited to: fees and expenses incurred in connection with the issuance, registration and transfer of its shares; brokerage
and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and
other property of the Trust for the benefit of the Fund including all fees and expenses of its custodian, shareholder services
agent and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its daily
net asset value and of maintaining its books of account required under the Investment Company Act; taxes, if any; a pro rata portion
of expenditures in connection with meetings of the Fund&rsquo;s shareholders and the Board that are properly payable by the Fund;
salaries and expenses of officers of the Trust, including without limitation the Trust&rsquo;s Chief Compliance Officer, and fees
and expenses of members of the Board or members of any advisory board or committee who are not members of, affiliated with or interested
persons of the Advisor; insurance premiums on property or personnel of the Fund which inure to its benefit, including liability
and fidelity bond insurance; the cost of preparing and printing reports, proxy statements, prospectuses and statements of additional
information of the Fund or other communications for distribution to existing shareholders which are covered by any 12b-1 Plan,
or as a condition of multiple-class exemptive relief obtained from the Securities and Exchange Commission; legal, auditing and
accounting fees; all or any portion of trade association dues or educational program expenses determined appropriate by the Board;
fees and expenses (including legal fees) of registering and maintaining registration of its shares for sale under applicable securities
laws; all expenses of maintaining and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping,
dividend disbursing, redemption, and other agents for the benefit of the Fund, if any; and all other charges and costs of its operation
plus any extraordinary and non-recurring expenses, except as herein otherwise prescribed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisor may
voluntarily or contractually absorb certain Fund expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent the
Advisor incurs any costs by assuming expenses which are an obligation of the Fund as set forth herein, the Fund shall promptly
reimburse the Advisor for such costs and expenses, except to the extent the Advisor has otherwise agreed to bear such expenses.
To the extent the services for which the Fund is obligated to pay are performed by the Advisor, the Advisor shall be entitled to
recover costs from the Fund to the extent of the Advisor&rsquo;s actual costs for providing such services. In determining the Advisor&rsquo;s
actual costs, the Advisor may take into account an allocated portion of the salaries and overhead of personnel performing such
services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. COMPENSATION
OF THE ADVISOR. For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay to the Advisor
compensation at an annual rate of 1.35%, payable monthly in arrears by the 10th business day of the succeeding month, based upon
the Fund&rsquo;s managed assets as of month-end. For purposes of calculating the compensation for any month, managed assets will
include the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum
of the Fund&rsquo;s accrued liabilities (other than money borrowed for investment purposes) and will be calculated prior to any
reduction for any fees and expenses of the Fund for that month, including, without limitation, the compensation payable to the
Advisor for that month. In the case of a partial month, compensation will be based on the number of days during the month in which
the Advisor provided services to the Fund. Compensation will be paid to the Advisor before giving effect to any repurchase of interests
in the Fund effective as of that date. The Advisor will pay the compensation of any sub-adviser retained pursuant to Section 2
above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor may, in its discretion and
from time to time, reduce any portion of the compensation or reimbursement of expenses due to it pursuant to this Agreement and
may agree to make payments to limit the expenses that are the responsibility of the Fund under this Agreement. Any such reduction
or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future
compensation or reimbursement due to the Advisor hereunder or to continue future payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All rights of compensation under this Agreement
for services performed as of the termination date shall survive the termination of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6. BOOKS AND RECORDS. The Advisor will maintain all books and
records with respect to the securities transactions of the Fund and will furnish to the Fund&rsquo;s Board such periodic and special
reports as the Board may reasonably request. The Fund and the Advisor agree to furnish to each other, if applicable, current registration
statements, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information
with regard to their affairs as each may reasonably request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any records required to be maintained and preserved pursuant
to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Advisor on
behalf of the Fund are the property of the Fund and will be surrendered promptly to the Fund on request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7. STATUS OF ADVISOR. The services of the Advisor to the Fund
are not to be deemed exclusive, and the Advisor shall be free to render similar services to others so long as its services to the
Fund are not impaired thereby. The Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly
provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8. LIMITATION OF LIABILITY AND INDEMNIFICATION OF ADVISOR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) In the absence of willful misfeasance, gross negligence
or reckless disregard of its obligations to the Fund, the Advisor and any partner, director, officer or employee of the Advisor,
or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be liable for any error
of judgment, mistake of law or for any act or omission by the person in connection with the performance of services to the Fund,
except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or
modified hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) The Fund shall indemnify, to the fullest extent permitted
by law, the Advisor, or any member, manager, officer or employee of the Advisor, and any of their affiliates, executors, heirs,
assigns, successors or other legal representatives, 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
person&rsquo;s willful misfeasance, gross negligence or reckless disregard of its obligations to the Fund. The rights of indemnification
provided under this Section&nbsp;shall not be construed so as to provide for indemnification of any aforementioned persons for
any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on
persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable
law, but shall be construed so as to effectuate the applicable provisions of this Section&nbsp; to the fullest extent permitted
by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) The Advisor shall indemnify, to the fullest extent permitted
by law, the Fund and all controlling persons of the Fund (as described in Section 15 of the Securities Act of 1933, as amended),
against any liability or expense to which the person may be liable that arises in connection with the performance of services to
the Advisor, so long as the liability or expense is not incurred by reason of the person&rsquo;s willful misfeasance, gross negligence
or reckless disregard of its obligations to the Advisor. The rights of indemnification provided under this Section&nbsp;shall not
be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal
securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but
only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate
the applicable provisions of this Section&nbsp; to the fullest extent permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders
of the Fund are or may be interested in the Advisor (or any successor thereof) as members, managers, officers, or interest holders,
or otherwise; members, managers, officers, agents, and interest holders of the Advisor are or may be interested in the Fund as
Trustees, interest holders or otherwise; and the Advisor (or any successor) is or may be interested in the Fund as an interest
holder or otherwise. In addition, brokerage transactions for the Fund may be effected through affiliates of the Advisor, provided
the Advisor has broker-dealer affiliates, if approved by the Fund&rsquo;s Board, subject to the rules and regulations of the Securities
and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10. AUTHORITY; NO CONFLICT. The Advisor represents, warrants
and agrees that: it has the authority to enter into and perform the services contemplated by this Agreement; and the execution,
delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any
agreement to which Advisor or any of its affiliates are a party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11. LICENSE OF ADVISOR&rsquo;S NAME. The parties agree that the name
of the Advisor, the names of any affiliates of the Advisor and any derivative or logo or trademark or service mark or trade name
are the valuable property of the Advisor and its affiliates. The Advisor hereby agrees to grant a license to the Fund for use of
its name in the name of the Fund for the term of this Agreement and such license shall terminate upon termination of this Agreement.
If the Fund makes any unauthorized use of the Advisor&rsquo;s names, derivatives, logos, trademarks, or service marks or trade
names, the parties acknowledge that the Advisor shall suffer irreparable harm for which monetary damages may be inadequate and
thus, the Advisor shall be entitled to injunctive relief, as well as any other remedy available under law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12. DURATION AND TERMINATION. This Agreement, unless sooner
terminated as provided herein, shall remain in effect until two years from the effective date of the Agreement and thereafter,
may continue in effect only if such continuance is specifically approved at least annually (a) by the vote of a majority of those
Trustees of the Board who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person
at a meeting called for the purpose of voting on such approval, and (b) by a vote of a majority of the Fund&rsquo;s Board or by
vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the interest holders of any Fund
fail to approve the Agreement as provided herein, the Advisor may continue to serve hereunder in the manner and to the extent permitted
by the 1940 Act and rules and regulations thereunder. The foregoing requirement that continuance of this Agreement be &ldquo;specifically
approved at least annually&rdquo; shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, this Agreement may be terminated
as to the Fund at any time, without the payment of any penalty by vote of a majority of members of the Fund&rsquo;s Board or by
vote of a majority of the outstanding voting securities of the Fund on sixty (60) days written notice to the Advisor, or by the
Advisor at any time without the payment of any penalty, on sixty (60) days written notice to the Fund. This Agreement will automatically
and immediately terminate in the event of its assignment. Any notice under this Agreement shall be given in writing, addressed
and delivered, or mailed postpaid, to the other party at any office of such party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in this Section 11, the terms &ldquo;assignment&rdquo;,
&ldquo;interested persons&rdquo;, and a &ldquo;vote of a majority of the outstanding voting securities&rdquo; shall have the respective
meanings set forth in the 1940 Act and the rules and regulations thereunder; subject to such exemptions as may be granted by the
Securities and Exchange Commission under said Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13. NOTICE. Any notice required or permitted to be given by
either party to the other shall be deemed sufficient if sent by registered or certified mail, postage prepaid, addressed by the
party giving notice to the other party at the last address furnished by the other party to the party giving notice:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jane Shissler, General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">444 West Lake Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: (312) 843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: (312) 858-8618</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">80 Arkay Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hauppauge, New York 11788</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 1-631-951-0573</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 1-631-470-2600</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14. SEVERABILITY. If any provision of this Agreement shall be
held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15. GOVERNING LAW. This Agreement shall be construed in accordance
with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, and the applicable provisions
of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with
the applicable provisions of the 1940 Act, the latter shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the Parties hereto have caused this Agreement
to be executed as of the day and year first written above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Destra Alternative Access Fund</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DESTRA CAPITAL ADVISORS LLC</P>

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

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

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

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

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

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

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

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

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

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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 2pt 3pt; width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Contractual Advisory <BR>
Fee (as a percentage of <BR>
Net Assets)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 3pt; width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advisory </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fee Rate Paid to </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Destra (after waivers <BR>
and reimbursements <BR>
and/or recoupment,
        if <BR>
any) for the Fiscal Year Ended February 28, <BR>
2020</B></P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 3pt; width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Most Recent Date of <BR>
Shareholder Approval <BR>
of Existing Advisory <BR>
Agreement and Purpose <BR>
of Submission to <BR>
Shareholders</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 3pt; width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Most Recent Date of <BR>
Approval of Existing <BR>
Advisory Agreement by<BR>
 the Board of Trustees</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.35%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">November 20, 2018 <BR>
(approval of Fund&rsquo;s initial <BR>
advisory agreement with <BR>
Destra whereby Destra <BR>
assumed Pinhook&rsquo;s (f/k/a <BR>
LCM Investment <BR>
Management, LLC) role <BR>
as adviser to the Fund) </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">October 2, 2018</FONT></TD></TR>
</TABLE>



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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">PROPOSED
AMENDMENT TO SUB-ADVISORY FEE STRUCTURE</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGREEMENT, dated as of November 30, 2018 by and among Destra
Alternative Access Fund (the &ldquo;Fund&rdquo;), Destra Capital Advisors LLC (the &ldquo;Advisor&rdquo;), and Pinhook Capital,
LLC (f/k/a LCM Investment Management, LLC) (the &ldquo;Sub-Adviser&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Advisor is registered as an investment adviser
under the Investment Advisers Act of 1940, as amended (&ldquo;Advisers Act&rdquo;) and is engaged in the business of supplying
investment advice as an independent contractor;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Advisor has entered into an investment management
agreement (the &ldquo;Investment Management Agreement&rdquo;) dated November 30, 2018 with the Fund, an investment company registered
under the Investment Company Act of 1940, as amended (&ldquo;Investment Company Act&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Sub-Adviser is registered as an investment adviser
under the Advisers Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Board of Trustees (each Board member individually
a &ldquo;Trustee&rdquo; and together the &ldquo;Trustees&rdquo;) of the Fund and the Advisor desire to retain the Sub-Adviser to
render investment advisory and other services to the Fund, in the manner and on the terms hereinafter set forth;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Advisor has the authority under the Investment
Management Agreement with the Fund to retain sub-advisers; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the Sub-Adviser is willing to furnish such services
to the Advisor and the Fund;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, in consideration of the promises and mutual
covenants contained herein, and intending to be legally bound hereby, the Fund, the Advisor and the Sub-Adviser agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
APPOINTMENT OF THE SUB-ADVISER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisor hereby appoints the Sub-Adviser to act as an investment
adviser for the Fund, subject to the supervision and oversight of the Advisor and the Trustees of the Fund, and in accordance with
the terms and conditions of this Agreement.&nbsp;&nbsp;The Sub-Adviser will be an independent contractor and will have no authority
to act for or represent the Fund or the Advisor in any way or otherwise be deemed an agent of the Fund or the Advisor except as
expressly authorized in this Agreement or another writing by the Fund, the Advisor and the Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ACCEPTANCE OF APPOINTMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sub-Adviser accepts that appointment and agrees to render
the services herein set forth, for the compensation herein provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The assets of the Fund will be maintained in the custody of
a custodian (who shall be identified by the Advisor in writing).&nbsp;&nbsp;The Sub-Adviser will not have custody of any securities,
cash or other assets of the Fund and will not be liable for any loss resulting from any act or omission of the custodian other
than acts or omissions arising in reliance on instructions of the Sub-Adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE FUND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
an investment adviser to the Fund, the Sub-Adviser shall, subject to the supervision and oversight of the Advisor, manage the investment
and reinvestment of such portion of the assets of the Fund as the Advisor may from time to time allocate to the Sub-Adviser for
management (the &ldquo;Sub-Advised Assets&rdquo;), as well as vote all proxies related to the Sub-Advised Assets.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the services it will provide hereunder, the Sub-Adviser will:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtain
and evaluate, to the extent deemed necessary and advisable by the Sub-Adviser in its discretion, pertinent economic, statistical,
financial, and other information affecting the economy generally and individual companies or industries, the securities of which
are included in the Sub-Advised Assets or are under consideration for inclusion in the Sub-Advised Assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;formulate
and implement a continuous investment program for the Sub-Advised Assets as outlined in the Fund&rsquo;s Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take
whatever steps are necessary to implement the investment program for the Sub-Advised Assets by arranging for the purchase and sale
of securities and other investments, including issuing directives to the administrator of the Fund as necessary for the appropriate
implementation of the investment program of the Sub-Advised Assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;keep
the Trustees of the Fund and the Adviser fully informed in writing on an ongoing basis as agreed by the Advisor and the Sub-Adviser
as to (1) all material facts concerning the investment and reinvestment of the Sub-Advised Assets and (2) the Sub-Adviser and its
key investment personnel and operations, make regular and periodic special written reports of such additional information concerning
the same as may reasonably be requested from time to time by the Advisor or the Trustees of the Fund; and attend meetings with
the Advisor and/or the Trustees, as reasonably requested, to discuss the foregoing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
accordance with procedures and methods established by the Trustees of the Fund, which may be amended from time to time, provide
assistance in determining the fair value of all securities and other investments/assets within the Sub-Advised Assets;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide
any and all material composite performance information, records and supporting documentation about accounts the Sub-Adviser manages,
if appropriate, which are relevant to the Fund and that have investment objectives, policies, and strategies substantially similar
to those employed by the Sub-Adviser in managing the Sub-Advised Assets that may be reasonably necessary, under applicable laws,
to allow the Fund or its agent to present information concerning the Sub-Adviser&rsquo;s prior performance in the Fund&rsquo;s
Registration Statement and any permissible reports and materials prepared by the Fund;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cooperate
with and provide reasonable assistance to the Adviser, the Fund&rsquo;s administrator, the Fund&rsquo;s custodian and foreign custodians,
the Fund&rsquo;s transfer agent and pricing agents and all other agents and representatives of the Fund and the Adviser; keep all
such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to
the Fund and the Adviser; provide prompt responses to reasonable requests made by such persons; and maintain any appropriate interfaces
with each such person so as to promote the efficient exchange of information; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file any required
reports with the SEC pursuant to Sections 13(f) and 13(g) of the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following:&nbsp;&nbsp;(i)
the Fund&rsquo;s declaration of trust, by-laws and/or other governing instruments, as the same may be hereafter modified and/or
amended from time to time (&ldquo;Governing Documents&rdquo;); (ii) the currently effective Registration Statement and any amendments
thereto; (iii) the Investment Company Act and the Advisers Act and the rules under each, and all other federal and state laws or
regulations applicable to the Fund; (iv) the Fund&rsquo;s compliance manual and other policies and procedures adopted from time
to time by the Board of Trustees of the Fund; and (v) the instructions of the Advisor.&nbsp;&nbsp;Prior to the commencement of
the Sub-Adviser&rsquo;s services hereunder, the Advisor shall provide the Sub-Adviser with current copies of any Governing Documents,
Registration Statement, compliance manual and other relevant policies and procedures that are adopted by the Board of Trustees
of the Fund.&nbsp;&nbsp;The Advisor undertakes to provide the Sub-Adviser with copies or other written notice of any amendments,
modifications or supplements to any such above-mentioned document.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser, at its expense, will furnish:&nbsp;&nbsp;(i) all necessary facilities (including office space, furnishings, and equipment)
and personnel, including salaries, expenses and fees of any personnel required for the Sub-Adviser to faithfully perform its duties
under this Agreement; and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient
conduct of the Sub-Adviser&rsquo;s duties under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
occasions when the Sub-Adviser deems the purchase of a security to be in the best interest of the Fund as well as other clients
of the Sub-Adviser, allocation of the securities so purchased, as well as the expenses incurred in the transaction, will be made
by the Sub-Adviser in the manner which the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations
to the Fund and to its other clients over time.&nbsp;&nbsp;The Advisor agrees that the Sub-Adviser and its affiliates may give
advice and take action in the performance of their duties with respect to any of their other clients that may differ from advice
given, or the timing or nature of actions taken, with respect to the Fund.&nbsp;&nbsp;The Advisor also acknowledges that the Sub-Adviser
and its affiliates are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold
the same or similar investments) as the Fund, and that the Sub-Adviser will carry out its duties hereunder together with its duties
under such relationships.&nbsp;&nbsp;Nothing in this Agreement shall be deemed to confer upon the Sub-Adviser any obligation to
purchase or to recommend for purchase for the Fund any investment that the Sub-Adviser, its affiliates, officers or employees may
purchase or sell for its or their own account or for the account of any client, if in the sole and absolute discretion of the Sub-Adviser
it is for any reason impractical or undesirable to take such action or make such recommendation for the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will maintain all accounts, books and records with respect to the Sub-Advised Assets as are required of an investment
adviser of a registered investment company pursuant to the Investment Company Act and Advisers Act and the rules thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION OF
THE SUB-ADVISER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor will pay the Sub-Adviser a
monthly advisory fee with respect to the Sub-Advised Assets equal to a percentage of the &ldquo;net advisory fee&rdquo;, which
is the amount of the Advisor&rsquo;s advisory fee less (i) any fee waiver or expense reimbursement made by the Adviser in connection
with the services provided under the Investment Management Agreement, and (ii) any other expenses agreed to be shared by the parties,
shall be allocated 50% to the Sub-Adviser for the services provided pursuant to this Agreement and 50% to the Adviser. The amount
allocated to the Sub- Adviser (&ldquo;Sub-Advisory Fee&rdquo;) shall not exceed an annual rate of 0.675% based upon the Fund&rsquo;s
average daily managed assets (as defined in the Investment Management Agreement) at month end. In the case of a partial month,
compensation will be based on the number of days during the month in which the Advisor provided services to the Fund. The Sub-Advisory
Fee will be paid by the Advisor no later than the 45th day following receipt by the Advisor of the Advisory Fee from the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as may otherwise be prohibited by
law or regulation (including, without limitation, any then current SEC staff interpretation), the Sub- Adviser may, in its discretion
and from time to time, waive all or any portion of its advisory fee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;LIABILITY AND INDEMNIFICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as may otherwise be provided by the Investment Company Act or any other federal securities law, neither the Sub-Adviser nor
any of its officers, directors, partners, members or employees (its &ldquo;Affiliates&rdquo;) shall be liable for any losses,
claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Advisor or the
Fund as a result of any error of judgment or mistake of law by the Sub-Adviser or its Affiliates with respect to the Fund,
except that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the
liability of the Sub-Adviser or its Affiliates for, and the Sub-Adviser shall indemnify and hold harmless the Fund, the
Advisor, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all
controlling persons (as described in Section 15 of the Securities Act of 1933, as amended (&ldquo;1933 Act&rdquo;))
(collectively, &ldquo;Advisor Indemnitees&rdquo;) against, any and all losses, claims, damages, liabilities or litigation
(including reasonable legal and other expenses) to which any of the Advisor Indemnitees may become subject under the 1933
Act, the Investment Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or
based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance
of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact contained in any Registration
Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the
omission to state therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to
make the statements therein not misleading, if such statement or omission was made in reliance upon written information
furnished to the Advisor or the Fund by the Sub-Adviser Indemnitees (as defined below) for use therein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as may otherwise be provided by the Investment Company Act or any other federal securities law, the Advisor, the Fund and their
respective Affiliates shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other
expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Advisor, the Fund
and their respective Affiliates with respect to the Fund, except that nothing in this Agreement shall operate or purport to operate
in any way to exculpate, waive or limit the liability of the Advisor for, and the Advisor shall indemnify and hold harmless the
Sub-Adviser, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling
persons (as described in Section 15 of the 1933 Act) (collectively, &ldquo;Sub-Adviser Indemnitees&rdquo;) against any and all
losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser
Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other statute, at
common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross negligence
of the Advisor in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a material fact
contained in any Registration Statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining
to the Fund or the omission to state therein a material fact known to the Advisor that was required to be stated therein or necessary
to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished
to the Sub-Adviser or the Fund by the Advisor Indemnitees for use therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;REPRESENTATIONS OF THE ADVISOR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisor represents, warrants and agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisor has been duly authorized by the Board of Trustees of the Fund to delegate to the Sub-Adviser the provision of investment
services to the Fund as contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisor has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act and
will provide the Sub-Adviser with a copy of such code of ethics.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisor is currently in material compliance and shall at all times continue to materially comply with the requirements imposed
upon the Advisor by applicable law and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisor (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as
this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation
or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek
to continue to meet for so long as this Agreement is in effect, any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated
by this Agreement; and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Advisor
from serving as investment manager of an investment company pursuant to Section 9(a) of the Investment Company Act or otherwise.&nbsp;&nbsp;The
Advisor will also promptly notify the Sub-Adviser if it is served or otherwise receives notice of any action, suit, proceeding,
inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund,
provided, however, that routine regulatory examinations shall not be required to be reported by this provision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default
under, any agreement to which Advisor or any of its Affiliates are a party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;REPRESENTATIONS OF THE SUB-ADVISER</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser represents, warrants and
agrees that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements imposed
upon the Sub-Adviser by applicable law and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long
as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation
or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long
as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any
regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement;
(iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the
Advisor of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment
company pursuant to Section 9(a) of the Investment Company Act or otherwise.&nbsp;&nbsp;The Sub-Adviser will also promptly notify
the Fund and the Advisor if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation,
at law or in equity, before or by any court, public board or body, involving the affairs of the Fund, provided, however, that routine
regulatory examinations shall not be required to be reported by this provision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act
and Rule 204A-1 under the Advisers Act and will provide the Advisor and the Board with a copy of such code of ethics, together
with evidence of its adoption.&nbsp;&nbsp;Within forty-five (45) days of the end of the last calendar quarter of each year that
this Agreement is in effect, and as otherwise requested, the president,&nbsp;&nbsp;Chief Compliance Officer or a vice-president
of the Sub-Adviser shall certify to the Advisor that the Sub-Adviser has complied with the requirements of Rule 17j-1 and Rule
204A-1 during the previous year and that there has been no material violation of the Sub-Adviser&rsquo;s code of ethics or, if
such a material violation has occurred, that appropriate action was taken in response to such violation.&nbsp;&nbsp;Upon the written
request of the Advisor, the Sub-Adviser shall permit the Advisor, its employees or its agents to examine the reports required to
be made to the Sub-Adviser by Rule 17j-1(c)(1) and Rule 204A-1(b) and all other records relevant to the Sub-Adviser&rsquo;s code
of ethics.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser has provided the Fund and the Advisor with a copy of its Form ADV Parts 1 and 2, which as of the date of this Agreement
is its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments to the Fund and the Advisor
at least annually.&nbsp;&nbsp;Such amendments shall reflect all changes in the Sub-Adviser&rsquo;s organizational structure, professional
staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will notify the Fund and the Advisor of any assignment of this Agreement or change of control of the Sub-Adviser, as
applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Fund or senior management of the
Sub-Adviser, in each case prior to or promptly after, such change.&nbsp;&nbsp;The Sub-Adviser agrees to bear all reasonable expenses
of the Fund, if any, arising out of an assignment or change in control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser will promptly notify the Advisor of any financial condition that is likely to impair the Sub-Adviser&rsquo;s ability
to fulfill its commitment under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage and, upon
the written request of the Advisor, provide evidence of such insurance coverage to the Advisor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default
under, any agreement to which Sub-Adviser or any of its Affiliates are a party.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROXIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser shall be solely responsible
to vote all proxies received with respect to the Sub-Advised Assets, and shall take all necessary and reasonable steps with respect
to corporate actions related to securities held or previously held as part of the Sub-Advised Assets. The Sub-Adviser shall not
incur any liability to the Fund or the Advisor for failing to vote any proxies, or to take an action with respect to a corporate
action, if it had not received such proxies or related communication on a timely basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTAL ARRANGEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser may from time to time employ
or associate itself with any person it believes to be particularly suited to assist it in providing the services to be performed
by such Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Fund that would constitute
an assignment or require a written advisory agreement pursuant to the Investment Company Act.&nbsp;&nbsp;Any compensation payable
to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Advisor nor the Fund shall have any obligations
with respect thereto or otherwise arising under the Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sub-Adviser shall submit to all regulatory
and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports, or
other material which any such body by reason of this Agreement may request or require pursuant to applicable laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RECORDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The records relating to the services provided
under this Agreement shall be the property of the Fund and shall be under its control; however, the Fund shall furnish to the Sub-Adviser
such records and permit the Sub-Adviser to retain such records (either in original or in duplicate form) as the Sub-Adviser shall
reasonably require in order to carry out its business.&nbsp;&nbsp;In the event of the termination of this Agreement, such other
records shall promptly be returned to the Fund by the Sub-Adviser free from any claim or retention of rights therein, provided
that the Sub-Adviser may retain any such records that are required to be retained by it by law or regulation.&nbsp;&nbsp;The Advisor
and the Sub-Adviser shall keep confidential any information obtained in connection with their respective duties hereunder and shall
disclose such information only if the Fund has authorized such disclosure or if such disclosure is expressly required or requested
by applicable federal or state regulatory authorities, or otherwise required by law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall become effective upon
the date first above written and continue in effect for an initial term of two (2) years, provided that this Agreement shall not
take effect unless it has first been approved:&nbsp;&nbsp;(i) by a vote of a majority of those Trustees of the Fund who are not
&ldquo;interested persons&rdquo; (as defined in the Investment Company Act) of any party to this Agreement (&ldquo;Independent
Trustees&rdquo;), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority
of the Fund&rsquo;s outstanding voting securities. This Agreement shall continue in effect for a period of more than two (2) years
from the date of its execution only so long as such continuance is specifically approved at least annually by the Board of Trustees
provided that in such event such continuance shall also be approved by the vote of a majority of the Independent Trustees cast
in person at a meeting called for the purpose of voting on such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION
OF AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement may be terminated at any
time, without the payment of any penalty, by the Board of Trustees, including a majority of the Independent Trustees, or by the
vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days&rsquo; written notice to the Advisor and
the Sub-Adviser, or by the Advisor or Sub-Adviser on sixty (60) days&rsquo; written notice to the Fund and the other party.&nbsp;&nbsp;This
Agreement will automatically terminate, without the payment of any penalty, (i) in the event of its assignment (as defined in the
Investment Company Act), or (ii) in the event the Investment Management Agreement between the Advisor and the Fund is assigned
(as defined in the Investment Company Act) or terminates for any other reason.&nbsp;&nbsp;This Agreement will also terminate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">upon written notice to the other party
that the other party is in material breach of this Agreement, unless the party in material breach of this Agreement cures such
breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS
TO THE AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except to the extent permitted by the Investment
Company Act or the rules or regulations thereunder or pursuant to exemptive relief granted by the SEC, this Agreement may be amended
by the parties only if such amendment, if material, is specifically approved by the vote of a majority of the outstanding voting
securities of the Fund (unless such approval is not required by Section 15 of the Investment Company Act as interpreted by the
SEC or its staff or unless the SEC has granted an exemption from such approval requirement) and by the vote of a majority of the
Independent Trustees cast in person at a meeting called for the purpose of voting on such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSIGNMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any assignment (as that term is defined
in the Investment Company Act) of this Agreement made by the Sub-Adviser shall result in the automatic termination of this Agreement,
as provided in Section 12 hereof.&nbsp;&nbsp; Notwithstanding the foregoing, no assignment shall be deemed to result from any changes
in the directors, officers or employees of such Sub-Adviser except as may be provided to the contrary in the Investment Company
Act or the rules or regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENTIRE
AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement contains the entire understanding
and agreement of the parties with respect to the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEADINGS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The headings in the sections of this Agreement
are inserted for convenience of reference only and shall not constitute a part hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All notices required to be given pursuant
to this Agreement shall be delivered or mailed to the address listed below of each applicable party in person or by registered
or certified mail or a private mail or delivery service providing the sender with notice of receipt or to such other address as
specified in a notice duly given to the other party.&nbsp;&nbsp;Notice shall be deemed given on the date delivered or mailed in
accordance with this paragraph.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">For:&nbsp;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Capital Advisors LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Jane Shissler, General Counsel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">444 West Lake Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60606</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: 312-843-6171</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: 312-858-8618</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">For:&nbsp;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Destra Alternative Access Fund</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">80 Arkay Drive</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hauppauge, New York</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 1-631-951-0573</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 1-631-470-2600</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">For:</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LCM Investment Management, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: &nbsp;Emily Paup, Operations Manager</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13520 Evening Creek Drive N.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Diego, CA 92128</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone:&nbsp; 858-842-3035</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: 858-842-3035</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should any portion of this Agreement for
any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion
had never been contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING
LAW</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of this Agreement shall
be construed and interpreted in accordance with the laws of the State of Delaware, without reference to conflict of law or choice
of law doctrines, or any of the applicable provisions of the Investment Company Act.&nbsp;&nbsp;To the extent that the laws of
the State of Delaware, or any of the provisions in this Agreement, conflict with applicable provisions of the Investment Company
Act, the latter shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERPRETATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any question of interpretation of any term
or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Investment Company
Act shall be resolved by reference to such term or provision of the Investment Company Act and to interpretations thereof, if any,
by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of
the SEC validly issued pursuant to the Investment Company Act.&nbsp;&nbsp;Specifically, the terms &ldquo;vote of a majority of
the outstanding voting securities,&rdquo; &ldquo;interested persons,&rdquo; &ldquo;assignment,&rdquo; and &ldquo;affiliated persons,&rdquo;
as used herein shall have the meanings assigned to them by Section 2(a) of the Investment Company Act.&nbsp;&nbsp;In addition,
where the effect of a requirement of the Investment Company Act reflected in any provision of this Agreement is relaxed by a rule,
regulation or order of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the
effect of such rule, regulation or order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD
PARTY BENEFICIARY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor and Sub-Adviser expressly agree
that the Fund shall be deemed an intended third party beneficiary of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by their duly authorized officers as of the date first mentioned above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%"><FONT STYLE="font-size: 10pt">DESTRA CAPITAL ADVISORS LLC</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt; text-transform: uppercase">PINHOOK CAPITAL, LLC </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
</FONT><FONT STYLE="font-size: 10pt; text-transform: uppercase">(F/K/A LCM Investment Management, LLC)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">DESTRA <FONT STYLE="text-transform: uppercase">Alternative Access</FONT> FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; width: 25%; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Advisory Fee Rate</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sub-Advisory <BR>
Fee Rate Paid to<BR>
Pinhook (after waivers<BR>
and reimbursements<BR>
and/or recoupment, if<BR>
any) for the Fiscal <BR>
Year Ended February<BR>
28, 2020</B></P></TD>
    <TD STYLE="padding: 2pt 3pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Most Recent Date of <BR>
Shareholder Approval<BR>
of Existing Sub-<BR>
Advisory Agreement<BR>
 and Purpose of <BR>
Submission to <BR>
Shareholders</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Most Recent Date of <BR>
Approval of Existing <BR>
Sub-Advisory <BR>
Agreement by the <BR>
Board of Trustees</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">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></TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">November 20, 2018 (approval of Fund&rsquo;s initial sub-advisory agreement with Pinhook Capital, LLC (f/k/a LCM Investment Management, LLC))</FONT></TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">October 2, 2018</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">PROPOSED
EXPENSE LIMITATION AGREEMENT</FONT></P>

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EXPENSE LIMITATION
AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AGREEMENT made as of
the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] th day of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2020 by and among Destra Multi-Alternative Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;) and
Destra Capital Advisors LLC, a Delaware limited liability company (the &ldquo;Investment Manager&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Fund is
registered under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;) and intends to offer
one or more classes of common shares of beneficial interest (&ldquo;Shares&rdquo;) in a continuous public offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Investment
Manager acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund (the &ldquo;Investment
Management Agreement&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Fund and
Investment Manager previously entered into an Expense Limitation Agreement, and desire to amend and restate such agreement in its
entirety;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the Fund engaging the Investment Manager pursuant to the Investment Management Agreement and other good and valuable
consideration, the parties to this Agreement agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. Capitalized terms
not otherwise defined herein shall have the meanings ascribed to them in the Fund&rsquo;s Prospectus as currently in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. The Investment Manager
agrees with the Fund to reimburse and/or pay or absorb, on a quarterly basis, the ordinary operating expenses (as defined below)
of the Fund to the extent that such expenses exceed 0.53% per annum of the Fund&rsquo;s average daily [net assets] for a period
of five (5) years from the commencement of the Fund&rsquo;s listing on the NYSE or other national securities exchange. &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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. Unless terminated
by the Board of Trustees, this Agreement will continue in effect for at least five (5) years from the date first written above.
The Board of Trustees may terminate this Agreement upon sixty (60) days&rsquo; written notice to the Investment Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. Any waiver or reimbursement
by the Investment Manager is subject to repayment by the Fund within three years from the date of the waiver, provided that the
Fund is able to make the repayment without exceeding the expense limitation in place at the time of waiver or the current expense
limitation and the repayment is approved by the Board of Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. This Agreement will
be construed in accordance with the laws of the state of Delaware and the applicable provisions of the Investment Company Act.
To the extent the applicable law of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable
provisions of the Investment Company Act, the applicable provisions of the Investment Company Act will control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. This Agreement supersedes
all previous agreements and constitutes the entire agreement between the parties to this Agreement with respect to the matters
described in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows]</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties to this Agreement have executed
this Agreement as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESTRA MULTI-ALTERNATIVE FUND</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESTRA CAPITAL ADVISORS LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
</TABLE>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">5%
or Greater Ownership of A Share Class</FONT></P>

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table identifies those investors
known to the Fund to own beneficially or of record 5% or more of the voting securities of a class of the Fund&rsquo;s shares as
of [Record Date], 2020. Any shareholder that owns 25% or more of the outstanding shares of the Fund or class may be presumed to
&ldquo;control&rdquo; (as that term is defined in the 1940 Act) the Fund or class. Shareholders controlling the Fund or a class
could have the ability to vote a majority of the shares of the Fund or class on any matter requiring approval of the shareholders
of the Fund or class.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; width: 20%; border: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Class</B></P></TD>
    <TD STYLE="padding: 2pt 3pt; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder Name and Address</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Shares of <BR>
Class Owned</B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of <BR>
Shares of <BR>
Class Owned</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="4" STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[As of the Record Date, the Trustees and
officers of the Fund, either individually or as a group, owned less than 1% of the outstanding shares of the Fund.]</P>



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

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

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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>2
<FILENAME>filename2.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Faegre Drinker Biddle &amp; Reath LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">One Logan Square, Ste. 2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Philadelphia, PA 19103-6996</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 8, 2020</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD><B>Destra Multi-Alternative Fund (the &#8220;Fund&#8221;)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B>(Registration Nos. 333-189008; 811-22572)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B><U>Preliminary Proxy Statement</U></B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Enclosed for filing pursuant to Rule 14a-6(a)
of the Securities Exchange Act of 1934, as amended, please find a copy of the Fund&#8217;s Preliminary Proxy Statement. This Preliminary
Proxy Statement is being filed in connection with a special meeting of shareholders of the Fund being held to approve the following:
(i) a proposal to modify the fundamental policy regarding repurchase offers; (ii) a proposal to amend the Fund&#8217;s investment
advisory agreement and the investment sub-advisory agreement, contingent on the Fund listing its shares on the NYSE or other national
securities exchange (the &#8220;Listing&#8221;); (iii) a proposal to approve the early termination and replacement of the Fund&#8217;s
current expense limitation, contingent on the Listing; and (iv) a proposal to revise the Fund&#8217;s fundamental policy regarding
concentration of investments in the real estate investment trust industry to include investments in the broader real estate industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Questions and comments concerning this filing
may be directed to the undersigned at (215) 988-2959.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%"><U>/s/ Joshua B. Deringer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 50%">Joshua B. Deringer</P>


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