<SEC-DOCUMENT>0001145549-21-026138.txt : 20210513
<SEC-HEADER>0001145549-21-026138.hdr.sgml : 20210513
<ACCEPTANCE-DATETIME>20210513114147
ACCESSION NUMBER:		0001145549-21-026138
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210228
FILED AS OF DATE:		20210513
DATE AS OF CHANGE:		20210513
EFFECTIVENESS DATE:		20210513

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		21918002

	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>
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<TYPE>ADVISORY CONTRACTS
<SEQUENCE>2
<FILENAME>dmaf_intsubadv.htm
<DESCRIPTION>INTERIM SUB-ADVISORY AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERIM
SUB-ADVISORY AGREEMENT</U></B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim
Sub-Advisory Agreement (this &ldquo;Agreement&rdquo;) by and among Destra Multi- Alternative Fund (the &ldquo;Fund&rdquo;), Destra Capital
Advisors LLC (the &ldquo;Advisor&rdquo;), and Validus Growth Investors, LLC (the &ldquo;Sub-Adviser&rdquo;).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;);</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Sub-Adviser is registered as an investment adviser under the Advisers Act;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Advisor has the authority under the Investment Management Agreement with the Fund to retain sub-advisers; and</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Advisor had previously retained a sub-adviser to provide investment advisory services to the Fund pursuant to a Sub-Advisory Agreement
(&ldquo;Prior Sub-Advisory Agreement&rdquo;) dated as of November 30, 2018;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in connection with the closing of a corporate transaction (the &ldquo;Transaction&rdquo;), the Prior Sub-Advisory Agreement was assigned
to the Sub-Advisor;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 35.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Transaction closed on August 3, 2020; and</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to Rule 15a-4 under the Investment Company Act, the Advisor and the Trustees of the Trust desire to retain the Sub-Adviser to
render portfolio management services to the Fund in the manner and on the terms set forth in this Agreement, and the Sub-Adviser is willing
to provide such services.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, the Fund,
the Advisor and the Sub-Adviser agree as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
APPOINTMENT OF THE SUB-ADVISER</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
ACCEPTANCE OF APPOINTMENT</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assets of the Fund will be maintained in the custody of a custodian (who shall be identified by the Advisor in writing). 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE FUND</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 75.95pt; text-indent: -40.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
As part of the services it will provide hereunder, the Sub-Adviser will:</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
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;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
formulate and implement a continuous investment program for the Sub-Advised Assets as outlined in the Fund&rsquo;s Registration Statement;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
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;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
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;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
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;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
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;</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)
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</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (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. 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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
The Sub-Adviser, at its expense, will furnish: (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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
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. 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. 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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0pt 0 0in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
COMPENSATION OF THE SUB-ADVISER</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
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 net assets 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
During the term of this Agreement, any such compensation payable to the Sub-Adviser shall be held in an interest-bearing escrow account
on behalf of the Fund. If, during the term of this Agreement, a new sub-advisory agreement is approved by a majority of the Fund&rsquo;s
outstanding voting securities, then the amount held in the escrow account (plus interest and income earned thereon and proceeds thereof)
shall be paid to the Sub-Adviser. If, however, a new sub-advisory agreement is not approved by a majority of the Fund&rsquo;s outstanding
voting securities (as defined in the 1940 Act), then the Sub-Adviser shall be entitled to the less of (i) any costs incurred in performing
this Agreement (plus interest and income earned thereon and proceeds thereof) or (ii) the total amount held in the escrow account (plus
interest and income earned thereon and proceeds thereof).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
LIABILITY AND INDEMNIFICATION</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
REPRESENTATIONS OF THE ADVISOR</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisor represents, warrants and agrees that:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
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. 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
REPRESENTATIONS OF THE SUB-ADVISER</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sub-Adviser represents, warrants and agrees that:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
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. 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, 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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
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. 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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
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. The Sub-Adviser agrees to bear all reasonable expenses of the Fund, if
any, arising out of an assignment or change in control.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.
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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 27.15pt; text-indent: -27.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
PROXIES</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 27.15pt; text-indent: -27.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
SUPPLEMENTAL ARRANGEMENTS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 49.15pt; text-indent: -49.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
REGULATION</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
RECORDS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 35.65pt; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
DURATION OF AGREEMENT</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall become effective as of August 3, 2020, and unless terminated as herein provided and subject to all of the other terms
and conditions hereof, this Agreement shall remain in full force and effect until the first of the following to occur: the effective
date of a new sub- advisory agreement relating to the management of the Fund, which has been approved by a vote of the lesser of (a)
67% of the shares of the Fund represented at a meeting if holders of more than 50% of the outstanding shares of the Fund are present
in person or by proxy or (b) more than 50% of the outstanding shares of the Fund, or the 151st calendar day following the date hereof.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
TERMINATION OF AGREEMENT</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be terminated by the Fund at any time, without the payment of any penalty, by vote of a majority of the Trustees of the
Fund or by vote of a majority of the outstanding Shares (as so defined) on ten (10) calendar days&rsquo; prior written notice to the
Adviser, or by the Adviser at any time, without the payment of any penalty, on at least sixty (60) days&rsquo; prior written notice to
the Fund. 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. This Agreement will also terminate 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
AMENDMENTS TO THE AGREEMENT</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
ASSIGNMENT</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; 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: 0 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
ENTIRE AGREEMENT</FONT></P>




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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement contains the entire understanding and agreement of the parties with respect to the Fund.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.
HEADINGS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
NOTICES</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Notice shall be deemed given on the date delivered or mailed
in accordance with this paragraph.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For:</FONT></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></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Jane Shissler, General Counsel 444 West Lake Street</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1700</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois 60606</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
312-843-6171</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
312-858-8618</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 71.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
                                            Multi-Alternative Fund c/o Destra Capital Advisors LLC 444 West Lake Street</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1700</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois 60606</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
312-843-6171</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
312-858-8618</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validus
                                            Growth Investors, LLC Attn: Mark Scalzo</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13520
Evening Creek Drive N. Suite 300B</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
Diego, CA 92128 Phone: 530-582-7000</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
530-582-7001</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 64.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
SEVERABILITY</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
GOVERNING LAW</FONT></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.65pt; text-indent: -44.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
INTERPRETATION</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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. 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 43.6pt; text-indent: -44pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
THIRD PARTY BENEFICIARY</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisor and Sub-Adviser expressly agree that the Fund shall be deemed an intended third party beneficiary of this Agreement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first
mentioned above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESTRA CAPITAL
    ADVISORS LLC</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALIDUS GROWTH
    INVESTORS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mark C.
    Scalzo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Watson</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark C. Scalzo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESTRA MULTI-ALTERNATIVE FUND</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jane H.
    Shissler</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane H. Shissler</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>dmaf_advisoryagrmt.htm
<DESCRIPTION>INVESTMENT ADVISORY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 137.8pt; text-align: center">&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 137.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">THIS AGREEMENT
(the &ldquo;Agreement&rdquo;) made this 31st day of December, 2020, by and between Destra Multi- Alternative 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 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">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 0pt 28.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">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 0pt 28.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">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 0pt 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">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 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">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 0pt 6pt">&nbsp;</P>

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

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

<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 4. EXPENSES</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(b) 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 0pt 78pt; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"> (c) The Advisor may voluntarily or contractually absorb certain Fund expenses.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(d) 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 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">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 average daily net assets as of 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.
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 0pt 6pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">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 0pt 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">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 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">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 0pt 6pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">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 0pt 50.95pt; text-indent: -25.05pt">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 8. LIMITATION OF LIABILITY AND INDEMNIFICATION OF ADVISOR.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(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 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(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 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 to the
fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(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 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 to the fullest extent permitted by law.</P>

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

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

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    <DIV STYLE="break-before: page; 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 0pt 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">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 0pt 6pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">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 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.25in; text-align: justify">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 0pt 6pt; text-align: justify">&nbsp;</P>

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

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

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    <DIV STYLE="break-before: page; 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 0pt 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.25in">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 0pt 96pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Advisor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">Destra Capital Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">Attn: Jane Shissler, General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">444 West Lake
Street</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">Phone: (312) 843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">legal@destracapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">If to the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">Destra Multi-Alternative Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">C/o Destra Capital
Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">444 West Lake Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">Phone: (312) 843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">funds@destracapital.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 95.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">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 0pt 5.95pt; text-align: justify; text-indent: 22.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in">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 0pt 5.95pt; text-align: justify; text-indent: 22.45pt">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">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 0pt 5.95pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">By: Robert Watson <BR>
Title: President</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; width: 50%">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">By: Robert Watson <BR>
Title: President</TD>
    <TD STYLE="font-size: 10pt">&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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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>4
<FILENAME>dmaf_subadvisoryagrmt.htm
<DESCRIPTION>SUB-ADVISORY AGREEMENT
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify">AGREEMENT, dated as of December 31, 2020 by and
among Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;), Destra Capital Advisors LLC (the &ldquo;Advisor&rdquo;), and Validus Growth
Investors, LLC (the &ldquo;Sub-Adviser&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify">WHEREAS, the Sub-Adviser is registered as an investment
adviser under the Advisers Act;</P>

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

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

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

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">1. APPOINTMENT OF THE SUB-ADVISER</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">2. ACCEPTANCE OF APPOINTMENT</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify">The assets of the Fund will be maintained in the
custody of a custodian (who shall be identified by the Advisor in writing). 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; text-indent: 0.5in; margin: 0pt 0pt 0pt 0">&nbsp;</P>

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">3. SERVICES TO BE RENDERED BY THE SUB-ADVISER
TO THE FUND</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">C. In furnishing services
hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (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. 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. 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 0pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.5in">D. The Sub-Adviser, at its expense, will furnish:
(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 0pt 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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">4. COMPENSATION OF THE SUB-ADVISER</P>

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

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">5. LIABILITY AND INDEMNIFICATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">6. REPRESENTATIONS OF THE ADVISOR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0">The Advisor represents, warrants
and agrees that:</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0">7. REPRESENTATIONS OF THE SUB-ADVISER</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">8. PROXIES</P>

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

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

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">9. SUPPLEMENTAL
ARRANGEMENTS</P>

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

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

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

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">11. RECORDS</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">12. DURATION OF AGREEMENT</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">13. TERMINATION OF AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 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. 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. This Agreement will also terminate 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 0pt 0pt 0">&nbsp;</P>

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">14. AMENDMENTS TO THE AGREEMENT</P>

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

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


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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">15. ASSIGNMENT</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">16. ENTIRE AGREEMENT</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">17. HEADINGS</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">18. NOTICES</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">For:</TD><TD STYLE="text-align: justify">Destra Capital Advisors LLC</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Attn: Jane Shissler, General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">444 West Lake Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Phone: 312-843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Fax: 312-858-8618</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">With a copy emailed to: legal@destracapital.com</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">For:</TD><TD STYLE="text-align: justify">Destra Multi-Alternative Fund</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">c/o Destra Capital Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">444 West Lake Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Phone: 312-843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Fax: 312-858-8618</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">With a copy emailed to: funds@destracapital.com</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">For:</TD><TD STYLE="text-align: justify">Validus Growth Investors, LLC</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Attn: Mark Scalzo</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">13520 Evening Creek Drive N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Suite 300B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">San Diego, CA 92128</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Phone: 530-582-7000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">Fax: 530-582-7001</P>

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


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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">19. SEVERABILITY</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">20. GOVERNING LAW</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">21. INTERPRETATION</P>

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

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

<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">22. THIRD PARTY BENEFICIARY</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in">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 0pt 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 COLSPAN="2">DESTRA CAPITAL ADVISORS LLC</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">VALIDUS GROWTH INVESTORS, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Robert Watson</TD>
    <TD>&nbsp;</TD>
    <TD>By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mark C. Scalzo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Robert Watson</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Mark C. Scalzo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>President</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Investment Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 COLSPAN="2">DESTRA MULTI-ALTERNATIVE FUND</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jane H. Shissler</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Jane H. Shissler</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Secretary</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>5
<FILENAME>dmaf_icl.htm
<DESCRIPTION>REPORT ON INTERNAL CONTROL
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 18pt"><B>Cohen &amp; Co<SUP>&reg;</SUP></B></FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></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 289pt 0pt 0in; text-indent: -0.05pt">To the Shareholders and Board
of Trustees of Destra Multi-Alternative 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-top: 0pt; margin-bottom: 0pt; text-align: justify">In planning
and performing our audit of the financial statements of Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;) as of and for the
year ended February 28, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Fund&rsquo;s internal control over financial reporting, including controls over safeguarding securities,
as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The
management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related
costs of controls. A fund&rsquo;s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles (GAAP). A fund&rsquo;s internal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only
in accordance with authorizations of management and Trustees of the fund; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or disposition of a fund&rsquo;s assets that could have a material effect
on the financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Fund&rsquo;s annual or interim financial statements will not be
prevented or detected 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-top: 0pt; margin-bottom: 0pt; text-align: justify">Our
consideration of the Fund&rsquo;s internal control over financial reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards
established by the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting and its
operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of February
28, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">/s/ COHEN &amp; COMPANY, LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">COHEN &amp; COMPANY, LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 410.25pt 0pt 0in; text-indent: -0.05pt">Chicago, Illinois</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 410.25pt 0pt 0in; text-indent: -0.05pt">April
29, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">C O H E N &amp; C O M P A N Y , L T D .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">800.229.1099 | 866.818.4535 fax | cohencpa.com</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 0pt 0in">Registered with the Public Company Accounting Oversight
Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

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