<SEC-DOCUMENT>0001829126-20-000101.txt : 20210810
<SEC-HEADER>0001829126-20-000101.hdr.sgml : 20210810
<ACCEPTANCE-DATETIME>20201110110609
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001829126-20-000101
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Destra Multi-Alternative Fund
		CENTRAL INDEX KEY:			0001523289
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		443 N. WILLSON AVE.
		CITY:			BOZEMAN
		STATE:			MT
		ZIP:			59715
		BUSINESS PHONE:		877-855-3434

	MAIL ADDRESS:	
		STREET 1:		443 N. WILLSON AVE.
		CITY:			BOZEMAN
		STATE:			MT
		ZIP:			59715

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Multi-Strategy Growth & Income Fund
		DATE OF NAME CHANGE:	20110614
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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-top: 0; margin-bottom: 0; text-align: center">Faegre Drinker Biddle &amp; Reath LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">One Logan Square, Ste. 2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Philadelphia, PA 19103-6996</P>

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

<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: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><B>Destra Multi-Alternative Fund</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"><B>Preliminary Proxy Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in"><B><U>(Registration No. 811-22572)</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">Dear Mr. Sutcliffe:</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 6pt; text-align: justify; text-indent: 0.5in">The following responds
to the Staff&rsquo;s comments that you provided by telephone on October 27, 2020 regarding the review of the preliminary proxy
statement (the &ldquo;Proxy&rdquo;) filed by Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;) on Schedule 14A on October
21, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For your convenience, the
Staff&rsquo;s comments are summarized below and each comment is followed by the Fund&rsquo;s response.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Please fill in all blanks, brackets and otherwise missing information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund has completed
the blanks and brackets and finalized the outstanding information, to the extent currently possible.</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; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Pursuant to guidance provided by the Division
of Corporation Finance and the Division of Investment Management (<I>See</I>. &ldquo;Staff Guidance for Conducting Shareholder
Meetings in Light of COVID-19 Concerns&rdquo; (Last Updated on April 7, 2020)), the Staff takes the position that an issuer that
&ldquo;has already mailed and filed its definitive proxy materials can notify shareholders of a change in the date, time, or location
of its shareholder meeting without mailing additional soliciting materials or amending its proxy materials if it: (i) issues a
press release announcing such change; (ii) files the announcement as definitive additional soliciting material on EDGAR; and (iii)
takes all reasonable steps necessary to inform other intermediaries in the proxy process (such as any proxy service provider)
and other relevant market participants (such as the appropriate national securities exchanges) of such change.&rdquo; Consequently,
please revise the last paragraph of the &ldquo;Dear Shareholder&rdquo; letter, and any other disclosure accordingly. Further,
please confirm that the Fund has reviewed applicable state law and its governing documents and determined that a virtual meeting
is permitted. Finally, please explain how the Fund intends to notify market intermediaries or market participants of the conversion
to a virtual meeting.</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: 0; margin-right: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Mr. Ryan Sutcliffe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic; Value: 2 -->2<!-- Field: /Sequence --> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The last paragraph
of the &ldquo;Dear Shareholder&rdquo; letter has been revised as follows to make clear how it will notify shareholders and market
participants of a conversion to a virtual meeting, if necessary:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;We are concerned about your
health and safety during the current coronavirus (COVID-19) pandemic, we intend to monitor the recommendations of public health
officials and governmental restrictions as the situation continues to evolve. If we decide to hold the Special Meeting at a different
time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting), we will announce
any such updates by means of a press release, which will be posted on our website at http://www.destracapital.com/proxy-information.
We encourage you to check the website prior to the Special Meeting if you plan to attend the Special Meeting. An announcement of
any change will also be filed with the Securities and Exchange Commission via its EDGAR system.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Although it currently intends to
hold an in-person meeting, the Fund has reviewed applicable state law and its governing documents to confirm that a virtual meeting
is permissible, if required.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><U>Comment</U>: In the answer to the question of &ldquo;What will happen if shareholders of the
Fund do not approve the new investment advisory agreement?&rdquo; under the section entitled &ldquo;IMPORTANT INFORMATION,&rdquo;
please clarify whether liquidation of the Fund is a potential consequence.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The Fund respectfully
notes that while liquidation is a potential consequence of shareholders not approving the new sub-advisory agreement, Fund management
does not intend to liquidate the Fund if shareholders do not approve the new investment advisory agreement (<I>i.e.</I> if shareholders
approve the new sub-advisory agreement but not the new investment advisory agreement, liquidation of the Fund is not contemplated).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Please confirm that when including the website on which shareholders may find a
copy of the proxy statement, such website will not direct shareholders to the home page of the issuer or to its SEC filings page.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt; text-align: justify; text-indent: -22.5pt"><U>Response</U>:
The Fund so confirms.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Mr. Ryan Sutcliffe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic -->3<!-- Field: /Sequence --></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Please provide the Staff with the following additional details regarding the sub-adviser
transaction described in the Proxy:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>What party now owns Validus Growth Investors, LLC (&ldquo;Validus&rdquo;)? Further, please explain whether the consolidation
of Validus and Pinhook Capital, LLC (&ldquo;Pinhook&rdquo;) was an affiliated transaction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Who or what party formerly owned Pinhook and Validus?</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Please explain the flow of money in (i) Lucia Capital Group&rsquo;s sale of Validus and (ii) the consolidation of Validus and
Pinhook.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Please advise as to whether Validus is an affiliate of Destra Capital Advisors LLC (&ldquo;Destra&rdquo;),
by means other than the sub-advisory contract? If so, please explain.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>:
As a result of a transaction with a third-party by Lucia Securities, an affiliate of Validus and Pinhook, it became necessary to
restructure the ownership of Validus and Pinhook so that the controlling interest held by Raymond Lucia, Jr. in both entities could
be made passive and non-controlling. Further, recognizing that there were economies of scale, operational efficiencies and cost
savings that could be achieved in combining the Validus and Pinhook businesses, which also shared common members, personnel, third
party service providers and various other resources, it was decided to also effect a transaction that would result in the effective
combination of these businesses with Validus as the surviving entity. In order to accomplish these objectives, the portion of Pinhook&rsquo;s
business related to the Fund, including, among other things, the Sub-Advisory contract for the Fund, certain assets and intellectual
property, was transferred and assigned to Validus in exchange for newly issued Series P Member Interests in Validus. Validus also
assumed all obligations under the Sub-Advisory contract and all other executory contracts of Pinhook related to the Fund. Concurrently,
the individual owners of Pinhook, Raymond Lucia, Jr. and Joseph P. Lucia, received Series P Membership Units in Validus with no
voting rights or any rights other than economic participation. Mark Scalzo&rsquo;s Member Interest in Pinhook was exchanged for
newly issued Series C Member Interests in Validus. In essence, the transaction was consummated by the contribution of the Pinhook
business in exchange for the issuance of Member Interests in Validus directly to the previous owners of Pinhook. There was no cash
consideration associated with the transaction. Pinhook has subsequently been wound down and its Form ADV has been withdrawn. The
Fund respectfully believes that the material details of the transaction that are of importance to shareholders are disclosed in
the proxy statement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Mr. Ryan Sutcliffe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic -->4<!-- Field: /Sequence --></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">The Fund notes
the following additional details:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Validus has two separate Member Interests &#8211; (i) Series P Member Interests that share in revenue
above a hurdle and have a liquidation preference, but have no voting rights or any other right to control or influence the business
of Validus; and (ii) Series C Member Interests that are common membership interests that participate in the residual economics
of the business and have voting control. Raymond Lucia, Jr., Joseph Lucia and Lucia Capital Group own the Series P Membership Interests.
Mark Scalzo, Validus&rsquo; Managing Member, owns 76% of the Series C Member Interests and, therefore, has voting control of Validus.
Several outside investors own the balance of the Series C Member Interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">The transaction described above was not an affiliated transaction,
in that none of the participants or their underlying owners are affiliates of the Fund or its control persons and entities.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Prior to the transaction, Pinhook was majority owned and controlled by Raymond Lucia, Jr. Joseph
P. Lucia, Devin Lucia and Mark Scalzo held minority Member Interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">Prior to the transaction,
Validus was majority owned and controlled by Raymond Lucia, Jr. Lucia Capital Group, Joseph P. Lucia, Mark Scalzo and several outside
investors held minority Member Interests.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">As noted above, the portion of Pinhook&rsquo;s business related to the Fund, including the Sub-Advisory
contract for the Fund and certain assets and intellectual property, was transferred and assigned to Validus in exchange for newly
issued Series P Member Interests in Validus. These Series P Member Interests, which are economic interests only, were issued to
the individual owners of Pinhook, Raymond Lucia, Jr. and Joseph P. Lucia. In addition, Raymond Lucia, Jr., Joseph P. Lucia and
Lucia Capital Group also exchanged their existing Member Interests in Validus for newly issued Series P Member Interests. Mark
Scalzo&rsquo;s Member Interests in Pinhook were exchanged for newly issued Series C Member Interests in Validus, which are full
participating and voting interests. In essence, the transaction was consummated by the contribution of the Pinhook business in
exchange for the issuance of Member Interests in Validus directly to the previous owners of Pinhook. As a result, there was no
cash consideration associated with the transaction. Pinhook has subsequently been wound down and its ADV has been withdrawn.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Fund respectfully notes that Destra is not an affiliate of Validus, by means other than the
sub-advisory agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Mr. Ryan Sutcliffe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic -->5<!-- Field: /Sequence --></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><U>Comment</U>: In the section entitled &ldquo;Factors Considered by the Trustees and their Recommendation
&#8211; Performance&rdquo; on page 6, the disclosure states that &ldquo;The Board of Trustees considered various measures and characteristics
of Fund performance relative to certain benchmarks and a peer group.&rdquo; Please provide additional details relating to what
benchmarks and peer groups were considered. Additionally, disclosures in this section should be a fair presentation of what was
considered (<I>e.g.</I> if negative information was considered, that should be disclosed).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>:
The disclosure set forth below has been added to the section entitled &ldquo;Factors Considered by the Trustees and their Recommendation
&#8211; Performance.&rdquo; With respect to benchmarks, the Trustees evaluate Fund performance against certain equity and bond
indices, including the S&amp;P 500 Index and the Barclays US Aggregate Bond Index, and also against the Morningstar Diversified
Alternatives Index. Although these comparisons provide context and perspective, they are not accurate benchmarks for measuring
Fund performance, and a true benchmark for the Fund has not been identified. As a result, Fund performance is evaluated primarily
based on the peer group with limited weight placed on other comparisons. For these reasons, references in this section to benchmarks
have been removed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Board considered the trailing
total returns for an identified peer group of funds over periods of one year, three years, five years and since inception. There
were a total of ten funds in the peer group during the one-year period, nine funds in the peer group in the three-year and five-year
periods and five funds in the period since inception. All funds chosen for the peer group are listed closed-end funds (&ldquo;CEFs&rdquo;)
that most closely resemble the investment parameters and attributes of the Fund. The Board noted that, as of August 31, 2020, on
a one-year total return basis, the Fund (net of fees and expenses) was the third of 10 performing funds in the identified peer
group and that during the three-year and five-year periods ended August 31, 2020 the Fund was the sixth of nine and eighth of nine
performing funds in the identified peer group.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><U>Comment</U>: In the section entitled &ldquo;Factors Considered by the Trustees and their Recommendation
&#8211; Fees and Expenses&rdquo; on page 6, the disclosure states that &ldquo;The advisory fee rate and total expense ratio for
the Fund were compared against a peer group over specified time periods.&rdquo; Please provide additional details relating to what
that comparison showed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>:
The following disclosure has been added to the section entitled &ldquo;Factors Considered by the Trustees and their Recommendation
&#8211; Fees and Expenses&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Board considered the (1) management
fees (based on managed assets), (2) gross expense ratios, and (3) expense ratios net of expense waivers for the identified peer
group of nine funds as of each respective fund&rsquo;s fiscal year end. The Board noted that the Fund&rsquo;s management fee, gross
expense ratio and expense ratio net of expense waivers ranked sixth lowest out of ten, fifth lowest out of ten and third lowest
out of ten, respectively.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Mr. Ryan Sutcliffe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic -->6<!-- Field: /Sequence --></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Pursuant to Item 22(c)(3) of Schedule 14A, please disclose in the section entitled
&ldquo;Additional Information Pertaining to Validus&rdquo; on page 9, the names and addresses of all parents of the sub-adviser
and show the basis of control of the sub-adviser and each parent by its immediate parent. Additionally, if any named person is
a corporation, please show the percentage owned by its parent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: The requested changes
have been made, as appropriate.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Please advise as to whether there are any affiliates of Destra at Continuum Funds
Holdings, LLC. If there are, please clarify and revise the first paragraph on page 10 accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><U>Response</U>: There are no affiliates
of Destra at Continuum Funds Holdings, LLC (&ldquo;Continuum&rdquo;). However, Dominic Martellaro, Chief Executive Officer of Destra,
is manager of an unaffiliated limited liability corporation in which Continuum has a membership interest.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><U>Comment</U>: In the section entitled &ldquo;Factors Considered by the Trustees and their Recommendation
&#8211; Performance&rdquo; on page 12, the disclosure states that &ldquo;The Trustees considered various measures and characteristics
of Fund performance relative to certain benchmarks and a peer group with similar investment strategies.&rdquo; Please provide additional
details relating to what benchmarks and peer groups were considered. Additionally, disclosures in this section should be a fair
presentation of what was considered (<I>e.g.</I> if negative information was considered, that should be disclosed).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>:
Please see the response to comment 6 above for additional details that the Board considered with respect to the performance of
the Fund.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><U>Comment</U>: In the section entitled &ldquo;Factors Considered by the Trustees and their Recommendation
&#8211; Fees and Expenses&rdquo; on page 12, the disclosure states that &ldquo;The advisory fee rate and expense ratio for the
Fund were compared against the advisory fee rate and expense ratio of a peer group over specified time periods.&rdquo; Please provide
additional details relating to what that comparison showed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>:
Please see the response to comment 7 above for additional details that the Board considered with respect to the fees and expenses
of the Fund.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD><U>Comment</U>: Please delete or revise the last sentence of the second paragraph in the section entitled &ldquo;Proxies, Quorum
and Voting at the Special Meeting,&rdquo; as the Fund is recording internet and telephone votes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in"><U>Response</U>: The Fund has deleted
the aforementioned sentence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Mr. Ryan Sutcliffe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">November 10, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Page <!-- Field: Sequence; Type: Arabic -->7<!-- Field: /Sequence --></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Please reconcile the written and numerical reference in the first sentence of the
section entitled &ldquo;Proxies, Quorum and Voting at the Special Meeting &#8211; Quorum.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><U>Response</U>: The requested revision has
been made.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Disclosure in the section entitled &ldquo;Proxies, Quorum and Voting at the Special
Meeting &#8211; Quorum&rdquo; states that &ldquo;For purposes of determining the presence of a quorum, abstentions, broker &ldquo;non-votes&rdquo;
or withheld votes will be counted as present.&rdquo; The Staff notes that broker non-votes should not be counted for quorum purposes
for meetings solely related to non-routine matters. Consequently, please revise the disclosure accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>:
The Fund has revised the disclosure as requested.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Disclosure in the section entitled &ldquo;Proxies, Quorum and Voting at the Special
Meeting &#8211; Quorum&rdquo; also states that the chairperson of the special meeting may adjourn such meeting (from time to time
in his or her discretion) in order to solicit additional proxies. The Staff notes that pursuant to Rule 14a &#8211; 4 of the Securities
and Exchange Act of 1934, any adjournment requires a vote. Consequently, please revise the sentence as appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>: The Fund
has revised the disclosure as requested.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify"><U>Comment</U>: Please provide a copy of the proxy card and note that the Staff may have additional
comments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><U>Response</U>: The Fund has included
a copy of the proxy card and understands that the Staff may have additional comments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We trust that the foregoing
is responsive to your comments. Questions and comments concerning this filing may be directed to the undersigned at (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; text-indent: 3in"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sincerely,</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"><U>/s/ Joshua B. Deringer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Joshua B. Deringer</P></TD></TR>
</TABLE>



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