<SEC-DOCUMENT>0001104659-21-084686.txt : 20210623
<SEC-HEADER>0001104659-21-084686.hdr.sgml : 20210623
<ACCEPTANCE-DATETIME>20210623170855
ACCESSION NUMBER:		0001104659-21-084686
CONFORMED SUBMISSION TYPE:	486BPOS
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20210623
DATE AS OF CHANGE:		20210623
EFFECTIVENESS DATE:		20210623

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:		486BPOS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		211039413

	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

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:		486BPOS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		211039412

	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
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>486BPOS
<SEQUENCE>1
<FILENAME>tm2119081-1_486bpos.htm
<DESCRIPTION>486BPOS
<TEXT>
<html>
  <head>
    <title>tm2119081-1_486bpos - block - 15.2656951s</title>
  </head>
  <body style="margin-left:auto;margin-right:auto;width:775.71pt;">
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;margin-bottom:21.86pt;margin-left:27pt;width:541.31pt;">
        <div style="text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">As filed with the Securities and Exchange Commission on June&#160;23, 2021</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:2pt; text-align:right; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">1933 Act File No. 333-189008 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">1940 Act File No. 811-22572</font>&#8203;</div>
        <div style="margin-top:2.5pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2.5pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:2pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Washington, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:541.31pt; line-height:15pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">FORM N-2</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <table style="width:423.45pt;margin-left:58.93pt;margin-top:13pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:423.45pt;">
              <div style="text-align:center;">
                <font style="font-weight:bold;letter-spacing:-0.2pt;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font><font style="letter-spacing:0.2pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9746;</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:-0.2pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">&#9746; Post-Effective Amendment No. 14</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">and</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:441.09pt;margin-left:50.11pt;margin-top:5pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:441.09pt;">
              <div style="text-align:center;">
                <font style="font-weight:bold;letter-spacing:-0.2pt;">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</font><font style="letter-spacing:0.2pt;"> &nbsp;&nbsp;&nbsp;&#8199;&#9746;</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:-0.2pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">&#9746; Amendment No. 20</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:541.31pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Destra Multi-Alternative Fund</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:1.81pt; text-align:center; width:541.31pt; line-height:9pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Exact Name of Registrant as Specified in Charter) </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">444 West Lake Street, Suite 1700 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Chicago, IL 60606-0070</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:0.8pt; text-align:center; width:541.31pt; line-height:9pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Address of Principal Executive Offices)</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">(312)843-6161</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:0.8pt; text-align:center; width:541.31pt; line-height:9pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Registrant&#8217;s Telephone Number)</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Robert Watson </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Destra Capital Advisors LLC </font>
          <br >
          <font style="letter-spacing:-0.2pt;">444 West Lake Street, Suite 1700 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Chicago, IL 60606-0070</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:0.8pt; text-align:center; width:541.31pt; line-height:9pt;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(Name and Address of Agent for Service)</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Copy to: </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Joshua B. Deringer, Esq. </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Faegre Drinker Biddle &amp; Reath LLP </font>
          <br >
          <font style="letter-spacing:-0.2pt;">One Logan Square, Ste. 2000 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Philadelphia, PA 19103-6996 </font>
          <br >
          <font style="letter-spacing:-0.2pt;">215-988-2700</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:541.31pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED PUBLIC OFFERING: </font>
          <br >
          <font style="letter-spacing:-0.2pt;">AS SOON AS PRACTICABLE AFTER THE DATE ON WHICH THIS REGISTRATION STATEMENT </font>
          <br >
          <font style="letter-spacing:-0.2pt;">BECOMES EFFECTIVE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9746;</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule&#160;415 under the Securities Act of 1933 (&#8220;Securities Act&#8221;), other than securities offered in connection with a dividend reinvestment plan. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">It is proposed that this filing will become effective (check appropriate box) </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.9pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.9pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">when declared effective pursuant to Section&#160;8(c) of the Securities Act </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:4pt; width:541.31pt; line-height:10.5pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule&#160;486 under the Securities Act.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.9pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9746;</font>
          <br >
        </div>
        <div style=" margin-top:3.9pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">immediately upon filing pursuant to paragraph (b) </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.9pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.9pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">on [&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;] pursuant to paragraph (b) </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.9pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.9pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">60&#160;days after filing pursuant to paragraph (a) </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:3.91pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:3.91pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">on (date) pursuant to paragraph (a) </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;min-height:706pt;margin-left:27pt;width:541.31pt;">
        <div style="margin-left:20pt; width:521.31pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">If appropriate, check the following box: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement]. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">This Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">This Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">This Form is a post-effective amendment filed pursuant to Rule&#160;462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:4pt; width:521.31pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Check each box that appropriately characterizes the Registrant: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9746;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;)). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9746;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule&#160;23c-3 under the Investment Company Act). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Well-Known Seasoned Issuer (as defined by Rule&#160;405 under the Securities Act). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">Emerging Growth Company (as defined by Rule&#160;12b-2 under the Securities Exchange Act of 1934 (&#8220;Exchange Act&#8221;). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of Securities Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:11pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:30pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#9744;</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:11pt; text-align:left; margin-left:50pt;">
          <font style="letter-spacing:0.2pt;">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar&#160;months preceding this filing). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <table style="width:541.31pt;height:58.5pt;margin-top:5pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
              <td style="border-bottom:3pt double #000000;padding:0pt 0pt 2.5pt 0pt; width:0pt;" colspan="15">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.2pt;">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</font><font style="font-size:8pt;">&#8203;</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt; width:359.09pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">TITLE OF SECURITIES BEING REGISTERED</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
              <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">PROPOSED MAXIMUM </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">AGGREGATE OFFERING </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">PRICE</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(2)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
              <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:5.75pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.083pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">AMOUNT OF </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">REGISTRATION </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">FEE</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(3)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #000000; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
              <td style="border-bottom:3pt double #000000;padding:3.25pt 0pt 2.167pt 0pt; width:359.09pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Shares of Beneficial Interest </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
              <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:20.145pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.167pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.167pt 0pt;border-bottom:3pt double #000000; min-width:38.25pt; text-align:right; white-space:nowrap;">276,080,000</td>
              <td style="padding:0pt;padding-left:20.145pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
              <td style="width:0.25pt;padding:0pt;font-size:0pt;line-height:0pt;padding-left:0.75pt;background-color:#000000;border-bottom:1px solid #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:5.75pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.025pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.167pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.167pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">38,890</td>
              <td style="padding:0pt;padding-left:15.025pt;width:0pt;border-bottom:3pt double #000000;">&#8203;</td>
              <td style="padding:0pt;border-bottom:3pt double #000000; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">The Registrant has been granted exemptive relief by the Securities and Exchange Commission permitting the Registrant to offer multiple classes of shares of beneficial interest (&#8220;Shares&#8221;). This registration statement relates to the maximum aggregate offering price of $276,080,000. The offering currently includes the following classes: &#8220;Class&#160;I Shares&#8221;, &#8220;Class&#160;A Shares&#8221;, &#8220;Class&#160;C Shares&#8221; and &#8220;Class&#160;T Shares.&#8221; In the future, other classes of Shares may be registered and included in the offering. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Estimated pursuant to Rule&#160;457(o) under the Securities Act of 1933, as amended, solely for the purpose of calculating the registration fee. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Previously paid. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:5.5pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 5.5pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-top:2pt; width:541.31pt;">
          <div style="margin-left: 0pt; width: 541.31pt; margin-top: 2pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">DESTRA MULTI-ALTERNATIVE FUND</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Prospectus</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;I Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSFIX</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:1.71pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;A Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSFDX</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:1.8pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;T Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSFYX</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:1.8pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;C Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCFDX</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">June&#160;23, 2021</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra Multi-Alternative Fund (the &#8220;Fund&#8221;) is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as a non-diversified, closed-end management investment company and operates as an interval fund. </font>
        </div>
        <table style="width:456pt;height:143.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:107.24pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:119.07pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Price to Public</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:53.53pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Sales Load</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(2)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:140.16pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Proceeds to the Fund</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(3)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:107.24pt;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Per Class&#160;I Share</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:119.07pt;">
              <font style="letter-spacing:0.2pt;">At current NAV </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:53.53pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">N/A </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:140.16pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Amount invested at current NAV </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:107.24pt;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Per Class&#160;A Share</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:119.07pt;">
              <font style="letter-spacing:0.2pt;">At current NAV, plus a sales </font>
              <br >
              <font style="letter-spacing:0.2pt;">load of up to 5.75% </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:53.53pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">5.75% </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:140.16pt;">
              <font style="letter-spacing:0.2pt;">Amount invested at current </font>
              <br >
              <font style="letter-spacing:0.2pt;">purchase price, less applicable </font>
              <br >
              <font style="letter-spacing:0.2pt;">Sales Load </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:107.24pt;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Per Class&#160;T Share</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:119.07pt;">
              <font style="letter-spacing:0.2pt;">At current NAV, plus a sales </font>
              <br >
              <font style="letter-spacing:0.2pt;">load of up to 3.00% </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:53.53pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">3.00% </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:140.16pt;">
              <font style="letter-spacing:0.2pt;">Amount invested at current </font>
              <br >
              <font style="letter-spacing:0.2pt;">purchase price, less applicable </font>
              <br >
              <font style="letter-spacing:0.2pt;">Sales Load </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:107.24pt;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Per Class&#160;C Share</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:119.07pt;">
              <font style="letter-spacing:0.2pt;">At current NAV </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:53.53pt;text-align:center;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">N/A </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:140.16pt;">
              <font style="letter-spacing:0.2pt;">Amount invested at current </font>
              <br >
              <font style="letter-spacing:0.2pt;">purchase price </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:107.24pt;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Total</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:119.07pt;">
              <font style="letter-spacing:0.2pt;">Up to $276,080,000 </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:53.53pt;text-align:center;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:0.2pt;">Up to 5.75% </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:140.16pt;">
              <font style="letter-spacing:0.2pt;">Up to $276,080,000</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)</font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Shares are sold at a public offering price equal to the then-current NAV per Share of the applicable class, plus applicable Sales Load. See &#8220;Distribution of Shares.&#8221; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; line-height:12pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Sales Load&#8221; includes up to 5.75% of the public offering price for Class&#160;A Shares and up to 3.00% of the public offering price of Class&#160;T Shares. See &#8220;Distribution of Shares.&#8221; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; line-height:12pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Destra Capital Advisors LLC (the &#8220;Adviser&#8221;) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least November&#160;30, 2022, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses) will not exceed 1.95% for Class&#160;A Shares, 2.45% for Class&#160;T Shares, 2.70% for Class&#160;C Shares and 1.70% for Class&#160;I Shares of each class&#8217;s net assets, respectively (the &#8220;Expense Limitation&#8221;). In consideration of Destra&#8217;s agreement to limit the Fund&#8217;s expenses, the Fund has agreed to repay Destra pro&#160;rata in the amount of any Fund expense paid or waived by Destra, subject to the limitations that: (1)&#160;the reimbursement for expenses will be made only if payable not more than three&#160;years following the date such payment or waiver was made; and (2)&#160;the reimbursement may not be made if it would cause the Fund&#8217;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the operating expenses that are the subject of the repayment, to be exceeded. The Expense Limitation agreement may be terminated before November&#160;30, 2022 only by the Fund&#8217;s Board of Trustees, on 60&#160;days&#8217; written notice to the Adviser. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; line-height:12pt; margin-top:3.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:3.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Total Proceeds to the Fund assume the sale of all Shares registered under this registration statement, and that all Shares sold will be Class&#160;I Shares. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">This prospectus concisely provides the information that a prospective investor should know about the Fund before investing. Investors are advised to read this prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund&#8217;s statement of additional information dated June&#160;23, 2021 (the &#8220;Statement of Additional Information&#8221;), has been filed with the SEC and is </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">incorporated by reference in its entirety into this prospectus. Investors are advised to read the Statement of Additional Information in its entirety. The Statement of Additional Information and the Fund&#8217;s annual and semi-annual reports to holders of Shares (&#8220;Shareholders) can be obtained upon request and without charge by writing to the Fund at Destra Multi-Alternative Fund c/o&#160;UMB Fund&#160;Services, Inc., 235 W.&#160;Galena Street, Milwaukee, WI 53212, by calling toll free 844-9DESTRA (933-7872) or by accessing the Fund&#8217;s &#8220;Literature&#8221; page on Destra&#8217;s website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.destracapital.com</font><font style="letter-spacing:0.2pt;">. The information on Destra&#8217;s website is not incorporated by reference into this prospectus and investors should not consider it a part of this prospectus. In addition, the contact information provided above may be used to request additional information about the Fund and make Shareholder inquiries. The Statement of Additional Information, other material incorporated by reference into this prospectus and other information about the Fund is also available on the SEC&#8217;s website at </font><font style="font-style:italic;letter-spacing:0.2pt;">http://www.sec.gov</font><font style="letter-spacing:0.2pt;">. The address of the SEC&#8217;s website is provided solely for the information of prospective investors and is not intended to be an active link. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">Investment Objective.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund&#8217;s investment objective is to seek returns from capital appreciation and income with an emphasis on income generation. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">There can be no assurance that the Fund will be able to achieve its investment objective. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">Risks.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;An investment in the Fund involves a high degree of risk. In particular: </font>
        </div>

          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;font-weight:bold;">
            <font style="font-weight:normal;letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">The Fund&#8217;s Shares are not listed on an exchange. Although the Fund intends to list the Shares on an exchange upon meeting applicable listing eligibility requirements, the Fund&#8217;s Shares might not be listed on an exchange in the foreseeable future, if at all. Unless the Fund&#8217;s Shares are listed on an exchange, it is not anticipated that a secondary market for the Shares will develop and an investment in the Fund is not suitable for investors who may need the money they invest within a specified timeframe.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">The Fund is suitable only for investors who can bear the risks associated with the Fund&#8217;s limited liquidity and should be viewed as a long-term investment.</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.91pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.91pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">The amount of distributions that the Fund may pay, if any, is uncertain.</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;font-weight:bold;">
          <font style="font-weight:normal;letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Fund invests a substantial portion of its assets in securities of unlisted public and private real estate investment funds, business development companies, and funds commonly known as hedge funds. These investments are illiquid and expose the Fund to real estate-related risks.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">Summary of Investment Strategy.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund utilizes similar principles to the Endowment Model approach to investing. The Endowment Model is a form of the strategic asset allocation model of portfolio construction that involves diversifying investments across strategies, asset classes and investment horizons, as opposed to the standard long-only stock and bond model. The Fund provides access to, and actively manages, a multi-asset portfolio primarily consisting of illiquid investments with limited availability to provide a core alternatives solution. The Fund pursues its investment objective by investing primarily in the following income-producing securities: (1)&#160;public and private real estate securities (including securities issued by real estate funds), (2)&#160;alternative investment funds (&#8220;AIFs&#8221;), which include business development companies (&#8220;BDCs&#8221;) as well as funds commonly known as &#8220;hedge funds&#8221; and other private investment funds, which may also include funds that primarily hold real estate investments, (3)&#160;master limited partnerships (&#8220;MLPs&#8221;), (4)&#160;common and preferred stocks, and (5)&#160;structured notes, notes, bonds and asset-backed securities. The Fund also executes investments in the preceding types of securities through index-linked or actively managed exchange-traded funds (&#8220;ETFs&#8221;), mutual funds and closed-end funds. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Investment Adviser.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund&#8217;s investment adviser is Destra Capital Advisors LLC (&#8220;Destra&#8221;) and the Fund&#8217;s sub-adviser is Validus Growth Investors, LLC, doing business as Validus Investment Advisors, (&#8220;Validus&#8221; or the &#8220;Sub-Adviser&#8221;) (Validus together with Destra, are referred to herein as the &#8220;Advisers&#8221;). Destra is a wholly-owned subsidiary of Destra Capital Management LLC. Destra oversees the management of the </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Fund&#8217;s activities and is responsible for developing investment guidelines with Validus and overseeing investment decisions for the Fund&#8217;s portfolio. Validus acts as the Fund&#8217;s investment sub-adviser and makes investment decisions for the Fund&#8217;s portfolio, subject to the oversight of Destra. Each of Destra and Validus is an investment adviser registered with the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Investment Advisers Act of 1940, as amended. </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Interval Fund.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund is operated as an interval fund. Pursuant to the Fund&#8217;s interval fund structure, the Fund will conduct annual repurchase offers, at net asset value (&#8220;NAV&#8221;), of no less than 5% and no more than 25% of the Fund&#8217;s outstanding shares. Typically, the Fund will conduct such annual repurchase offers for 5% of the Fund&#8217;s outstanding shares. Repurchase offers in excess of 5% are made solely at the discretion of the Fund&#8217;s board of trustees and investors should not rely on any expectation of repurchase offers in excess of 5%. It is also possible that a repurchase offer may be oversubscribed, with the result that Shareholders may only be able to have a portion of their shares repurchased. Accordingly, as the Fund will make annual repurchase offers, investors should consider the Fund&#8217;s shares to be of limited liquidity. The time between notification to Shareholders and the date the repurchase offer ends (&#8220;Repurchase Request Deadline&#8221;) may vary from no more than forty-two (42) days to no less than twenty-one (21) days. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a &#8220;Repurchase Pricing Date&#8221;). Payment pursuant to the repurchase will be made by checks to the Shareholder&#8217;s address of record, or credited directly to a predetermined bank account on the purchase payment date (each a &#8220;Purchase Payment Date&#8221;), which will be no more than seven (7)&#160;days after the Repurchase Pricing Date. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investors will pay offering expenses and, with regard to those share classes that impose a front-end sales load, a sales load of up to 5.75% for Class&#160;A Shares, up to 3.00% for Class&#160;T Shares, while Class&#160;C Shares and Class&#160;I Shares are not subject to sales charges. You will have to receive a total return at least in excess of these expenses to receive an actual return on your investment. </font>
        </div>

          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">See &#8220;Types of Investments and Related Risks&#8221; beginning on page <a href="#tTOIA">31</a> of this prospectus.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="font-weight:bold;letter-spacing:-0.2pt;">Securities Offered.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund engages in a continuous offering of four classes of shares of beneficial interest of the Fund (&#8220;Shares&#8221;). The Fund is offering Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares. The Fund has registered 18,666,666.66 shares (6,666,666.66 in 2011 and 12,000,000.00 in 2013) and is authorized as a Delaware statutory trust to issue an unlimited number of Shares. The Fund is offering to sell, through its distributor, Destra Capital Investments, LLC (the &#8220;Distributor&#8221;), under the terms of this prospectus, 18,666,666.66 Shares (less Shares previously sold) of beneficial interest at NAV per Share of the relevant Share class, plus, in the case of Class&#160;A Shares and Class&#160;T Shares, any applicable Sales Load. In addition, certain institutions (including banks, trust companies, brokers and investment advisers) may be authorized to accept, on behalf of the Fund, purchase and exchange orders and repurchase requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries to accept such orders. The Distributor is not required to sell any specific number or dollar amount of the Fund&#8217;s Shares, but will use its best efforts to solicit orders for the sale of the Shares. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The minimum initial investment by a Shareholder is $1,000,000 for Class&#160;I Shares and $2,500 for Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares (these minimums may be waived in certain circumstances). There is no minimum for subsequent investments. All Share purchases are subject to approval by Destra. The minimum investment requirement may be waived in the Fund&#8217;s sole discretion. During the continuous public offering, Shares will be sold at the then-current NAV per Share of the applicable class, plus, in the case of Class&#160;A Shares and Class&#160;T Shares, the applicable Sales Load. The Fund&#8217;s continuous public offering is expected to continue in reliance on Rule&#160;415 under the Securities Act of 1933, as amended, until the Fund has sold Shares in an amount equal to approximately 18,666,666.66 Shares. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">The Shares have no history of public trading. No secondary market is expected to develop for the Fund&#8217;s Shares unless the Shares are listed on a securities exchange, if at all. Liquidity for the Shares will be provided only through annual repurchase offers for no less than 5% and no more than 25% of the Shares at net asset value, and there is no guarantee that an investor will be able to sell all the Shares that the investor desires to sell in the repurchase offer. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. Investing in the Fund&#8217;s Shares may be speculative and involves a high degree of risk, including the risks associated with leverage. See &#8220;Types of Investments and Related Risks&#8221; below in this prospectus.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other government agency.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:italic;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-style:normal;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">

          <div style="text-indent:20pt; width:456pt; line-height:12pt;font-style:normal;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Neither the SEC nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">As permitted by SEC regulations, paper copies of the Fund&#8217;s shareholder reports will not be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">If you hold shares at the Fund&#8217;s transfer agent, you may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), through the Fund&#8217;s transfer agent by calling the Fund toll-free at 844-9DESTRA (933-7872), or if you are a direct investor, by enrolling at www.destracapital.com. You may elect to receive all future reports in paper free of charge.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">You can inform the Fund or your financial intermediary, as applicable, that you wish to receive paper copies of your shareholder reports by contacting them directly. Your election to receive reports in paper will apply to the Fund and all funds held through your financial intermediary, as applicable.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-style:normal;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:236pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Table of contents</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;height:355pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tSOT"><font style="letter-spacing:0.2pt;">SUMMARY OF TERMS </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tSOT">1</a></font> <a href="#tSOT"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tSOFA"><font style="letter-spacing:0.2pt;">SUMMARY OF FEES AND EXPENSES </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tSOFA">12</a></font> <a href="#tSOFA"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tSNRF"><font style="letter-spacing:0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tSNRF">21</a></font> <a href="#tSNRF"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tTHFU"><font style="letter-spacing:0.2pt;">THE FUND </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tTHFU">22</a></font> <a href="#tTHFU"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tTHAD"><font style="letter-spacing:0.2pt;">THE ADVISER </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tTHAD">22</a></font> <a href="#tTHAD"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tTHSU"><font style="letter-spacing:0.2pt;">THE SUB-ADVISER </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tTHSU">22</a></font> <a href="#tTHSU"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tUOP">23</a></font> <a href="#tUOP"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tIOOA"><font style="letter-spacing:0.2pt;">INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tIOOA">23</a></font> <a href="#tIOOA"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tTOIA"><font style="letter-spacing:0.2pt;">TYPES OF INVESTMENTS AND RELATED RISKS </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tTOIA">31</a></font> <a href="#tTOIA"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tMOTF"><font style="letter-spacing:0.2pt;">MANAGEMENT OF THE FUND </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tMOTF">58</a></font> <a href="#tMOTF"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tFUEX"><font style="letter-spacing:0.2pt;">FUND EXPENSES </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
                <font style="letter-spacing:0.2pt;"><a href="#tFUEX">60</a></font> <a href="#tFUEX"></a></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <a href="#tMAFE"><font style="letter-spacing:0.2pt;">MANAGEMENT FEES </font></a>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
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              <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <font style="letter-spacing:0.2pt;"><a href="#tDONA">63</a></font> <a href="#tDONA"></a></td>
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              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:434pt;text-align:left;">
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                <font style="letter-spacing:0.2pt;"><a href="#tFYR">86</a></font> <a href="#tFYR"></a></td>
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                <font style="letter-spacing:0.2pt;"><a href="#tPRNO">86</a></font> <a href="#tPRNO"></a></td>
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                  <a href="#tLEMA"><font style="letter-spacing:0.2pt;">LEGAL MATTERS </font></a>
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                <font style="letter-spacing:0.2pt;"><a href="#tLEMA">86</a></font> <a href="#tLEMA"></a></td>
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                  <a href="#tINQ"><font style="letter-spacing:0.2pt;">INQUIRIES </font></a>
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                <font style="letter-spacing:0.2pt;"><a href="#tINQ">87</a></font>
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              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">i</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSOT">&#8203;</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:10pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">SUMMARY OF TERMS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-style:italic;">
              <font style="letter-spacing:0.2pt;">This is only a summary and does not contain all of the information that a prospective investor should consider before investing in Destra Multi-Alternative Fund (the &#8220;Fund&#8221;). Each prospective investor should carefully read the more detailed information appearing elsewhere in this prospectus and the statement of additional information dated June&#160;23, 2021 (the &#8220;Statement of Additional Information&#8221;).</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">THE FUND </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">The Fund is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as a non-diversified, closed-end management investment company. The Fund is an interval fund that will provide limited liquidity by offering to make annual repurchases of its Shares at net asset value (&#8220;NAV&#8221;), which is calculated on a daily basis. See &#8220;Annual Repurchases of Shares&#8221; and &#8220;Determination of Net Asset Value.&#8221; </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">THE ADVISER </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">Destra Capital Advisors LLC (&#8220;Destra&#8221; or the &#8220;Adviser&#8221;) serves as the Fund&#8217;s investment adviser. Destra is registered as an investment adviser with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;). Destra oversees the management of the Fund&#8217;s activities and is responsible for developing investment guidelines with Validus (as defined below) and overseeing investment decisions for the Fund&#8217;s portfolio. </font>
            </div>

          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Destra is a subsidiary of Destra Capital Management LLC, a sponsor of investment funds. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">THE SUB-ADVISER </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">Validus Growth Investors, LLC, doing business as Validus Investment Advisors, (&#8220;Validus&#8221; or the &#8220;Sub-Adviser&#8221;) serves as the investment sub-adviser to the Fund. The Sub-Advisor is registered with the SEC as an investment adviser under the Advisers Act. The Sub-Adviser was established in June&#160; 2012 for the purpose of providing investment advisory services based on a fundamental, bottom-up, stock specific research process, anchored by a proprietary ranking system, and founded on pre-existing principles. The firm provides separately managed account services as well as model strategies to institutional parties. </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">INVESTMENT OBJECTIVE </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund&#8217;s investment objective is to seek returns from capital appreciation and income with an emphasis on income generation. </font>
          </div>
          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">There can be no assurance that the Fund will be able to achieve its investment objective. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">INVESTMENT STRATEGIES AND POLICIES </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund utilizes similar principles to the Endowment Model approach to investing. The Endowment Model is a form of the strategic asset allocation model of portfolio construction that involves diversifying investments across strategies, asset classes and investment horizons, as opposed to the standard long-only stock and bond model. The Fund provides access to, and actively manages, a multi-asset portfolio primarily consisting of illiquid investments with limited availability to provide a core alternatives solution. The Fund pursues its investment objective by investing primarily in the following income-producing securities: (1)&#160;public and private real estate securities (including securities issued by real estate funds), (2)&#160;alternative investment funds (&#8220;AIFs&#8221;), which include business development companies (&#8220;BDCs&#8221;) as well as funds commonly known as &#8220;hedge funds&#8221; and other private investment funds, which may also include funds that primarily hold real estate investments, (3)&#160;master limited partnerships (&#8220;MLPs&#8221;), (4)&#160;common and preferred stocks, and (5)&#160;structured notes, notes, bonds and asset-backed securities. The Fund also executes investments in the preceding types of securities through index-linked or actively managed exchange-traded funds (&#8220;ETFs&#8221;), mutual funds and closed-end funds (collectively &#8220;Underlying Funds&#8221;). The Fund defines AIFs as BDCs, real estate property funds, limited partnerships and limited liability companies that pursue investment strategies linked to real estate, small businesses or other investments that serve as alternatives to investments in traditional stocks and bonds (which could include any type of investment that is consistent with the </font>
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              <font style="letter-spacing:0.2pt;">investment strategy and not a traditional stock or bond). In general, the Fund defines an alternative strategy as one that is different from seeking returns from buying and holding traditional stocks and bonds. The Fund invests in securities of issuers without restriction as to market capitalization. The majority of the Fund&#8217;s investments are not listed on an exchange or traded in over-the-counter markets; consequently, the majority of the Fund&#8217;s investments are illiquid. The Fund&#8217;s investments may include investments in non-U.S. securities. </font>
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              <font style="letter-spacing:0.2pt;">Under normal circumstances, the Fund invests over 25% of its net assets in the real estate industry, which the Fund defines to include interests, debt or equity of both publicly traded and private companies engaged in the real estate industry, including, but not limited to, REITs, mortgage backed securities, interest in pooled investment entities, and other forms of securities relating to or involving real estate. This policy is fundamental and may not be changed without prior approval of the holders of the Fund&#8217;s Shares (the &#8220;Shareholders&#8221;). </font>
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            <font style="letter-spacing:0.2pt;">The Fund may employ leverage, including borrowing from banks in an amount up to 33-1/3% of the Fund&#8217;s assets (defined as net assets plus borrowing for investment purposes). Leverage is primarily used to increase the size of the Fund&#8217;s portfolio of securities. </font>
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            <font style="letter-spacing:0.2pt;">For a further discussion of the Fund&#8217;s principal investment strategies, see &#8220;Investment Objective, Opportunities and Strategies.&#8221; </font>
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            <font style="letter-spacing:0.2pt;">Unless otherwise stated herein or in the Statement of Additional Information, the Fund&#8217;s investment policies are non-fundamental policies and may be changed by the Fund&#8217;s board of trustees (the &#8220;Board&#8221;) without prior approval of Shareholders. </font>
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            <font style="letter-spacing:0.2pt;">The Adviser has delegated management of the Fund&#8217;s portfolio to the Sub-Adviser, meaning that the Sub-Adviser (i)&#160;manages the portfolio, (ii)&#160;makes all investment decisions for the Fund, and (iii)&#160;is responsible for all the Fund&#8217;s trading, portfolio constructions and investment operations. However, the Adviser is responsible for ongoing performance evaluation, monitoring, and due diligence with respect to the Sub-Adviser and ensuring that the Fund is managed in accordance with limitations under the 1940 Act and the Fund&#8217;s registration statement. </font>
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            <font style="letter-spacing:0.2pt;">SUB-ADVISER&#8217;S STRATEGY </font>
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            <font style="letter-spacing:0.2pt;">The Sub-Adviser pursues an investment strategy aimed to achieve the Fund&#8217;s overall investment objective by utilizing a selection of securities believed to have relatively low volatility and generally will not be highly correlated to each other or to the broad equity or fixed income markets. The Sub-Adviser typically selects private, fair valued securities primarily invested in real estate securities and AIFs as a significant&#160;percentage of the Fund&#8217;s overall asset allocation. </font>
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            <font style="letter-spacing:0.2pt;">The Sub-Adviser manages the Fund based upon a model allocation consisting of individual public and private securities. The model is created by taking into account several factors, such as historical performance, portfolio liquidity, income and capital appreciation potential, volatility and correlation. In addition, the model must meet certain diversification tests in order to comply with the Internal Revenue Code and is regularly tested by the Sub-Adviser to ensure compliance with such requirements. Ongoing investments are generally invested according to the model. Depending on certain conditions, the Sub-Adviser may overweight or underweight new allocations. The Sub-Adviser will update the model allocation and rebalance as needed to reflect the Sub-Adviser&#8217;s outlook. The Sub-Adviser manages investments over a long-term time horizon while being mindful of the historical context of the markets. When the Sub-Adviser believes market conditions are unfavorable, it may temporarily invest a portion of Fund assets in ETFs linked to stock market volatility or inversely linked to a stock market index to reduce investment risk. </font>
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            <font style="letter-spacing:0.2pt;">The Sub-Adviser employs a regimen of qualitative and quantitative criteria when selecting securities. Certain securities may occasionally be &#8220;blind pool&#8221; investments (investment vehicles which have no operating history and have not identified the assets that will be purchased by the company) and initially require significant reliance on qualitative factors while over time quantitative factors are utilized to monitor the investment strategy performance. The Sub-Adviser utilizes a proprietary quantitative screening process and a qualitative selection process when selecting securities for investment by the Fund in connection with its strategy. Generally, securities are first selected with the highest expected income or total return expectations </font>
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            <font style="letter-spacing:0.2pt;">from a sector peer group of issuers with similar market capitalization credit quality and/or other risk-adjusted metrics. Secondarily, the potential for capital appreciation over time is considered. No assurance can be given that any or all investment strategies, or the Fund&#8217;s investment program, will be successful. </font>
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              <font style="font-weight:bold;letter-spacing:-0.2pt;">Real Estate Securities.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund will invest more than 25% of its net assets in the real estate industry, which it defines to include interests, debt or equity of both publicly traded and private companies engaged in the real estate industry, including, but not limited to, REITs, mortgage backed securities, interest in pooled investment entities, and other forms of securities relating to or involving real estate. This policy is fundamental and may not be changed without Shareholder approval. The real estate securities in which the Fund invests may be focused in various sectors of the commercial real estate market consisting of the office, retail, multifamily, hotel, healthcare and self-storage sectors. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Alternative Investment Funds.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The managers of AIFs employ a variety of &#8220;alternative&#8221; investment strategies to achieve attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns) with low correlation to the broad equity and fixed-income markets. AIFs selected by the Sub-Adviser include real estate property funds, private equity and other alternative private placements (which could include any type of investment that is consistent with the investment strategy and offered as a private placement as opposed to a public sale), BDCs, and private debt securities, each of which may pay performance-based fees to their managers. Securities of real estate property funds are typically privately placed and are not traded on an exchange. A BDC is a form of investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high- quality debt securities. Private and non-traded BDCs are illiquid and it may not be possible for the Fund to redeem its investments or to do so without paying a substantial penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they typically invest in unlisted securities and often have limited access to capital markets. Additionally, the Fund may invest up to 15% of its net assets in securities of certain AIFs commonly known as &#8220;hedge funds,&#8221; which are typically privately placed with investors without registration with the SEC, employ leverage and hedging strategies and pay their managers performance fees on gains. In selecting AIFs, the Sub-Adviser assesses the likely risks and returns of the different alternative investment strategies utilized by the AIFs, and evaluates the potential correlation among the AIF investment strategies under consideration. The Sub-Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations among each other or with the broad equity and fixed-income markets. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Master Limited Partnerships.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;An MLP is a publicly traded or privately offered limited partnership or limited liability company. MLPs are typically engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products. An investment in MLP units differs from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest that exist between common unit holders and the general partner, including those arising from incentive distribution payments. The Sub-Adviser considers a variety of factors, including but not limited to, market capitalization, liquidity, growth, credit rating, source of qualifying income, business focus and structure when selecting MLPs. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Common and Preferred Stocks.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Sub-Adviser selects dividend-paying common and preferred stocks, as well as certain alternative strategies that it believes have the potential for strong future total returns. It also considers the sustainability and growth of a company&#8217;s dividend. The Sub-Adviser reviews company-specific factors consisting of dividend yield, historical dividend growth and return on capital. The Sub-Adviser may also engage in opportunistic trading strategies with securities that may not pay a dividend but have been identified as having potential short-term pricing inefficiencies. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Structured Notes.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A structured note is a debt security making interest and/or principal payments determined by a formula tied to the movement of a single security, interest rate, stock index, commodity, currency or basket of such reference assets (each a &#8220;reference index&#8221;). For example, a structured note may use a reference index, such as the S&amp;P 500, to determine the amount of the interest payment. The Sub-Adviser selects structured notes of any maturity issued by entities it believes to be creditworthy. The Sub-Adviser uses structured notes as a substitute for investing in the assets that make up the reference index. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Debt Securities.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Debt securities are notes, bonds and asset-backed securities (&#8220;ABS&#8221;). ABS represent interests in pools of loans, leases or receivables originated by private lenders, some of which may be government approved, or affiliated lenders. Typically, an ABS security is issued by a special purpose vehicle (&#8220;SPV&#8221;), such as a business trust or limited liability company, whose value and income payments are derived from and collateralized (i.e. backed) by a specified pool of underlying assets. The Fund invests without limit in fixed rate or floating rate debt instruments of any maturity that the Sub-Adviser believes are creditworthy (interest and principal will be paid on schedule) or have acceptable recovery value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, if any, including lower-quality debt securities commonly known as &#8220;high yield&#8221; or &#8220;junk&#8221; bonds. The Sub-Adviser employs measurers consisting of debt-to-assets, debt service coverage ratio asset liquidation value and other metrics to assess credit quality. Junk bonds are generally rated lower than Baa3 by Moody&#8217;s Investors Service (&#8220;Moody&#8217;s&#8221;) or lower than BBB- by S&amp;P Global Ratings (&#8220;S&amp;P&#8221;). The Fund will not invest more than 25% of its net assets in junk bonds. However, the Fund does not invest in debt instruments that are in default. The Sub-Adviser selects debt securities based upon their expected yield and other measures when compared to a peer group with similar maturity and credit quality. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Underlying Funds.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund also invests in index-linked or actively managed ETFs, mutual funds and closed-end funds that each invest in real estate securities, AIFs, common and preferred stocks, structured notes or other types of debt securities when the Sub-Adviser believes Underlying Funds offer more efficient execution of the Fund&#8217;s strategy, such as when ample individual investments are not readily available. </font>
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            <font style="letter-spacing:0.2pt;">LEVERAGE </font>
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            <font style="letter-spacing:0.2pt;">The Fund may use leverage to pursue its investment objective, including by borrowing funds from banks or other financial institutions, investing in derivative instruments with leverage embedded in them (including short positions), and/or issuing debt securities. The Fund may borrow money or issue debt securities in an amount up to 33 1/3% of its total assets (50% of its net assets). The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund&#8217;s assessment of market conditions and the investment environment. </font>
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            <font style="letter-spacing:0.2pt;">MANAGEMENT FEES </font>
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            <font style="letter-spacing:0.2pt;">Under the Fund&#8217;s Investment Management Agreement (the &#8220;Investment Management Agreement&#8221;), Destra is entitled to a management fee, calculated and payable monthly in arrears, at the annual rate of 1.35% of the Fund&#8217;s average daily net assets during such period (the &#8220;Management Fee&#8221;). </font>
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              <font style="letter-spacing:0.2pt;">The Fund&#8217;s Sub-Advisory Agreement (the &#8220;Sub-Advisory Agreement&#8221;) provides that Validus is entitled to receive an annual sub-advisory fee from Destra equal to 50% of the net revenue received by Destra after any fee waivers, subject to a maximum of 0.675% of the Fund&#8217;s average daily net assets. </font>
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              <font style="letter-spacing:0.2pt;">Validus is paid by Destra out of the Management Fee Destra is paid by the Fund. </font>
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            <font style="letter-spacing:0.2pt;">EXPENSE LIMITATION AGREEMENT </font>
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              <font style="letter-spacing:0.2pt;">Destra and the Fund have entered into an expense limitation agreement (the &#8220;Expense Limitation Agreement&#8221;) under which, until November&#160;30, 2022, Destra has agreed to reduce its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including, for example, options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.95% of Class&#160;A Shares&#8217; net assets, 2.45% of Class&#160;T Shares&#8217; net assets, 2.70% of Class&#160;C Shares&#8217; net assets, and 1.70% of Class&#160;I Shares&#8217; net assets (the &#8220;Expense Limitation&#8221;). In consideration of Destra&#8217;s agreement to limit the Fund&#8217;s expenses, the Fund has agreed to repay Destra pro&#160;rata in the amount of any Fund expense paid or waived by Destra, subject to the limitations that: (1)&#160;the reimbursement for expenses will be made only if payable not more </font>
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              <font style="letter-spacing:0.2pt;">than three&#160;years following the date such payment or waiver was made; and (2)&#160;the reimbursement may not be made if it would cause the Fund&#8217;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the ordinary operating expenses that are the subject of the repayment, to be exceeded. The Expense Limitation agreement may be terminated before November&#160;30, 2022 only by the Board, on 60&#160;days&#8217; written notice to the Adviser. </font>
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            <font style="letter-spacing:0.2pt;">ADMINISTRATION </font>
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              <font style="letter-spacing:0.2pt;">The Fund has retained UMB Fund&#160;Services, Inc., to provide it with certain administrative services, including performing all actions related to the issuance and repurchase of Shares of the Fund. In consideration for these services, the Fund pays the Administrator a minimum monthly administration fee of $5,750, or $69,000 on an annualized basis. The administration fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund, and receives a fee for transfer agency services, fund accounting and tax services. The administration fee and the other terms of the Fund&#8217;s administration agreement may change from time to time as may be agreed to by the Fund and the Administrator. See &#8220;Summary of Fees and Expenses.&#8221; </font>
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            <font style="letter-spacing:0.2pt;">OPERATING EXPENSES </font>
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            <font style="letter-spacing:0.2pt;">The Fund bears all expenses incurred in its operation, including amounts that the Fund reimburses to the Administrator under the Administration Agreement. See &#8220;Summary of Fees and Expenses&#8221; and &#8220;Fund&#160;Expenses.&#8221; </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">DISTRIBUTIONS </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Subject to the discretion of the Board and applicable legal restrictions, distributions will be paid monthly on the Shares in amounts representing substantially all of the net investment income. The level of monthly distributions (including any return of capital) is not fixed, but is expected to represent an annual rate of approximately 6.00% of the Fund&#8217;s current NAV per Share. Distributions will be paid at least annually on the Shares in amounts representing substantially all of the net capital gains, if any, earned each year. From time to time, to maintain a stable level of distributions, the Fund may also pay distributions from offering proceeds or borrowings. A distribution from offering proceeds is treated as a return of capital (Shareholders&#8217; original investment in the Fund) and generally will reduce a Shareholder&#8217;s basis in his or her Shares, which may increase the capital gain or reduce the capital loss realized upon the sale of such Shares. Any amounts received in excess of a Shareholder&#8217;s basis are generally treated as capital gain, assuming the Shares are held as capital assets. </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Subject to the Board&#8217;s discretion and applicable legal restrictions, the Fund from time to time may also pay special interim distributions in the form of cash or Shares. At least annually, the Fund intends to authorize and declare special cash distributions of net long-term capital gains, if any. </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Each Shareholder whose Shares are registered in its own name will automatically be a participant under the Fund&#8217;s dividend reinvestment program (the &#8220;DRP&#8221;) and have all income dividends and/or capital gains distributions automatically reinvested in the same class of Shares priced at the then-current NAV of the applicable class unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash. </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">A Shareholder receiving Shares under the DRP instead of cash distributions may still owe taxes and, because Fund&#160;Shares are generally illiquid, may need other sources of funds to pay any taxes due. </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">All correspondence or requests for additional information regarding the DRP, including inquiries and elections to receive income dividends and/or capital gains distributions in cash, should be directed to the Fund at Destra Multi-Alternative Fund, c/o&#160;UMB Fund&#160;Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212. Shareholders who hold their Shares in the name of a broker or dealer participating in the offering should contact the broker or dealer to determine whether and how they may participate in, or opt out of, the DRP. See &#8220;Distributions.&#8221; </font>
          </div>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">5</font>
          <br >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">BOARD OF TRUSTEES </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Board has overall responsibility for monitoring and overseeing the Fund&#8217;s management and operations. A majority of the Trustees are considered independent and are not &#8220;interested persons&#8221; &#8203;(as defined in the 1940 Act) of the Fund or the Advisers (collectively, &#8220;Independent Trustees&#8221;). See &#8220;Management of the Fund.&#8221; </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">THE OFFERING </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund is offering on a continuous basis up to 18,666,666.66 Shares in multiple classes in this offering (the &#8220;Offering&#8221;). Shares are offered through the Fund&#8217;s distributor, Destra Capital Investments LLC (the &#8220;Distributor&#8221;), at a public offering price equal to the then-current NAV per Share of the applicable class, plus, in the case of Class&#160;A Shares and Class&#160;T Shares, the applicable Sales Load. &#8220;Sales Load&#8221; includes selling commissions of up to 5.75% for Class&#160;A Shares and up to 3.00% for Class&#160;T Shares. Shares may be purchased on a daily basis on each day that the New York Stock Exchange (the &#8220;NYSE&#8221;) is open for business. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund has been granted exemptive relief by the SEC permitting it to offer multiple classes of Shares. This offering currently includes the following classes: Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares. In the future, other classes of Shares may be registered and included in this Offering. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">OFFERING EXPENSES </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">Under the Administration Agreement, the Fund, either directly or through reimbursement to Destra or its affiliates, is responsible for its offering costs. Offering costs primarily include legal, accounting, printing and other expenses relating to this Offering, including costs associated with technology integration between the Fund&#8217;s systems and those of its distribution partners, marketing expenses, salaries and direct expenses of Destra&#8217;s and Validus&#8217; personnel, employees of their affiliates and others while engaged in registering and marketing the Shares, including the development of marketing materials and presentations, training and educational meetings, and generally coordinating the marketing process for the Fund. </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">INVESTOR SUITABILITY </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Before making your investment decision, you should (i)&#160;consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii)&#160;consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investment in the Fund should not be viewed as a complete investment program. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">Investors subject to the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), and other tax-exempt entities, including employee benefit plans, IRAs, 401(k) plans and Keogh plans, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be &#8220;plan assets&#8221; of the ERISA plans investing in the Fund for purposes of ERISA&#8217;s fiduciary responsibility and prohibited transaction rules. Thus, none of the Fund nor Destra nor Validus will be a fiduciary under and within the meaning of ERISA with respect to the assets of any ERISA plan that becomes a Shareholder, solely as a result of the ERISA plan&#8217;s investment in the Fund. See &#8220;ERISA Considerations.&#8221; </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">SHAREHOLDER SERVICING FEES </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares are subject to a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to the respective Share class. Class&#160;I Shares are not subject to a shareholder servicing fee. See &#8220;Distribution of Shares.&#8221; </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">DISTRIBUTION FEES </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Class&#160;T and Class&#160;C Shares pay to the Distributor a distribution fee (the &#8220;Distribution Fee&#8221;). The Distribution Fee accrues at annual rates equal to 0.50% for Class&#160;T Shares and 0.75% for Class&#160;C Shares of </font>
          </div>
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        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
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        </div>
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      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">6</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
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          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">the Fund&#8217;s average net assets attributable to the respective Share class and is payable on a monthly basis. Class&#160;A and Class&#160;I Shares are not subject to a Distribution Fee. See &#8220;Distribution of Shares.&#8221; </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">TRANSFER AGENT AND FUND ADMINISTRATOR </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">UMB Fund&#160;Services, Inc. serves as the transfer agent and administrator (the &#8220;Administrator&#8221;) of the Fund. See &#8220;Management of the Fund.&#8221; </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">CLOSED-END INTERVAL STRUCTURE </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund has been organized as a closed-end management investment company structured as an &#8220;interval fund&#8221; pursuant to Rule&#160;23c-3 under the 1940 Act. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. In addition, unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not list the Shares for trading on any securities exchange at this time. Although the </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">Fund intends to list the Shares on a securities exchange upon meeting applicable listing eligibility requirements, the Fund&#8217;s Shares might not be listed on an exchange in the foreseeable future, if at all. Unless the Fund&#8217;s Shares are listed on an exchange, the Fund does not expect any secondary market to develop for the Shares. Therefore, an investment in the Fund, unlike an investment in a mutual fund or a listed closed-end fund, is not a liquid investment. Instead, the Fund will provide limited liquidity to Shareholders by offering to repurchase a limited amount of the Fund&#8217;s Shares quarterly. </font>
            </div>


            <div style="margin-top:12pt; width:456pt; line-height:12pt;">
              <font style="letter-spacing:0.2pt;">ANNUAL REPURCHASE OF SHARES </font>
            </div>


            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">The Fund has adopted a fundamental policy to make annual repurchase offers, at NAV, of no less than 5% and no more than 25% of the Fund&#8217;s Shares outstanding. Typically, the Fund will seek to conduct annual repurchase offers for 5% of the Fund&#8217;s Shares outstanding. Repurchase offers in excess of 5% will be made solely at the discretion of the Board. There is no guarantee that Shareholders will be able to sell all of the Shares they desire to sell in an annual repurchase offer. See &#8220;Annual Repurchases of Shares.&#8221; </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">SHARE CLASSES </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Fund offers four different classes of Shares: Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares. The Fund began continuously offering its common shares on March&#160;5, 2012. As of July&#160;1, 2014, the Fund simultaneously redesignated its issued and outstanding common shares as Class&#160;A Shares and created its Class&#160;L, Class&#160;C and Class&#160;I Shares. As of July&#160;1, 2019, the Fund redesignated its issued and outstanding Class&#160;L Shares as Class&#160;T Shares. An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each Share class are different. The fees and expenses for the Fund are set forth in &#8220;Summary of Fees and Expenses.&#8221; If an investor has hired an intermediary and is eligible to invest in more than one Share class, the intermediary may help determine which Share class is appropriate for that investor. When selecting a Share class, you should consider which Share classes are available to you, how much you intend to invest, how long you expect to own Shares, and the total costs and expenses associated with a particular Share class. </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Each investor&#8217;s financial considerations are different. You should speak with your financial advisor to help you decide which Share class is best for you. The Distributor also may enter into agreements with financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell Shares of the Fund (collectively, &#8220;Financial Intermediaries&#8221;) for the sale and servicing of Shares. Not all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider which Share class to purchase. </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">VALUATIONS </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Destra determines the values of the Fund&#8217;s assets in good faith pursuant to the Fund&#8217;s valuation policy and consistently applied valuation process, which was developed by the Board&#8217;s audit committee and approved by the Board. Portfolio securities and other assets for which market quotes are readily available are </font>
          </div>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">7</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:10pt;margin-left:12pt;width:456pt;">
          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">valued at market value. In circumstances where market quotes are not readily available, the Board has adopted methods for determining the fair value of such securities and other assets, and has delegated the responsibility for applying the valuation methods to Destra. On a quarterly basis, the Board reviews the valuation determinations made with respect to the Fund&#8217;s investments during the preceding quarter and evaluates whether such determinations were made in a manner consistent with the Fund&#8217;s valuation process. See &#8220;Determination of Net Asset Value.&#8221; </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">SUMMARY OF TAXATION </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a Regulated Investment Company (&#8220;RIC&#8221;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). Accordingly, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that are currently distributed to Shareholders. To qualify and maintain its qualification as a RIC for U.S. federal income tax purposes, the Fund must, among other things, meet certain specified source-of-income and asset diversification requirements and distribute annually at least 90% of the sum of its &#8220;investment company taxable income&#8221; (which includes its net ordinary income and the excess, if any, of its net short-term capital gains over its net long-term capital losses) and its net tax-exempt interest income, if any. See &#8220;Distributions&#8221; and &#8220;Tax Aspects.&#8221; </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">FISCAL YEAR </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">For accounting purposes, the Fund&#8217;s fiscal year is the 12-month period ending on February&#160;28 (or, in applicable&#160;years, February&#160;29). </font>
          </div>
          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">REPORTS TO SHAREHOLDERS </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
              <font style="letter-spacing:0.2pt;">After the end of each calendar year, the Fund will furnish to Shareholders a statement on Form&#160;1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for U.S. federal income tax purposes. In addition, the Fund will make available to Shareholders an unaudited semi-annual and an audited annual report within 60&#160;days after the close of the fiscal period for which the report is being made, or as otherwise required by the 1940 Act. </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">RISK FACTORS </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Investing in the Fund involves risks, including the risk that a Shareholder may receive little or no return on their investment or that a Shareholder may lose part or all of its investment. </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Below is a list of the principal risks of investing in the Fund. Different risks may be more significant at different times, depending on market conditions. </font><font style="font-weight:bold;letter-spacing:-0.2pt;">For a more complete discussion of the risks of investment in the Fund, see &#8220;Types of Investments and Related Risks.&#8221;</font><font style="letter-spacing:0.2pt;"> </font>
          </div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
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          <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Alternative Investment Funds (AIFs) Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;AIFs are subject to management and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in AIFs and also may be higher than other funds that invest directly in stocks and bonds. Each AIF is subject to specific risks, depending on the nature of its investment strategy. The Fund may invest in private investment funds and/or hedge funds, which may pursue alternative investment strategies. Hedge funds often engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Private funds and hedge funds can be highly illiquid, and often charge high fees that can erode performance. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">BDC Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;BDCs have little or no operating history and may carry risks similar to those of a private equity or venture capital fund. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Private and public non-traded BDCs are illiquid and it may not be possible to redeem shares or to do so without paying a substantial penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they generally invest in unlisted securities and typically have limited access to capital </font>
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            <font style="letter-spacing:0.2pt;">markets. A significant portion of a BDC&#8217;s investments are recorded at fair value as determined by its board of directors which may create uncertainty as to the value of the BDC&#8217;s investments. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Credit Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer&#8217;s ability or willingness to make such payments. Credit risk may be heightened for the Fund because it will invest in below investment grade securities. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Distribution Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund&#8217;s distribution policy is expected to result in distributions that equal a fixed&#160;percentage of the Fund&#8217;s NAV per share. All or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Equity Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;To the extent the Fund invests in common stocks, preferred stocks, convertible securities, rights and warrants, it will be exposed to equity risk. Equity markets may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Preferred stocks often behave more like fixed income securities. If interest rates rise, the value of preferred stocks having a fixed dividend rate tends to fall. The value of convertible securities fluctuates with the value of the underlying stock or the issuer&#8217;s credit rating. Rights and warrants do not necessarily move in parallel with the price of the underlying stock and the market for rights and warrants may be limited. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Interest Rate Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;If interest rates increase, the value of the Fund&#8217;s investments generally will decline. Securities with longer maturities tend to produce higher yields, but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. The risks associated with increasing interest rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and the Fund&#8217;s investments. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Below Investment Grade Rating Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Debt instruments that are rated below investment grade are often referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Junk bonds and similar instruments often are considered to be speculative with respect to the capacity of the borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. These instruments may be particularly susceptible to economic downturns. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Leverage Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund&#8217;s gains or losses. </font>
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              <font style="font-weight:bold;letter-spacing:-0.2pt;">Liquidity Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest in investments that, at the time of investment are illiquid. The Fund may also invest in restricted securities. Illiquid invstments and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid investments and restricted securities generally is more volatile than that of more liquid investments, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. In addition, less liquid investments that the Fund may want to invest in may be difficult or impossible to purchase. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Management Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Sub-Adviser&#8217;s judgments about the attractiveness, value and potential appreciation of particular asset classes or securities in which the Fund invests may prove to be incorrect and may not produce the desired results. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Investment and Market Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Shares represents an indirect investment in the portfolio of securities and investments owned by the Fund, and the value of these securities may fluctuate, sometimes rapidly and unpredictably. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">MLP Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investments in MLPs involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP&#8217;s general partner, cash flow risks, dilution risks and risks related to the general partner&#8217;s limited call right. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">partnership&#8217;s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. MLPs are generally considered interest-rate sensitive investments. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Medium and Small Company Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The earnings and prospects of medium and small companies are more volatile than those of larger companies. Medium and small companies also may experience higher failure rates than large companies. In addition, the securities of medium and small companies may trade less frequently and in smaller volumes than the securities of large companies, which may disproportionately affect their market price, tending to make them less liquid and fall more in response to selling pressure than is the case with large companies. Finally, medium and small companies may have limited markets, product lines or financial resources and may lack management experience. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Pandemic Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The spread of an infectious illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. The outbreak has resulted in travel and border restrictions, quarantines, curfews, restrictions on large gatherings, cancellations, lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains and general public concern and uncertainty. While governments have taken unprecedented actions to limit disruption to the financial system caused by COVID-19, global financial markets have experienced, and may continue to experience, significant losses in value, volatility and liquidity constraints resulting from the spread of the disease. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund, including political, social and economic risks. Any such impact could adversely affect the Fund&#8217;s performance and the performance of the securities in which the Fund invests, and may lead to losses on your investment in the Fund. The full extent of the impact of COVID-19 on the Fund&#8217;s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the disease. Like COVID-19, other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors, the health of the markets generally, and the Fund&#8217;s performance in potentially significant and unforeseen ways. </font>
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              <font style="font-weight:bold;letter-spacing:-0.2pt;">Real Estate Industry Concentration Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund concentrates its investments in the real estate industry and its portfolio may be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of the Fund&#8217;s shares is affected by factors affecting the value of real estate and the earnings of companies engaged in the real estate industry. These factors include, among others: (i)&#160;changes in general economic and market conditions; (ii)&#160;changes in the value of real estate properties; (iii)&#160;risks related to local economic conditions, overbuilding and increased competition; (iv)&#160;increases in property taxes and operating expenses; (v)&#160;changes in zoning laws; (vi)&#160;casualty and condemnation losses; (vii)&#160;variations in rental income, neighborhood values or the appeal of property to tenants; (viii)&#160;the availability of financing, and (ix)&#160;changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company&#8217;s operations and market value in periods of rising interest rates. The value of securities of companies in the real estate industry may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general. To the extent that the Fund invests in real estate securities designated as REITs, if a court were to disregard the limited liability legal structure of a REIT, the Fund could be liable for a portion of claims in excess of that REITs assets, such as claims arising from environmental problems. Failure to qualify as a REIT under the Internal Revenue Code would increase the REITs tax liability thereby reducing the REIT&#8217;s net income available for investment or distribution; additionally, certain preferred tax treatment of distributions would no longer be passed through to investors. </font>
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              <font style="font-weight:bold;letter-spacing:-0.2pt;">Repurchase Policy Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Annual repurchases by the Fund of its Shares typically are funded from available cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund&#8217;s NAV. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Structured Note Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The value of a structured note will be influenced by time to maturity, level of supply and demand for the type of note; interest rates, commodity, currency or relevant index market volatility; changes in the issuer&#8217;s credit quality rating; and economic, legal, political or geographic events that affect the reference index. In addition, there may be a lag between a change in the value of the reference index and the value of the structured note. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market. In the event that the issuer of the structured note defaults, it is possible that the Fund could lose its entire investment. </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Underlying Funds Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in ETFs, mutual funds, closed-end funds and AIFs. There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds (such as the use of derivatives). The Underlying Funds in which the Fund invests that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transactions costs and other expenses of the Underlying Funds. The shares of closed-end funds frequently trade at a discount to their net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase. </font>
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            <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
              <font style="letter-spacing:0.2pt;">&#8226;</font>
              <br >
            </div>
            <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
              <font style="font-weight:bold;letter-spacing:-0.2pt;">Valuation Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Illiquid investments must be valued by the Fund using fair value procedures. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. </font>
            </div>
            <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Additional risks relating to the Fund include risks resulting from: </font>
          </div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Closed-End Interval Fund&#160;Structure; Liquidity Risks.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not list the Shares for trading on any securities exchange, and, unless the Shares are listed on a securities exchange, the Fund does not expect any secondary market to develop for the Shares. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Non-Diversification Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund is classified as &#8220;non-diversified&#8221; under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a &#8220;diversified&#8221; fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
          </div>
          <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Risks Relating to the Fund&#8217;s RIC Status.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;If the Fund fails to qualify for taxation as a RIC for any reason, it would be subject to regular corporate-level U.S. federal income taxes on all of its taxable income and gains, and the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and prospective investors should invest in the Fund only if they can sustain a complete loss of their investments.</font>
          </div>
        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">11</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSOFA">&#8203;</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:10pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">SUMMARY OF FEES AND EXPENSES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>
          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The following table illustrates the aggregate fees and expenses that the Fund expects to incur and that holders of Shares can expect to bear directly or indirectly. </font>
          </div>

            <table style="width:456pt;height:225.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:-0.16pt;">Shareholder Fees </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">Class&#160;I </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">Class&#160;A </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">Class&#160;T </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">Class&#160;C </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:1.917pt 0pt 0.833pt 0pt; width:306.56pt;white-space:normal;text-align:left;">
                  <div style="margin-left:10pt; text-indent:-10pt;">
                    <font style="letter-spacing:0.2pt;">Maximum Sales Load Imposed on Purchases (as a&#160;percentage of offering price) </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">None</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">5.75<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">3.00<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">None</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:2.167pt 0pt 0.833pt 0pt; width:306.56pt;white-space:normal;text-align:left;">
                  <div style="margin-left:10pt; text-indent:-10pt;">
                    <font style="font-weight:bold;letter-spacing:-0.2pt;">Annual Fund&#160;Expenses</font><font style=" position:relative; bottom:4.25pt;font-weight:bold;font-size:7.5pt;letter-spacing:-0.15pt;">(1)</font><font style="letter-spacing:0.2pt;"> (as a&#160;percentage of average net assets attributable to Shares) </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:9.99999999999999pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Management Fee </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">1.35<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">1.35<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">1.35<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">1.35<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Interest Payments on Borrowed Funds</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(2)</font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.58<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.58<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.58<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.58<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <font style="letter-spacing:0.2pt;">Other Expenses </font>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:0pt 0pt 0.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Shareholder Servicing Fee</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(3)</font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">None</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.25<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.25<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.25<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Distribution Fee</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(3)</font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">None</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.50<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.75<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Remaining Other Expenses </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.92<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">0.92<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.92<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">0.92<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Acquired Fund&#160;Fees and Expenses</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)</font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:18pt; text-align:right; white-space:nowrap;">1.41<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:15.75pt; text-align:right; white-space:nowrap;">1.41<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:18pt; text-align:right; white-space:nowrap;">1.41<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:18pt; text-align:right; white-space:nowrap;">1.41<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="border-bottom:1px solid #FFFFFF;padding:3.25pt 0pt 2.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Total Annual Fund&#160;Operating Expenses </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:18pt; text-align:right; white-space:nowrap;">4.26<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:15.75pt; text-align:right; white-space:nowrap;">4.51<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:18pt; text-align:right; white-space:nowrap;">5.01<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:18pt; text-align:right; white-space:nowrap;">5.26<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.25pt 0pt 1.5pt 0pt; width:306.56pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Fee Waiver and/or Expense Reimbursement</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(5)</font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8722;0.57<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">-0.57<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8722;0.57<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:18pt; text-align:right; white-space:nowrap;">&#8722;0.57<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:2.167pt 0pt 2.583pt 0pt; width:306.56pt;white-space:normal;text-align:left;">
                  <div style="margin-left:10pt; text-indent:-10pt;">
                    <font style="letter-spacing:0.2pt;">Total Annual Fund&#160;Operating Expenses (after Fee Waiver and/or Expense Reimbursement)</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">&#65279;(5)</font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:18pt; text-align:right; white-space:nowrap;">3.69<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:15.75pt; text-align:right; white-space:nowrap;">3.94<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:1.095pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:18pt; text-align:right; white-space:nowrap;">4.44<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.515000000000001pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:0pt; text-align:right; ">&#8203;</td>
                <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:18pt; text-align:right; white-space:nowrap;">4.69<font style="position:absolute;">%</font></td>
                <td style="padding:0pt;padding-left:0.725pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
            </table>

          <div style="margin-top:5.6pt; width:456pt;">
            <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
          </div>
          <div style=" float:left; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The operating expenses in this fee table will not correlate to the expense ratio in the Fund&#8217;s financial highlights because this fee table reflects the Fund&#8217;s current Management Fee and only the direct operating expenses incurred by the Fund and not Acquired Fund&#160;Fees and Expenses. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Interest Payments on Borrowed Funds are based on estimated amounts for the current fiscal year. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares are subject to a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to the respective share class. Class&#160;T Shares and Class&#160;C Shares will pay the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.50% for Class&#160;T Shares and 0.75% for Class&#160;C Shares of the average daily net assets attributable to the respective share class and will be payable on a monthly basis. See &#8220;Distribution of Shares.&#8221; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Acquired Fund&#160;Fees and Expenses are the indirect costs of investing in other investment companies, including private funds, but does not include REITs. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(5)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Destra has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least November&#160;30, 2022, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.95% for Class&#160;A Shares, 2.45% for Class&#160;T Shares, 2.70% for Class&#160;C Shares and 1.70% for Class&#160;I Shares of each class&#8217;s net assets, respectively (the &#8220;Expense Limitation&#8221;). In consideration of Destra&#8217;s agreement to limit the Fund&#8217;s expenses, the Fund has agreed to repay Destra pro&#160;rata in the amount of any Fund expense paid or waived by Destra, subject to the limitations that: (1)&#160;the reimbursement for expenses will be made only if payable not more than three&#160;years following the date such payment or waiver was made; and (2)&#160;the reimbursement may not be made if it would cause the Fund&#8217;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the ordinary operating expenses that are the subject of the repayment, to be exceeded. Destra may not terminate the Expense Limitation Agreement during </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        </div>
        <div style="clear:both;font-size:0pt;">&#8203;</div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="border:1pt #000 solid;margin-top:3.85pt;min-height:694pt;margin-left:57.66pt;width:480pt;">
        <div style="margin-top:10pt;margin-bottom:246.5pt; margin-left:12pt;width:456pt;">
          <div style="margin-left:20pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">the initial term. The Expense Limitation agreement may be terminated before November&#160;30, 2022 only by the Fund&#8217;s Board of Trustees, on 60&#160;days&#8217; written notice to the Adviser. </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
              <font style="letter-spacing:0.2pt;">The Fees and Fund&#160;Expenses Table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. More information about sales load discounts that may apply to purchases of Class&#160;A Shares and Class&#160;T Shares is available from your financial professional. More information about management fees, fee waivers and other expenses is available in &#8220;Management of the Fund&#8221; starting on page&#160;58 of this prospectus. </font>
            </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Examples:</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>

            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
              <font style="letter-spacing:0.2pt;">The following examples demonstrate the projected dollar amount of total expenses that would be incurred over various periods with respect to a $1,000 investment assuming the Fund&#8217;s direct and indirect annual operating expenses would remain at the&#160;percentage levels set forth in the table above and Shares earn a 5.0% annual return (the example assumes the Fund&#8217;s current Expense Limitation will remain in effect until November&#160;30, 2022): </font>
            </div>


            <table style="width:416pt;height:70.5pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt; width:268.38pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:-0.16pt;">Share Class</font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">1 Year </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">3 Years </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">5 Years </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
                <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.833pt 0pt;" colspan="4">
                  <div style="white-space:nowrap; text-align:center;">
                    <font style="letter-spacing:-0.16pt;">10 Years </font>
                  </div>
                </td>
                <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.25pt 0pt 1.5pt 0pt; width:268.38pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Class&#160;I </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">37 </td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">124 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">212 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">439 </td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:268.38pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Class&#160;A </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">95 </td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">181 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">268 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">490 </td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:268.38pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Class&#160;T </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">73 </td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">171 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">269 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">513 </td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
              <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
                <td style="padding:3.5pt 0pt 1.5pt 0pt; width:268.38pt;text-align:left;">
                  <div style="white-space:nowrap;">
                    <font style="letter-spacing:0.2pt;">Class&#160;C </font>
                  </div>
                </td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">47 </td>
                <td style="padding:0pt;padding-left:3.3pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">152 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">257 </td>
                <td style="padding:0pt;padding-left:2.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt; width:6pt;">&#8203;</td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
                <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">516</td>
                <td style="padding:0pt;padding-left:4.34pt;width:0pt;">&#8203;</td>
                <td style="padding:0pt; width:0pt;">&#8203;</td>
              </tr>
            </table>


            <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
              <font style="letter-spacing:0.2pt;">The Examples above should not be considered a representation of the Fund&#8217;s future expenses, and actual expenses may be greater or less than those shown. For example, although the table above assumes the Fund&#8217;s current Expense Limitation will remain in effect until November&#160;30, 2022, the Fund currently expects to maintain an Expense Limitation for the life of the Fund. While the Examples assume a 5.0% annual return, as required by the SEC, the Fund&#8217;s performance will vary and may result in a return greater or less than 5.0%. In addition, the Examples assume reinvestment of all distributions pursuant to the Dividend Reinvestment Plan (&#8220;DRP&#8221;). If Shareholders request repurchase proceeds be paid by wire transfer, such Shareholders will be assessed an outgoing wire transfer fee at prevailing rates charged by UMB Fund&#160;Services, Inc. (the &#8220;Administrator&#8221;). If a Shareholder requests an expedited payment by wire transfer, the applicable outgoing wire transfer fee may be deducted from the Shareholder&#8217;s repurchase proceeds. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see &#8220;Fund&#160;Expenses,&#8221; &#8220;Management Fee&#8221; and &#8220;Purchases of Shares.&#8221; </font>
            </div>

        </div>
        <div style="margin-top:2pt;margin-left:12pt;width:456pt;">
          <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#160;</font>
            <br >
          </div>
        </div>
      </div>
      <div style="margin-top:2.1316282072803E-14pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:1.97999999999996pt;margin-left:46.86pt;width:680pt;">

          <div style="text-indent:20pt; margin-top:8pt; width:680pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The financial highlights tables are intended to help you understand the Fund&#8217;s financial performance. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from the Fund&#8217;s financial statements, found in the Fund&#8217;s annual report for the year ended February&#160;28, 2021 (&#8220;Annual Report&#8221;), which has been audited by Cohen &amp; Company, Ltd., an independent registered public accounting firm, whose report, along with the Fund&#8217;s financial statements and notes thereto, appears in the Fund&#8217;s Annual Report. The Fund&#8217;s Annual Report, which is incorporated by reference into this Prospectus, is available upon request and without charge from the Fund by calling 844-9DESTRA (933-7872), accessing the Fund&#8217;s &#8220;Literature&#8221; page on the Fund&#8217;s website at destracapital.com or by following this hyperlink: <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/0001523289/000182912621003603/destramultialter_ncsr.htm">https://www.sec.gov/Archives/edgar/data/0001523289/000182912621003603/destramultialter_ncsr.htm</a>. The information for the periods ended February&#160;28, 2019, February&#160;28, 2018 and February&#160;28, 2017 was audited by the Fund&#8217;s former independent registered public accounting firm. The information in the tables below should be read in conjunction with each of those financial statements and the notes thereto. </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Destra Multi-Alternative Fund&#8201;&#8212;&#8201;Class&#160;I</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">FINANCIAL HIGHLIGHTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">For a share of common stock outstanding throughout the periods indicated</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:680pt;height:235pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, Beginning of Period</font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.25 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.81 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">14.64 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.86 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.24 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">16.75 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">17.02 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">From Operations: </font>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(2)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.09 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.25 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.18 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.25 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.42 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.48 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.30 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3.5pt 0pt 2.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net realized and unrealized gain (loss) </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.34<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.02 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.15<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.54<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">1.15 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(1.03<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.09 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total from Investment Operations </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.25<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.27 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.03 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.29<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">1.57 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.55<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.39 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Less Distributions to Shareholders: </font>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net investment income </font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.07<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.08<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.05<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.23<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.30<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.40<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.06<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net realized gain </font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.37<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From return of capital </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.65<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.75<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.81<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.70<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.65<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.56<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.23<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3.25pt 0pt 2.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total Distributions </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.72<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.83<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.86<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.93<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.95<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.96<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.66<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 3.25pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, End of Period</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">12.28 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.25 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.81 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">14.64 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.86 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.24 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">16.75 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.75pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Total Return </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:-0.15pt;">(3)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(1.58<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.90<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.17<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(2.39<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">10.52<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(3.37<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.37<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">
                <font style="letter-spacing:-0.2pt;">Ratios/Supplemental Data</font>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">14</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:64.27pt;margin-left:46.86pt;width:680pt;">

          <table style="width:680pt;height:170.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:266.85pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:8pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net assets, end of period (in thousands) </font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">36,633 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">35,208</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">18,879</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">5,395 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3,820 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">7,806 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1,185 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Ratio to average net assets (inclusive of interest expense): </font>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2.85<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.98<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.37<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.79<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.39<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.33<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2.28<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.57<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.18<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.57<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.39<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.33<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)(7)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">0.75<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.78<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.25<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.64<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.67<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.09<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.80<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Ratio to average net assets (excluding interest expense): </font>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2.27<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.11<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.89<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.76<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.29<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.24<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">1.70<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.70<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.70<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.55<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.29<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.24<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:266.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Portfolio turnover rate </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(8)</font> </div>
              </td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">26<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">42<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">19<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">27<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">13<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">21<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt; width:8pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">49<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:13.69pt; width:680pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:9.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:9.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The information for the periods prior to 2020 was audited by the Fund&#8217;s former independent registered public accounting firm. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on average shares outstanding during the period. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on the net asset value as of period end. Assumes an investment at net asset value at the beginning of the period, reinvestment of all distributions during the period and does not include payment of the maximum sales charge. The return would have been lower if certain expenses had not been waived or reimbursed by the investment adviser. Total returns for periods less than one year are not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Annualized for periods less than one year. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(5)</font>
            <br >
          </div>
          <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Ratios do not include expenses of the underlying Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(6)</font>
            <br >
          </div>
          <div style=" margin-top:5.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The contractual fee and expense waiver is reflected in both the net expense and net investment income (loss) ratios. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(7)</font>
            <br >
          </div>
          <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying Alternative Investment Funds in which the Fund invests. Ratios do not include net investment income of the Alternative Investment Funds in which the Fund invests.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:5.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(8)</font>
            <br >
          </div>
          <div style=" margin-top:5.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:2pt;margin-left:46.86pt;width:680pt;">

          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Destra Multi-Alternative Fund&#8201;&#8212;&#8201;Class&#160;A</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">FINANCIAL HIGHLIGHTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">For a share of common stock outstanding throughout the periods indicated</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:680pt;height:349pt;margin-top:9.99999999999999pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2013</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, Beginning of Year</font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">13.01</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">13.60 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">14.45 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">15.67 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">15.20 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">16.74 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">16.51 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">15.73 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">15.00 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">From Operations:</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(2)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">0.06 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">0.22 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.32 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.22 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.35 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.46 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.41 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">0.39 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">0.32 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3.5pt 0pt 2.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net realized and unrealized gain (loss) </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.33<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">0.01 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.32<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.52<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">1.06 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(1.04<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">0.80 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">1.29 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">0.77 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total from Investment Operations </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.27<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">0.23 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.30<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">1.41 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.58<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">1.21 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">1.68 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">1.09 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Less Distributions to Shareholders:</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net investment income </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(0.07<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(0.08<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.05<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.23<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.29<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.40<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.40<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.29<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">(0.36<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net realized gain </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.37<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.55<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From return of capital </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.64<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.74<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.80<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.69<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.65<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.56<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.21<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.06<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3.25pt 0pt 2.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total Distributions </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.71<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.82<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.85<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.92<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.94<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.96<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.98<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.90<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24pt; text-align:right; white-space:nowrap;">(0.36<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 3.25pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, End of Year</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">12.03</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">13.01 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">13.60 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">14.45 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">15.67 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">15.20 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">16.74 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">16.51 </td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:24pt; text-align:right; white-space:nowrap;">15.73 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.75pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Total Return </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:-0.15pt;">(3)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(1.80<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.59<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(0.05<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(2.56<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">9.48<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">(3.57<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">7.46<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">11.01<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">7.34<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <font style="letter-spacing:-0.2pt;">Ratios/Supplemental Data</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net assets, end of period (in thousands) </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">65,340</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">78,758</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">113,921</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">150,428</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">168,232</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">157,986</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">178,502</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">129,697</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">46,888 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:186.32pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Ratio to average net assets (inclusive of interest expense):</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.10<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.23<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.56<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.99<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.66<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.58<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.55<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.60<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2.61<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.53<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.82<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.37<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.80<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.66<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.58<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.61<font style="position:absolute;"><font style="font-weight:bold;"></font>%<font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(8</font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">)</font> </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.75<font style="position:absolute;"><font style="font-weight:bold;"></font>%<font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(8)</font> </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">1.75<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)(7)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">0.52<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.60<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.25<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1.42<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.25<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.87<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.43<font style="position:absolute;"><font style="font-weight:bold;"></font>%<font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(8)</font> </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2.46<font style="position:absolute;"><font style="font-weight:bold;"></font>%<font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(8)</font> </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">2.19<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.167pt 0pt 0.5pt 0pt; width:186.32pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Ratio to average net assets (excluding interest expense):</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:122.5pt;margin-left:46.86pt;width:680pt;">

          <table style="width:680pt;height:80.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:186.32pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2013</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.52<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.36<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.14<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.96<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.57<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.49<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.55<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.60<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.61<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.95<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.95<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.95<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.77<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.57<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.49<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.61<font style="position:absolute;"><font style="font-weight:bold;"></font>%<font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(8)</font> </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.75<font style="position:absolute;"><font style="font-weight:bold;"></font>%<font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(8)</font> </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.75<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:186.32pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Portfolio turnover rate </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(9)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">26<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">42<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">19<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">27<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">13<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">21<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">49<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">14<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:2.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">108<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:12.5pt; width:680pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The information for the periods prior to 2020 was audited by the Fund&#8217;s former independent registered public accounting firm. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on average shares outstanding during the period. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on the net asset value as of period end. Assumes an investment at net asset value at the beginning of the period, reinvestment of all distributions during the period and does not include payment of the maximum sales charge. The return would have been lower if certain expenses had not been waived or reimbursed by the investment adviser. Total returns for periods less than one year are not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Annualized for periods less than one year. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(5)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Ratios do not include expenses of the underlying Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(6)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The contractual fee and expense waiver is reflected in both the net expense and net investment income ratios. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(7)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying Alternative Investment Funds in which the Fund invests. Ratios do not include net investment income of the Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(8)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Such ratio includes the investment adviser&#8217;s recapture of waived/reimbursed fees from prior periods. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(9)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:2pt;margin-left:46.86pt;width:680pt;">

          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Destra Multi-Alternative Fund&#8201;&#8212;&#8201;Class&#160;T (As of July&#160;1, 2019, the Fund redesignated its issued and outstanding Class&#160;L Shares as Class&#160;T Shares)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">FINANCIAL HIGHLIGHTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">For a share of common stock outstanding throughout the periods indicated</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:680pt;height:348pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:2.75pt 0pt 2pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, Beginning of Period</font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">12.68 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.32 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">14.21 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.51 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.11 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">16.72 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">17.02 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.75pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">From Operations: </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(2)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.00 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.14 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.25 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.14 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.27 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.37 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.20 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3pt 0pt 2pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net realized and unrealized gain (loss) </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.32<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.01 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.31<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.53<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">1.06 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(1.03<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.17 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:2.75pt 0pt 2pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total from Investment Operations </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.32<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.15 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.06<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.39<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">1.33 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.66<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.37 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.75pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Less Distributions to Shareholders: </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net investment income </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.07<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.07<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.05<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.23<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.28<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.39<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.13<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net realized gain </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.35<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3pt 0pt 2pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From return of capital </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.62<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.72<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.78<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.68<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.65<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.56<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.19<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:2.75pt 0pt 2pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total Distributions </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.69<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.79<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.83<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.91<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.93<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.95<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.67<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.75pt 0pt 2.75pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, End of Period</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">11.67 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">12.68 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.32 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">14.21 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.51 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.11 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.75pt 0pt 2pt 0pt;border-bottom:3pt double #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">16.72 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.25pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Total Return </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:-0.15pt;">(3)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(2.26<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.10<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.46<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(3.13<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">9.01<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(4.03<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.25pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.25<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:-0.2pt;">Ratios/Supplemental Data</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net assets, end of period (in thousands) </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3,320 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3,966 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">4,845 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">6,570 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">9,192 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">9,143 </td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">8,356 </td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Ratio to average net assets (inclusive of interest expense): </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.60<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.73<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.06<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.46<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.16<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.08<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.05<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.03<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.32<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.87<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.28<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.16<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.08<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.05<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)(7)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.03<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.09<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.78<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.90<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.77<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.37<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.00<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Ratio to average net assets (excluding interest expense): </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">3.02<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.86<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.64<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.43<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.07<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.99<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.05<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.45<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.45<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.45<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.26<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.07<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">1.99<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">2.05<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Portfolio turnover rate </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(8)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">26<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">42<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">19<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">27<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">13<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">21<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.275pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">49<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:9.94pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:1.44999999999993pt;margin-left:46.86pt;width:680pt;">
        <div style="margin-top:4pt; width:680pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:7.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:7.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The information for the periods prior to 2020 was audited by the Fund&#8217;s former independent registered public accounting firm. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.31pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:3.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on average shares outstanding during the period. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.3pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:3.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on the net asset value as of period end. Assumes an investment at net asset value at the beginning of the period, reinvestment of all distributions during the period and does not include payment of the maximum sales charge. The return would have been lower if certain expenses had not been waived or reimbursed by the investment adviser. Total returns for periods less than one year are not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.31pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:3.31pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Annualized for periods less than one year. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(5)</font>
            <br >
          </div>
          <div style=" margin-top:3.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Ratios do not include expenses of the underlying Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.21pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(6)</font>
            <br >
          </div>
          <div style=" margin-top:3.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The contractual fee and expense waiver is reflected in both the net expense and net investment income (loss) ratios. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.2pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(7)</font>
            <br >
          </div>
          <div style=" margin-top:3.2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying Alternative Investment Funds in which the Fund invests. Ratios do not include net investment income of the Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.21pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(8)</font>
            <br >
          </div>
          <div style=" margin-top:3.21pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Destra Multi-Alternative Fund&#8201;&#8212;&#8201;Class&#160;C</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">FINANCIAL HIGHLIGHTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; width:680pt; line-height:12pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">For a share of common stock outstanding throughout the periods indicated</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <table style="width:680pt;height:170.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, Beginning of Period</font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">12.52</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">13.18 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">14.11 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.42 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">15.06 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">16.71 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">17.02 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">From Operations: </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income (loss) </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(2)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">(0.03<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.11 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.22 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.10 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.23 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.33 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">0.18 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:3.5pt 0pt 2.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net realized and unrealized gain (loss) </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(0.32<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.01 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.33<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.51<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">1.06 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(1.03<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.16 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total from Investment Operations </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(0.35<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.12 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.11<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.41<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">1.29 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.70<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">0.34 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Less Distributions to Shareholders: </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net investment income </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">(0.07<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.07<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.05<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.22<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.28<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.39<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.12<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From net realized gain </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">&#8212; </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 0.5pt 0pt; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.35<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">From return of capital </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:17.25pt; text-align:right; white-space:nowrap;">(0.61<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.71<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.77<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.68<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.65<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.56<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:20.25pt; text-align:right; white-space:nowrap;">(0.18<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">19</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="min-height:579.31pt;page-break-after:always; width:775.7pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:61.66pt;margin-left:46.86pt;width:680pt;">
        <div style="width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:2pt;margin-left:46.86pt;width:680pt;">

          <table style="width:680pt;height:233pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:294.85pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2021 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2020 </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2019</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2018</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2017</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Year</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;29, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2016</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">For the Period</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Ended</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">February&#160;28, </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">2015</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #CCEEFF;padding:3.25pt 0pt 2.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Total Distributions </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.68<font style="position:absolute;">)</font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.78<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.82<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.90<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.93<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.95<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">(0.65<font style="position:absolute;">) </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 3.25pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Net Asset Value, End of Period</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">11.49</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">12.52 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">13.18 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">14.11 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">15.42 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">15.06 </td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">16.71 </td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:2.75pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;font-weight:bold;">
                  <font style="letter-spacing:-0.2pt;">Total Return (3)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(2.54<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">0.88<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(0.80<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(3.32<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">8.73<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(4.28<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:2.75pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.04<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:-0.2pt;">Ratios/Supplemental Data</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net assets, end of period (in thousands) </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">10,249</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">11,966</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">16,451</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">24,575</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">24,585</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">19,046</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">10,926</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Ratio to average net assets (inclusive of interest expense): </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.85<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.98<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.31<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.75<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.40<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.33<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.28<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.57<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.12<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.55<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.40<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.33<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net investment income (loss) </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)(7)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">(0.23<font style="position:absolute;">)% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">0.85<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.58<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">0.68<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.48<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.12<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">1.76<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <font style="letter-spacing:0.2pt;">Ratio to average net assets (excluding interest expense): </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Gross expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.27<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">3.11<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.89<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.72<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.33<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.24<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Net expenses </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(4)(5)(6)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.70<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.70<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.70<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.53<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.33<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.24<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">2.30<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:294.85pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Portfolio turnover rate </font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">(8)</font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">26<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">42<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">19<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">27<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">13<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">21<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:4.775pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">49<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:7.44pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:12.5pt; width:680pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The information for the periods prior to 2020 was audited by the Fund&#8217;s former independent registered public accounting firm. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on average shares outstanding during the period. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Based on the net asset value as of period end. Assumes an investment at net asset value at the beginning of the period, reinvestment of all distributions during the period and does not include payment of the maximum sales charge. The return would have been lower if certain expenses had not been waived or reimbursed by the investment adviser. Total returns for periods less than one year are not annualized. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Annualized for periods less than one year.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(5)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Ratios do not include expenses of the underlying Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(6)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The contractual fee and expense waiver is reflected in both the net expense and net investment income (loss) ratios. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(7)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying Alternative Investment Funds in which the Fund invests. Ratios do not include net investment income of the Alternative Investment Funds in which the Fund invests. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:4pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(8)</font>
            <br >
          </div>
          <div style=" margin-top:4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Not annualized.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:1.99999999999997pt;height:12pt;margin-left:46.86pt;width:680pt;">
        <div style="text-align:center; width:680pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:49.64pt;margin-left:168.89pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">20</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSNRF">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">SENIOR SECURITIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The table below contains information related to the senior securities, including indebtedness, of the Fund for the time periods set below. </font>
          </div>


          <table style="width:456pt;height:111pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:120.46pt;text-align:left;">
                <font style="letter-spacing:-0.16pt;">Credit Facility, period ended </font>
                <br >
                <font style="letter-spacing:-0.16pt;">February&#160;28: </font>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2021</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2020</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)(2)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2019</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2018</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2017</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2016</font><font style="font-size:6pt;letter-spacing:-0.12pt;">(</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">2)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2015</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2014</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">2013</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:1.917pt 0pt 0.833pt 0pt; width:120.46pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Senior securities, end of period (000&#8217;s) </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">14,300</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">29,300</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">23,800<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">15,500<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">17,870<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:1.917pt 0pt 0.833pt 0pt; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;"><font style="font-weight:bold;"></font><font style=" position:relative; bottom:3.75pt;font-size:7.5pt;">(3)</font> </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:2.167pt 0pt 1.833pt 0pt; width:120.46pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Asset coverage, per $1,000 of senior security principal amount </font> </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">9,084 </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">5,433</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">7,475</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">13,062</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:21pt; text-align:right; white-space:nowrap;">11,855</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:2.167pt 0pt 1.833pt 0pt;border-bottom:1px solid #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:1.917pt 0pt 2.583pt 0pt; width:120.46pt;white-space:normal;text-align:left;">
                <div style="margin-left:10pt; text-indent:-10pt;">
                  <font style="letter-spacing:0.2pt;">Asset coverage ratio of senior securities </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">908<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">543<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">747<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">1306<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:21pt; text-align:right; white-space:nowrap;">1186<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;">% </font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:1.917pt 0pt 1.833pt 0pt;border-bottom:3pt double #000000; min-width:7.5pt; text-align:right; white-space:nowrap;">&#8212;<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0.5pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:5.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:7.11pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:7.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Audited by Cohen &amp; Company, Ltd., the Fund&#8217;s independent registered public accounting firm.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:3.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">Period ended February&#160;29. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.11pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:3.11pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">The information for the periods prior to 2020 was audited by the Fund&#39;s former independent registered public accounting firm. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:11.51pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Some of the statements in this prospectus constitute forward-looking statements because they relate to future events or the Fund&#8217;s future performance or financial condition. The forward-looking statements contained in this prospectus may include statements as to: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Fund&#8217;s future operating results; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Fund&#8217;s business prospects and the prospects of the companies in which the Fund may invest; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the impact of the investments that the Fund expects to make; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the ability of the Fund&#8217;s portfolio companies to achieve their objectives; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Fund&#8217;s current and expected financing arrangements and investments; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in the general interest rate environment; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the adequacy of the Fund&#8217;s cash resources, financing sources and working capital; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the timing and amount of cash flows, distributions and dividends, if any, from the Fund&#8217;s portfolio companies; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Fund&#8217;s contractual arrangements and relationships with third parties; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">actual and potential conflicts of interest with other accounts managed by Destra and Validus, or any of their affiliates; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the dependence of the Fund&#8217;s future success on the general economy and its effects on the industries in which the Fund may invest; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Fund&#8217;s use of financial leverage, if any; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the ability of the Advisers to locate suitable investments for the Fund and to monitor and administer the Fund&#8217;s investments; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the ability of the Advisers or their affiliates to attract and retain highly talented professionals; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the Fund&#8217;s ability to maintain its qualification as a RIC; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the impact on the Fund&#8217;s business of The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;) and the rules and regulations thereunder; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the effect of changes to tax legislation and the Fund&#8217;s tax position; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">21</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTHFU">&#8203;</a><a name="tTHAD">&#8203;</a><a name="tTHSU">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the tax status of the enterprises in which the Fund may invest. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect&#8221; and &#8220;intend&#8221; indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this prospectus involve risks and uncertainties. The Fund&#8217;s actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in &#8220;Types of Investments and Related Risks&#8221; and elsewhere in this prospectus. Other factors that could cause actual results to differ materially include: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.9pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">changes in the economy, including material changes in interest rates or credit spreads; </font>
        </div>
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          <font style="letter-spacing:0.2pt;">risks associated with possible disruption in the Fund&#8217;s operations or the economy generally due to terrorism or natural disasters; and </font>
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          <font style="letter-spacing:0.2pt;">future changes in laws or regulations and conditions in the Fund&#8217;s operating areas. </font>
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          <font style="letter-spacing:0.2pt;">The Fund has based the forward-looking statements included in this prospectus on information available to the Fund on the date of this prospectus. Except as required by the federal securities laws, the Fund undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Prospective investors are advised to consult any additional disclosures that the Fund may make directly to such prospective investors or through reports that the Fund may file in the future with the SEC. The forward-looking statements and projections contained in this prospectus are excluded from the safe harbor protection provided by Section&#160;27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and Section&#160;21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). </font>
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          <font style="letter-spacing:-0.2pt;">THE FUND</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund is a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund and registered under the 1940 Act. The Fund was organized as a Delaware statutory trust on June&#160;3, 2011 and commenced operations on March&#160;16, 2012. The Fund&#8217;s principal office is located at c/o&#160;Destra Capital Advisors LLC, 444 West Lake Street, Suite 1700, Chicago, IL 60606, and its telephone number is </font><font style="font-style:italic;letter-spacing:0.2pt;">844-9DESTRA (933-7872)</font><font style="letter-spacing:0.2pt;">. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Destra is the investment adviser to the Fund. Destra oversees the management of the Fund&#8217;s activities and is responsible for developing investment guidelines with Validus and overseeing investment decisions for the Fund&#8217;s portfolio. See &#8220;The Adviser.&#8221; Destra has engaged Validus to act as the Fund&#8217;s investment sub-adviser and make investment decisions for the Fund&#8217;s portfolio, subject to the oversight of Destra. Validus identifies investment opportunities and executes on its trading strategies subject to guidelines agreed to by Destra and Validus. See &#8220;The Sub-Adviser.&#8221; Responsibility for monitoring and overseeing the Fund&#8217;s management and operation is vested in the individuals who serve on the Board. See &#8220;Management of the Fund.&#8221; </font>
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          <font style="letter-spacing:-0.2pt;">THE ADVISER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Destra Capital Advisors LLC, an investment adviser registered with the SEC under the Advisers Act, serves as the Fund&#8217;s investment adviser. Destra has responsibility for the overall management of the Fund. It is also responsible for managing the Fund&#8217;s business affairs and providing day-to-day administrative services to the Fund. The principal office of Destra is located at 444 West Lake Street, Suite 1700, Chicago, Illinois&#160;60606. As of May&#160;31, 2021, Destra had approximately $475 million in assets under management. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra is a wholly-owned subsidiary of Destra Capital Management LLC, a sponsor of investment funds. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Please see &#8220;Management of the Fund&#8221; for information on the Key Personnel of Destra. </font>
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          <font style="letter-spacing:-0.2pt;">THE SUB-ADVISER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Validus acts as the Fund&#8217;s investment sub-adviser and makes investment decisions for the Fund&#8217;s portfolio subject to the oversight of Destra. Prior to August&#160;3, 2020, Pinhook Capital, LLC (&#8220;Pinhook&#8221;), </font>
          </div>

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          <font style="letter-spacing:0.2pt;">22</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUOP">&#8203;</a><a name="tIOOA">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">an affiliate of Validus, served as the Fund&#8217;s sub-adviser. Validus was established in June&#160;2012 for the purpose of providing investment advisory services based on a fundamental, bottom-up, stock specific research process, anchored by a proprietary ranking system, and founded on pre-existing principles. The firm provides separately managed account services as well as model strategies to institutional parties. The Fund has filed a notice of eligibility for exclusion from the definition of the term &#8220;commodity pool operator&#8221; with the U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) and the National Futures Association, which regulate trading in the futures markets. Pursuant to CFTC Regulation&#160;4.5, the Fund is not subject to regulation as a commodity pool under The Commodity Exchange Act (the &#8220;CEA&#8221;). Validus is operated by a person who has claimed an exclusion from the definition of the term &#8220;commodity pool operator&#8221; under the 1940 Act and, therefore, not subject to registration or regulation as a pool operator under the 1940 Act. Validus is located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128. As of May&#160;31, 2021, Validus had approximately $240&#160;million in assets under management. Validus uses both a quantitative screening process and a qualitative selection process when selecting securities for investment by the Fund in connection with the Fund&#8217;s strategy. An optimized asset allocation model is used to quantify targeted exposure ranges for various alternative sectors. Validus manages investments over a long-term time horizon, while being mindful of the historical context of the markets. Validus employs a regimen of quantitative and qualitative criteria to arrive at a universe of investments which it considers to be &#8220;best-of-breed.&#8221; Validus is paid by Destra out of the advisory fee Destra is paid by the Fund. Please see &#8220;Management of the Fund&#8221; for information on the Key Personnel of Validus. </font>
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          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The net proceeds of the Fund&#8217;s continuous offering of Shares, after payment of any sales load, will be invested in accordance with the Fund&#8217;s investment objective and policies (as stated below) as soon as practicable after receipt, except to the extent proceeds are held in cash to pay dividends or expenses, satisfy repurchase offers or for temporary defensive purposes. Pending investment of the net proceeds in accordance with the Fund&#8217;s investment objective and policies, the Fund will invest in money market or short-term fixed income mutual funds. </font>
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          <font style="letter-spacing:-0.2pt;">INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Investment Objective</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Fund&#8217;s investment objective is to seek returns from capital appreciation and income with an emphasis on income generation. There can be no assurance that the Fund will be able to achieve its investment objective. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investment Opportunities and Strategies</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">General Investment Strategy.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund pursues its investment objective by investing primarily in income-producing securities, including: (1)&#160;public and private real estate securities (including securities issued by real estate funds), (2)&#160;AIFs, which include BDCs, funds commonly known as &#8220;hedge funds&#8221; and other private investment funds, which may also include funds that primarily hold real estate investments, (3)&#160;master limited partnerships, (4)&#160;common and preferred stocks, and (5)&#160;structured notes, notes, bonds and asset-backed securities. The Fund defines AIFs as BDCs, real estate property funds, limited partnerships and limited liability companies that pursue investment strategies linked to real estate, small businesses or other investments that serve as alternatives to investments in traditional stocks and bonds (which could include any type of investment that is consistent with the investment strategy and not a traditional stock or bond). The Fund invests in securities of issuers without restriction as to market capitalization. The majority of the Fund&#8217;s investments are not traded on an exchange or in over-the-counter markets; consequently, the majority of the Fund&#8217;s investments are illiquid. The Fund&#8217;s investments may include investments in non-U.S. securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund provides investors with access to an actively managed portfolio of liquid and illiquid alternative investments, many of which are unavailable to the typical individual investor due to high minimum investment and accredited/qualified investor requirements. The Sub-Adviser employs a similar multi-asset approach to the Endowment Model while actively managing individual holdings and generating </font>
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          <font style="letter-spacing:0.2pt;">23</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">significant non-correlated income. The Endowment Model is a form of the strategic asset allocation model of portfolio construction that involves diversifying investments across strategies, asset classes and investment horizons, as opposed to the standard long-only stock and bond model. To that end, the Fund seeks to: </font>
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          <font style="letter-spacing:0.2pt;">Deliver current income to investors with low correlation to traditional equity and fixed-income investments by pursuing securities in asset classes considered non-traditional in nature; </font>
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          <font style="letter-spacing:0.2pt;">Seek illiquidity premiums, as the Fund has no finite life and therefore can pursue less liquid strategies as part of an overall portfolio, subject to near-term investor liquidity needs; </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Proactively manage security selection and asset class exposures through cutting-edge research capability, rigorous due diligence efforts, and a consistently applied investment process; and </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <font style="letter-spacing:0.2pt;">Provide institutional access on favorable terms; as the Sub-Adviser has added to the depth of the portfolio management team, the Fund has benefited from enhanced security selection capabilities and industry relationships in sourcing institutional-quality investments. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Under normal circumstances, the Fund invests over 25% of its net assets in the real estate industry, which it defines to include interests, debt or equity of both publicly traded and private companies engaged in the real estate industry, including, but not limited to, REITs, mortgage backed securities, interest in pooled investment entities, and other forms of securities relating to or involving real estate. This policy is fundamental and may not be changed without Shareholder approval. Real estate funds are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. The Statement of Additional Information contains a list of the fundamental (those that may not be changed without a Shareholder vote) and non-fundamental investment policies of the Fund under the heading &#8220;INVESTMENT RESTRICTIONS.&#8221; </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Validus uses both a quantitative screening process and a qualitative selection process when selecting securities for investment by the Fund in connection with the Fund&#8217;s strategy. An optimized asset allocation model is used to quantify targeted exposure ranges for various alternative sectors. No assurance can be given that any or all investment strategies, or the Fund&#8217;s investment program, will be successful. The Sub-Adviser utilizes a clearly defined philosophy which provides a disciplined investment strategy. When determining an asset allocation, the Sub-Adviser typically reviews at least the last ten&#160;years (if available) of market data history, which the Sub-Adviser regards as the most relevant for market forecasting purposes. The Sub-Adviser may strategically rebalance its asset allocation according to the current market conditions, but will remain true to its fundamental analysis with respect to real estate asset class and sector risk over time. The Sub-Adviser manages investments over a long-term time horizon, while being mindful of the historical context of the markets. The Sub-Adviser employs a regimen of quantitative and qualitative criteria to arrive at a universe of investments which it considers to be &#8220;best-of-breed.&#8221; The Sub-Adviser primarily selects securities with the highest expected income from a sector peer group of issuers with similar market capitalization, credit quality and/or risk-adjusted metrics. Secondarily, the Sub-Adviser considers securities&#8217; potential for capital appreciation. When constructing the Fund&#8217;s portfolio, the Sub-Adviser selects securities from sectors that it believes have relatively low volatility and will not be highly correlated to each other or to the equity or fixed income markets, generally. The Sub-Adviser considers low to moderate correlation or volatility strategies to be those which are expected to have 75% or less of the volatility of, or correlation to, the relevant market or index. </font>
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          <font style="letter-spacing:0.2pt;">Unless otherwise stated herein or in the SAI, the Fund&#8217;s investment policies are non-fundamental policies and may be changed by the Fund&#8217;s Board of Trustees without prior approval of the Fund&#8217;s Shareholders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Portfolio Composition</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Real Estate Securities</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">There are three main vehicles used to execute the Fund&#8217;s real estate-related investments: </font>
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          <font style="font-weight:bold;letter-spacing:-0.2pt;">Private and/or Non-Listed Real Estate Securities:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;This investment vehicle will be used to generate current income, and/or capital appreciation that is generally less volatile than other types of real estate securities. Investment criteria will include evaluating the strength of the sponsor and management. </font>
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          <font style="letter-spacing:0.2pt;">24</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">From an operations perspective, the Sub-Adviser will focus on the attractiveness of the specific property type; stability of income; distribution yield and distribution coverage from operations. From a financing perspective, the Sub-Adviser will focus on availability of debt and equity financing and target leverage levels. Finally, the Sub-Adviser will focus on a value-add liquidity event following the close of the offering. </font>
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          <font style="font-weight:bold;letter-spacing:-0.2pt;">Listed (Traded) Real Estate Securities Equities:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investment criteria on a macro level will include: relative attractiveness to the broader stock market, the impact of the debt capital markets on real estate securities, the supply and demand for commercial real estate overall, and the supply and demand for specific property types. On a micro level, the Sub-Adviser will focus on: the attractiveness of a specific property type, quality and historic success of management, relative value price-to-earnings, price-to-cash flow or funds-from-operations within a sector, whether the security is trading at a premium or discount to its NAV, and both internal (e.g., same store growth) and external (e.g., acquisitions and development) growth prospects to drive total earnings growth. </font>
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          <font style="font-weight:bold;letter-spacing:-0.2pt;">Real Estate Debt:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;In this investment vehicle, the Sub-Adviser will look at both current income opportunities and the ability to acquire debt or preferred stock (which the Fund defines to be a form of debt with respect to real estate) at a discount to face value. This vehicle could include, but is not limited to, secured property level debt, unsecured notes, unsecured notes and preferred equity convertible into common equity and preferred equity. Preferred equity historically trades at a higher yield and has a lower risk profile than its common equity, but also has lower capital gain potential unless it trades at a discount to par. This portion of the Sub-Adviser&#8217;s debt strategy will focus on quality of management, sustainability of the business model, coverage of the common dividend and liquidity of the instrument. </font>
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          <font style="letter-spacing:-0.2pt;">Alternative Investment Funds</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">AIFs selected by the Sub-Adviser include BDCs, funds that invest in private debt securities, hedge funds and other issuers of private placement securities each of which may pay performance-based fees to their managers. A BDC is a form of investment company that is required to invest at least 70% of its total assets in securities (typically debt) of private companies, thinly traded U.S. public companies, or short-term high-quality debt securities. Private or non-traded BDCs are illiquid and it may not be possible for the Fund to redeem shares or to do so without paying a substantial penalty. Publicly-traded BDCs usually trade at a discount to their NAV because they invest in unlisted securities and have limited access to capital markets. Additionally, the Fund may invest up to 15% of its net assets in securities of issuers commonly known as &#8220;hedge funds,&#8221; which are typically privately placed with investors without registration with the SEC, employ leverage and hedging strategies as well as pay their managers performance fees on gains. These performance fees may create an incentive for the manager of a hedge fund to enter into investments that are riskier or more speculative than would otherwise be the case. The Sub-Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations among each other or with the broad equity and fixed-income markets. The Sub-Adviser uses both a quantitative screening process and a qualitative selection process when selecting AIF securities for investment by the Fund in conjunction with its AIF strategy. To analyze AIFs, the Sub-Adviser relies on both proprietary research and research provided by third parties. The Sub-Adviser reviews each AIF&#8217;s management team, operations staff, past performance, philosophy, current holdings and investment process. Specific market opportunities, competitive advantages, relative strengths and weaknesses, and other important factors are also analyzed. Once an investment is made, the new AIF is re-evaluated and tracked on a monthly or quarterly basis. An AIF may be liquidated based on manager drift in style, underperformance, change in management team, deviation from risk management discipline and change in the AIF&#8217;s investment opportunity set or strategy, or any other factor that the Sub-Adviser feels will impact future performance. Depending on the terms of the Fund&#8217;s investment in an AIF, the Sub-Adviser may or may not be able to liquidate a certain AIF when it desires to do so. When using Underlying Funds to execute the Fund&#8217;s AIF strategy, the Sub-Adviser will consider each Underlying Fund&#8217;s expenses and quality of management in addition to analyzing the AIF securities held by the Underlying Fund. </font>
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          <font style="letter-spacing:-0.2pt;">Master Limited Partnerships</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">An MLP is a publicly traded or privately offered limited partnership or limited liability company. MLPs are typically engaged in one or more aspects of the exploration, production, processing, transmission, </font>
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          <font style="letter-spacing:0.2pt;">marketing, storage or delivery of energy-related commodities such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products. An investment in MLP units differ from an investment in the securities of a corporation. An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity level. If, as a result of a change in current law or a change in an MLP&#8217;s business, an MLP were treated as a corporation for federal income tax purposes, such an MLP would be obligated to pay federal income tax on its income at the corporate tax rate. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution by the MLP would be reduced and distributions received by investors would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain). Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to investors, as compared to an MLP that is not taxed as a corporation, likely causing a reduction in the value of Fund shares. In constructing the model, the Sub-Adviser considers a variety of factors, including but not limited to, market capitalization, liquidity, growth, credit rating, source of qualifying income, business focus, and structure of the MLPs. The Sub-Adviser may also further evaluate MLP investments on potential tax liabilities, trading costs, cash requirements and other factors, including the relative valuation of related MLP or other competing investments. </font>
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          <font style="letter-spacing:-0.2pt;">Common and Preferred Stocks</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Stocks are selected by the Sub-Adviser using a proprietary stock selection model that ranks all dividend-payers using specific fundamental characteristics that the Sub-Adviser believes are predictive of strong future total returns, dividend sustainability and dividend growth. These characteristics include the ability-to-pay ratio, dividend payout ratio, dividend yield, historical sales and dividend growth, cash flow conversion ratio, earnings momentum and return on capital. In addition, the Sub-Adviser eliminates stocks that violate specific ability-to-pay, payout ratio, and dividend yield thresholds that vary by sector. The Sub-Adviser may also engage in opportunistic trading strategies with securities that may not pay a dividend but have been identified as having potential short-term pricing inefficiencies. </font>
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          <font style="letter-spacing:-0.2pt;">Structured Notes</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Structured notes are selected by the Sub-Adviser to generate interest income and as an economic substitute for the reference index, currency or commodity to which the structured note payments are linked. The Sub-Adviser also may use structured notes to meet specific investment or risk management goals that cannot be met from the standardized financial instruments available in the markets. Structured products can be used as an alternative to a direct investment, as part of the asset allocation process to reduce risk exposure of the Fund&#8217;s portfolio or to capitalize on a current market trend. The Sub-Adviser selects structured notes of any maturity issued by an entity that the Sub-Adviser considers creditworthy. </font>
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          <font style="letter-spacing:-0.2pt;">Debt Securities</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Other debt securities are selected by the Sub-Adviser to generate interest income and diversify the Fund&#8217;s portfolio returns against equity market risks. The Fund invests without limit in fixed rate or floating rate debt instruments of any maturity that the Sub-Adviser believes are creditworthy or have acceptable recovery value in the event of default (through restructuring in or outside of bankruptcy) regardless of rating, including lower-quality debt securities commonly known as &#8220;high yield&#8221; or &#8220;junk&#8221; bonds. The Sub-Adviser employs measurers consisting of debt-to-assets, debt service coverage ratio and asset liquidation values and other metrics to assess credit quality. The Sub-Adviser selects ABS when it believes these securities offer higher yield or better prospects for capital preservation or appreciation than competing investments in traditional debt instruments. </font>
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          <font style="letter-spacing:-0.2pt;">Underlying Funds</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Sub-Adviser will invest in Underlying Funds when it wishes the Fund to have representation in a certain sector or security type, but cannot find sufficient or suitable individual securities that meet its </font>
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          <font style="letter-spacing:0.2pt;">investment criteria. The Sub-Adviser ranks Underlying Funds on relative expenses, past performance and strategy fit for the Fund. In general, the Sub-Adviser selects Underlying Funds that it believes offer more efficient execution of the Fund&#8217;s strategy, such as when ample individual investments are not readily available or the available investments do not meet the selection criteria of the Sub-Adviser, the Sub-Adviser may seek to invest in an Underlying Fund in order to gain indirect exposure to a particular sector or class of securities. </font>
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          <font style="letter-spacing:-0.2pt;">Other Information Regarding the Investment Strategy</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Fund may, from time to time, take defensive positions that are inconsistent with the Fund&#8217;s principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. During such times, the Sub-Adviser may determine that the Fund should invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objective. The Sub-Adviser may invest the Fund&#8217;s cash balances in any investments it deems appropriate. The Sub-Adviser expects that such investments will be made, without limitation and as permitted under the 1940 Act, in money market funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering into recommendations and decisions of the Sub-Adviser and the Fund&#8217;s portfolio managers are subjective. </font>
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          <font style="letter-spacing:0.2pt;">The frequency and amount of portfolio purchases and sales (known as the &#8220;portfolio turnover rate&#8221;) will vary from year to year. The portfolio turnover rate is not expected to exceed 100% for the current fiscal year but may vary greatly from year to year and will not be a limiting factor when the Sub-Adviser deems portfolio changes appropriate. Although the Fund generally does not intend to trade for short-term profits, the Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Sub-Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. Higher rates of portfolio turnover would likely result in higher brokerage commissions and may generate short-term capital gains taxable as ordinary income. If securities are not held for the applicable holding periods, dividends paid on them will not qualify for the advantageous federal tax rates. </font>
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          <font style="letter-spacing:0.2pt;">There is no assurance what portion, if any, of the Fund&#8217;s investments will qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund&#8217;s distributions will be designated as qualified dividend income. See &#8220;TAX ASPECTS&#8201;&#8212;&#8201;The Fund&#8217;s Investments.&#8221; </font>
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          <font style="letter-spacing:-0.2pt;">Other Characteristics</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Real Estate Securities</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Real Estate Investment Trusts.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund will invest in public and private real estate investment trusts. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. REITs may or may not be publicly-traded and the Fund may invest, without limitation, in REITs which are not publicly-traded. The market value of REIT shares and the ability of REITs to distribute income may be adversely affected by numerous factors, including rising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance costs, the cost of complying with the Americans with Disabilities Act, increasing competition and compliance with environmental laws, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, and other factors beyond the control of the issuers. In addition, distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. </font>
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          <font style="letter-spacing:0.2pt;">Distributions paid by REITs will generally not qualify for the reduced federal income tax rates applicable to qualified dividend income under the Code. Such dividends, however, may qualify as Section&#160;199A dividends. See &#8220;TAX ASPECTS&#8201;&#8212;&#8201;The Fund&#8217;s Investments.&#8221; </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Real Estate LPs, LLCs, Private Funds.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund will invest in public and private real estate LPs, LLCs, and other private funds. These public and private funds are often pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. The funds may or may not be publicly-traded and the Fund may invest, without limitation, in funds which are not publicly-traded. The market value of the private fund shares and their ability to distribute income may be affected by numerous factors, including rising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance costs, the cost of complying with the Americans with Disabilities Act, increasing competition and compliance with environmental laws, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws, and other factors beyond the control of the issuers. In addition, distributions received by the Fund from these funds may consist of dividends, capital gains and/or return of capital. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Preferred Stocks.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest in preferred stocks of real estate companies. Preferred stocks are securities that pay dividends at a specified rate and have a preference over common stocks in the payment of dividends and the liquidation of assets. This means that an issuer must pay dividends on its preferred stock prior to paying dividends on its common stock. In addition, in the event a company is liquidated, preferred shareholders must be fully repaid on their investments before common shareholders can receive any money from the company. Preferred shareholders, however, usually have no right to vote for a company&#8217;s directors or on other corporate matters. Preferred stocks pay a fixed stream of income to investors, and this income stream is a primary source of the long-term investment return on preferred stocks. As a result, the market value of preferred stocks is generally more sensitive to changes in interest rates than the market value of common stocks. In this respect, preferred stocks share many investment characteristics with debt securities. </font>
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          <font style="letter-spacing:-0.2pt;">Convertible Securities</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Convertible bonds and convertible preferred stocks are generally obligations of a company that can be converted into a predetermined number of shares of common stock of the company issuing the security. Convertible securities generally offer both defensive characteristics (i.e., provide income during periods when the market price of the underlying common stock declines) and upside potential (i.e., may provide capital appreciation when the market price of the underlying common stock rises). </font>
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          <font style="letter-spacing:0.2pt;">The Fund may invest in securities that have been privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule&#160;144A under the Securities Act of 1933. </font>
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          <font style="letter-spacing:-0.2pt;">Alternative Investment Funds</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The managers of AIFs employ a variety of &#8220;alternative&#8221; investment strategies to achieve attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns) with low correlation (expected to be less than 75%) to the broad equity and fixed-income markets. &#8220;Alternative&#8221; investment strategies, unlike pure &#8220;relative return strategies,&#8221; are generally managed without reference to the performance of equity, debt and other markets. AIFs selected by the Sub-Adviser include BDCs, funds that invest in private debt and or equity securities, hedge funds and other issuers of private placement securities, each of which may pay performance-based fees to their managers. </font>
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          <font style="letter-spacing:0.2pt;">With respect to BDCs, federal securities laws impose certain restraints upon the organization and operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or in thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high-quality debt instruments that mature in one year or less. BDCs may have performance-based incentive fees and frequently trade at a discount. </font>
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          <font style="letter-spacing:0.2pt;">The Sub-Adviser expects to invest in other forms of AIFs that employ non-traditional strategies such as investing in defaulted debt securities or in the securities of companies undergoing a merger, business spin-off or other form of restructuring. </font>
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          <font style="letter-spacing:0.2pt;">Additionally, the Fund may invest up to 15% of its net assets in securities of certain AIFs commonly known as &#8220;hedge funds,&#8221; which are typically privately placed with investors without registration with the </font>
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          <font style="letter-spacing:0.2pt;">SEC, employ leverage and hedging strategies as well as pay their managers performance fees on gains. These fees may create an incentive for the manager of a hedge fund to enter into investments that are riskier or more speculative than would otherwise be the case. The Sub-Adviser intends to allocate the Fund&#8217;s assets among AIFs that, in the view of the Sub-Adviser, represent attractive investment opportunities. In selecting AIFs, the Sub-Adviser (with the aid of research services employed by the Sub-Adviser), assesses the likely risks and returns of the different alternative investment strategies utilized by the AIFs, and evaluates the potential correlation among the investment strategies under consideration. The Sub-Adviser generally seeks to invest in AIFs whose expected risk-adjusted returns are determined to be attractive and likely to have low correlations among each other or with the broad equity and fixed-income markets. </font>
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          <font style="letter-spacing:-0.2pt;">Leverage</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund intends to use leverage to pursue its investment objective, including by borrowing funds from banks or other financial institutions, investing in derivative instruments with leverage embedded in them, and/or issuing debt securities. The Fund may borrow money or issue debt securities in an amount up to 33 1/3% of its total assets (50% of its net assets). The Fund intends to use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund&#8217;s assessment of market conditions and the investment environment. The Fund may also use leverage to fund distributions and its annual repurchase offers. </font>
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          <font style="letter-spacing:0.2pt;">The use of leverage can create risks. Changes in the value of the Fund&#8217;s portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the Shareholders. If there is a net decrease or increase in the value of the Fund&#8217;s investment portfolio, leverage will decrease or increase, as the case may be, the NAV per Share to a greater extent than if the Fund did not utilize leverage. A reduction in the Fund&#8217;s NAV may cause a reduction in the market price of the Shares. The Fund&#8217;s leverage strategy may not be successful. </font>
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          <font style="letter-spacing:0.2pt;">Certain types of leverage by the Fund may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings for any short-term debt securities issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. Destra does not believe that these covenants or guidelines will impede it from managing the Fund&#8217;s portfolio in accordance with its investment objective and policies if the Fund were to use leverage. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the 1940 Act, the Fund is not permitted to issue senior securities if, immediately after the issuance of such senior securities, the Fund would have an asset coverage ratio (as defined in the 1940 Act) of less than 300% with respect to senior securities representing indebtedness (</font><font style="font-style:italic;letter-spacing:0.2pt;">i.e.</font><font style="letter-spacing:0.2pt;">, for every dollar of indebtedness outstanding, the Fund is required to have at least three dollars of assets). The 1940 Act also provides that the Fund may not declare distributions, or purchase its stock (including through share repurchases), if immediately after doing so it will have an asset coverage ratio of less than 300%. Under the 1940 Act, certain short-term borrowings (such as for cash management purposes) are not subject to these limitations if (i)&#160;repaid within 60&#160;days, (ii)&#160;not extended or renewed and (iii)&#160;not in excess of 5% of the total assets of the Fund. </font>
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            <font style="letter-spacing:0.2pt;">The Fund may leverage its portfolio by entering into one or more credit facilities. On January&#160;16, 2018, the Fund entered into a secured, revolving line of credit facility with Barclays Bank PLC (the &#8220;Credit Facility&#8221;). Effective January&#160;8, 2021, the Credit Agreement was extended for an additional nine month term expiring on September&#160;30, 2021. The Fund may borrow an amount up to the lesser of the Credit Facility maximum commitment financing of $30,000,000 or one-third of the value of its total assets. </font>
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          <font style="letter-spacing:0.2pt;">The Fund may also use derivative strategies that have economic leverage embedded in them. The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. </font>
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          <font style="letter-spacing:0.2pt;">For risks associated with the Fund&#8217;s leverage strategies and the transactions associated therewith, see &#8220;Types of Investments and Related Risks.&#8221; </font>
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          <font style="letter-spacing:-0.2pt;">Temporary Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund may, from time to time, take defensive positions that are inconsistent with the Fund&#8217;s principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. During such times, the Sub-Adviser may determine that the Fund should invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities. In these and in other cases, the Fund may not achieve its investment objective. The Sub-Adviser may invest the Fund&#8217;s cash balances in any investments it deems appropriate. The Sub-Adviser expects that such investments will be made, without limitation and as permitted under the 1940 Act, in money market funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering into recommendations and decisions of the Sub-Adviser and the Fund&#8217;s portfolio managers are subjective. </font>
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          <font style="letter-spacing:-0.2pt;">Segregation and Cover Requirements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As a closed-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act, the rules thereunder, and various SEC and SEC staff interpretive positions. In accordance with these laws, rules and positions, the Fund may &#8220;set aside&#8221; liquid assets (often referred to as &#8220;asset segregation&#8221;), or engage in other SEC- or staff-approved measures, to &#8220;cover&#8221; open positions with respect to certain kinds of derivatives and certain other portfolio transactions that could be considered &#8220;senior securities&#8221; as defined in Section&#160;18(g) of the 1940 Act. With respect to certain derivatives that are contractually required to cash settle, for example, the Fund is permitted to set aside liquid assets in an amount equal to the Fund&#8217;s daily marked-to-market net obligations (</font><font style="font-style:italic;letter-spacing:0.2pt;">i.e.</font><font style="letter-spacing:0.2pt;">, the Fund&#8217;s daily net liability) under the contracts, if any, rather than such contracts&#8217; full notional value. The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes in the positions from time to time announced by the SEC or its staff regarding asset segregation. These segregation and coverage requirements could result in the Fund&#8217;s maintaining securities positions that it would otherwise liquidate, segregating assets at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such segregation and cover requirements will not limit or offset losses on related positions. </font>
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          <font style="letter-spacing:-0.2pt;">Portfolio Turnover</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund is actively managed, and accordingly, it is possible that the portfolio turnover rate may exceed 100% in any fiscal year. The Fund&#8217;s portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the particular fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the particular fiscal year. Portfolio turnover may have certain adverse tax consequences for Shareholders. </font>
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          <font style="letter-spacing:-0.2pt;">TYPES OF INVESTMENTS AND RELATED RISKS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">Investing in the Fund involves risks, including the risk that an investor may receive little or no return on his, her or its investment or that an investor may lose part or all of such investment. Therefore, investors should consider carefully the following principal risks before investing in the Fund. The risks described below are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund and the Shares. Prospective investors should read this entire prospectus and consult with their own advisers before deciding whether to invest in the Fund. In addition, as the investment program of the Fund changes or develops over time, an investment in the Fund may be subject to risks not described in this prospectus and different risks may be more significant at different times. During the pendency of this Offering, the Fund will update this prospectus to account for any material changes in the risks involved with an investment in the Fund. In this section, the term &#8220;Advisers&#8221; refers to both Destra and/or Validus, as applicable.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">Principal Risks Relating to Investment Strategies and Fund&#160;Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Pandemic Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December&#160;2019 and has spread internationally. The outbreak has resulted in closing borders and quarantines, enhanced health screenings, cancellations, disrupted supply chains and customer activity, and has produced general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect national and global economies, individual companies and the market in general in a manner that cannot be foreseen at the present time. Health crises caused by the recent outbreak may heighten other pre-existing political, social and economic risks in a country or region. In the event of a pandemic or an outbreak, there can be no assurance that the Fund and its service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. The full impacts of a pandemic or disease outbreak are unknown, resulting in a high degree of uncertainty for potentially extended periods of time. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Private and Hedge Fund&#160;Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;When the Fund invests in securities issued by private investment funds and hedge funds, it will bear its </font><font style="font-style:italic;letter-spacing:0.2pt;">pro&#160;rata</font><font style="letter-spacing:0.2pt;"> portion of the funds&#8217; expenses. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations, thereby increasing indirect costs and potentially reducing returns to Shareholders. A fund in which the Fund invests has its own investment risks, and those risks can affect the value of the private fund&#8217;s or hedge fund&#8217;s shares and therefore the value of the Fund&#8217;s investments. There can be no assurance that the investment objective of a private fund or hedge fund will be achieved. A private investment fund or hedge fund may change its investment objective or policies without the Fund&#8217;s approval, which could force the Fund to withdraw its investment from such fund at a time that is unfavorable. In addition, one private fund or hedge fund may buy the same securities that another investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose. Hedge funds often engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Hedge funds can be highly illiquid and often charge high fees that can erode performance. Additionally, private funds and hedge funds may involve complex tax structures and delays in distributing tax information. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">BDC Risk</font><font style="font-weight:bold;letter-spacing:-0.2pt;">.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC&#8217;s portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various risks, including management&#8217;s ability to meet the BDC&#8217;s investment objective and to manage the BDC&#8217;s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors&#8217; perceptions regarding a BDC or its underlying investments change. Private BDCs are illiquid investments, and there is no guarantee the Fund will be able to liquidate or sell its private BDC investments. </font>
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          <font style="letter-spacing:0.2pt;">31</font>
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          <font style="letter-spacing:0.2pt;">Certain BDCs may use leverage in their portfolios through borrowings or the issuance of preferred stock. While leverage may increase the yield and total return of a BDC, it also subjects the BDC to increased risks, including magnification of any investment losses and increased volatility. In addition, a BDC&#8217;s income may fall if the interest rate on any borrowings of the BDC rises. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Investment and Market Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;An investment in the Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Shares represents an indirect investment in the portfolio of securities and investments owned by the Fund, and the value of these securities and loans may fluctuate, sometimes rapidly and unpredictably. For instance, during periods of global economic downturn, the secondary markets for corporate bonds and investments with similar economic characteristics can experience sudden and sharp price swings, which can be exacerbated by large or sustained sales by major investors in these markets, a high-profile default by a major borrower, movements in indices tied to these markets or related securities or investments, or a change in the market&#8217;s perception of bonds and investments with similar economic characteristics (such as second lien loans and unsecured loans) and corporate bonds. At any point in time, an investment in the Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund, if any, and the ability of Shareholders to reinvest dividends. The Fund anticipates using leverage, which will magnify the Fund&#8217;s risks and, in turn, the risks to the Shareholders. Use of leverage is subject to the risks described below under &#8220;&#8212; Risks Relating to the Fund&#8217;s Investment Program&#8201;&#8212;&#8201;Leverage Risk.&#8221; </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Credit Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Credit risk is the risk that an issuer of a security may be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer&#8217;s ability or willingness to make such payments. Credit risk may be heightened for the Fund because it and Underlying Funds may invest in below investment grade securities, which are commonly referred to as &#8220;junk&#8221; and &#8220;high yield&#8221; securities; such securities, while generally offering the potential for higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of dividend or interest deferral, default or bankruptcy, and are regarded as predominantly speculative with respect to the issuer&#8217;s capacity to pay dividends or interest and repay principal. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Some investments are not readily marketable and may be subject to restrictions on resale. When a secondary market exists, the market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets that may be invested in securities that are not readily marketable or are subject to restrictions on resale. Further, the lack of an established secondary market for illiquid investments may make it more difficult to value such securities, which may negatively affect the price the Fund would receive upon disposition of such securities. The Adviser&#8217;s judgment may play a greater role in the valuation process. See &#8220;Valuation Risk.&#8221; </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Interest Rate Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund is subject to financial market risks, including changes in interest rates. General interest rate fluctuations may have a substantial negative impact on the Fund&#8217;s investments and investment opportunities and, accordingly, have a material adverse effect on the Fund&#8217;s investment objective and the Fund&#8217;s rate of return on invested capital. In addition, an increase in interest rates would make it more expensive to use debt for the Fund&#8217;s financing needs, if any. </font>
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            <font style="letter-spacing:0.2pt;">Interest rates have recently been at or near historic lows. The historically low interest rate environment increases the risks associated with rising interest rates, including the potential for periods of volatility. The Fund currently faces a heightened level of interest rate risk, especially since the Federal Reserve Board has ended its quantitative easing program and has begun to increase certain benchmark interest rates. In the event of a rising interest rate environment, payments under floating rate debt instruments would rise and there may be a significant number of issuers of such floating rate debt instruments that would be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, fixed rate debt instruments may decline in value because the fixed rates of interest paid thereunder may be below market interest rates. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Below Investment Grade Rating Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Debt instruments that are rated below investment grade are often referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Below investment grade bonds, high-yield </font>
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          <font style="letter-spacing:0.2pt;">securities and other similar instruments are rated &#8220;Ba1&#8221; or lower by Moody&#8217;s, &#8220;BB+&#8221; or lower by S&amp;P or &#8220;BB+&#8221; or lower by Fitch or, if unrated, are judged by the Advisers to be of comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of a corporate bond that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the borrower&#8217;s financial condition. Below investment grade corporate bonds and similar instruments often are considered to be speculative with respect to the capacity of the borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some borrowers issuing such corporate bonds and similar debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments. </font>
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          <font style="letter-spacing:0.2pt;">The secondary market for below investment grade corporate bonds and similar instruments may be less liquid than that for higher rated instruments. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund&#8217;s ability to achieve its investment objectives will be more dependent on the Adviser&#8217;s credit analysis than would be the case when the Fund invests in rated securities. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Distribution Policy Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund&#8217;s distribution policy is expected to result in distributions that equal a fixed&#160;percentage of the Fund&#8217;s current NAV per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Return of capital is the portion of a distribution that is a return of your original investment dollars in the Fund. Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Inflation/Deflation Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Inflation risk is the risk that the value of certain assets or income from the Fund&#8217;s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund&#8217;s use of leverage would likely increase, which would tend to further reduce returns to the Shareholders. Deflation risk is the risk that prices throughout the economy decline over time&#8201;&#8212;&#8201;the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of borrowers and may make borrower defaults more likely, which may result in a decline in the value of the Fund&#8217;s portfolio. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Structured Products Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;</font><font style="font-style:italic;letter-spacing:0.2pt;">General.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest in structured products, including, without limitation, structured notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. </font>
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          <font style="letter-spacing:0.2pt;">The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same assets, investors in structured products generally pay their share of the structured product&#8217;s administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter-term financing to purchase longer-term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund. </font>
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          <font style="letter-spacing:0.2pt;">Investments in structured products involve risks, including credit risk and market risk. Certain structured products may be thinly traded or have a limited trading market. Where the Fund&#8217;s investments in structured products are based upon the movement of one or more factors, including currency exchange </font>
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          <font style="letter-spacing:0.2pt;">33</font>
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          <font style="letter-spacing:0.2pt;">rates, interest rates, reference bonds (or loans) and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of any factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on a structured product to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity of the structured product. Structured products may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the product. </font>
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          <font style="letter-spacing:0.2pt;">The Fund may invest in structured products collateralized by below investment grade or distressed loans or securities. Investments in such structured products are subject to the risks associated with below investment grade securities, described above under &#8220;&#8212; Below Investment Grade Rating Risk.&#8221; Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Structured Notes Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investments in structured notes involve risks, including credit risk and market risk. Where the Fund&#8217;s investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Non-U.S. Securities Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investments in certain non-U.S. securities involve factors not typically associated with investing in the United States or other developed countries, including risks relating to: (i)&#160;differences between U.S. and non-U.S. securities markets, including potential price volatility in and relative illiquidity of some non-U.S. securities markets; the absence of uniform accounting, auditing and financial reporting standards, practices, and disclosure requirements; and less government supervision and regulation; (ii)&#160;other differences in law and regulation, including fewer investor protections, less stringent fiduciary duties, less developed bankruptcy laws and difficulty in enforcing contractual obligations; (iii)&#160;certain economic and political risks, including potential economic, political or social instability; exchange control regulations; restrictions on foreign investment and repatriation of capital, possibly requiring government approval; expropriation or confiscatory taxation; other government restrictions by the United States or other governments; higher rates of inflation; higher transaction costs; and reliance on a more limited number of commodity inputs, service providers, and/or distribution mechanisms; and (iv)&#160;the possible imposition of local taxes on income and gains recognized with respect to securities and assets. Certain non-U.S. markets may rely heavily on particular industries or non-U.S. capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. International trade barriers or economic sanctions against non-U.S. countries, organizations, entities and/or individuals may adversely affect the Fund&#8217;s non-U.S. holdings or exposures. Certain non-U.S. investments may become less liquid in response to social, political or market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. Certain non-U.S. investments may become illiquid when, for instance, there are few, if any, interested buyers and sellers or when dealers are unwilling to make a market for certain securities. When the Fund holds illiquid investments, its portfolio may be harder to value, especially in changing markets. The risks of investments in emerging markets, as described below and including the risks described above, are usually greater than the risks involved in investing in more developed markets. Because non-U.S. securities may trade on days when the Shares are not priced, the Fund&#8217;s NAV may change at times when Shares cannot be sold. </font>
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          <font style="letter-spacing:0.2pt;">Rules adopted under the 1940 Act permit the Fund to maintain its non-U.S. securities and foreign currency in the custody of certain eligible non-U.S. banks and securities depositories, and the Fund generally holds its non-U.S. securities and foreign currency in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries limit the Fund&#8217;s ability to recover its assets if a foreign bank, depository or issuer of a </font>
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          <font style="letter-spacing:0.2pt;">34</font>
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          <font style="letter-spacing:0.2pt;">security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the United States. </font>
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          <font style="letter-spacing:0.2pt;">Certain banks in foreign countries may not be eligible sub-custodians for the Fund, in which event the Fund may be precluded from purchasing securities in certain foreign countries in which it otherwise would invest or the Fund may incur additional costs and delays in providing transportation and custody services for such securities outside of such countries. The Fund may encounter difficulties in effecting portfolio transactions on a timely basis with respect to any securities of issuers held outside their countries. </font>
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          <font style="letter-spacing:0.2pt;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. Any of these actions could severely affect securities prices or impair the Fund&#8217;s ability to purchase or sell non-U.S. securities or transfer the Fund&#8217;s assets or income back into the United States, or otherwise adversely affect the Fund&#8217;s operations. In addition, the U.S. government has from time to time in the past imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its assets in U.S. securities. </font>
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          <font style="letter-spacing:0.2pt;">Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Fund&#8217;s investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and take into account with respect to the Fund&#8217;s investments. </font>
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          <font style="letter-spacing:0.2pt;">In general, less information is publicly available with respect to foreign issuers than is available with respect to U.S. companies. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for the Advisers to completely and accurately determine a company&#8217;s financial condition. </font>
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          <font style="letter-spacing:0.2pt;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company&#8217;s securities based on material non-public information about that company. In addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its non-U.S. securities. </font>
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          <font style="letter-spacing:0.2pt;">Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments. Communications between the United States and foreign countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment </font>
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          <font style="letter-spacing:0.2pt;">35</font>
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          <font style="letter-spacing:0.2pt;">opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable for any losses incurred. </font>
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          <font style="letter-spacing:0.2pt;">While the volume of transactions effected on foreign stock exchanges has increased in recent&#160;years, it remains appreciably below that of U.S. exchanges. Accordingly, the Fund&#8217;s non-U.S. securities may be less liquid and their prices may be more volatile than comparable investments in securities in U.S. companies. </font>
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          <font style="letter-spacing:0.2pt;">A number of countries have authorized the formation of closed-end investment companies to facilitate indirect foreign investment in their capital markets. In accordance with the 1940 Act, the Fund may invest up to 10% of its total assets in securities of closed-end investment companies, not more than 5% of which may be invested in any one such company. This restriction on investments in securities of closed-end investment companies may limit opportunities for the Fund to invest indirectly in certain smaller capital markets. Shares of certain closed-end investment companies may at times be acquired only at market prices representing premiums to their NAVs. If the Fund acquires shares in closed-end investment companies, Shareholders would bear both their proportionate share of the Fund&#8217;s expenses (including investment advisory fees) and, indirectly, the expenses of such closed-end investment companies. The Fund also may seek, at its own cost, to create its own investment entities under the laws of certain countries. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Foreign Currency Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investments made by the Fund, and the income received by the Fund with respect to such investments, may be denominated in various non-U.S. currencies. However, the books of the Fund are maintained in U.S. dollars. Accordingly, changes in currency values may adversely affect the U.S. dollar value of portfolio investments, interest and other revenue streams received by the Fund, gains and losses realized on the sale of portfolio investments, and the amount of distributions, if any, made by the Fund. In addition, the Fund may incur substantial costs in converting investment proceeds from one currency to another. The Fund may enter into derivative transactions designed to reduce such currency risks. Furthermore, the portfolio companies in which the Fund invests may be subject to risks relating to changes in currency values. If a portfolio company suffers adverse consequences as a result of such changes, the Fund may also be adversely affected as a result. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Liquidity Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest without limitation in investments that, at the time of investment, are illiquid, as determined by using the SEC&#8217;s standard applicable to registered investment companies (i.e., securities that cannot be disposed of by the Fund within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities). The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund&#8217;s assets invested in illiquid investments if qualified institutional buyers are unwilling to purchase these securities. </font>
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            <font style="letter-spacing:0.2pt;">Illiquid investments and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid investments and restricted securities generally is more volatile than that of more liquid investments, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid investmetns and restricted securities may also be more difficult to value, especially in challenging markets. The Advisers&#8217; judgment may play a greater role in the valuation process. Investment of the Fund&#8217;s assets in illiquid investments and restricted securities may restrict the Fund&#8217;s ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquirer of the securities. In either case, the Fund would bear market risks during that period. </font>
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          <font style="letter-spacing:0.2pt;">To the extent that the traditional dealer counterparties that engage in debt trading do not maintain inventories of corporate bonds (which provide an important indication of their ability to &#8220;make markets&#8221;) that keep pace with the growth of the bond markets over time, relatively low levels of dealer inventories could lead to decreased liquidity and increased volatility in the debt markets. Additionally, market participants other than the Fund may attempt to sell debt holdings at the same time as the Fund, which could cause downward pricing pressure and contribute to illiquidity. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Management Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Sub-Adviser&#8217;s judgments about the attractiveness, value and potential appreciation of particular asset class sector and securities in which the Fund invests may prove to be incorrect and may not produce the desired results. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">MLP Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investments in MLPs, which are limited partnerships or limited liability companies taxable as partnerships, involve some risks that differ from an investment in the common stock of a corporation, including risks related to limited control and limited rights to vote on matters affecting MLPs, risks related to potential conflicts of interest between an MLP and the MLP&#8217;s general partner, cash flow risks, dilution risks and risks related to the general partner&#8217;s right to require unit-holders to sell their common&#160;units at an undesirable time or price. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs may be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable an Underlying Fund to effect sales at an advantageous time or without a substantial drop in price. As a result, these investments may be difficult to dispose of at a fair price at the times when an Underlying Fund believes it is desirable to do so. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns, which may adversely impact the overall performance of the Fund or an Underlying Fund. The benefit an Underlying Fund will derive from its investment in MLPs will be largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to the holder. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Real Estate Industry Concentration Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund does not invest in real estate directly, but because the Fund concentrates its investments in the broader real estate industry, its portfolio is significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The Fund may be subject to risks similar to those associated with direct ownership in real property. The value of the Fund&#8217;s shares is affected by factors affecting the value of real estate and the earnings of companies engaged in the real estate industry. These factors include, among others: (i)&#160;changes in general economic and market conditions; (ii)&#160;changes in the value of real estate properties; (iii)&#160;risks related to local economic conditions, overbuilding and increased competition; (iv)&#160;increases in property taxes and operating expenses; (v)&#160;changes in zoning laws; (vi)&#160;casualty and condemnation losses; (vii)&#160;variations in rental income, neighborhood values or the appeal of property to tenants; (viii)&#160;the availability of financing, and (ix)&#160;changes in interest rates. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company&#8217;s operations and market value in periods of rising interest rates. The value of securities of companies in the real estate industry may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general. To the extent that the Fund invests in real estate securities designated as REITs, if a court were to disregard the limited liability legal structure of a REIT, the Fund could be liable for a portion of claims in excess of that REITs assets, such as claims arising from environmental problems. Failure to qualify as a REIT under the Internal Revenue Code would increase the REITs tax liability thereby reducing the REIT&#8217;s net income available for investment or distribution; additionally, certain preferred tax treatment of distributions would no longer be passed through to investors. </font>
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          <font style="letter-spacing:0.2pt;">There are also special risks associated with particular sectors, or real estate operations generally, as described below: </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Retail Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Retail properties are affected by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, changes in spending patterns and lease terminations. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Community Centers.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Community center properties are dependent upon the successful operations and financial condition of their tenants, particularly certain of their major tenants, and could be adversely affected by bankruptcy of those tenants. In some cases, a tenant may lease a significant portion of the space in one center, and the filing of bankruptcy could cause significant revenue loss. Like others in the commercial real estate industry, community centers are subject to environmental risks and interest rate risk. They also face the need to enter into new leases or renew leases on favorable terms to generate rental revenues. Community center properties could be adversely affected by changes in the local markets where their properties are located, as well as by adverse changes in national economic and market conditions. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Office Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Office properties are affected by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Hotel Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The risks of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of travel, and adverse effects of general and local economic conditions. Hotel properties tend to be more sensitive to adverse economic conditions and competition than many other commercial properties. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Healthcare Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Healthcare properties and healthcare providers are affected by several significant factors, including federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical distribution, rates, equipment, personnel and other factors regarding operations, continued availability of revenue from government reimbursement programs and competition on a local and regional basis. The failure of any healthcare operator to comply with governmental laws and regulations may affect its ability to operate its facility or receive government reimbursements. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Multifamily Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, the presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other laws affecting such properties. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Self-Storage Properties.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The value and successful operation of a self-storage property may be affected by a number of factors, such as the ability of the management team, the location of the property, the presence of competing properties, changes in traffic patterns and effects of general and local economic conditions with respect to rental rates and occupancy levels. </font>
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          <font style="letter-spacing:0.2pt;">Other factors may contribute to the risk of real estate investments: </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Development Issues.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Certain real estate companies may engage in the development or construction of real estate properties. These companies in which the Fund invests (&#8220;portfolio companies&#8221;) are exposed to a variety of risks inherent in real estate development and construction, such as the risk that there will be insufficient tenant demand to occupy newly developed properties, and the risk that prices of construction materials or construction labor may rise materially during the development. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Lack of Insurance.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Certain of the portfolio companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured loss occur, the portfolio company could lose its investment in, and anticipated profits and cash flows from, a number of properties and, as a result, adversely affect the Fund&#8217;s investment performance. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Dependence on Tenants.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The value of the Fund&#8217;s portfolio companies&#8217; properties and the ability to make distributions to their shareholders depend upon the ability of the tenants at their properties to generate enough income in excess of their operating expenses to make their lease payments. Changes beyond the control of our portfolio companies may adversely affect their tenants&#8217; ability to make their lease payments and, in such event, would substantially reduce both their income from operations and ability to make distributions to our portfolio companies and, consequently, the Fund. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Financial Leverage.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Real estate companies may be highly leveraged and financial covenants may affect the ability of real estate companies to operate effectively. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Environmental Issues.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property. The existence of any such material environmental liability could have a material adverse effect on the results of operations and cash flow of any such portfolio company and, as a result, the amount available to make distributions on shares of the Fund could be reduced. However, the Fund does not believe it would be liable for the actions of any entity in which it invests and that only its investment is at risk. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Financing Issues.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Financial institutions in which the Fund may invest are subject to extensive government regulation. This regulation may limit both the amount and types of loans and other financial commitments a financial institution can make, and the interest rates and fees it can charge. In addition, interest and investment rates are highly sensitive and are determined by many factors beyond a financial institution&#8217;s control, including general and local economic conditions (such as inflation, recession, money supply and unemployment) and the monetary and fiscal policies of various governmental agencies such as the Federal Reserve Board. These limitations may have a significant impact on the profitability of a financial institution since profitability is attributable, at least in part, to the institution&#8217;s ability to make financial commitments such as loans. Profitability of a financial institution is largely dependent upon the availability and cost of the institution&#8217;s funds, and can fluctuate significantly when interest rates change. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Recent Conditions.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The decline in the broader credit markets related to the sub-prime mortgage dislocation caused the global financial markets to become more volatile and the United States homebuilding market was dramatically impacted as a result. The confluence of the dislocation in the real estate credit markets with broad-based stress in the United States real estate industry created a difficult operating environment for owners of real estate and investors should be aware that the general risks of investing in real estate may be magnified in the future. </font>
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          <font style="letter-spacing:0.2pt;">Instability in credit markets may make it more difficult for borrowers to obtain financing or refinancing on attractive terms or at all. Borrowers may be subject to increased interest expenses for borrowed money and tightening underwriting standards. There is also a risk that a general lack of liquidity or other adverse events in the credit markets may adversely affect the ability of issuers in whose securities the Fund invests to finance real estate developments and projects or refinance completed projects. </font>
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          <font style="letter-spacing:0.2pt;">Real estate securities that are not publicly-traded may be illiquid and may not provide periodic pricing or valuation information to investors. To the extent that the Fund invests in such real estate securities, the Fund will be subject to these additional risks. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">REIT Tax Risks.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Qualification as a REIT under the Internal Revenue Code of 1986, as amended, in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that the entities in which the Fund invests with the expectation that they will be taxed as a REIT will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund&#8217;s yield on that investment. REITs can be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in real property and earn rental income from leasing those properties. They may also realize gains or losses from the sale of properties. Equity REITs will be affected by conditions in the real estate rental market and by changes in the value of the properties they own. Mortgage REITs invest primarily in mortgages and similar real estate interests and receive interest payments from the owners of the mortgaged properties. Mortgage REITs will be affected by changes in creditworthiness of borrowers and changes in interest rates. Hybrid REITs invest both in real property and in mortgages. Equity and mortgage REITs are dependent upon management skills, may not be diversified and are subject to the risks of financing projects. </font>
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          <font style="letter-spacing:0.2pt;">Distributions paid by REITs generally will not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. Such dividends, however, may qualify as Section&#160;199A dividends. See &#8220;TAX ASPECTS&#8201;&#8212;&#8201;The Fund&#8217;s Investments.&#8221; Some or all of a REIT&#8217;s annual distributions to its investors may constitute a non-taxable return of capital. Any such return of capital will generally reduce </font>
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          <font style="letter-spacing:0.2pt;">the Fund&#8217;s basis in the REIT investment, but not below zero. To the extent the distributions from a particular REIT exceed the Fund&#8217;s basis in such REIT, the Fund will generally recognize gain. In part because REIT distributions often include a nontaxable return of capital, Fund distributions to shareholders may also include a nontaxable return of capital. Shareholders that receive such a distribution will also reduce their tax basis in their shares of the Fund, but not below zero. To the extent the distribution exceeds a shareholder&#8217;s basis in the Fund&#8217;s shares, such shareholder will generally recognize a capital gain. The Fund does not have any investment restrictions with respect to investments in REITs. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Underlying Funds/AIFs Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund invests in ETFs, mutual funds, closed-end funds and AIFs. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs, mutual funds, closed-end funds and AIFs and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund&#8217;s direct fees and expenses. Additional risks of investing in ETFs, mutual funds, closed-end funds and AIFs, where noted, are described below: </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Strategies Risk:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Each Underlying Fund and AIF is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with fixed income securities and commodities. Inverse ETFs will limit the Fund&#8217;s participation in market gains. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">ETF Tracking Risk:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investment in the Fund should be made with the understanding that the index-linked ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs&#8217; ability to track their applicable indices. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Risk Related to NAV and Market Price:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The market value of ETF and closed-end fund shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trades at a premium or discount to NAV. In addition, certain ETFs and closed-end funds traded on exchanges may be thinly traded and experience large spreads between the &#8220;ask&#8221; price quoted by a seller and the &#8220;bid&#8221; price offered by a buyer. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Expense Risk:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund invests in Underlying Funds. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETF, mutual fund and closed-end fund shares and may be higher than other mutual funds that invest directly in stocks and bonds. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund&#8217;s direct fees and expenses. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Additional Risk:</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The strategy of investing in Underlying Funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes you pay. In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating investments in the manner the Sub-Adviser considers optimal. Generally, the Fund may purchase in the aggregate only up to 3% of the total outstanding voting stock of any closed-end fund, mutual fund or ETF or AIF (if the ETF or AIF is an investment company). Additionally, in general, the Fund may not invest more than 5% of its total assets in one Underlying Fund or more than 10% in Underlying Funds, unless it complies with certain restrictions or is able to make purchases in reliance upon an Underlying Fund&#8217;s exemptive order that permits investments in excess of the limits stated above. </font>
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          <font style="letter-spacing:-0.2pt;">Non-Principal Risks Relating to Fund&#160;Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">U.S. Government Debt Securities Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;U.S. Government debt securities historically have not involved the level of credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. However, in 2011 S&amp;P downgraded its rating of U.S. government debt, suggesting an increased </font>
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          <font style="letter-spacing:0.2pt;">credit risk. Shortly thereafter, S&amp;P also downgraded the long-term credit ratings of U.S. government-sponsored enterprises. Further downgrades could have an adverse impact on the price and volatility of U.S. government debt instruments. Like other debt securities, the values of U.S. government debt securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund&#8217;s NAV. Since the magnitude of these fluctuations will generally be greater at times when the Fund&#8217;s average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. In addition, economic events within and outside of the United States may negatively affect the value of U.S. government debt securities. See &#8220;&#8212; Risks Relating to the Fund&#8217;s Investment Program&#8201;&#8212;&#8201;U.S. Credit Rating and European Economic Crisis Risk.&#8221; </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Equity Securities Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company&#8217;s financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly under-performed relative to fixed income securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer&#8217;s historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors&#8217; perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company&#8217;s capital structure in terms of priority to corporate income and are therefore inherently riskier than preferred stock or debt instruments of such issuers. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Dividends.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest in equity securities. Dividends relating to these equity securities may not be fixed but may be declared at the discretion of a portfolio company&#8217;s board of directors. There is no guarantee that a company in which the Fund invests will declare dividends in the future or that, if declared, the dividends will remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend producing equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Fund&#8217;s investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance. </font>
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          <font style="letter-spacing:0.2pt;">The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Fund&#8217;s investments in these securities will necessarily reduce the volatility of the Fund&#8217;s NAV or provide &#8220;protection,&#8221; compared to other types of equity securities, when markets perform poorly. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Smaller Capitalization Company Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest from time to time in smaller and midsize companies. Smaller capitalization companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a small number of key personnel. If a product fails or there are other adverse developments, or if management changes, the Fund&#8217;s investment in a smaller capitalization company may lose substantial value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. </font>
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          <font style="letter-spacing:0.2pt;">The securities of smaller capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization securities or the market as a whole. In addition, smaller capitalization securities may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in smaller capitalization securities requires a longer-term view. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Small and Mid-Cap Stock Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest in companies with small or medium capitalizations. Smaller and medium capitalization stocks can be more volatile than, and perform differently from, larger capitalization stocks. There may be less trading in a smaller or medium company&#8217;s stock, which means that buy and sell transactions in that stock could have a larger impact on the stock&#8217;s price than is the case with larger company stocks. Smaller and medium company stocks may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Smaller and medium companies may have fewer business lines; changes in any one line of business, therefore, may have a greater impact on a smaller and medium company&#8217;s stock price than is the case for a larger company. As a result, the purchase or sale of more than a limited number of shares of a small and medium company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller or medium company stocks may not be well known to the investing public. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Investments in Unseasoned Companies Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may invest in the securities of smaller, less seasoned companies. These investments may present greater opportunities for growth but also involve greater risks than customarily are associated with investments in securities of more established companies. Some of the companies in which the Fund may invest will be start-up companies, which may have insubstantial operational or earnings history or may have limited products, markets, financial resources or management depth. Some may also be emerging companies at the research and development stage with no products or technologies to market or approved for marketing. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. Competitors of certain companies, which may or may not be in the same industry, may have substantially greater financial resources than many of the companies in which the Fund may invest. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Securities of Smaller and Emerging Growth Companies.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Investment in smaller or emerging growth companies involves greater risk than is customarily associated with investments in more established companies. The securities of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger, more established companies or the market average in general. These companies may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. </font>
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          <font style="letter-spacing:0.2pt;">While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be considered speculative. Full development of these companies and trends frequently takes time. </font>
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          <font style="letter-spacing:0.2pt;">Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a result, the disposition by the Fund of portfolio securities may require the Fund to make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or during periods when, in Fund management&#8217;s judgment, such disposition is not desirable. </font>
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          <font style="letter-spacing:0.2pt;">The process of selection and continuous supervision by Fund management does not guarantee successful investment results. Careful initial selection is particularly important in this area as many new enterprises have promise but lack certain of the fundamental factors necessary to prosper. </font>
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          <font style="letter-spacing:0.2pt;">The Fund may invest in securities of small issuers in the relatively early stages of business development that have a new technology, a unique or proprietary product or service, or a favorable market position. Such companies may not be counted upon to develop into major industrial companies. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Growth Stock Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market. Stocks of companies the Advisers believe are fast growing may trade at a higher multiple of current earnings than other stocks. The values of these stocks may be more sensitive to changes in current or expected earnings than the values of other stocks. Earnings disappointments often lead to sharply falling prices because investors buy growth stocks in anticipation of </font>
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          <font style="letter-spacing:0.2pt;">superior earnings growth. If the Adviser&#8217;s assessment of the prospects for a company&#8217;s earnings growth is wrong, or if the Adviser&#8217;s judgment of how other investors will value the company&#8217;s earnings growth is wrong, then the price of the company&#8217;s stock may fall or may not approach the value that Destra has placed on it. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Value Stock Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Advisers may be wrong in their assessment of a company&#8217;s value and the stocks the Fund owns may not reach what the Advisers believe are their full values. A particular risk of the Fund&#8217;s value stock investments is that some holdings may not recover and provide the capital growth anticipated or a stock judged to be undervalued may actually be appropriately priced. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in interest rates, corporate earnings, and industrial production. The market may not favor value-oriented stocks and may not favor equities at all. During those periods, the Fund&#8217;s relative performance may suffer. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Preferred Securities Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Traditional preferred securities generally pay fixed or adjustable rate dividends (or a combination thereof&#8201;&#8212;&#8201;e.g., a fixed rate that moves to an adjustable rate after some period of time) to investors and generally have a &#8220;preference&#8221; over common stock in the payment of dividends and the liquidation of a company&#8217;s assets. This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order to be payable, distributions on such preferred securities must be declared by the issuer&#8217;s board of directors. Income payments on typical preferred securities currently outstanding are cumulative, causing dividends and distributions to accumulate even if not declared by the board of directors or otherwise made payable. In such a case all accumulated dividends must be paid before any dividend on the common stock can be paid. However, some traditional preferred stocks are non-cumulative, in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely affected. There are no assurances that dividends or distributions on the traditional preferred securities in which the Fund may invest will be declared or otherwise made payable. </font>
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          <font style="letter-spacing:0.2pt;">Preferred stockholders usually have no right to vote for corporate directors or on other matters. Shares of traditional preferred securities have a liquidation value that generally equals the original purchase price at the date of issuance. The market value of preferred securities may be affected by favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual and anticipated changes in tax laws, such as changes in corporate income tax rates or the &#8220;Dividends Received Deduction.&#8221; Because the claim on an issuer&#8217;s earnings represented by traditional preferred securities may become onerous when interest rates fall below the rate payable on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&#8217;s holdings of higher rate-paying fixed rate preferred securities may be reduced and the Fund may be unable to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds. </font>
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          <font style="letter-spacing:0.2pt;">There are special risks associated with investing in each type of preferred security, including: </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Deferral Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Subordination Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Preferred securities are subordinated to bonds and other debt instruments in a company&#8217;s capital structure in terms of having priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than debt instruments. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Limited Voting Rights Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Generally, preferred security holders (such as the Fund) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer&#8217;s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Special Redemption Rights Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by certain changes in U.S. federal income tax or securities laws. As with call provisions, a special redemption by the issuer may negatively impact the return of the security held by the Fund. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">New Types of Securities Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;From time to time, preferred securities have been, and may in the future be, offered having features other than those described herein. The Fund reserves the right to invest in these securities if the Advisers believe that doing so would be consistent with the Fund&#8217;s investment objective and policies. Since the market for these instruments would be new, the Fund may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility. </font>
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          <font style="letter-spacing:-0.2pt;">Risks Associated with Market Developments and Regulatory Changes</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Market Developments Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;In 2007, the global financial markets experienced stress, volatility, instability, illiquidity and disruption evidenced by a lack of liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of certain major financial institutions. While this volatility and disruption peaked in 2008 to 2009 and appears to have abated somewhat, these events contributed to general economic conditions that materially and adversely affected the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. While recent conditions have improved, there can be no assurance that adverse market conditions will not repeat themselves or worsen in the future. If these adverse and volatile market conditions worsen, the capital markets, and, in particular, the market for debt obligations, may be subject to heightened volatility, increased risks of default, periods of illiquidity and other situations adverse to investors. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Instability in the credit markets has made it more difficult at certain times for a number of issuers of debt instruments to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt instruments may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue. Certain borrowers may, due to macroeconomic conditions, be unable to repay their loans or other debt obligations because of these conditions. A borrower&#8217;s failure to satisfy financial or operating covenants imposed by lenders could lead to defaults and, potentially, termination of the loans and foreclosure on the underlying secured assets, which could trigger cross-defaults under other agreements and jeopardize a borrower&#8217;s ability to meet its obligations under its debt instruments. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting borrower. The Fund may also experience a loss of principal. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">These developments also (i)&#160;may make it more difficult for the Fund to accurately value its portfolio securities or to sell its portfolio securities on a timely basis; (ii)&#160;could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the Shareholders; and (iii)&#160;may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and interest when due, lead to lower credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect the net asset value and market price of the Shares. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Fund&#8217;s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is used extensively in the U.S. and globally as a &#8220;benchmark&#8221; or &#8220;reference rate&#8221; for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. On July&#160;27, 2017, the head of the UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Such announcement indicates that the continuation of LIBOR and other reference rates on the current basis cannot and will not be guaranteed after 2021. The transition away from reference rates may lead to increased volatility and illiquidity in markets that are tied to such reference rates and reduced values of reference rate-related investments. this announcement and any </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">additional regulatory or market changes that occur as a result of the transition away from reference rates may have an adverse impact on the Fund&#8217;s investments, performance or financial conditions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Government Intervention in the Financial Markets Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Instability in the financial markets has led the U.S. government, the U.S. Federal Reserve and foreign governments and central banks around the world to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. U.S. federal and state and foreign governments, their regulatory agencies or self-regulatory organizations may take additional actions that affect the regulation of the securities, debt instruments or structured products in which the Fund invests, or the issuers of such securities or structured products, in ways that are unforeseeable or not fully understood or anticipated. Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such programs may have positive or negative effects on the liquidity, valuation and performance of the Fund&#8217;s portfolio holdings. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. Destra will monitor developments and seek to manage the Fund&#8217;s portfolio in a manner consistent with achieving the Fund&#8217;s investment objective, but there can be no assurance that it will be successful in doing so. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Legislation and Regulation&#160;Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;On July&#160;21, 2010, the Dodd-Frank Act was enacted. The Dodd-Frank Act, among other things, grants regulatory authorities such as the U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) and the SEC broad rulemaking authority to promulgate rules under the Dodd-Frank Act, including comprehensive regulation of the OTC derivatives market. It is unclear to what extent these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. Possible regulatory actions taken under these revised and expanded powers may include actions related to financial consumer protection, proprietary trading and derivatives. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">While some rules have been promulgated by the CFTC and the SEC, a number of important rulemakings have not yet been finalized and there can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not significantly reduce the returns of the Fund. The implementation of the Dodd-Frank Act could adversely affect the Fund by increasing transaction and/or regulatory compliance costs and may affect the availability, liquidity and cost of entering into derivatives, including potentially limiting or restricting the ability of the Fund to use certain derivatives or certain counterparties as a part of its investment strategy, increasing the costs of using these instruments or making these instruments less effective. In addition, greater regulatory scrutiny may increase the Fund&#8217;s and Destra&#8217;s exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund and Destra, including, without limitation, responding to examinations or investigations and implementing new policies and procedures. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">On October&#160;28, 2020, the SEC approved a new rule and rule amendments that regulate the use of derivatives by registered investment companies. The new rule imposes value-at-risk limits, requires the adoption of policies related to derivatives, mandates reporting to funds&#8217; boards, requires reporting to the SEC and regulates fund&#8217;s use of reverse repurchase agreements and unfunded commitment agreements. The ultimate impact of the new rule remains unclear, but it may limit the Fund&#8217;s ability to engage in derivatives transactions and/or increase the costs of such transactions.</font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">At any time after the date of this prospectus, legislation by U.S. and foreign governments may be enacted that could negatively affect the assets of the Fund or the issuers of such assets. Changing approaches to regulation may have a negative impact on the entities in which the Fund invests. Legislation or regulation may also change the way in which the Fund itself is regulated. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Defensive Investing Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;In response to market conditions and for defensive purposes, the Fund may allocate assets into cash or short-term fixed income securities without limitation. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective. Further, the value of </font>
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          <font style="letter-spacing:0.2pt;">45</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">short-term fixed income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Fund holds cash uninvested, it will be subject to the credit risk of the depository institution holding the cash. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Relating to the Fund&#8217;s Investment Program</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Valuation Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;There may be no central place or exchange for certain of the securities or instruments in which the Fund invests. Bonds and certain other debt securities, for example, generally trade on an OTC market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of bonds and certain other debt securities may carry more risk than that of common stock which trades on national exchanges. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a bond or other debt security is sold in the market, the amount received by the Fund is less than the value of such bond or other debt security carried on the Fund&#8217;s books. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Leverage Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund may use leverage to seek to achieve its investment objective. Leverage involves risks and special considerations for Shareholders, including (i)&#160;the likelihood of greater volatility of NAV and dividend rate of the Shares than a comparable portfolio without leverage; (ii)&#160;the risk that fluctuations in interest rates on borrowings and short-term debt or in the interest or dividend rates on any leverage that the Fund must pay will reduce the return to Shareholders; (iii)&#160;the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Shares than if the Fund were not leveraged; and (iv)&#160;the likelihood that leverage may increase operating costs, which may reduce total return. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Any decline in the NAV of the Fund&#8217;s investments will be borne entirely by the Shareholders (as opposed to, e.g., holders of the Fund&#8217;s preferred shares, if any). Therefore, if the market value of the Fund&#8217;s portfolio declines, leverage will result in a greater decrease in NAV to Shareholders than if the Fund were not leveraged. This greater NAV decrease will also tend to cause a greater decline in the market price for Shares when and if Shares are ever listed on a national securities exchange. While the Fund may from time to time consider reducing any outstanding leverage in response to actual or anticipated changes in interest rates in an effort to mitigate the increased volatility of current income and NAV associated with leverage, there can be no assurance that the Fund will actually reduce any outstanding leverage in the future or that any reduction, if undertaken, will benefit the Shareholders. Changes in the future direction of interest rates are very difficult to predict accurately. If the Fund were to reduce any outstanding leverage based on a prediction about future changes to interest rates, and that prediction turned out to be incorrect, the reduction in any outstanding leverage would likely operate to reduce the income and/or total returns to Shareholders relative to the circumstance where the Fund had not reduced any of its outstanding leverage. The Fund may decide that this risk outweighs the likelihood of achieving the desired reduction to volatility in income and share price if the prediction were to turn out to be correct, and determine not to reduce any of its outstanding leverage as described above. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The 1940 Act generally limits the extent to which the Fund may utilize borrowings and &#8220;uncovered&#8221; transactions that may give rise to a form of leverage, including reverse repurchase agreements, swaps, options, the leverage incurred from securities lending transactions and other derivative transactions or short selling, together with any other senior securities representing indebtedness, to 33 1/3% of the Fund&#8217;s total assets at the time utilized. In addition, the 1940 Act limits the extent to which the Fund may issue preferred shares to 50% of the Fund&#8217;s total assets (less the Fund&#8217;s obligations under senior securities representing indebtedness). &#8220;Covered&#8221; reverse repurchase agreements, swaps, options, securities lending arrangements and other derivative transactions or short selling will not be counted against the foregoing limits under the 1940 Act. The Fund will &#8220;cover&#8221; its derivative positions by segregating or earmarking an amount of cash and/or liquid assets to the extent required by the 1940 Act and applicable SEC or SEC staff interpretations and guidance from time to time. </font>
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          <font style="letter-spacing:0.2pt;">Alternatively, the Fund may enter into an offsetting position or own positions covering its obligations with respect to the transaction; otherwise, this transaction will be considered &#8220;uncovered.&#8221; The Fund may not cover an applicable derivative transaction if it does not need to do so to comply with the foregoing 1940 Act requirements and, in the view of the Advisers, the assets that would have been used to cover could be </font>
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          <font style="letter-spacing:0.2pt;">46</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">better used for a different purpose. However, these transactions, even if covered, may represent a form of economic leverage and will create risks. The potential loss on derivative instruments may be substantial relative to the initial investment therein. In addition, these segregation/earmarking and coverage requirements could result in the Fund maintaining securities positions that it would otherwise liquidate, segregating/</font>&#8203;<font style="letter-spacing:0.2pt;">earmarking assets at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such segregation/earmarking and coverage requirements will not limit or offset losses on related positions. </font></div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Certain types of leverage the Fund may use may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for any preferred shares issued by the Fund. The terms of any borrowings or these rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. </font>
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          <font style="letter-spacing:0.2pt;">The Fund may invest in the securities of other investment companies. Such investment companies may also be leveraged, and will therefore be subject to the leverage risks described above. This additional leverage may in certain market conditions reduce the NAV of the Shares and the returns to Shareholders. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Illustration</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The following table illustrates the effect of leverage on returns from an investment in the Fund&#8217;s shares, assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i)&#160;$133.4&#160;million in average total assets, (ii)&#160;a weighted average cost of funds of 2.49%, (iii)&#160;$19.0&#160;million in borrowings outstanding (i.e. assumes the Fund borrows funds equal to 17% of its average net assets during such period) and (iv)&#160;$114.3&#160;million in average net assets. In order to compute the corresponding return to shareholders, the &#8220;Assumed Return on the Fund&#8217;s Portfolio (net of expenses)&#8221; is multiplied by the assumed average total assets to obtain an assumed return to the Fund. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by the assumed borrowings outstanding, and the product is subtracted from the assumed return to the Fund in order to determine the return available to shareholders. The return available to shareholders is then divided by shareholders&#8217; equity to determine the corresponding return to shareholders. Actual interest payments may be different. </font>
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          <table style="width:456pt;height:23.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
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                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Assumed Return on the Fund&#8217;s Portfolio (net of expenses) </font>
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              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">-10% </font>
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              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">-5% </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">0% </font>
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              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">5% </font>
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              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:9pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">10% </font>
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              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
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              <td style="padding:3.25pt 0pt 2.5pt 0pt; width:257.47pt;text-align:left;">
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                  <font style="letter-spacing:0.2pt;">Corresponding return to Shareholders </font>
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              </td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:19.5pt; text-align:right; white-space:nowrap;">(12.11<font style="position:absolute;">)%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(6.26<font style="position:absolute;">)%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">(0.41<font style="position:absolute;">)%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.43<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt; width:9pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:17.25pt; text-align:right; white-space:nowrap;">11.28<font style="position:absolute;">%</font></td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="text-indent:20pt; margin-top:7.9pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Similarly, the Fund&#8217;s assets would need to yield an annual return (net of expenses) of approximately 0.41% in order to cover the annual interest payments on the Fund&#8217;s outstanding borrowings. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Cost of Capital and Net Investment Income Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;If the Fund uses debt to finance investments, its net investment income may depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. As a result, the Fund can offer no assurance that a significant change in market interest rates will not have a material adverse effect on the Fund&#8217;s net investment income. In periods of rising interest rates when it has debt outstanding, the Fund&#8217;s cost of funds will increase, which could reduce the Fund&#8217;s net investment income. The Fund may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. These activities may limit its ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on the Fund&#8217;s business, financial condition and results of operations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Prepayment and Maturity Extension Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Prepayment risk occurs when a debt investment held by the Fund can be repaid in whole or in part prior to its maturity. The amount of prepayable obligations in which the Fund invests from time to time may be affected by general business conditions, market interest rates, borrowers&#8217; financial conditions and competitive conditions among lenders. In a period of declining interest rates, borrowers may prepay investments more quickly than anticipated, reducing the yield to maturity and the average life of the relevant investment. Moreover, when the Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate of interest on the security that was prepaid. To the extent that the Fund purchases the relevant investment at a </font>
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          <font style="letter-spacing:0.2pt;">47</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">premium, prepayments may result in a loss to the extent of the premium paid. If the Fund buys such investments at a discount, both scheduled payments and unscheduled prepayments will increase current and total returns and unscheduled prepayments will also accelerate the recognition of income, which may be taxable as ordinary income to investors. In a period of rising interest rates, prepayments of investments may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively change an investment that was considered short- or intermediate-term at the time of purchase into a longer-term investment. Since the value of longer-term investments generally fluctuates more widely in response to changes in interest rates than shorter-term investments, maturity extension risk could increase the volatility of the Fund. When interest rates decline, the value of an investment with prepayment features may not increase as much as that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or delay prepayments and thus affect maturities. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Arbitrage Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund may engage in arbitrage strategies. Arbitrage strategies entail various risks, including the risk that external events, regulatory approvals and other factors will impact the consummation of announced corporate events and/or the prices of certain positions. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">U.S. Credit Rating and European Economic Crisis Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;In August&#160;2011, S&amp;P lowered its long-term sovereign credit rating on the United States from &#8220;AAA&#8221; to &#8220;AA+,&#8221; which was re-affirmed by S&amp;P in November&#160;2016. In January&#160;2012, S&amp;P lowered its long-term sovereign credit ratings for France, Italy, Spain and six other European countries, which negatively impacted global markets and economic conditions. S&amp;P subsequently raised its long-term sovereign credit rating on Spain to &#8220;BBB,&#8221; but its current credit rating still signifies significant ongoing risk. Furthermore, following the United Kingdom&#8217;s referendum to leave the European Union (&#8220;EU&#8221;), S&amp;P lowered its long-term sovereign credit rating. In addition, the terms of the United Kingdom&#8217;s exit and any future referendums in other European countries may disrupt the global market. Recent U.S. budget deficit concerns, together with signs of deteriorating sovereign debt conditions in Europe, have increased the possibility of additional credit-rating downgrades and economic slowdowns. The impact of any further downgrades to sovereign credit ratings, or perceived creditworthiness, and the ability of certain countries to continue to service their sovereign debt obligations is inherently unpredictable and could adversely affect the U.S. and global financial markets and economic conditions. In addition, adverse economic conditions resulting from any further downgrade of sovereign credit ratings or an economic crisis could have a material adverse effect on the Fund&#8217;s business, financial condition and results of operations. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Eurozone and Redenomination Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund will invest from time to time in European companies and companies that may be affected by the Eurozone economy. The United Kingdom (&#8220;UK&#8221;) left the European Union (&#8220;EU&#8221;) on January&#160;31, 2020, and a transition period during which the UK and the EU negotiated terms of departure ended on December&#160;31, 2020. This departure is commonly referred to as &#8220;Brexit.&#8221; There is significant uncertainty regarding the potential consequences of Brexit. The political divisions within the UK, as well as those between the UK and the EU, which the referendum vote has highlighted, coupled with the uncertain consequences of Brexit, may have a significant impact upon the UK and European economies as well as the broader global economy. The Fund and its investments may be exposed to risks related to Brexit, including volatile trading markets and significant and unpredictable currency fluctuations. Securities issued by companies domiciled in the UK could be subject to changing regulatory and tax regimes. Banking and financial services companies that operate in the UK or EU could be disproportionately impacted by these actions. Further insecurity in EU membership or the abandonment of the euro could exacerbate market and currency volatility and negatively impact investments in securities issued by companies located in EU countries. Brexit also may cause additional member states to contemplate departing the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets. As a result, markets in the UK, Europe and globally could experience increased volatility and illiquidity, and potentially lower economic growth which in return could potentially have an adverse effect on the value of the Fund&#8217;s investments. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, ongoing concerns regarding the sovereign debt of various Eurozone countries, including the potential for investors to incur substantial write-downs, reductions in the face value of sovereign debt and/or sovereign defaults, as well as the possibility that one or more countries might leave the EU or the Eurozone create risks that could materially and adversely affect the Fund&#8217;s investments. Sovereign debt defaults and EU and/or Eurozone exits could have material adverse effects on the Fund&#8217;s investments in European </font>
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          <font style="letter-spacing:0.2pt;">48</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">companies, including, but not limited to, the availability of credit to support such companies&#8217; financing needs, uncertainty and disruption in relation to financing, increased currency risk in relation to contracts denominated in Euros and wider economic disruption in markets served by those companies, while austerity and/or other measures introduced in order to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. Legal uncertainty about the funding of Euro-denominated obligations following any breakup or exits from the Eurozone, particularly in the case of investments in companies in affected countries, could also have material adverse effects on the Fund. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain Eurozone-related investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Market Developments</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Although the U.S. and foreign markets are not currently experiencing the same levels of disruption as occurred during 2008 and 2009, extreme volatility or market disruption may occur in the future. Instability in the credit markets may make it more difficult for issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">These developments may increase the volatility of the value of securities owned by the Fund. These developments also may make it more difficult for the Fund to accurately value its securities or to sell its securities on a timely basis. These developemnts, including rising interest rates, could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to investors. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and interest when due, leading to lower credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect the Fund&#8217;s NAV. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Economic Recession or Downturn Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Many of the Fund&#8217;s portfolio companies may be susceptible to economic slowdowns or recessions. Therefore, the Fund&#8217;s non-performing assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession may result in losses of value in the Fund&#8217;s portfolio and a decrease in the Fund&#8217;s revenues, net income and NAV. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unfavorable economic conditions also could increase the Fund&#8217;s funding costs, limit the Fund&#8217;s access to the capital markets or result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from increasing investments and harm the Fund&#8217;s operating results. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Market Disruption and Geopolitical Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The occurrence of events similar to those in recent&#160;years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and other parts of the Middle East, the outbreak of infectious diseases (including epidemics and pandemics) or other public health issues, terrorist attacks in the U.S. and around the world, social and political discord, debt crises (such as the recent Greek crisis), sovereign debt downgrades, or the exits or potential exits of one or more countries from the EU or various trade pacts, among others, may result in market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. The Fund does not know how long the securities markets may be affected by these events and cannot predict the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organization to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements. The Fund may be adversely affected by uncertainties such as terrorism, international political developments, and changes in </font>
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          <font style="letter-spacing:0.2pt;">49</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Government Intervention and Regulatory Risks</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The instability in the financial markets discussed above led the U.S. government and certain foreign governments to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity, including through direct purchases of equity and debt securities. Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the issuers in which the Fund invests in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund is regulated. Such legislation or regulation could limit or preclude the Fund&#8217;s ability to achieve its investment objective. </font>
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          <font style="letter-spacing:0.2pt;">The Dodd-Frank Act contains sweeping financial legislation regarding the operation of banks, private fund managers and other financial institutions. The Dodd-Frank Act includes provisions regarding, among other things, the regulation of derivatives, the identification, monitoring and prophylactic regulation of systemic risks to financial markets, and the regulation of proprietary trading and investment activity of banking institutions. The continuing implementation of the Dodd-Frank Act and any other regulations could adversely affect the Advisers and the Fund. The Advisers may attempt to take certain actions to lessen the impact of the Dodd-Frank Act and any other legislation or regulation affecting the Fund, although no assurances can be given that such actions would be successful and no assurances can be given that such actions would not have a significant negative impact on the Fund. The ultimate impact of the Dodd-Frank Act, and any additional future legislation or regulation, is not yet certain and the Advisers and the Fund may be affected by governmental action in ways that are unforeseeable. </font>
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          <font style="letter-spacing:0.2pt;">The SEC and its staff have also engaged in various initiatives and reviews that seek to improve and modernize the regulatory structure governing investment companies. These efforts appear to be focused on risk identification and controls in various areas, including embedded leverage through the use of derivatives and other trading practices, cybersecurity, liquidity, enhanced regulatory and public reporting requirements and the evaluation of systemic risks. On October&#160;13, 2016, the SEC adopted new rules and forms, and amended existing rules and forms, to modernize the reporting of information provided by funds and to improve the quality and type of information that funds provide to the SEC and investors. In part, the new and amended rules and forms amended Regulation&#160;S-X and require standardized, enhanced disclosure about derivatives in the Fund&#8217;s financial statements, as well as other amendments. Any additional new rules, guidance or regulatory initiatives resulting from these efforts could increase the Fund&#8217;s expenses and impact its returns to Shareholders or, in the extreme case, impact or limit the Fund&#8217;s use of various portfolio management strategies or techniques and adversely impact the Fund. </font>
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          <font style="letter-spacing:0.2pt;">In the aftermath of the late-2000s financial crisis, there appears to be a renewed popular, political and judicial focus on finance-related consumer protection. Financial institution practices are also subject to greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of retail investors. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Investment Terms and Timeframe Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Delays in investing the net proceeds of this Offering may impair the Fund&#8217;s performance. The Fund cannot assure investors that it will be able to identify any investments that meet the Fund&#8217;s investment objective or that any investment that the Fund makes will produce a positive return. The Fund may be unable to invest its assets on acceptable terms within the time period that it anticipates or at all, which could harm the Fund&#8217;s financial condition and results of operations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Prior to investing in securities of portfolio companies, the Fund may invest primarily in cash, cash equivalents, U.S. government securities, repurchase agreements and high-quality debt instruments maturing in one year or less from the time of investment, which may produce returns that are significantly lower than the returns which it expects to achieve when the Fund&#8217;s portfolio is fully invested in securities meeting its investment objective. As a result, any distributions that the Fund pays while its portfolio is not fully invested </font>
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          <font style="letter-spacing:0.2pt;">50</font>
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          <font style="letter-spacing:0.2pt;">in securities meeting its investment objective may be lower than the distributions that the Fund may be able to pay when its portfolio is fully invested in securities meeting its investment objective. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Restrictions on Entering into Affiliated Transactions</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without relying on an available exemption or the prior approval of the SEC. For purposes of the 1940 Act, the following persons are considered an affiliate of the Fund and the Fund is generally prohibited from buying any securities from or selling any securities to such affiliate: (i)&#160;any person that owns, directly or indirectly, 5% or more of the Fund&#8217;s outstanding voting securities; (ii)&#160;any person that owns, directly or indirectly, 5% or more of the outstanding voting securities of Destra or Validus (or either of their respective controlling entities); or (iii)&#160;any person in which Adviser or Sub-Adviser or a person controlling or under common control with Adviser or Sub-Adviser owns, directly or indirectly, 5% or more of such person&#8217;s voting securities. The 1940 Act also prohibits certain &#8220;joint&#8221; transactions with certain of the Fund&#8217;s affiliates, which could include investments in the same portfolio company (whether at the same or different times), without the prior approval of the SEC. If a person, directly or indirectly, holds more than 5% of the voting securities of the Fund, Adviser or Sub-Adviser (or either of their respective controlling entities), or is under common control with the Fund, Adviser or Sub-Adviser, the Fund is prohibited from buying any securities or other property from or selling any securities or other property to such person or certain of that person&#8217;s affiliates, or entering into &#8220;joint&#8221; transactions with such person or certain of that person&#8217;s affiliates, absent an available exemption or the prior approval of the SEC. Similar restrictions limit the Fund&#8217;s ability to transact business with its officers or Trustees or their affiliates. </font>
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            <font style="letter-spacing:0.2pt;">In addition, the Fund is not permitted to co-invest with certain entities affiliated with Destra or Validus in transactions originated by Destra or Validus or their respective affiliates unless it first obtains an exemptive order from the SEC or co-invests alongside Destra or Validus or their respective affiliates in accordance with existing regulatory guidance and the allocation policies of the Advisers and their respective affiliates, as applicable. </font>
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          <font style="letter-spacing:0.2pt;">In addition, entering into certain transactions that are not deemed &#8220;joint&#8221; transactions (for purposes of the 1940 Act and relevant guidance from the SEC) may potentially lead to joint transactions within the meaning of the 1940 Act in the future. This may be the case, for example, with issuers who are near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include the Fund and its affiliates. In some cases, to avoid the potential of future joint transactions, the Advisers may avoid allocating an investment opportunity to the Fund that they would otherwise allocate, subject to the Advisers&#8217; then-current allocation policies and any applicable exemptive orders, and to the Advisers&#8217; obligations to allocate opportunities in a fair and equitable manner consistent with their fiduciary duties owed to the Fund and other accounts respectively advised by the Advisers and policies related to approval of investments. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Lack of Funds to Make Additional Investments Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund may not have the funds or ability to make additional investments in its portfolio companies. After the Fund&#8217;s initial investment in a portfolio company, it may be called upon from time to time to provide additional funds to such company or have the opportunity to increase its investment through the exercise of a warrant to purchase common stock. There is no assurance that the Fund will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on the Fund&#8217;s part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for the Fund to increase its participation in a successful operation or may reduce the expected return on the investment. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Funding Future Capital Needs Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The net proceeds from this Offering may be used for the Fund&#8217;s investment opportunities, operating expenses and for payment of various fees and expenses, such as the Management Fee and other fees. Any working capital reserves the Fund maintains may not be sufficient for investment purposes, and the Fund may require debt or equity financing to operate. Accordingly, in the event that the Fund develops a need for additional capital in the future for investments or for any other reason, these sources of funding may not be available to it. Consequently, if the Fund cannot obtain debt or equity financing on acceptable terms, or at all, the Fund&#8217;s ability to acquire investments and to expand the Fund&#8217;s operations will be adversely affected. As a result, the Fund would be less able to allocate its portfolio </font>
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          <font style="letter-spacing:0.2pt;">51</font>
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          <font style="letter-spacing:0.2pt;">among various issuers and industries and achieve its investment objective, which may negatively impact its results of operations and reduce its ability to make distributions. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Uncertain Exit Strategies</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Due to the illiquid nature of some of the positions that the Fund may acquire, as well as the risks associated with the Fund&#8217;s investment strategies, the Fund is unable to predict with confidence what the exit strategy may ultimately be for any given investment, or that one will definitely be available. Exit strategies which appear to be viable when an investment is initiated may be precluded by the time the investment is ready to be realized due to economic, legal, political or other factors. </font>
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          <font style="letter-spacing:-0.2pt;">Other Risks Relating to the Fund</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Closed-End Interval Fund&#160;Structure; Liquidity Risks</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund has been organized as a non-diversified, closed-end management investment company structured as an &#8220;interval fund&#8221; and designed primarily for long-term investors. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not list the Shares for trading on any securities exchange. Although the Fund intends to list the Shares on an exchange upon (i)&#160;obtaining the necessary Shareholder approval to list the Shares on an exchange, and (ii)&#160;meeting applicable listing eligibility requirements, the Fund&#8217;s Shares might not be listed on an exchange in the foreseeable future, if at all. Unless the Fund&#8217;s Shares are listed on an exchange, the Fund does not expect any secondary market to develop for the Shares. The Fund will provide limited liquidity to Shareholders by offering to repurchase a limited amount of the Fund&#8217;s Shares (at least 5% but no more than 25%) annually. See &#8220;Annual Repurchases of Shares.&#8221; The Fund, similar to a mutual fund, is subject to continuous asset in-flows, although not subject to the continuous out-flows. Therefore, an investment in the Fund, unlike an investment in a mutual fund or listed closed-end fund, is not a liquid investment. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Large Shareholder Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;To the extent a large proportion of the shares of the Fund are held by a small number of shareholders (or a single shareholder), including affiliates of the Fund, the Fund is subject to the risk that these shareholders will purchase or redeem Fund shares in large amounts rapidly. These transactions could adversely affect the ability of the Fund to conduct its investment program. Furthermore, it is possible that in response to a repurchase offer, the total amount of shares tendered by a small number of shareholders (or a single shareholder) may exceed the number of shares that the Fund has offered to repurchase. If a repurchase offer is oversubscribed by shareholders, the Fund will repurchase only a pro&#160;rata portion of shares tendered by each shareholder. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Competition for Investment Opportunities</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund competes for investments with other closed-end funds and investment funds, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested. As a result of these new entrants, competition for investment opportunities may intensify. Many of the Fund&#8217;s competitors are substantially larger and have considerably greater financial, technical and marketing resources than it does. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some of the Fund&#8217;s competitors may have higher risk tolerances or different risk assessments than it has. These characteristics could allow the Fund&#8217;s competitors to consider a wider variety of investments, establish more relationships and pay more competitive prices for investments than it is able to do. The Fund may lose investment opportunities if it does not match its competitors&#8217; pricing. If the Fund is forced to match its competitors&#8217; pricing, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of the Fund&#8217;s competitors could force it to accept less attractive investment terms. Furthermore, many of the Fund&#8217;s competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act imposes on it as a closed-end fund. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Systems Risks</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund depends on the Advisers to develop and implement appropriate systems for the Fund&#8217;s activities. The Fund relies extensively on computer programs and systems to evaluate certain securities based on real-time trading information, to monitor its portfolio and net capital, and to generate risk management and other reports that are critical to oversight of the Fund&#8217;s activities. In addition, certain of the Fund&#8217;s and the Advisers&#8217; operations interface with or depend on systems operated by third parties, </font>
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          <font style="letter-spacing:0.2pt;">including market counterparties and other service providers, and the Fund or the Advisers may not be in a position to verify the risks or reliability of such third-party systems. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to, those caused by worms, viruses and power failures. Any such defect or failure could have a material adverse effect on the Fund. For example, such failures could cause settlement of trades to fail, lead to inaccurate accounting, recording or processing of trades and cause inaccurate reports, which may affect the Fund&#8217;s ability to monitor its investment portfolio and its risks. Studies have shown that a lack of adequate systems is often a significant contributing factor to failures of funds like the Fund. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Cybersecurity Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;As part of their business, the Advisers process, store and transmit large amounts of electronic information, including information relating to the transactions of the Fund and personally identifiable information of the Shareholders. Similarly, service providers of the Advisers or the Fund, especially the Fund&#8217;s Administrator, may process, store and transmit such information. The Advisers have procedures and systems in place that they believe are reasonably designed to protect such information and prevent data loss and security breaches. However, such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Network connected services provided by third parties to the Advisers may be susceptible to compromise, leading to a breach of the Advisers&#8217; networks. The Advisers&#8217; systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. Online services provided by the Advisers to the Shareholders may also be susceptible to compromise. Breach of the Advisers&#8217; information systems may cause information relating to the transactions of the Fund and personally identifiable information of the Shareholders to be lost or improperly accessed, used or disclosed. </font>
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          <font style="letter-spacing:0.2pt;">The service providers of the Advisers and the Fund are subject to the same electronic information security threats as the Advisers. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally identifiable information of the Shareholders may be lost or improperly accessed, used or disclosed. </font>
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          <font style="letter-spacing:0.2pt;">The loss or improper access, use or disclosure of the Advisers&#8217; or the Fund&#8217;s proprietary information may cause the Advisers or the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on the Fund and the Shareholders&#8217; investments therein. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Operational Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund depends on the Advisers to develop the appropriate systems and procedures to control operational risk. Operational risks arising from mistakes made in the confirmation or settlement of transactions, from transactions not being properly booked, evaluated or accounted for or other similar disruption in the Fund&#8217;s operations may cause the Fund to suffer financial loss, the disruption of its business, liability to clients or third parties, regulatory intervention or reputational damage. The Fund relies heavily on its financial, accounting and other data processing systems. The ability of its systems to accommodate an increasing volume of transactions could also constrain the Fund&#8217;s ability to properly manage the portfolio. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Purchase Price Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The purchase price at which an investor purchases Shares will be determined at each daily closing and will equal the NAV per Share of the applicable class as of such date, plus the applicable Sales Load. As a result, in the event of an increase in the NAV per Share of an applicable class, an investor&#8217;s purchase price may be higher than the prior daily closing price per Share of the applicable class, and therefore an investor may receive fewer Shares than if an investor had subscribed at the prior daily closing price. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">&#8220;Best-Efforts&#8221; Offering Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;This Offering is being made on a best-efforts basis, whereby Destra Capital Investments LLC (the &#8220;Distributor&#8221;) is only required to use its best efforts to sell the Shares and has no firm commitment or obligation to purchase any of the Shares. To the extent that less than the maximum number of Shares is subscribed for, the opportunity for the allocation of the Fund&#8217;s investments among various </font>
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          <font style="letter-spacing:0.2pt;">53</font>
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          <font style="letter-spacing:0.2pt;">issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund&#8217;s expenses over a smaller capital base. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Potentially Inadequate Broker-Dealer Network Risk.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The success of the Fund&#8217;s continuous offering, and correspondingly the Fund&#8217;s ability to implement its investment objective and strategies, depends upon the ability of the Distributor to establish, operate and maintain a network of Selected Broker-Dealers (defined below) to sell the Shares. If the Distributor fails to perform, the Fund may not be able to raise adequate proceeds through the Fund&#8217;s continuous offering to implement the Fund&#8217;s investment objective and strategies. If the Fund is unsuccessful in implementing its investment objective and strategies, an investor could lose all or a part of his or her investment in the Fund. &#8220;Selected Broker-Dealers&#8221; refers to other broker-dealers authorized by the Distributor to sell Shares that are members of The Financial Industry Regulatory Authority, Inc. (&#8220;FINRA&#8221;) or other properly licensed agents. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Fluctuations in Results</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund could experience fluctuations in its operating results due to a number of factors, including the Fund&#8217;s ability or inability to make investments that meet the Fund&#8217;s investment objective, the interest or dividend rates payable on the securities it acquires, the level of the Fund&#8217;s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which it encounters competition in its markets and general economic conditions. As a result of these and other factors, results for any previous period should not be relied upon as being indicative of performance in future periods. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Repurchase Risks</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Annual repurchases by the Fund of its Shares typically will be funded from available cash or sales of portfolio securities. However, payment for repurchased Shares may require the Fund to liquidate portfolio holdings earlier than the Advisers otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund&#8217;s portfolio turnover. Destra may take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of Shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect Shareholders who do not tender their Shares in a repurchase offer by increasing the Fund&#8217;s expenses and reducing any net investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its net assets in less liquid securities. The Fund&#8217;s investments are subject to liquidity risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid investments at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund&#8217;s NAV. Also, because the Fund&#8217;s investments may include securities denominated in foreign currencies, changes in currency values between the date a repurchase offer terminates and the repurchase date may also adversely affect the value of the Fund&#8217;s shares. Additionally, to the extent the Fund consistently is in a &#8220;net repurchase&#8221; position, its assets will likely decline, which will in turn increase the Fund&#8217;s expense ratio and could place the continued viability of the Fund in jeopardy. If the Fund were to liquidate after a period of net repurchases, the assets left in the Fund would likely be the Fund&#8217;s more illiquid assets, which may result in remaining Shareholders being required to hold their investment in the Fund, and be subject to changes (including declines) in value, for a prolonged period of time while the Fund seeks to liquidate its remaining investments. In such a scenario, a Shareholder could lose the entire value of his or her investment in the Fund. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Distribution Payment Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund cannot assure investors that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be paid at the discretion of the Board and may depend on the Fund&#8217;s earnings, the Fund&#8217;s net investment income, the Fund&#8217;s financial condition, maintenance of the Fund&#8217;s RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time. </font>
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          <font style="letter-spacing:0.2pt;">In the event that the Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the Fund&#8217;s distributions to Shareholders may constitute a return of capital to </font>
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          <font style="letter-spacing:0.2pt;">Shareholders and will lower an investor&#8217;s tax basis in his or her Shares. A return of capital generally is a return of an investor&#8217;s investment rather than a return of earnings or gains derived from the Fund&#8217;s investment activities. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Investment Dilution Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund&#8217;s investors do not have preemptive rights to any Shares that the Fund may issue in the future. The Fund&#8217;s Amended and Restated Agreement and Declaration of Trust (&#8220;Declaration of Trust&#8221;) authorizes it to issue an unlimited number of Shares. A majority of the Board may amend the Fund&#8217;s Declaration of Trust. After an investor purchases Shares, the Board may elect to sell additional Shares or other classes of Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests after an investor purchases its Shares, such investor&#8217;s&#160;percentage ownership interest in the Fund will be diluted. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Anti-Takeover Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund&#8217;s Declaration of Trust and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire it or from attempting to change the composition of the Board. Under the Fund&#8217;s Declaration of Trust, the Fund is not required to hold annual meetings of Shareholders. The Trustees are elected for indefinite terms and do not stand for reelection. Subject to the limitations of the 1940 Act, the Board may, without Shareholder action, authorize the issuance of Shares in one or more classes or series, including preferred shares; and the Board may, without Shareholder action, amend the Fund&#8217;s Declaration of Trust. These anti-takeover provisions may inhibit a change of control in circumstances that could give Shareholders the opportunity to realize a premium over the value of the Shares. </font>
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            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Conflicts of Interest Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Advisers and certain of their affiliates may experience conflicts of interest in connection with the management of the Fund, including, but not limited to: the allocation of the Advisers&#8217; time and resources between the Fund and other investment activities; compensation payable by the Fund to Destra and its affiliates; competition with certain affiliates of the Advisers for investment opportunities; investments at different levels of an entity&#8217;s capital structure by the Fund and other clients of the Advisers, subject to the limitations of the 1940 Act; differing recommendations given by the Advisers to the Fund versus other clients; restrictions on the Advisers&#8217; existing business relationships or use of material non-public information with respect to potential investments by the Fund; the formation of additional investment funds or entrance into other investment banking, advisory, investment advisory, and other relationships by the Advisers or their affiliates; and limitations on purchasing or selling securities to other clients of the Advisers or their respective affiliates and on entering into &#8220;joint&#8221; transactions with certain of the Fund&#8217;s, Destra&#8217;s or Validus&#8217; affiliates. See &#8220;Conflicts of Interest.&#8221; </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Portfolio Fair Value Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value. There is not a public market for the securities of the privately-held companies in which the Fund may invest. Certain of the Fund&#8217;s investments may not be exchange-traded, but may, instead, be traded on a privately negotiated OTC secondary market for institutional investors. As a result, the Board has adopted methods for determining the fair value of such securities and other assets, and has delegated the responsibility for applying the valuation methods to Destra. On a quarterly basis, the Board reviews the valuation determinations made with respect to the Fund&#8217;s investments during the preceding quarter and evaluates whether such determinations were made in a manner consistent with the Fund&#8217;s valuation process. See &#8220;Determination of Net Asset Value.&#8221; </font>
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          <font style="letter-spacing:0.2pt;">Certain factors that may be considered in determining the fair value of the Fund&#8217;s investments include dealer quotes for securities traded on the OTC secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company&#8217;s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable publicly traded companies, discounted cash flow and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed. Due to this uncertainty, the Fund&#8217;s fair value determinations may cause the Fund&#8217;s NAV on a given date to materially understate or overstate the value that it may ultimately realize upon the sale of one or more of its investments. Additionally, fair valuation processes for certain securities necessarily involve subjective judgments and assumptions about the value of an asset or liability and these judgments and assumptions may ultimately be incorrect. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">ASC 820 and Other Changes in Accounting Rules</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund&#8217;s assets and liabilities are valued in accordance with the valuation policies set forth herein, subject to the policies and control of the Board. However, for purposes of preparing the Fund&#8217;s annual audited financial statements, which are prepared in accordance with GAAP, certain of the Fund&#8217;s assets and liabilities may be valued in a manner that while consistent with GAAP, is different from the manner in which such assets are valued in accordance with the valuation policies set forth herein. </font>
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          <font style="letter-spacing:0.2pt;">Specifically, for purposes of GAAP-compliant financial reporting, the Fund is required to follow a specific framework for measuring the fair value of its assets and liabilities, and is required to provide certain additional disclosures regarding the use of fair value measurements in their audited financial statements. Many of these requirements are set forth in ASC 820, Fair Value Measurements and Disclosures (&#8220;ASC 820&#8221;), which defines and establishes a framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating to fair value measurements. Other valuation-related requirements are contained in other provisions of GAAP, and other related Financial Accounting Standards Board (&#8220;FASB&#8221;) Statements and guidance. Additional FASB Statements and guidance, and additional provisions of GAAP, that may be adopted in the future may also impose additional, or different, specific requirements as to the valuation of assets and liabilities for purposes of GAAP-compliant financial reporting. </font>
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          <font style="letter-spacing:0.2pt;">The Fund may determine in certain instances to value a particular asset at a different value for financial reporting purposes than the value of that same asset as determined in accordance with the valuation policies set forth herein. For example, the Fund may determine that ASC 820 may require the Fund, for purposes of GAAP-compliant financial reporting, to value its investments at values that are at a discount to the values that are determined in accordance with the valuation policies set forth herein. Conversely, under other accounting guidelines, such as those set forth in ASC No. 805, &#8220;Business Combinations,&#8221; GAAP may require investments to be priced at values that would be different than values assigned under the valuation policies. </font>
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          <font style="letter-spacing:0.2pt;">Accordingly, to the extent that GAAP would require any of the Fund&#8217;s assets or liabilities to be valued in a manner that differs from the valuation policies set forth herein, such assets or liabilities will be valued (x)&#160;in accordance with GAAP, solely for purposes of preparing the Fund&#8217;s GAAP-compliant annual audited financial statements, and (y)&#160;in accordance with the valuation policies set forth herein, subject to the policies and control of the Board (without regard to any GAAP requirements relating to the determination of fair value), for all other purposes. </font>
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          <font style="letter-spacing:0.2pt;">Generally, ASC 820 and other accounting rules applicable to investment funds and various assets they invest in are evolving. Such changes may adversely affect the Fund. For example, the evolution of rules governing the determination of the fair market value of assets to the extent such rules become more stringent would tend to increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn increase the costs associated with selling assets or affect their liquidity due to inability to obtain a third-party determination of fair market value. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">ASC 740&#8201;&#8212;&#8201;Accounting Changes; Effect on NAV</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Pursuant to FASB ASC 740, formerly known as FIN 48 (&#8220;ASC 740&#8221;), which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements, the Fund is required to determine whether a tax position, based on its technical merits, meets a more-likely-than-not recognition threshold that the position will be sustained upon examination. As a result of such a determination, the Fund may be required to recognize a contingent tax liability in its NAV calculation if the related tax position meets the recognition criterion in ASC 740 and, conversely, may be required to unrecognize a contingent tax liability in its NAV calculation if the related tax position does not meet the recognition criterion in ASC 740. In addition, the NAV of the Fund may be adjusted if an uncertain tax position is settled. Recognition and measurement of each tax position, including any tax position for which there is a lack of authority and audit experience, is determined by the Board, in its sole discretion, based on discussions with the Advisers, tax advisers and the auditor and based on the facts and circumstances known at the time. There can be no assurance that any such determination will not change over time. Adjustments made to the NAV of the Fund in connection with the recognition or unrecognition of contingent tax liabilities may have a material positive or negative effect on certain Shareholders and prospective investors, depending on the circumstances. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Non-Diversification Risk</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund is classified as &#8220;non-diversified&#8221; under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a &#8220;diversified&#8221; fund. The </font>
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          <font style="letter-spacing:0.2pt;">Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Risks Relating to the Fund&#8217;s RIC Status</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the Fund must, among other things, meet certain source-of-income, asset diversification and annual distribution requirements. Very generally, in order to qualify as a RIC, the Fund must derive at least 90% of its gross income for each tax year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in stock or other securities, or net income from &#8220;qualified publicly traded partnerships&#8221; &#8203;(as defined in the Code). The Fund must also meet certain asset diversification requirements at the end of each quarter of each of its tax&#160;years. As a result of these diversification requirements, the Fund may have to dispose of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous prices or times, and may result in substantial losses to the Fund. In addition, in order to be eligible for the special tax treatment accorded RICs, the Fund must meet the annual distribution requirement, requiring it to distribute with respect to each tax year at least 90% of the sum of its &#8220;investment company taxable income&#8221; (generally its taxable ordinary income and the excess, if any, of its net short-term capital gains over its net long-term capital losses) and its net tax-exempt income (if any), to Shareholders. If the Fund fails to qualify for taxation as a RIC for any reason, it would be subject to regular corporate-level U.S. federal income taxes on all of its taxable income and gains, and the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions. Such a failure would have a material adverse effect on the Fund and Shareholders. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">RIC-Related Risks of Investments Generating Non-Cash Taxable Income</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Certain of the Fund&#8217;s investments may require the Fund to recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund may invest in loans and other debt obligations that will be treated as having &#8220;market discount&#8221; and/or original issue discount (&#8220;OID&#8221;) for U.S. federal income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of Shares or debt securities, or reduce new investments, to obtain the cash needed to make these distributions. If the Fund liquidates assets to raise cash, the Fund may realize gain or loss on such liquidations, which may further increase the amount that the Fund must distribute to maintain RIC status or avoid Fund-level U.S. federal income or excise taxes. </font>
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          <font style="letter-spacing:0.2pt;">Instruments that are treated as having OID for U.S. federal income tax purposes may have unreliable valuations because their continuing accruals require judgments about the collectability of the deferred payments and the value of any collateral. Loans that are treated as having OID generally represent a significantly higher credit risk than coupon loans. Accruals on such instruments may create uncertainty about the source of Fund distributions to Shareholders. OID creates the risk of non-refundable cash payments to Destra based on accruals that may never be realized. In addition, the deferral of paid-in-kind (&#8220;PIK&#8221;) interest also reduces a loan&#8217;s loan-to-value ratio at a compounding rate. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Uncertain Tax Treatment</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary in order to seek to ensure that it distributes sufficient income so that it does not become subject to U.S. federal income or excise tax. </font>
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          <font style="letter-spacing:-0.2pt;">MANAGEMENT OF THE FUND</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">General</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Under the Fund&#8217;s Declaration of Trust and bylaws, the Fund&#8217;s business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund&#8217;s management and operations. The Board consists of four members, three of whom are considered Independent Trustees. The Trustees are subject to removal or replacement in accordance with the laws of the State of Delaware (&#8220;Delaware law&#8221;) and the Fund&#8217;s Declaration of Trust. The Trustees serving on the Board were elected by the organizational Shareholders of the Fund. The Statement of Additional Information provides additional information about the Trustees. </font>
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          <font style="letter-spacing:0.2pt;">Destra, located at 444 West Lake Street, Suite 1700, Chicago, IL, serves as the Fund&#8217;s investment adviser pursuant to the terms of the Investment Management Agreement and subject to the authority of, and any policies established by, the Board. Under the Investment Management Agreement, Destra manages the Fund&#8217;s investment portfolio, directs and/or oversees the investment and allocation of the portfolio and reports thereon to the Fund&#8217;s officers and Trustees regularly. Destra has engaged Validus to act as the Fund&#8217;s investment sub-adviser and make investment decisions for the Fund&#8217;s portfolio, subject to Destra&#8217;s oversight. </font>
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          <font style="letter-spacing:0.2pt;">The Board, including a majority of the Independent Trustees, oversees and monitors the Fund&#8217;s investment performance and, beginning with the second anniversary of the effective date of the Investment Management Agreement, reviews annually the Investment Management Agreement and the Sub-Advisory Agreement to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided. </font>
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          <font style="letter-spacing:-0.2pt;">Investment Personnel</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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            <font style="letter-spacing:0.2pt;">The portfolio managers primarily responsible for the day-to-day management of the Fund are Aaron Rosen and Mark C. Scalzo, each employees of Validus. The portfolio managers are not employed by the Fund and receive no direct compensation from the Fund in connection with their portfolio management activities. The portfolio managers&#8217; management of the Fund is subject to Destra&#8217;s oversight. See &#8220;Management Fee&#8221; for additional information regarding the compensation payable to Destra and Validus. </font>
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            <font style="letter-spacing:0.2pt;">Below is biographical information of the members of Validus who serve as the portfolio managers of the Fund: </font>
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            <font style="font-weight:bold;letter-spacing:-0.2pt;">Aaron Rosen</font><font style="letter-spacing:0.2pt;">&#8201;&#8212;&#8201;Co-Portfolio Manager&#8201;&#8212;&#8201;Mr.&#160;Rosen is the Fund&#8217;s Co-Portfolio Manager and serves as the Sub-Adviser&#8217;s Portfolio Manager and Managing Director. Mr.&#160;Rosen has been employed by the Sub-Adviser since November&#160;2014, has served the Fund as Co-Portfolio Manager since October&#160;2017, and is responsible for portfolio management and security selection, as well as due diligence, research, valuation, and sourcing of investments. Mr.&#160;Rosen also served as the Assistant Portfolio Manager for the Fund from January&#160;2016 until October&#160;2017, and Director of Due Diligence for Lucia Securities, LLC from November&#160;2014 to September&#160;2016. Prior to joining the Sub-Adviser, Mr.&#160;Rosen served as Senior Alternative Investment Analyst for AIG Advisor Group, focusing specifically on illiquid alternatives. Before that, Mr.&#160;Rosen served as the Senior Analyst for Irongate Capital Management, LLC, where he provided an extensive range of investment management services, including research and allocation decisions on investments for a family office. Mr.&#160;Rosen graduated magna cum laude from Honors Program of Boston University with a BSBA in Finance and a minor in Economics. He holds the Series&#160;7, 63 and 66 licenses, and he holds the Chartered Financial Analyst (CFA) designation from the CFA Institute. Mr.&#160;Rosen was elected to the 2017-2021 Editorial Advisory Board of Real Assets Adviser magazine, and is a member of Mensa. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-weight:bold;letter-spacing:-0.2pt;">Mark C. Scalzo</font><font style="letter-spacing:0.2pt;">&#8201;&#8212;&#8201;Co-Portfolio Manager&#8201;&#8212;&#8201;Mr.&#160;Scalzo, Chief Investment Officer of the Sub-Adviser, is the Fund&#8217;s Co-Portfolio Manager. Mr.&#160;Scalzo has been employed by the Sub-Adviser since November&#160;2012, has served the Fund as a Portfolio Manager since March&#160;2015 and is responsible for investment management, investment strategy creation, and security-specific research. Mr.&#160;Scalzo founded Validus in 2012 and serves as its Managing Partner. From June&#160;2014 to July&#160;2020, Mr.&#160;Scalzo was also the Chief Investment Officer of Validus&#8217; affiliated registered investment adviser, Pinhook. Prior to joining the Sub-Adviser, Mr.&#160;Scalzo was Executive Vice President, Co-Portfolio Manager and Director of Research, </font>
          </div>

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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">58</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <div style="width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">from November&#160;2008 to October&#160;2012, for Aletheia Research &amp; Management. Prior to that, he served as Group Vice President, Mergers &amp; Acquisitions, for Fisher Asset Management, LLC, a registered investment adviser. Mr.&#160;Scalzo graduated cum laude from The Wharton School at the University of Pennsylvania with a B.S. in Economics. Mr.&#160;Scalzo is Series&#160;7, Series&#160;24, Series&#160;65 and Series&#160;79 licensed. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Fund&#8217;s Statement of Additional Information provides additional information about the portfolio managers&#8217; compensation, other accounts managed, and ownership of the Fund&#8217;s shares. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Control Persons and Principal Holders of Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of June&#160;1, 2021, LPL Financial is deemed to control the Fund because it had voting authority with respect to more than 25% of the value of the outstanding interests in the Fund on such date. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Administrative Services</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund has retained the Administrator, UMB Fund&#160;Services, Inc., (&#8220;UMBFS&#8221; or the &#8220;Administrator&#8221;) located at 235 West Galena Street, Milwaukee, WI 53212, to provide administrative services, provide accounting services, serve as the Fund&#8217;s distribution paying agent, transfer agent, registrar and to assist with operational needs. UMBFS provides such services to the Fund pursuant to a fund services agreement between the Fund and the UMBFS (the &#8220;Fund&#160;Services Agreement&#8221;). The Administrator is responsible directly or through its agents for, among other things, providing the following services to each of the Fund; (1)&#160;maintaining a list of Shareholders and generally performing all actions related to the issuance and repurchase of Shares of the Fund, if any, including delivery of trade confirmations and capital statements; (2)&#160;providing certain administrative, clerical and bookkeeping services; (3)&#160;providing transfer agency services, services related to the payment of distributions, and accounting services; (4)&#160;computing the NAV of the Fund in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) and procedures defined in consultation with Destra; (5)&#160;overseeing the preparation of semi-annual and annual financial statements of the Fund in accordance with GAAP, quarterly reports of the operations of the Fund and information required for tax returns; (6)&#160;supervising regulatory compliance matters and preparing certain regulatory filings; and (7)&#160;performing additional services, as agreed upon, in connection with the administration of the Fund. The Administrator may from time to time delegate its responsibilities under the Administration Agreement to one or more parties selected by the Administrator, including its affiliates or affiliates of the Advisers. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In consideration for these services, the Fund pays the Administrator a minimum monthly administration fee of $5,750 ,or $69,000 on an annualized basis (the &#8220;Administration Fee&#8221;). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund, and receives a fee for transfer agency services, fund accounting and tax services. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Administration Agreement provides that, in the absence of bad faith, gross negligence, fraud or willful misconduct in the performance of its duties and obligations under the Administration Agreement, the Administrator will not be liable to the Fund for any error of judgment, for any mistake of law or for any act or omission in connection with the performance of administration services for the Fund. The Administration Agreement also provides for indemnification of the Administrator against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the Administrator&#8217;s bad faith, gross negligence, fraud, reckless disregard or willful misconduct in the performance of its duties to the Fund. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Custodian</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">UMB Bank, N.A., with principal offices at 928 Grand Boulevard, Kansas City, MO 64106, serves as custodian for the Fund. </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">59</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tFUEX">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">FUND EXPENSES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund will pay all of its expenses, or reimburse the Advisers or their affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with the offering and issuance of Shares; all fees and expenses reasonably incurred in connection with the operation of the Fund; all fees and expenses directly related to portfolio transactions and positions for the Fund&#8217;s account such as direct and indirect expenses associated with the Fund&#8217;s investments, and enforcing the Fund&#8217;s rights in respect of such investments; quotation or valuation expenses; the Management Fee and the Administration Fee; brokerage commissions; interest and fees on any borrowings by the Fund; professional fees; research expenses (including, without limitation, expenses of consultants who perform fund manager due diligence research); fees and expenses of outside legal counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund), including foreign legal counsel; accounting, auditing and tax preparation expenses; fees and expenses in connection with repurchase offers and any repurchases or redemptions of Shares; taxes and governmental fees (including tax preparation fees); fees and expenses of any custodian, subcustodian, transfer agent, and registrar, and any other agent of the Fund; all costs and charges for equipment or services used in communicating information regarding the Fund&#8217;s transactions with any custodian or other agent engaged by the Fund; bank services fees; costs and expenses relating to any amendment of the Declaration of Trust or other organizational documents of the Fund; expenses of preparing, amending, printing, and distributing the Prospectus and any other sales material (and any supplements or amendments thereto), reports, notices, other communications to Shareholders, and proxy materials; expenses of preparing, printing, and filing reports and other documents with government agencies; expenses of Shareholders&#8217; meetings, including the solicitation of proxies in connection therewith; expenses of corporate data processing and related services; shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the Board who are not employees of the Advisers or their affiliates; insurance premiums; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund. The Fund may need to sell portfolio securities to pay fees and expenses, which could cause the Fund to realize taxable gains. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Extraordinary Expenses&#8221; means all expenses incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the rights against any person or entity; costs and expenses for indemnification or contribution payable to any person or entity; expenses of a reorganization, restructuring or merger, as applicable; expenses of holding, or soliciting proxies for, a meeting of shareholders (except to the extent relating to items customarily addressed at an annual meeting of a registered closed-end management investment company); and the expenses of engaging a new administrator, custodian, transfer agent or escrow agent. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares are subject to a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to the respective share class. Class&#160;T Shares and Class&#160;C Shares pay a Distribution Fee that accrues at an annual rate equal to 0.50% for Class&#160;T Shares and 0.75% for Class&#160;C Shares of the Fund&#8217;s average daily net assets attributable to the applicable class of Shares and is payable on a monthly basis. Class&#160;I shares are not subject to monthly shareholder servicing fees or a Distribution Fee. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Advisers will bear all of their expenses and costs incurred in providing investment advisory services to the Fund, including travel and other expenses related to the selection and monitoring of investments. In addition, the Advisers are responsible for the payment of the compensation and expenses of those officers of the Fund affiliated with the Advisers, and making available, without expense to the Fund, the services of such individuals, subject to their individual consent to serve and to any limitations imposed by law. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund will bear directly certain ongoing offering costs associated with any periodic offers of Shares which will be expensed as they are incurred. Offering costs cannot be deducted by the Fund or the Shareholders. </font>
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          <font style="letter-spacing:0.2pt;">60</font>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s fees and expenses will decrease the net profits or increase the net losses of the Fund that are credited to Shareholders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra and the Fund have entered into the Expense Limitation Agreement under which, until November&#160;30, 2022, Destra has agreed to reduce its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including, for example, options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.95% of Class&#160;A Shares&#8217; net assets, 2.45% of Class&#160;T Shares&#8217; net assets, 2.70% of Class&#160;C Shares&#8217; net assets, and 1.70% of Class&#160;I Shares&#8217; net assets (the &#8220;Expense Limitation&#8221;). In consideration of Destra&#8217;s agreement to limit the Fund&#8217;s expenses, the Fund has agreed to repay Destra pro&#160;rata in the amount of any Fund expense paid or waived by Destra, subject to the limitations that: (1)&#160;the reimbursement for expenses will be made only if payable not more than three&#160;years following the date such payment or waiver was made; and (2)&#160;the reimbursement may not be made if it would cause the Fund&#8217;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the ordinary operating expenses that are the subject of the repayment, to be exceeded. The Expense Limitation agreement may be terminated before November&#160;30, 2022 only by the Fund&#8217;s Board of Trustees, on 60&#160;days&#8217; written notice to the Adviser. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Offering Costs</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund, either directly or through reimbursement to Destra or its affiliates, is responsible for its offering costs. Offering costs primarily include legal, accounting, printing and other expenses relating to this Offering, including costs associated with technology integration between the Fund&#8217;s systems and those of its distribution partners, marketing expenses, salaries and direct expenses of the Advisers&#8217; personnel, employees of their affiliates and others while engaged in registering and marketing the Shares, including the development of marketing materials and presentations, training and educational meetings, and generally coordinating the marketing process for the Fund. The Offering costs cannot be deducted by the Fund or the Fund&#8217;s shareholders. Therefore, for tax purposes, the expenses incident to the Offering and issuance of shares will be recorded as a reduction of capital of the Fund attributable to the shares. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">MANAGEMENT FEES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Management Fee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Under the Investment Management Agreement, Destra is entitled to a Management Fee, calculated and payable monthly in arrears, at the annual rate of 1.35% of the Fund&#8217;s average daily net assets during such period. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Sub-Advisory Agreement provides that Validus is entitled to receive an annual sub-advisory fee from Destra equal to 50% of the net revenue received by Destra after any fee waivers, subject to a maximum sub-advisory fee of 0.675% of the Fund&#8217;s average daily net assets. Validus is paid by Destra out of the Management Fee Destra is paid by the Fund. Pinhook served as the investment sub-adviser to the Fund until August&#160;3, 2020. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investment Management Agreement and Sub-Advisory Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Investment Management Agreement and Sub-Advisory Agreement were approved by the Board and the Fund&#8217;s Shareholders and became effective February&#160;11, 2021, and will continue in effect for a period of two&#160;years from its effective date. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i)&#160;the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board, and (ii)&#160;the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. Such approvals were made in accordance with, and on the basis of an evaluation satisfactory to the Board as required by, Section&#160;15(c) of the 1940 Act and the applicable rules and regulations </font>
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          <font style="letter-spacing:0.2pt;">61</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <div style="width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">thereunder. A discussion regarding the basis for the approval of the Investment Management Agreement is available in the Fund&#8217;s annual report to Shareholders for the fiscal year ended February&#160;28, 2021 and a discussion regarding the Sub-Advisory Agreement will be available in the Fund&#8217;s semi-annual report to Shareholders for the fiscal period ending August&#160;31, 2021. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Investment Management Agreement may be terminated at any time, without the payment of any penalty, upon 60&#160;days&#8217; written notice by Destra or, if the Board or the holders of a majority of the Fund&#8217;s outstanding voting securities determine that the Investment Management Agreement with Destra should be terminated, by the Fund. The Investment Management Agreement will automatically terminate in the event of its assignment (as such term is defined for purposes of Section&#160;15(a)(4) of the 1940 Act). </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Sub-Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60&#160;days&#8217; written notice by Validus or, if the Board or the holders of a majority of the Fund&#8217;s outstanding voting securities determine that the Sub-Advisory Agreement with Validus should be terminated. The Sub-Advisory Agreement will automatically terminate in the event of its assignment (as such term is defined for purposes of Section&#160;15(a)(4) of the 1940 Act) or the termination of the Investment Management Agreement.</font>
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          <font style="letter-spacing:0.2pt;">62</font>
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          <font style="letter-spacing:-0.2pt;">DETERMINATION OF NET ASSET VALUE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund determines the NAV of Shares on each day that the NYSE is open for business as of the close of the regular trading session. Each Class&#160;A Share and Class&#160;T Share will be offered at NAV plus the applicable Sales Load, and each Class&#160;I Share and Class&#160;C Share will be offered at NAV. The Fund calculates NAV per Share on a class-specific basis. The NAV of a class of Shares depends on the number of shares of the applicable class outstanding at the time the NAV of the applicable share class is determined. As such, the NAV of each class of Shares may vary if the Fund sells different amounts of Shares per class. The Fund&#8217;s assets and liabilities are valued in accordance with the principles set forth below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra values the Fund&#8217;s assets in good faith pursuant to the Fund&#8217;s valuation policy and consistently applied valuation process, which was approved by the Board. Portfolio securities and other assets for which market quotes are readily available are valued at market value or NAV in the case of mutual funds. In circumstances where market quotes are not readily available, the Board has adopted methods for determining the fair value of such securities and other assets, and has delegated the responsibility for applying the valuation methods to Destra. On a quarterly basis, the Board reviews the valuation determinations made with respect to the Fund&#8217;s investments during the preceding quarter and evaluates whether such determinations were made in a manner consistent with the Fund&#8217;s valuation process. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Accounting Standards Codification Topic 820, </font><font style="font-style:italic;letter-spacing:0.2pt;">Fair Value Measurements and Disclosure</font><font style="letter-spacing:0.2pt;"> (&#8220;ASC Topic&#160;820&#8221;), issued by the Financial Accounting Standards Board, clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level&#160;1, defined as observable inputs such as quoted prices in active markets; Level&#160;2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level&#160;3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When determining the fair value of an asset, Destra seeks to determine the price that would be received from the sale of the asset in an orderly transaction between market participants at the measurement date, in accordance with ASC Topic 820. Fair value determinations are based upon all available inputs that Destra deems relevant, with input from the Sub-Adviser, which may include indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by third-party valuation services. However, determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Fund&#8217;s financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on the Fund&#8217;s financial statements. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For purposes of calculating NAV, Destra uses the following valuation methods: </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In determining net asset value, portfolio instruments generally are valued using prices provided by independent pricing services or obtained from other sources, such as broker-dealer quotations. Exchange-traded instruments generally are valued at the last reported sales price or official closing price on an exchange, if available. Independent pricing services typically value non-exchange-traded instruments utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows, and transactions for comparable instruments. In pricing certain instruments, the pricing services may consider information about an instrument&#8217;s issuer or market activity provided by the Fund&#8217;s Sub-Adviser. Non-U.S. securities and currency are valued in U.S. dollars based on non-U.S. currency exchange rate quotations supplied by an independent quotation service. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For non-U.S. traded securities whose principal local markets close before the close of the NYSE, the Fund may adjust the local closing price based upon such factors as developments in non-U.S. markets, the performance of U.S. securities markets and the performance of instruments trading in U.S. markets that represent non-U.S. securities. The Fund may rely on an independent fair valuation service in making any such fair value determinations. If the Fund holds portfolio instruments that are primarily listed on non-U.S. </font>
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          <font style="letter-spacing:0.2pt;">63</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">exchanges, the value of such instruments may change on days when shareholders will not be able to purchase or redeem the Fund&#8217;s shares. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">In certain situations, Destra, with input from Validus, may use the fair value of a portfolio instrument if such portfolio instrument is not priced by a pricing service, if the pricing service&#8217;s price is deemed unreliable or if events occur after the close of a securities market (usually a foreign market) and before the Fund values its assets that would materially affect NAV. A portfolio instrument that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because non-U.S. portfolio instruments may trade on days when Fund shares are not priced, the value of portfolio instruments held by the Fund can change on days when Fund shares cannot be redeemed. Destra expects to use fair value pricing primarily when a portfolio instrument is not priced by a pricing service or a pricing service&#8217;s price is deemed unreliable. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Due to the subjective nature of fair value pricing, the Fund&#8217;s value for a particular portfolio instrument may be different from the last price determined by the pricing service or the last bid or ask price in the market. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Other portfolio instruments held by the Fund are generally valued at market value. Certain short-term instruments maturing within 60&#160;days or less are valued at amortized cost, which approximates market value. The value of the securities of other open-end funds held by the Fund, if any, will be calculated using the NAV of such open-end funds, and the prospectuses for such open-end funds explain the circumstances under which they use fair value pricing and the effects of using fair value pricing. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Below is a description of factors that may be considered when valuing securities for which no active secondary market exists. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, these factors may be incorporated into discounted cash flow models to arrive at fair value. Other factors that may be considered include the borrower&#8217;s ability to adequately service its debt, the fair market value of the portfolio company in relation to the face amount of its outstanding debt and the quality of the collateral securing its debt investments. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For convertible debt securities, fair value will generally approximate the fair value of the debt plus the fair value of an option to purchase the underlying security (the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For equity interests, various factors may be considered in determining fair value, including but not limited to multiples of earnings before interest, taxes, depreciation and amortization (&#8220;EBITDA&#8221;), cash flows, net income, revenues or, in limited instances, book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or the Fund&#8217;s actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or an acquisition, recapitalization, restructuring or other related items. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Other factors that may be considered in valuing securities include private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, the acquisition price of such investment or industry practices in determining fair value. Destra may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, and may apply discounts or premiums, where and as appropriate, due to the higher (or lower) financial risk and/ or the size of the portfolio company relative to comparable firms, as well as such other factors as Destra, in consultation with any third-party valuation or pricing service, if applicable, may consider relevant in assessing fair value. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the Fund receives warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. Such warrants or other equity securities will subsequently be valued at fair value. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Portfolio securities that carry certain restrictions on sale will typically be valued at a discount from the public market value of the security, where applicable. </font>
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          <font style="letter-spacing:0.2pt;">64</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCOI">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If events materially affecting the price of foreign portfolio securities occur between the time when their price was last determined on such foreign securities exchange or market and the time when the Fund&#8217;s NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with procedures established by the Board. For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined in good faith by Destra, under the supervision of the Board. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Swaps typically will be valued using valuations provided by a third-party pricing service. Such pricing service valuations generally will be based on the present value of fixed and projected floating rate cash flows over the term of the swap contract and, in the case of credit default swaps, generally will be based on credit spread quotations obtained from broker-dealers and expected default recovery rates determined by the third-party pricing service using proprietary models. Future cash flows will be discounted to their present value using swap rates provided by electronic data services or by broker-dealers. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">While the Fund&#8217;s policy is intended to result in a calculation of the Fund&#8217;s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by Destra would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund will periodically benchmark the bid and ask prices received from the third-party pricing service and/or dealers, as applicable, and valuations received from the third-party valuation service against the actual prices at which it purchases and sells its investments. The Fund believes that these prices will be reliable indicators of fair value. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONFLICTS OF INTEREST</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Adviser, the Sub-Adviser and the portfolio managers of the Fund have interests which may conflict with the interests of the Fund. In particular, the Adviser and the Sub-Adviser each manages and/or advises other investment funds or accounts with the same or similar investment objective and strategies as the Fund. As a result, the Adviser, the Sub-Adviser and the Fund&#8217;s portfolio managers may devote unequal time and attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as complete a strategy or identify equally attractive investment opportunities as might be the case if they were to devote substantially more attention to the management of the Fund. The Adviser, the Sub-Adviser and the Fund&#8217;s portfolio managers may identify a limited investment opportunity that may be suitable for multiple funds and accounts, and the opportunity may be allocated among these several funds and accounts, which may limit the Fund&#8217;s ability to take full advantage of the investment opportunity. Additionally, transaction orders may be aggregated for multiple accounts for purposes of execution, which may cause the price or brokerage costs to be less favorable to the Fund than if similar transactions were not being executed concurrently for other accounts. Furthermore, it is theoretically possible that a portfolio manager could use the information obtained from managing a fund or account to the advantage of other funds or accounts under management, and also theoretically possible that actions could be taken (or not taken) to the detriment of the Fund. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and accounts. For example, a portfolio manager may determine that it would be in the interest of another account to sell a security that the Fund holds, potentially resulting in a decrease in the market value of the security held by the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Conflicts potentially limiting the Fund&#8217;s investment opportunities may also arise when the Fund and other clients of the Adviser or Sub-Adviser invest in, or even conduct research relating to, different parts of an issuer&#8217;s capital structure. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of the Adviser or Sub-Adviser (as applicable) or result in </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">65</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tAROS">&#8203;</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">the Adviser or Sub-Adviser receiving material, non-public information, or the Adviser and Sub-Adviser may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund&#8217;s investment opportunities. Additionally, if the Adviser or Sub-Adviser acquires material non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The portfolio managers also may engage in cross trades between funds and accounts, may select brokers or dealers to execute securities transactions based in part on brokerage and research services provided to the Adviser or the Sub-Adviser which may not benefit all funds and accounts equally and may receive different amounts of financial or other benefits for managing different funds and accounts. Finally, the Adviser, the Sub-Adviser and their affiliates may provide more services to some types of funds and accounts than others. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">To address the types of conflicts referred to above, Destra and Validus have adopted policies and procedures under which they will detect, manage or mitigate the conflicts. </font>
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          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">ANNUAL REPURCHASES OF SHARES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">No Right of Redemption</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">No Shareholder will have the right to require the Fund to redeem its Shares. No public market exists for the Shares, and none is expected to develop. Consequently, investors will not be able to liquidate their investment other than as a result of repurchases of Shares by the Fund, as described below. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Repurchases of Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund operates as an interval fund under Rule&#160;23c-3 of the 1940 Act and, as such, provides a limited degree of liquidity to Shareholders. As an interval fund, the Fund has adopted a fundamental policy to offer to repurchase a specified&#160;percentage of its outstanding Shares at the NAV at regular intervals. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.2pt;">Once each year, the Fund will offer to repurchase at NAV no less than 5% and no more than 25% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund&#8217;s outstanding voting securities (as defined in the 1940 Act). Shareholders will be notified in writing of each annual repurchase offer, how they may request that the Fund repurchase their Shares and the date the repurchase offer ends (the &#8220;Repurchase Request Deadline&#8221;). Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a &#8220;Repurchase Pricing Date&#8221;). </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.2pt;">Shares tendered for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. The time between the notification to Shareholders and the Repurchase Request Deadline may vary from no more than 42&#160;days to no less than 21&#160;days. Payment pursuant to the repurchase will be made by checks to the Shareholder&#8217;s address of record, or credited directly to a predetermined bank account on the purchase payment date (each a &#8220;Purchase Payment Date&#8221;), which will be no more than seven days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the 1940 Act, regulations thereunder and other pertinent laws. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Determination of Repurchase Offer Amount</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Board, or a committee thereof, in its sole discretion, will determine the number of Shares of each Share class that the Fund will offer to repurchase (the &#8220;Repurchase Offer Amount&#8221;) for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline. </font>
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          <font style="letter-spacing:0.2pt;">66</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Notice to Shareholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">No less than 21&#160;days and no more than 42&#160;days before each Repurchase Request Deadline, the Fund shall send to each Shareholder of record and to each beneficial owner of Shares that are the subject of the repurchase offer a notification (&#8220;Shareholder Notification&#8221;). The Shareholder Notification will contain information Shareholders should consider in deciding whether to tender their Shares for repurchase. The notice also will include detailed instructions on how to tender Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment (the &#8220;Repurchase Payment Deadline&#8221;). The notice also will set forth the NAV that has been computed no more than seven days before the date of notification, and how Shareholders may ascertain the NAV after the notification date. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Repurchase Price</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The repurchase price of the Shares will be the NAV of the respective Share class as of the close of regular trading on the NYSE on the Repurchase Pricing Date. You may call </font><font style="font-style:italic;letter-spacing:0.2pt;">844-9DESTRA (933-7872) </font><font style="letter-spacing:0.2pt;">to learn the NAV. The notice of the repurchase offer also will provide information concerning the NAV, such as the NAV as of a recent date or a sampling of recent NAVs, and a toll-free number for information regarding the repurchase offer. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Repurchase Amounts and Payment of Proceeds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Shares tendered for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that Repurchase Request Deadline. Payment pursuant to the repurchase will be made by check to the Shareholder&#8217;s address of record, or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the 1940 Act, regulations thereunder and other pertinent laws. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2.00% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2.00% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a </font><font style="font-style:italic;letter-spacing:0.2pt;">pro&#160;rata</font><font style="letter-spacing:0.2pt;"> basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund will accept the total number of Shares tendered in connection with required minimum distributions from an IRA or other qualified retirement plan. It is the Shareholder&#8217;s obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Suspension or Postponement of Repurchase Offer</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may suspend or postpone a repurchase offer only: (a)&#160;if making or effecting the repurchase offer would cause the Fund to lose its status as a regulated investment company under the Code; (b)&#160;for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c)&#160;for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (d)&#160;for such other periods as the Commission may by order permit for the protection of Shareholders of the Fund. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Liquidity Requirements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund must maintain liquid assets equal to the Repurchase Offer Amount from the time that the notice is sent to Shareholders until the Repurchase Pricing Date. The Fund will ensure that a&#160;percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets (including cash and borrowings) that can be sold or disposed of in the ordinary course of business at approximately the price </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">67</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOCS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board has adopted procedures that are reasonably designed to ensure that the Fund&#8217;s assets are sufficiently liquid so that the Fund can comply with the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take whatever action it deems appropriate to ensure compliance. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Consequences of Repurchase Offers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Repurchase offers will typically be funded from available cash or sales of portfolio securities. Payment for repurchased Shares, however, may require the Fund to liquidate portfolio holdings earlier than Destra otherwise would, thus increasing the Fund&#8217;s portfolio turnover and potentially causing the Fund to realize losses. Destra intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of Shares. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares in a repurchase offer by increasing the Fund&#8217;s expenses and reducing any net investment income. To the extent the Fund finances repurchase amounts by selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. The sale of portfolio securities to fund repurchases also could reduce the market price of those underlying securities, which in turn would reduce the Fund&#8217;s NAV. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Repurchase of the Fund&#8217;s Shares will tend to reduce the amount of outstanding Shares and, depending upon the Fund&#8217;s investment performance, its net assets. A reduction in the Fund&#8217;s net assets would increase the Fund&#8217;s expense ratio, to the extent that additional Shares are not sold, and expenses otherwise remain the same (or increase). In addition, the repurchase of Shares by the Fund will be a taxable event to Shareholders. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund is intended as a long-term investment. The Fund&#8217;s annual repurchase offers are a Shareholder&#8217;s only means of liquidity with respect to his or her Shares. Shareholders have no rights to redeem or transfer their Shares. No secondary market is expected to develop for the Fund&#8217;s Shares unless the Shares are listed on a securities exchange, if at all. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF CAPITAL STRUCTURE AND SHARES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;font-style:italic;">
          <font style="letter-spacing:0.2pt;">The following description is based on relevant portions of the Delaware Statutory Trust Act and on the Fund&#8217;s Amended and Restated Agreement and Declaration of Trust and bylaws. This summary is not intended to be complete. Please refer to the Delaware Statutory Trust Act and the Fund&#8217;s Declaration of Trust and bylaws, copies of which are filed with the books and records of the Fund, for a more detailed description of the provisions summarized below.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Shares of Beneficial Interest</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund is authorized to issue an unlimited number of shares of beneficial interest, par value $0.001 per share. The Fund&#8217;s Declaration of Trust permits the Board to classify or reclassify any of the Fund&#8217;s unissued Shares into one or more classes or series by setting or changing the preferences, conversion or other rights, voting powers, limitations as to dividends, or terms or conditions of redemption of each class or series of Shares. A majority of the Board, without action by the Fund&#8217;s Shareholders, may amend the Fund&#8217;s Declaration of Trust from time to time to increase or decrease the aggregate number of Shares or may increase or decrease the number of Shares of any class or series that the Fund has authority to issue; provided, that any such amendment or Board action may not change the preferences, conversion or other rights, voting powers, limitations as to dividends, or terms or conditions of redemption of any issued and outstanding Shares. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund offers four classes of Shares: Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund has been granted exemptive relief by the SEC permitting the Fund to offer multiple classes of Shares. An investment in any Share class of the Fund represents an investment in the same assets of the </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">68</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Fund. However, the minimum investment amounts, sales loads, and ongoing fees and expenses for each Share class are different. The fees and expenses for the Fund are set forth in &#8220;Summary of Fees and Expenses.&#8221; The details of each Share class are set forth in &#8220;Distribution of Shares.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">There is currently no market for the Shares, including Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares. Pursuant to the Fund&#8217;s Declaration of Trust and as permitted by Delaware law, Shareholders generally will not be personally liable for the Fund&#8217;s debts or obligations. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Set forth below is a chart describing the classes of the Fund&#8217;s securities outstanding as of June&#160;1, 2021: </font>
          </div>


          <table style="width:456pt;height:91pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:137.43pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">(1) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">(2) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">(3) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;" colspan="4">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">(4) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt; width:137.43pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Title of Class </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Amount </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Authorized </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Amount Held by the Fund or </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">for its Account </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:2.583pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Amount Outstanding Exclusive of Amount </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Under Column (3) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:137.43pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Class&#160;I Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:36.75pt; text-align:right; white-space:nowrap;">Unlimited<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">*</font> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:33.75pt; text-align:right; white-space:nowrap;">2,813,083 </td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:137.43pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Class&#160;A Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:36.75pt; text-align:right; white-space:nowrap;">Unlimited<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">*</font> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:33.75pt; text-align:right; white-space:nowrap;">5,228,373 </td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:137.43pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Class&#160;T Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:36.75pt; text-align:right; white-space:nowrap;">Unlimited<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">*</font> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:33.75pt; text-align:right; white-space:nowrap;">274,621 </td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:137.43pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Class&#160;C Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:36.75pt; text-align:right; white-space:nowrap;">Unlimited<font style=" position:relative; bottom:4.25pt;font-size:7.5pt;">*</font> </td>
              <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:35.635pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:33.75pt; text-align:right; white-space:nowrap;">810,465</td>
              <td style="padding:0pt;padding-left:50.09pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:12.11pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">subject to a $5&#160;billion limit on the Fund </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Common Shares.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Under the terms of the Fund&#8217;s Declaration of Trust, all issued Shares will be fully paid and non-assessable. Distributions may be paid to the holders of the Fund&#8217;s Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares (which shall be done pro&#160;rata among the Shareholders of a specific class) at the same time and in different per share amounts on such Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares if, as and when authorized and declared by the Board. Each class of Shares shall represent beneficial interests in all of the Fund&#8217;s assets and shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption (if any) as each other class of Shares except for such differences as are set forth in the Fund&#8217;s Declaration of Trust or any resolution of the Board. Except as may be provided by the Board in setting the terms of classified or reclassified Shares, Shares will have no preference, preemptive, appraisal, conversion, exchange or redemption rights, and will be freely transferable, except where their transfer is restricted by law or contract. The Fund&#8217;s Declaration of Trust provides that the Board shall have the power to repurchase or redeem Shares. In addition, the Shares are not subject to any mandatory redemption obligations by the Fund. In the event of the Fund&#8217;s liquidation, dissolution or winding up, each share of a class of Shares would be entitled to be paid, out of the Fund&#8217;s assets that are legally available for distribution to the Shareholders after the Fund pays or makes reasonable provision for the payment of all claims and obligations and subject to any preferential rights of holders of the Fund&#8217;s preferred shares, if any preferred shares are outstanding at such time, a liquidation payment equal to the NAV per share of such class; provided, however, that if the Fund&#8217;s available assets are insufficient to pay in full the above described liquidation payment, then such assets, or the proceeds thereof, shall be distributed among the holders of Shares of each class of Shares ratably in the same proportion as the respective amounts that would be payable on such Shares of each class of Shares if all amounts payable thereon were paid in full. Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares will vote together as a single class, and each Share will be entitled to one vote on all matters submitted to a vote of Shareholders, including the election of trustees, and subject to the express terms of any class or series of preferred shares, Shareholders shall have the exclusive right to vote on all matters as to which a Shareholder is entitled to vote pursuant to applicable law at all meetings of Shareholders; provided, however, that the holders of a class of Shares will have (i)&#160;exclusive voting rights&#160;on any matter that affects only the interests of such class of Shares, and (ii)&#160;voting rights as set forth in Rule&#160;18f-3(a)(2)-(3) promulgated under the 1940 Act. There will be no cumulative voting in the election of trustees or on any other matter. Under the Fund&#8217;s Declaration of Trust, the Fund is not required to hold annual meetings of Shareholders. The Fund only expects to hold Shareholder meetings to the extent required by the 1940 Act or pursuant to special meetings called by the Board or a majority of Shareholders, or in the future in compliance with the requirements of any exchange on which Shares may be listed in the future. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Preferred Shares and Other Securities.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Fund&#8217;s Declaration of Trust provides that the Board may, subject to the Fund&#8217;s investment policies and restrictions and the requirements of the 1940 Act, authorize </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">69</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">and cause the Fund to issue securities of the Fund other than Shares (including preferred shares, debt securities or other senior securities), by action of the Board without the approval of Shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Preferred shares could be issued with rights and preferences that would adversely affect Shareholders. Preferred shares could also be used as an anti-takeover device. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i)&#160;immediately after issuance and before any distribution is made with respect to the shares and before any purchase of shares is made, the total asset value of the Fund&#8217;s portfolio is at least 200% of the liquidation value of the outstanding preferred shares, and (ii)&#160;the holders of preferred shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two&#160;years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the Fund&#8217;s Declaration of Trust, Trustees and officers of the Fund will not be subject in such capacity to any personal liability to the Fund or Shareholders, unless the liability arises from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee&#8217;s or officer&#8217;s duty. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as otherwise provided in the Fund&#8217;s Declaration of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, as fines and penalties, and expenses including reasonable accountants&#8217; and counsel fees), while and with respect to acting in the capacity of a Trustee or officer of the Fund, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of his or her position. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund has entered into the Investment Management Agreement with Destra. The Investment Management Agreement provides that, in the absence of willful misfeasance, gross negligence or reckless disregard for its obligations and duties thereunder, Destra and any of its affiliates and controlling persons will not be liable for any error of judgment or mistake of law or for any loss the Fund suffers. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Destra has entered into the Sub-Advisory Agreement with Validus. The Sub-Advisory Agreement provides that, in the absence of willful misconduct, bad faith, reckless disregard or gross negligence for its obligations and duties thereunder, Validus is not liable for any error of judgment or mistake of law or for any loss the Fund suffers. In addition, the Sub-Advisory Agreement provides that Validus will indemnify the Fund, Destra and any of their respective affiliates and controlling persons for any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), which the Fund, Destra or any of their respective affiliates and controlling persons may sustain as a result of Validus&#8217; willful misconduct, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder or violation of applicable law. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Number of Trustees; Appointment of Trustees; Vacancies; Removal</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s Declaration of Trust provides that the number of Trustees shall be no less than one. As set forth in the Declaration of Trust, a Trustee&#8217;s term of office shall continue until his or her death, resignation, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or removal. Subject to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the appointment of such persons by a majority of the Trustees then in office. Each Trustee shall hold office until his or her successor shall have been duly elected and qualified pursuant to the Fund&#8217;s Declaration of Trust. To the extent that the 1940 Act requires that Trustees be elected by Shareholders, any such Trustees will be elected by a plurality of all Shares voted at a meeting of Shareholders at which a quorum is present. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">70</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tTAAS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s Declaration of Trust provides that any Trustee may be removed (provided that after the removal the aggregate number of Trustees is not less than the minimum required by the Declaration of Trust) without cause only by a written instrument signed or adopted by a majority of the remaining Trustees or by a vote of the holders of at least two-thirds of the shares of the Fund that are entitled to elect a Trustee and that are entitled to vote on the matter. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">As of the date of this Prospectus, the Fund has a total of four members of the Board, each of whom are Independent Trustees. Pursuant to the 1940 Act, at least 40% of the members of the Board must be Independent Trustees. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Action by Shareholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s Declaration of Trust provides that Shareholder action can be taken only at a meeting of Shareholders or by unanimous written consent in lieu of a meeting. Subject to the 1940 Act, the Fund&#8217;s Declaration of Trust or a resolution of the Board specifying a greater or lesser vote requirement, the affirmative vote of a majority of Shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter shall be the act of the Shareholders with respect to any matter submitted to a vote of the Shareholders. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Amendment of Declaration of Trust and Bylaws</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to the provisions of the 1940 Act, pursuant to the Fund&#8217;s Declaration of Trust, the Board may amend the Declaration of Trust without any vote of Shareholders, except Shareholders shall have the right to vote: (i)&#160;on any amendment that would adversely affect to a material degree the rights and preferences of the Shares of any series or class already issued; (ii)&#160;on any amendment for which such vote is required by law; and (iii)&#160;on any amendment submitted to Shareholders by the Board. Pursuant to the Fund&#8217;s Declaration of Trust and bylaws, the Board has the exclusive power to amend or repeal the bylaws or adopt new bylaws at any time. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Conflict with Applicable Laws and Regulations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s Declaration of Trust provides that if and to the extent that any provision of the Fund&#8217;s Declaration of Trust conflicts with any provision of the 1940 Act, the provisions under the Code applicable to the Fund as a RIC or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Fund&#8217;s Declaration of Trust from the time when such provisions became inconsistent with such laws or regulations; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or affect the validity of any action taken or omitted to be taken prior to such determination. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TAX ASPECTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following discussion is a general summary of U.S. federal income tax considerations generally applicable to the Fund and its investors. Except as otherwise noted, this discussion assumes you are a taxable U.S. person (as defined for U.S. federal income tax purposes) and that you hold your Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service (the &#8220;IRS&#8221;), possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and Shareholders (including Shareholders subject to special rules under U.S. federal income tax law). </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The discussions set forth herein do not constitute tax advice. The Fund has not sought and will not seek any ruling from the IRS regarding any matters discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to those set forth below. This summary does not discuss any aspects of foreign, state or local tax. Prospective investors must consult their own tax advisers as to the U.S. federal income tax consequences (including the alternative minimum tax consequences) of acquiring, holding and disposing of the Fund&#8217;s Shares, as well as the effects of state, local and non-U.S. tax laws.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">71</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxation of the Fund</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund intends to elect to be treated and to qualify to be taxed as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain requirements relating to the sources of its income, diversification of its assets, and distribution of its income to Shareholders. First, the Fund must derive at least 90% of its annual gross income from (a)&#160;dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options) derived with respect to its business of investing in such stock, securities or foreign currencies, and (b)&#160;net income derived from interests in &#8220;qualified publicly traded partnerships&#8221; &#8203;(as defined below). Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i)&#160;at least 50% of the value of its total assets consists of cash, cash items, U.S. government securities, the securities of other RICs and other securities, with such other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&#8217;s total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii)&#160;not more than 25% of the value of the total assets of the Fund is invested in the securities (other than U.S. government securities and the securities of other RICs) of any one issuer, any two or more issuers controlled by the Fund and that are determined to be engaged in the same, similar or related trades or businesses, or any one or more &#8220;qualified publicly traded partnerships.&#8221; Generally, a qualified publicly traded partnership is a partnership the interests of which are traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof) and that derives less than 90% of its gross income from the items described in clause (a)&#160;above. Income from the Fund&#8217;s investments in equity interests of other entities treated as partnerships for U.S. federal income tax purposes will be qualifying income for purposes of the income test described above to the extent it is attributable to items of partnership income that would be qualifying income if earned directly by the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As long as the Fund qualifies as a RIC, the Fund will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each taxable year to Shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i)&#160;its &#8220;investment company taxable income&#8221; (which includes, among other items, dividends, taxable interest, income from securities lending, net short-term capital gain in excess of net long-term capital loss, and any other taxable income other than &#8220;net capital gain&#8221; &#8203;(as defined below), reduced by deductible expenses) determined without regard to the deduction for dividends paid, and (ii)&#160;the Fund&#8217;s net tax-exempt interest (the excess of its gross tax-exempt interest over certain disallowed deductions), if any. The Fund may retain for investment its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). However, if the Fund retains any net capital gain or any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&#160;98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&#160;98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October&#160;31 of the calendar year. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under-distribution or over-distribution, as the case may be, from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid U.S. federal income tax. Although the Fund intends to distribute any income and capital gain in a manner necessary to minimize the imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s taxable income and capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If in any taxable year the Fund should fail to qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S. federal income tax upon all of its taxable income (including net capital gain) for that year, and all distributions to Shareholders (including distributions of net capital gain) would be taxable to Shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of the Fund&#8217;s current or accumulated earnings and profits. Provided that certain holding period and other requirements are met, such dividends would, however, be eligible (i)&#160;to be treated as qualified dividend income eligible to be taxed at long-term capital gain rates in the case </font>
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          <font style="letter-spacing:0.2pt;">72</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">individual Shareholders and (ii)&#160;for the dividends-received deduction in the case of corporate Shareholders. To qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute to Shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable&#160;years, then, in order to qualify as a RIC in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five&#160;years. </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The remainder of this discussion assumes that the Fund qualifies for taxation as a RIC. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Fund&#8217;s Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Any investment by the Fund in equity securities of REITs may result in the Fund&#8217;s receipt of cash in excess of the REIT&#8217;s earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund&#160;Shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income. Fund distribution payments that are attributable to qualified REIT dividends received by the Fund may be designated by the Fund as Section&#160;199A dividends, which may be taxed to individuals and other non-corporate Shareholders at a reduced effective federal income tax rate. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may invest in REITs that hold residual interests in real estate mortgage investment conduits (&#8220;REMICs&#8221;). Under Treasury regulations that have not yet been issued, but may apply retroactively, a portion of the Fund&#8217;s income from a REIT that is attributable to the REIT&#8217;s residual interest in a REMIC (referred to in the Code as an &#8220;excess inclusion&#8221;) will be subject to federal income tax in all events. These regulations are also expected to provide that excess inclusion income of a regulated investment company, such as the Fund, will be allocated to Shareholders of the regulated investment company in proportion to the dividends received by such Shareholders, with the same consequences as if the Shareholders held the related REMIC residual interest directly. The IRS in Notice 2006-97 set forth some basic principles for the application of these rules until such regulations are issued. In general, the applicable rules under the Code and expected rules under the regulations will provide that the excess inclusion income allocated to Shareholders (i)&#160;cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii)&#160;will constitute unrelated business taxable income to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on unrelated business income, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii)&#160;in the case of a foreign shareholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at&#160;any&#160;time during any taxable year a &#8220;disqualified organization&#8221; &#8203;(as defined in the Code to include governmental&#160;units, tax-exempt entities and certain cooperatives) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the highest federal income tax rate imposed on corporations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Certain debt securities acquired by the Fund may be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue discount is treated as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify as a RIC and avoid U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment of that amount is not received until a later time, usually when the debt security matures. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If the Fund purchases a debt security on a secondary market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase price is &#8220;market discount.&#8221; Unless the Fund makes an election to accrue market discount on a current basis, generally, any gain realized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the &#8220;accrued market discount&#8221; on the debt security. Market discount generally accrues in equal daily installments. If the Fund ultimately collects less </font>
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          <font style="letter-spacing:0.2pt;">73</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">on the debt instrument than its purchase price plus the market discount previously included in income, the Fund may not be able to benefit from any offsetting loss deductions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may invest in preferred securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may invest a portion of its assets in below investment grade securities, commonly known as &#8220;junk&#8221; securities. Investments in these types of securities may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund&#8217;s ability to distribute sufficient income to preserve its status as a RIC or to avoid the imposition of U.S. federal income or excise tax. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Gain or loss on the sale of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will generally be short-term capital gain or loss. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Because the Fund may invest in foreign securities, its income from such securities may be subject to non-U.S. taxes. The Fund does not expect that it will be eligible to elect to &#8220;pass through&#8221; to Shareholders the ability to use the foreign tax deduction or foreign tax credit for foreign taxes paid by the Fund with respect to qualifying taxes. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Income from options on individual securities written by the Fund will not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &#8220;closing transaction&#8221; &#8203;(as defined by applicable regulations) pursuant to which the Fund&#8217;s obligations with respect to the option are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the writing of such options will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction, the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. With respect to a put or call option that is purchased by the Fund, if the option is sold, any resulting gain or loss will be a capital gain or loss, and will be short-term or long-term, depending upon the holding period for the option. If the option expires, the resulting loss is a capital loss and is short-term or long-term, depending upon the holding period for the option. If the option is exercised, the cost of the option, in the case of a call option, is added to the basis of the purchased security and, in the case of a put option, reduces the amount realized on the underlying security in determining gain or loss. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses at inopportune times. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Options on indices of securities and sectors of securities that qualify as &#8220;section 1256 contracts&#8221; will generally be &#8220;marked-to-market&#8221; for U.S. federal income tax purposes. As a result, the Fund will generally recognize gain or loss on the last day of each taxable year equal to the difference between the value of the option on that date and the adjusted basis of the option. The adjusted basis of the option will consequently be increased by such gain or decreased by such loss. Any gain or loss with respect to options on indices and sectors that qualify as &#8220;section 1256 contracts&#8221; will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the Fund to recognize gain in advance of the receipt of cash, the Fund may be required to dispose of investments in order to meet its distribution requirements. &#8220;Mark-to-market&#8221; losses may be suspended or otherwise limited if such losses are part of a straddle or similar transaction. </font>
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          <font style="letter-spacing:0.2pt;">74</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
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        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s transactions in foreign currencies, options (including options on foreign currencies) and short sales, to the extent permitted, will be subject to special provisions of the Code (including provisions relating to &#8220;hedging transactions,&#8221; &#8220;straddles&#8221; and &#8220;constructive sales&#8221;) that may, among other things, affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer Fund losses. These rules could therefore affect the character, amount and timing of distributions to Shareholders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxation of Shareholders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may either distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such retained amount. In that event, the Fund may report the retained amount as undistributed capital gain in a notice to Shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&#160;will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&#160;will be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii)&#160;will increase its basis in its Shares by the amount of undistributed capital gains included in the Shareholder&#8217;s income less the tax deemed paid by the Shareholder under clause (ii). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Distributions paid to you by the Fund from its net capital gain, if any, that the Fund properly reports as capital gain dividends (&#8220;capital gain dividends&#8221;) are taxable as long-term capital gains, regardless of how long you have held your Shares. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Distributions of &#8220;qualifying dividends&#8221; will also generally be taxable to you at long-term capital gain rates, as long as certain requirements are met. In general, if 95% or more of the gross income of a Fund (other than net capital gain) consists of dividends received from domestic corporations or &#8220;qualified&#8221; foreign corporations (&#8220;qualifying dividends&#8221;) and when certain other requirements are met, then all distributions paid by the Fund to individual, trust or estate Shareholders will be treated as qualifying dividends. But if less than 95% of the gross income of a Fund (other than net capital gain) consists of qualifying dividends, then distributions paid by the Fund to individual, trust or estate Shareholders will be qualifying dividends only to the extent they are derived from qualifying dividends earned by the Fund. For the lower rates to apply, you must have owned your Fund&#160;Shares for at least 61&#160;days during the 121-day period beginning on the date that is 60&#160;days before the Fund&#8217;s ex-dividend date (and the Fund will need to have met a similar holding period requirement with respect to the shares of the corporation paying the qualifying dividend). The amount of the Fund&#8217;s distributions that qualify for this favorable treatment may be reduced as a result of the Fund&#8217;s securities lending activities (if any), a high portfolio turnover rate or investments in debt securities or &#8220;non-qualified&#8221; foreign corporations. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">A portion of distributions paid by the Fund to Shareholders who are corporations also may qualify for the dividends received deduction for corporations, subject to certain holding period requirements and debt financing limitations. The amount of the dividends qualifying for this deduction may, however, be reduced as a result of the Fund&#8217;s securities lending activities (if any), by a high portfolio turnover rate or by investments in debt securities or foreign corporations. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">To the extent that the Fund invests a portion of its assets in entities that qualify as REITs for U.S. federal income tax purposes, master limited partnerships, or foreign corporations that are not &#8220;qualified&#8221; foreign corporations, distributions attributable to the dividends from those entities will generally not constitute qualifying dividends. Accordingly, except as provided below, investors in the Fund should anticipate that all or a portion of the dividends they receive may be taxable at the higher rates generally applicable to ordinary income. In addition, a portion of gains distributed attributable to distributions of &#8220;unrecaptured&#8221; Section&#160;1250 gain of master limited partnerships is subject to tax at a maximum rate of 25%. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may make distributions to you of &#8220;Section&#160;199A dividends&#8221; with respect to qualified dividends that it receives with respect to its investments in REITs. A Section&#160;199A dividend is any dividend or part of such dividend that a Fund pays to its Shareholders and reports as a Section&#160;199A dividend in written statements furnished to its Shareholders. Distributions paid by the Fund that are eligible to be treated as Section&#160;199A dividends for a taxable year may not exceed the &#8220;qualified REIT dividends&#8221; received by the Fund from REITs reduced by the Fund&#8217;s allocable expenses. Section&#160;199A dividends may be taxed </font>
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          <font style="letter-spacing:0.2pt;">75</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">to individuals and other non-corporate Shareholders at a reduced effective federal income tax rate, provided the Shareholder receiving the dividends has satisfied a holding period requirement for the Fund&#8217;s Shares and satisfied certain other conditions. For the lower rates to apply, you must have owned your Fund&#160;Shares for at least 46&#160;days during the 91-day period beginning on the date that is 45&#160;days before the Fund&#8217;s ex-dividend date, but only to the extent that the Shareholder is not under an obligation (under a short-sale or otherwise) to make related payments with respect to positions in substantially similar or related property. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Any distributions you receive that are in excess of your share of the Fund&#8217;s current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of your adjusted tax basis in your Shares, and thereafter as capital gain from the sale of your Shares. The amount of any Fund distribution that is treated as a tax-free return of capital will reduce your adjusted tax basis in your Shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your Shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Shareholders may be entitled to offset their capital gain dividends (but not dividends treated as qualified dividend income) with capital losses. The Code contains a number of statutory provisions affecting when capital losses may be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly, Shareholders that have capital losses are urged to consult their tax advisers. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Dividends and other taxable distributions are taxable to you even though they are reinvested in additional Shares of the Fund. Dividends and other distributions paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or December to Shareholders of record on a specified date in one of such&#160;months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on December&#160;31 of the year in which the dividend was declared. In addition, certain other distributions made after the close of the Fund&#8217;s taxable year may be &#8220;spilled back&#8221; and treated as paid by the Fund (except for purposes of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having received such dividends in the taxable year in which the distributions were actually made. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The price of Shares purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing Shares just prior to the record date of a distribution will receive a distribution which will be taxable to them even though it represents, economically, a return of invested capital. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as discussed below in the case of a repurchase of Shares, the sale or other disposition of Shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such Shares for more than one year at the time of sale. Any loss upon the sale or other disposition of Shares held for six&#160;months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by you with respect to such Shares. Any loss you recognize on a sale or other disposition of Shares will be disallowed if you acquire other identical Shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30&#160;days before and ending 30&#160;days after your sale or exchange of the Shares. In such case, your tax basis in the Shares acquired will be adjusted to reflect the disallowed loss. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In general, a repurchase of Shares should be treated as a sale or exchange of such Shares under section&#160;302 of the Code, if the receipt of cash (a)&#160;is &#8220;substantially disproportionate&#8221; with respect to the Shareholder, (b)&#160;results in a &#8220;complete redemption&#8221; of the Shareholder&#8217;s interest, or (c)&#160;is &#8220;not essentially equivalent to a dividend&#8221; with respect to the Shareholder. A &#8220;substantially disproportionate&#8221; distribution generally requires a reduction of at least 20% in the Shareholder&#8217;s proportionate interest in the Fund and where the Shareholder owns less than 50% of the voting power of all classes entitled to vote. A &#8220;complete redemption&#8221; of a Shareholder&#8217;s interest generally requires that all Shares of the Fund owned by such Shareholder be disposed of. A distribution &#8220;not essentially equivalent to a dividend&#8221; requires that there be a &#8220;meaningful reduction&#8221; in the Shareholder&#8217;s proportionate interest in the Fund, which should result if the Shareholder has a minimal interest in the Fund, exercises no control over Fund affairs and suffers a reduction </font>
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          <font style="letter-spacing:0.2pt;">76</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">in his proportionate interest in the Fund. In determining whether any of these tests has been met, any Shares actually owned, as well as Shares considered to be owned by the Shareholder by reason of certain constructive ownership rules set forth in section 318 of the Code, generally must be taken into account. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at a reduced maximum rate. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain U.S. holders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a part of their &#8220;net investment income,&#8221; which includes dividends received from the Fund and capital gains from the sale or other disposition of the Fund&#8217;s stock. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A Shareholder that is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject to U.S. federal withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any capital gain realized by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain dividend) or upon the sale or other disposition of Shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183&#160;days or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the tax consequences of investing in the Fund&#8217;s Shares. </font>
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          <font style="letter-spacing:0.2pt;">Ordinary income dividends properly reported by a RIC are generally exempt from U.S. federal withholding tax where they (i)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified net interest income&#8221; &#8203;(generally, its U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified short-term capital gains&#8221; &#8203;(generally, the excess of the RIC&#8217;s net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances, the Fund may report all, some or none of its potentially eligible dividends as qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what portion of the Fund&#8217;s distributions will qualify for favorable treatment as qualified net interest income or qualified short-term capital gains. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, with respect to Shares held by certain foreign financial institutions (including investment funds), a U.S. withholding at a rate of 30% will be imposed on dividends unless such institution enters into an agreement with the U.S. Treasury to report, on an annual basis, information with respect to Shares in, and accounts maintained by, the institution to the extent such Shares or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which Shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of Shares of the Fund held by an investor that is a non-financial foreign entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i)&#160;certifies that such entity does not have any &#8220;substantial United States owners&#8221; or (ii)&#160;provides certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221; which the Fund or applicable withholding agent will in turn provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to Shareholders in respect of any amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules on their investment in the Fund&#8217;s Shares. </font>
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          <font style="letter-spacing:0.2pt;">77</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tERCO">&#8203;</a><a name="tDOS">&#8203;</a>
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          <font style="letter-spacing:0.2pt;">U.S. federal backup withholding tax may be required on dividends, distributions and sale or redemption proceeds payable to certain non-exempt Shareholders who fail to supply their correct taxpayer identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the IRS. </font>
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          <font style="letter-spacing:0.2pt;">Ordinary income dividends, capital gain dividends, and gain from the sale, redemption or other disposition of Shares of the Fund also may be subject to state, local, and/or foreign taxes. Shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal, state, local or foreign tax consequences to them of investing in the Fund. </font>
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          <font style="letter-spacing:0.2pt;">*** </font>
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          <font style="letter-spacing:-0.2pt;">The foregoing is a general and abbreviated summary of certain provisions of the Code and the Treasury Regulations presently in effect as they directly govern the taxation of the Fund and Shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury Regulations. The Code and the Treasury Regulations are subject to change by legislative or administrative action, and any such change may be retroactive with respect to Fund transactions. Prospective investors are advised to consult their own tax advisers for more detailed information concerning the tax consequences of an investment in the Fund.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:-0.2pt;">ERISA CONSIDERATIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Employee benefit plans and other plans subject to ERISA or Section&#160;4975 of the Code, including corporate savings and 401(k) plans, IRAs and Keogh Plans (each, an &#8220;ERISA Plan&#8221;) may purchase Shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, prohibited transactions and other standards. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be &#8220;plan assets&#8221; of any ERISA Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section&#160;4975 of the Code. Thus, none of the Fund nor Destra, nor Validus will be a fiduciary under and within the meaning of ERISA or Section&#160;4975 of the Code with respect to the assets of any ERISA Plan that becomes a Shareholder, solely as a result of the ERISA Plan&#8217;s investment in the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding the consequences under ERISA of an investment in the Fund through an ERISA Plan. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DISTRIBUTION OF SHARES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This is a continuous offering of Class&#160;I Shares, Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares as permitted by the federal securities laws. Destra Capital Investments LLC located at 444 West Lake Street, Suite 1700, Chicago, Illinois 60606, serves as the Fund&#8217;s principal underwriter, within the meaning of the 1940&#160;Act, and acts as the distributor of the Fund&#8217;s Shares on a best efforts basis, subject to various conditions. The Fund&#8217;s Shares are offered for sale through the Distributor at NAV plus, in the case of the Class&#160;A Shares and Class&#160;T Shares, the applicable sales load. The Distributor also may enter into agreements with Financial Intermediaries for the sale and servicing of Shares. In reliance on Rule&#160;415, the Fund intends to offer to sell up to 18,666,666.66 Shares, on a continuous basis, through the Distributor. No arrangement has been made to place funds received in an escrow, trust or similar account. The Distributor is not required to sell any specific number or dollar amount of the Fund&#8217;s Shares, but will use its best efforts to solicit orders for the sale of the Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in the Shares. The Class&#160;T Shares and Class&#160;C Shares will pay the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.50% for Class&#160;T Shares and 0.75% for Class&#160;C Shares of the Fund&#8217;s average daily net assets attributable to the applicable share class and is payable on a monthly basis. Class&#160;I Shares and Class&#160;A Shares are not currently subject to a Distribution Fee. The Distributor will seek to market and otherwise promote the Fund through various &#8220;wholesale&#8221; distribution channels. </font>
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          <font style="letter-spacing:0.2pt;">78</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra or its affiliates, in Destra&#8217;s discretion and from their own resources, may pay additional compensation to Financial Intermediaries in connection with the sale and servicing of Fund&#160;Shares (the &#8220;Additional Compensation&#8221;). In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a Financial Intermediary&#8217;s registered representatives, placement on a list of investment options offered by a Financial Intermediary, or the ability to assist in training and educating the Financial Intermediaries. The Additional Compensation may differ among Financial Intermediaries in amount or in the manner of calculation: payments of Additional Compensation may be fixed dollar amounts, or based on the aggregate value of outstanding Shares held by Shareholders introduced by the Financial Intermediary, or determined in some other manner. The receipt of Additional Compensation by a selling Financial Intermediary may create potential conflicts of interest between an investor and its Financial Intermediary who is recommending the Fund over other potential investments. Additionally, Destra or its affiliates may pay a servicing fee to financial industry professionals or firms for providing ongoing services in respect of clients with whom they have distributed certain classes of Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund&#8217;s transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and ongoing liaison services as may be necessary with respect to such accounts. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund has agreed to indemnify the Distributor against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Distributor may be required to make because of any of those liabilities. Such agreement does not include indemnification of the Distributor against liability resulting from willful misfeasance, bad faith, or gross negligence on the part of the Distributor in the performance of its duties or from reckless disregard by the Distributor of its obligations and duties under the Distribution Agreement. The Distributor may, from time to time, perform services for Destra and its affiliates in the ordinary course of business. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Automatic Investment Plan&#8201;&#8212;&#8201;Subsequent Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You may participate in the Fund&#8217;s Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $25 into your established Fund account on specified days on a monthly, quarterly, semi-annual or annual basis. Please contact the Fund at 844-9DESTRA (933-7872) or Destra Multi-Alternative Fund, c/o&#160;UMB Fund&#160;Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212 for more information about the Fund&#8217;s Automatic Investment Plan. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Purchase Terms</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The minimum initial investment by a shareholder is $1,000,000 for Class&#160;I Shares and $2,500 for Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares, respectively. There is no minimum for subsequent investments. All Share purchases are subject to approval by Destra. The Fund reserves the right to waive investment minimums. The Fund may permit a Financial Intermediary to waive the initial minimum per Shareholder for Class&#160;I Shares in the following situations: broker-dealers purchasing Class&#160;I Shares for clients in broker-sponsored fee-based advisory programs; Financial Intermediaries with clients of a registered investment advisor (RIA) purchasing Class&#160;I Shares in fee-based advisory accounts with a $1,000,000 aggregated initial investment across multiple clients; and certain other situations deemed appropriate by the Fund. The Fund&#8217;s Shares are offered for sale through the Distributor at NAV plus the applicable sales load, if any. The price of the Shares during the Fund&#8217;s continuous offering will fluctuate over time with the NAV of the Shares. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Share Class&#160;Considerations</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When selecting a Share class, you should consider the following: </font>
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          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">which Share classes are available to you; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">how much you intend to invest; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">79</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">how long you expect to own the Shares; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">total costs and expenses associated with a particular Share class. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each investor&#8217;s financial considerations are different. You should speak with your financial advisor to help you decide which Share class is best for you. Not all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase. Investors should consult with their Financial Intermediary regarding the sales load and any additional fees or charges their Financial Intermediary might impose on each class of shares. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;I Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Class&#160;I Shares are sold at the then-current NAV per Class&#160;I Share and are not subject to any upfront sales charge. While Class&#160;I Shares are not subject to a sales load, investors may be required to pay a brokerage commission and/or other forms of compensation on purchases of Class&#160;I Shares to their Financial Intermediary. The following additional feature should be taken into account when purchasing Class&#160;I Shares: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a minimum initial investment of $1,000,000 (the Fund reserves the right to waive investment minimums). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Class&#160;I Shares may only be available through certain Financial Intermediaries. Because the Class&#160;I Shares of the Fund are sold at the prevailing NAV per Class&#160;I Share without an upfront Sales Load, the entire amount of your purchase is invested immediately. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;A Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Investors purchasing Class&#160;A Shares will pay a Sales Load based on the amount of their investment in the Fund. The Sales Load payable by each investor depends upon the amount invested by such investor in the Fund, but may range from 1.50% to 5.75%, as set forth in the table below. A reallowance to participating broker dealers will be made by the Distributor from the Sales Load paid by each investor. The following Sales Loads apply to your purchases of Class&#160;A Shares of the Fund: </font>
        </div>
        <table style="width:456pt;height:92.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Amount Purchased </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Dealer</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Reallowance* </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Distribution</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Fee </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Sales Load as a % of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Offering Price </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Sales Load as a % of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Amount Invested </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Under $100,000 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">5.75<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">6.10<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$100,000&#8201;&#8201;&#8211;&#8201;&#8201;$249,999 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">4.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">4.75<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">4.99<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$250,000&#8201;&#8201;&#8211;&#8201;&#8201;$499,999 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.75<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.90<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$500,000&#8201;&#8201;&#8211;&#8201;&#8201;$999,999 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.50<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.56<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$1,000,000 and Above </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
            <td style="padding:0pt;padding-left:8.295pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.50<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.52<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Gross Dealer Concession paid to participating broker-dealers. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following are additional features that should be taken into account when purchasing Class&#160;A Shares of the Fund: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a minimum initial investment of $2,500 (the Fund reserves the right to waive investment minimums); and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class&#160;A Shares. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;T Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Investors purchasing Class&#160;T Shares will pay a Sales Load based on the amount of their investment in the Fund. The Sales Load payable by each investor depends upon the amount invested by such investor in the Fund, but may range from 1.00% to 3.00%, as set forth in the table below. A reallowance to participating broker dealers will be made by the Distributor from the Sales Load paid by each investor. The following Sales Loads apply to your purchases of Class&#160;T Shares of the Fund: </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">80</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <table style="width:456pt;height:62.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">Amount Purchased </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Dealer</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Reallowance* </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Distribution</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Fee </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Sales Load as a % of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Offering Price </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Sales Load as a % of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Amount Invested </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Under $250,000 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.26pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.50<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:11.26pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">3.09<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$250,000&#8201;&#8201;&#8211;&#8201;&#8201;$999,999 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.26pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.50<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:11.26pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">2.04<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:183.15pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">$1,000,000 and Above </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:13.8pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.26pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">0.50<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:11.26pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.00<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">1.01<font style="position:absolute;">%</font></td>
            <td style="padding:0pt;padding-left:25.975pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:12.2pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Gross Dealer Concession paid to participating broker-dealers. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following are additional features that should be taken into account when purchasing Class&#160;T Shares: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a minimum initial investment of $2,500 (the Fund reserves the right to waive investment minimums); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.7pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class&#160;T Shares; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a monthly Distribution Fee which will accrue at an annual rate equal to 0.50% of the average daily net assets of the Fund attributable to Class&#160;T Shares. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;C Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Class&#160;C Shares are sold at the then-current NAV per Class&#160;C Share and are not subject to any upfront sales charge. While Class&#160;I Shares are not subject to a sales load, investors may be required to pay a brokerage commission and/or other forms of compensation on purchases of Class&#160;C Shares to their Financial Intermediary. The following additional feature should be taken into account when purchasing Class&#160;C Shares: </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following are additional features that should be taken into account when purchasing Class&#160;C Shares: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a minimum initial investment of $2,500 (the Fund reserves the right to waive investment minimums); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a monthly shareholder servicing fee at an annual rate of up to 0.25% of the average daily net assets of the Fund attributable to Class&#160;C Shares; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">a monthly Distribution Fee which will accrue at an annual rate equal to 0.75% of the average daily net assets of the Fund attributable to Class&#160;C Shares. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Potential Sales Charge Waiver</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Purchases of Class&#160;A Shares and Class&#160;T Shares may be made without a sales charge (i.e., &#8220;load-waived&#8221;) when they are: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">reinvesting distributions through the DRP. See &#8220;Distributions&#8221;; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">purchases by (i)&#160;directors, officers and employees of Destra and its affiliates, (ii)&#160;Trustees and officers of the Fund, and (iii)&#160;directors and officers of any sub-adviser to a fund advised by Destra, including retired persons who formerly held such positions and immediate family members of such purchasers (immediate family members are defined as spouses, domestic partners, parents and children); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">purchases: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">for eligible retirement or benefit plans made through Financial Intermediaries that perform participant recordkeeping or other administrative services for the plans; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">as a trustee or custodian of any pension or profit sharing plan or payroll deduction IRA for the employees of any consenting securities dealer having a sales agreement with the Distributor; or </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">for certain employee benefits or retirement plans, other than employee benefits or retirement plans that purchase Class&#160;A shares through brokerage relationships in which sales charges are customarily imposed; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">purchasing Shares through the Distributor; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">81</font>
          <br >
        </div>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">participating in an eligible investment advisory or agency commission program under which the investor pays a fee to an investment advisor or other firm for portfolio management or brokerage services; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
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        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">purchases by investors maintaining a self-directed brokerage account with a registered broker-dealer that has entered into an agreement with the Distributor to offer Class&#160;A shares through a load-waived network or platform, which may or may not charge transaction fees; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">exchanging an investment in Class&#160;A or Class&#160;T (or equivalent type) Shares of another fund for an investment in the Fund. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">To the extent the Distributor offers Shares with reduced sales charges through an arrangement with (i)&#160;eligible retirement or benefit plans; (ii)&#160;securities dealers, brokers or Financial Intermediaries having a sales agreement with the Distributor; (iii)&#160;investment advisors that administer eligible investment advisory or agency commission programs; and (iv)&#160;any other entity, such arrangements will be disclosed via an appendix to the Fund&#8217;s prospectus.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition, concurrent purchases of Class&#160;A or Class&#160;T by related accounts may be combined to determine the application of the Sales Load (i.e., available breakpoints or volume discounts). The Fund will combine purchases made by an investor, the investor&#8217;s spouse or domestic partner, and dependent children when it calculates the Sales Load. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">It is the investor&#8217;s responsibility to determine whether a reduced Sales Load would apply. The Fund is not responsible for making such a determination. To receive a reduced Sales Load, notification must be provided at the time of the purchase order. If you purchase Class&#160;A or Class&#160;T Shares directly from the Fund, you must notify the Fund in writing. Otherwise, notice should be provided to the Financial Intermediary through whom the purchase is made so they can notify the Fund. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Letters of Intent</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">You may be eligible for a reduced sales charge if you assure the Fund in writing that you intend to invest at least $100,000 in the Fund over the next 13&#160;months in exchange for a reduced sales charge (&#8220;Letter of Intent&#8221;). By signing a Letter of Intent, you can purchase Class&#160;A or Class&#160;T at a lower sales charge level. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period as stated in the Letter of Intent. Any Shares purchased within 90&#160;days prior to the date you sign the Letter of Intent may be used as credit toward completion of the stated amount, but the reduced sales charge will only apply to new purchases made on or after the date of the Letter of Intent. Purchases resulting from the reinvestment of dividends and capital gains do not apply toward fulfillment of the Letter of Intent. Shares equal to 5.75% for Class&#160;A Shares and 3.00% for Class&#160;T Shares of the Fund, respectively, of the amount stated in the Letter of Intent will be held in escrow during the 13-month period. If, at the end of the period, the total net amount invested is less than the amount stated in the Letter of Intent, you will be required to pay the difference between the reduced sales charge and the sales charge applicable to the individual net amounts invested had the Letter of Intent not been in effect. This amount will be obtained from redemption of the escrowed Shares. Any remaining escrowed Shares after payment to the Fund of the difference in applicable sales charges will be released to you. If you establish a Letter of Intent with the Fund, you can aggregate your accounts as well as the accounts of your immediate family members. You will need to provide written instructions with respect to the other accounts whose purchases should be considered in fulfillment of the Letter of Intent. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Right of Accumulation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">For the purposes of determining the applicable reduced sales charge, the right of accumulation may allow you to include prior purchases of Class&#160;A or Class&#160;T Shares of the Fund, as well as reinvested distributions, as part of your current investment. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In order for your purchases and holdings to be aggregated for purposes of qualifying for such discount, they must have been made through one Financial Intermediary and you must provide sufficient information to your Financial Intermediary at the time of initial purchase of shares that qualify for the right of accumulation to permit verification that the purchase qualifies for the reduced sales charge. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">82</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Minimum Account Balances</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $500, other than as a result solely of depreciation in share value. Please note that you may incur a tax liability as a result of your account closure and associated redemption. Certain accounts held through Financial Intermediaries may not be subject to closure due to the policies of the Financial Intermediaries. You may receive written notice from your Financial Intermediary to increase your account balance to the required minimum to avoid having your account closed. If you hold Shares directly with the Fund, you may receive written notice prior to the closure of your Fund account so that you may increase your account balance to the required minimum. The Fund reserves the right to change the amount of these minimums or maximums from time to time or to waive them in whole or in part. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Share Class&#160;Conversions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon request, the Fund may, in its discretion, permit a current Shareholder to convert Shares held by them to another class of Fund&#160;Shares in a non-taxable transaction; provided that such Shareholder meets the requirements of the new Share class. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distribution Fee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund, with respect to its Class&#160;T Shares and Class&#160;C Shares, is authorized under a &#8220;Distribution Plan&#8221; to pay to the Distributor a Distribution Fee for certain activities relating to the distribution of shares to investors and maintenance of shareholder accounts. These activities include marketing and other activities to support the distribution of the Class&#160;T Shares and Class&#160;C Shares. The Plan operates in a manner consistent with Rule&#160;12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule&#160;12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have asset based distribution fees. Under a Distribution Plan, the Fund pays the Distributor a Distribution Fee at an annual rate of 0.50% for Class&#160;T Shares and 0.75% for Class&#160;C Shares of average daily net assets attributable to the applicable share classes. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Shareholder Servicing Fees</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund has adopted a &#8220;Shareholder Servicing Plan&#8221; with respect to its Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares under which the Fund may compensate financial industry professionals or firms for providing ongoing services in respect of clients with whom they have distributed shares of the Fund. Such services may include (i)&#160;responding to Shareholder inquiries of a general nature regarding the Fund; (ii)&#160;crediting distributions from the Fund to Shareholder accounts; (iii)&#160;arranging for bank wire transfer of funds to or from a Shareholder&#8217;s account; (iv)&#160;responding to Shareholder inquiries and requests regarding the Statement of Additional information, shareholder reports, notices, proxies and proxy statements, and other Fund documents; (v)&#160;forwarding the prospectus, Statement of Additional Information, tax notices and annual and semi-annual reports to beneficial owners of Fund&#160;Shares; (vi)&#160;assisting the Fund in establishing and maintaining Shareholder accounts and records; (vii)&#160;assisting Shareholder in changing account options, account designations and account addresses, and (vii)&#160;providing such other similar services as the Fund may reasonably request to the extent permitted to do so under applicable statutes, rules, or regulations. Under the Shareholder Servicing Plan, the Fund, with respect Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares may incur expenses on an annual basis up to 0.25% of its average daily net assets attributable to Class&#160;A Shares, Class&#160;T Shares and Class&#160;C Shares, respectively. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Financial Intermediaries</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund has authorized one or more Financial Intermediaries to receive on its behalf purchase orders and repurchase requests. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase orders and repurchase requests on the Fund&#8217;s behalf. The Fund will be deemed to have received a purchase order or repurchase request when a Financial Intermediary or, if applicable, a Financial Intermediary&#8217;s authorized designee, receives the order or request. Customer orders will be priced at the Fund&#8217;s net asset value next computed after they are received by a Financial Intermediary or the Financial </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">83</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDIS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Intermediary&#8217;s authorized designee. Investors may be charged a fee if they effect transactions through a Financial Intermediary or authorized designee. Investors who purchase Shares through Financial Intermediaries will be subject to the procedures of those Intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the Financial Intermediary through which they purchase Shares. Investors purchasing Shares of the Fund through Financial Intermediaries should acquaint themselves with their Financial Intermediary&#8217;s procedures and should read the prospectus in conjunction with any materials and information provided by their Financial Intermediary. The Financial Intermediary, and not its customers, will be the Shareholder of record, although customers may have the right to vote Shares depending upon their arrangement with the Financial Intermediary. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Payments to Financial Intermediaries</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra, out of its own resources and without additional cost to the Fund or its Shareholders, may provide additional cash payments to Financial Intermediaries, which may include affiliates of Destra, for the sale of Fund shares and related services. These payments and compensation are in addition to shareholder servicing fees paid by the Fund, if any. Payments are generally made to Financial Intermediaries that provide shareholder servicing, marketing and related sales support or access to sales meetings, sales representatives and management representatives of the Financial Intermediary. Payments may also be paid to Financial Intermediaries for inclusion of the Fund on a sales list, including a preferred or select sales list or in other sales programs. Compensation may be paid as an expense reimbursement in cases in which the Financial Intermediary provides shareholder services to the Fund. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DISTRIBUTIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the Board&#8217;s discretion and applicable legal restrictions, the Fund intends to pay ordinary cash distributions to Shareholders on a monthly basis. Such regular distributions are expected to be paid using all or a portion of the Fund&#8217;s Available Operating Funds, which are defined as the Fund&#8217;s net investment income after the application of the Expense Limitation, net capital gains and dividends and other distributions, including those treated as a return of capital, paid to the Fund on account of preferred and common equity investments in portfolio companies (to the extent such amounts are not included in net investment income or net capital gains). From time to time, to maintain a stable level of distributions, the Fund may also pay distributions from offering proceeds or borrowings. A distribution from offering proceeds is treated as a return of capital (shareholders&#8217; original investment in the Fund) and generally will reduce a shareholder&#8217;s basis in his or her Shares, which may increase the capital gain or reduce the capital loss realized upon the sale of such Shares. Any amounts received in excess of a shareholder&#8217;s basis are generally treated as capital gain, assuming the Shares are held as capital assets. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the Board&#8217;s discretion and applicable legal restrictions, the Fund from time to time may also pay special interim distributions in the form of cash or Shares. At least annually, the Fund intends to authorize and declare special cash distributions of net long-term capital gains, if any. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Expense Limitation will have the effect of increasing the Available Operating Funds available to fund regular distributions. The Fund&#8217;s future repayments of amounts reimbursed or waived by Destra pursuant to the Expense Limitation will in turn reduce the Available Operating Funds available to fund regular distributions. There can be no assurance that the Fund will achieve the performance necessary to sustain its distributions or that it will be able to pay distributions at a specific rate or at all. Destra has no obligation to waive fees and expenses or otherwise reimburse expenses in future periods. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each year a statement on Form 1099-DIV identifying the character of the distributions (i.e., as ordinary income, &#8220;qualified dividend income,&#8221; &#8220;capital gain dividends,&#8221; &#8220;Section&#160;199A dividends,&#8221; and/or a tax-free return of capital) will be mailed to Shareholders. Fund distributions to Shareholders may exceed the Fund&#8217;s earnings and profits for U.S. federal income tax purposes, especially during the period before the Fund has substantially invested the proceeds from this Offering. As a result, a portion of such distributions may constitute a return of capital and will lower an investor&#8217;s tax basis in his or her Shares. A return of capital generally is a return of an investor&#8217;s investment rather than a return of earnings or gains derived from the Fund&#8217;s investment activities. In addition, certain investments the Fund makes, including preferred and </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">84</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">common equity investments, may generate dividends and other distributions to the Fund that are treated for tax purposes as a return of capital, and a portion of the Fund&#8217;s distributions to Shareholders may also be deemed to constitute a return of capital for tax purposes to the extent that the Fund may use such dividends or other distribution proceeds to fund its distributions to Shareholders. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">To qualify for and maintain RIC tax treatment, the Fund must distribute on a timely basis with respect to each tax year an amount at least equal to the sum of 90% of its &#8220;investment company taxable income&#8221; and its net tax-exempt interest income, if any, for such tax year. In order to avoid certain excise taxes imposed on RICs, the Fund must distribute during each calendar year an amount at least equal to the sum of (i)&#160;98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (ii)&#160;98.2% of its capital gain net income for the one-year period ending on October&#160;31 of the calendar year and (iii)&#160;any ordinary income and capital gains for previous&#160;years that were not distributed during such&#160;years and on which the Fund paid no federal income tax. The Fund can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund&#8217;s borrowings. Any such limitations would adversely impact the Fund&#8217;s ability to make distributions to Shareholders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Distribution Reinvestment Plan</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund will operate under a DRP administered by the Fund&#8217;s Administrator. Pursuant to the plan, the Fund&#8217;s cash distributions are reinvested in the same class of Shares of the Fund. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the plan on behalf of such participating Shareholder. Registered Shareholders who do not wish to have cash distributions automatically reinvested should so notify the Fund in writing at Destra Multi-Alternative Fund, c/o&#160;UMB Fund&#160;Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212. Such written notice must be received by the Administrator no later than 15&#160;days prior to the record date of the cash distribution or the Shareholder will receive such cash distribution in Shares through the DRP. If Shares are held by a broker or other financial intermediary, a Shareholder may elect to withdraw from the DRP by notifying their broker or other financial intermediary of their election. Under the DRP, the Fund&#8217;s cash distributions to Shareholders are reinvested in full and fractional Shares as described below. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When the Fund declares a cash distribution, the Administrator, on the Shareholder&#8217;s behalf, will receive additional authorized, newly-issued Shares from the Fund. The number of Shares to be received when cash distributions are reinvested will be determined by dividing the total dollar amount of the distribution payable by the NAV per Share of the applicable class. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Although Shares issued pursuant to the DRP will not be subject to any Sales Load, such Shares will be subject to the shareholder servicing fee and Distribution Fee, as applicable. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Administrator will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Administrator will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder&#8217;s proxy, if any, will include those Shares purchased pursuant to the DRP. Each participant, nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in its sole discretion. The Administrator, or another entity selected by a financial intermediary, as the case may be, will distribute all proxy solicitation materials, if any, to participating Shareholders. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRP, the Administrator will administer the DRP on the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in the Shareholder&#8217;s name and held for the account of beneficial owners participating under the DRP. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">85</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tFYR">&#8203;</a><a name="tPRNO">&#8203;</a><a name="tLEMA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Neither the Administrator nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant&#8217;s account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The automatic reinvestment of cash distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such distributions. See &#8220;Tax Aspects.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund reserves the right to amend, suspend or terminate the DRP. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to amend the DRP to include a service charge payable by participants. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All correspondence concerning the DRP should be directed to the plan administrator by mail at Destra Multi-Alternative Fund, c/o&#160;UMB Fund&#160;Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212. A Shareholder may obtain a copy of the DRP by request to the plan administrator or by contacting the Fund. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">FISCAL YEAR; REPORTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">For accounting purposes, the Fund&#8217;s fiscal year ends on February&#160;28 (or, in applicable&#160;years, February&#160;29). After the end of each calendar year, the Fund will furnish to Shareholders a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for U.S. federal income tax purposes. In addition, the Fund will make available to Shareholders an unaudited semi-annual and an audited annual report within 60&#160;days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PRIVACY NOTICE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund is committed to protecting the privacy of Shareholders. This privacy notice explains the privacy policies of the Fund and its affiliates. This notice supersedes any other privacy notice Shareholders may have received from the Fund. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund will safeguard, according to strict standards of security and confidentiality, all information the Fund receives about Shareholders. The only information the Fund collects from Shareholders is their name, address, number of Shares held and their social security number. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This information is used only so that the Fund can send Shareholders annual reports, semi-annual reports and other information about the Fund, and send Shareholders other information required by law. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund does not share this information with any non-affiliated third party except as described below. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Authorized employees of Destra</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;It is the Fund&#8217;s policy that only authorized employees of Destra who need to know a Shareholder&#8217;s personal information will have access to it. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Service providers</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund may disclose a Shareholder&#8217;s personal information to companies that provide services on the Fund&#8217;s behalf, such as record keeping, processing the Shareholder&#8217;s trades and mailing the Shareholder information. These companies are required to protect the Shareholder&#8217;s information and use it solely for the purpose for which they received it. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
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        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Courts and government officials</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;If required by law, the Fund may disclose a Shareholder&#8217;s personal information in accordance with a court order or at the request of government regulators. Only that information required by law, subpoena or court order will be disclosed. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Certain legal matters in connection with the shares will be passed upon for the Fund by Faegre Drinker Biddle &amp; Reath LLP, One Logan Square, Ste. 2000, Philadelphia, PA 19103-6996. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">86</font>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tINQ">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:516pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INQUIRIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Inquiries concerning the Fund and the Shares should be directed to: </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Destra Multi-Alternative Fund </font> <br ><font style="letter-spacing:0.2pt;">c/o&#160;UMB Fund&#160;Services, Inc. </font> <br ><font style="letter-spacing:0.2pt;">235 W. Galena Street </font> <br ><font style="letter-spacing:0.2pt;">Milwaukee, WI 53212 </font> <br ><font style="letter-spacing:0.2pt;">Telephone: 844-9DESTRA (933-7872) </font> <br ><font style="letter-spacing:0.2pt;">Website: </font><font style="font-style:italic;letter-spacing:0.2pt;">www.destracapital.com</font><font style="letter-spacing:0.2pt;">. </font></div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">87</font>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-bottom:408pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">All dealers that buy, sell or trade the Fund&#8217;s Shares, whether or not participating in this offering, may be required to deliver a prospectus when acting on behalf of the Fund&#8217;s Distributor. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investors should rely only on the information contained in this prospectus. No dealer, salesperson or other individual has been authorized to give any information or to make any representations that are not contained in this prospectus. If any such information or statements are given or made, investors should not rely upon such information or representations. This prospectus does not constitute an offer to sell any securities other than those to which this prospectus relates, or an offer to sell to, or a solicitation of an offer to buy from, any person in any jurisdiction where such an offer or solicitation would be unlawful. This prospectus speaks as of the date set forth below. Investors should not assume that the delivery of this prospectus or that any sale made pursuant to this prospectus implies that the information contained in this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus. </font>
        </div>

          <div style="margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Up to 18,666,666.66 Common Shares </font> <br ><font style="letter-spacing:-0.2pt;">Destra Multi-Alternative Fund </font> <br ><font style="letter-spacing:-0.2pt;">Investment Adviser</font>  <br ><font style="letter-spacing:-0.2pt;">Destra Capital Advisors LLC</font>  <br ><font style="letter-spacing:-0.2pt;">Prospectus </font> <br ><font style="letter-spacing:-0.2pt;">June 23, 2021</font></div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">88</font>
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      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:27.85pt;min-height:706pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">Maximum Offering of 18,666,666.66 Common Shares</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">DESTRA MULTI-ALTERNATIVE FUND</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
        </div>
        <div style="margin-top:16pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Statement of Additional Information</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Class&#160;I Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSFIX </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Class&#160;A Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSFDX </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Class&#160;T Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSFYX </font>
          <br >
          <font style="letter-spacing:-0.2pt;">Class&#160;C Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCFDX</font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">June&#160;23, 2021</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Destra Multi-Alternative Fund (the &#8220;Fund&#8221;) is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), as a non-diversified, closed-end management investment company and operates as an interval fund. The Fund makes investments as described in the Fund&#8217;s prospectus dated June&#160;23, 2021, as may be supplemented from time to time (the &#8220;Prospectus&#8221;), which is incorporated herein by reference, with the proceeds it receives from the sale of common shares of beneficial interest (&#8220;Shares&#8221;). There can be no assurance that the Fund will achieve its investment objective. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">This Statement of Additional Information (this &#8220;Statement of Additional Information&#8221;) is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied by the Prospectus. This Statement of Additional Information is incorporated by reference in its entirety into the Prospectus and should be read in conjunction with the Prospectus. The Fund&#8217;s audited financial statements and financial highlights appearing in the <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1523289/000182912621003603/destramultialter_ncsr.htm">annual report to Shareholders for the fiscal year ended February&#160;28, 2021</a> (the &#8220;Annual Report&#8221;) are incorporated by reference into this Statement of Additional Information. No other part of the Annual Report is incorporated by reference herein. A copy of the Prospectus and Annual Report may be obtained upon request and without charge by writing to the Fund at c/o&#160;UMB Fund&#160;Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212, by calling the Fund toll-free at 844-9DESTRA (933-7872) or by accessing the Fund&#8217;s &#8220;Literature&#8221; page on Fund&#8217;s website at </font><font style="font-style:italic;letter-spacing:0.2pt;">www.destracapital.com</font><font style="letter-spacing:0.2pt;">. The information on the Fund&#8217;s website is not incorporated by reference into this Statement of Additional Information and investors should not consider it a part of this Statement of Additional Information. The Prospectus, Annual Report and other information about&#160;the Fund are also available on the U.S. Securities and Exchange Commission&#8217;s (the &#8220;SEC&#8221;) website at http://www.sec.gov. The address of the SEC&#8217;s website is provided solely for the information of prospective investors and is not intended to be an active link. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to them in the Prospectus. </font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC2">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:342.5pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:248.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:427.33pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Page </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tGIAH"><font style="letter-spacing:0.2pt;">GENERAL INFORMATION AND HISTORY </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tGIAH">1</a></font> <a href="#tGIAH"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tIOPA"><font style="letter-spacing:0.2pt;">INVESTMENT OBJECTIVE, POLICIES AND RISKS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tIOPA">1</a></font> <a href="#tIOPA"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tINRE"><font style="letter-spacing:0.2pt;">INVESTMENT RESTRICTIONS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tINRE">10</a></font> <a href="#tINRE"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tMOTF1"><font style="letter-spacing:0.2pt;">MANAGEMENT OF THE FUND </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tMOTF1">13</a></font> <a href="#tMOTF1"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCOI1"><font style="letter-spacing:0.2pt;">CONFLICTS OF INTEREST </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tCOI1">20</a></font> <a href="#tCOI1"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPTAB"><font style="letter-spacing:0.2pt;">PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tPTAB">21</a></font> <a href="#tPTAB"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPVPA"><font style="letter-spacing:0.2pt;">PROXY VOTING POLICY AND PROXY VOTING RECORD </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tPVPA">22</a></font> <a href="#tPVPA"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCPAP"><font style="letter-spacing:0.2pt;">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tCPAP">22</a></font> <a href="#tCPAP"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDIS1"><font style="letter-spacing:0.2pt;">DISTRIBUTOR </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDIS1">22</a></font> <a href="#tDIS1"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tIRPA"><font style="letter-spacing:0.2pt;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tIRPA">23</a></font> <a href="#tIRPA"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tLECO"><font style="letter-spacing:0.2pt;">LEGAL COUNSEL </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tLECO">23</a></font> <a href="#tLECO"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tADM"><font style="letter-spacing:0.2pt;">ADMINISTRATOR </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:14.25pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tADM">23</a></font> <a href="#tADM"></a></td>
            <td style="padding:0pt;padding-left:0.315000000000001pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCUS"><font style="letter-spacing:0.2pt;">CUSTODIAN </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tCUS">23</a></font> <a href="#tCUS"></a></td>
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                <a href="#tADIN"><font style="letter-spacing:0.2pt;">ADDITIONAL INFORMATION </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tADIN">23</a></font> <a href="#tADIN"></a></td>
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                <a href="#tAPA"><font style="letter-spacing:0.2pt;">APPENDIX A&#8201;&#8211;&#8201;SUB-ADVISER PROXY VOTING POLICIES AND PROCEDURES </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tAPA">A-1</a></font> <a href="#tAPA"></a></td>
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                <a href="#tAPB"><font style="letter-spacing:0.2pt;">APPENDIX B&#8201;&#8211;&#8201;RATINGS OF INVESTMENTS </font></a>
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              <font style="letter-spacing:0.2pt;"><a href="#tAPB">B-1</a></font>
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          <font style="letter-spacing:0.2pt;">i</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tGIAH">&#8203;</a><a name="tIOPA">&#8203;</a>
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        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">GENERAL INFORMATION AND HISTORY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Destra Multi-Alternative Fund (previously, until November&#160;30, 2018, the Multi-Strategy Growth&#160;&amp; Income Fund and prior to that until December&#160;6, 2018, the Destra Alternative Access Fund) (the &#8220;Fund&#8221; or the &#8220;Trust&#8221;) is a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund. The Fund was organized as a Delaware statutory trust on June&#160;3, 2011 and commenced operations on March&#160;16, 2012. The Fund&#8217;s principal office is c/o&#160;Destra Capital Advisors LLC, 444 West Lake Street, Suite 1700, Chicago IL 60606, and its telephone number is 844-9DESTRA (933-7872). The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund&#8217;s investment strategies, are set forth in the Prospectus. Certain additional investment information is set forth below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund offers four classes of shares: Class&#160;A shares, Class&#160;T shares, Class&#160;C shares and Class&#160;I shares. The Fund&#8217;s Board of Trustees (the &#8220;Board,&#8221; &#8220;Trustees&#8221; or &#8220;Board of Trustees&#8221;) may classify and reclassify the shares of the Fund into additional classes of shares at a future date. </font>
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        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INVESTMENT OBJECTIVE, POLICIES AND RISKS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following disclosure supplements the disclosure set forth under the caption &#8220;Types of Investments and Related Risks&#8221; in the Prospectus and does not, by itself, present a complete or accurate explanation of the matters disclosed. Prospective investors must refer also to &#8220;Types of Investments and Related Risks&#8221; in the Prospectus for a complete presentation of the matters disclosed below. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Underlying Funds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund invests in index-linked or actively managed exchange-traded funds (&#8220;ETFs&#8221;), mutual funds and closed-end funds (collectively &#8220;Underlying Funds&#8221;). The expenses of the Fund will generally be higher than the direct expenses of other fund shares. The Fund indirectly bears fees and expenses charged by the Underlying Funds in which the Fund invests in addition to the Fund&#8217;s direct fees and expenses. See &#8220;Summary of Fund&#160;Expenses&#8221; in the Prospectus for a further description of such fees and their impact on the expenses of the Fund. The Fund may also incur brokerage costs when it purchases shares of Underlying Funds. Furthermore, investments in Underlying Funds could affect the timing, amount and character of distributions to common shareholders and therefore may increase the amount of taxes payable by investors in the Fund. The value of an investment in the Fund will go up and down with the prices of Underlying Fund shares (and other securities) in which the Fund invests. Similarly, the value of the Fund&#8217;s investments in Underlying Funds will go up and down with the prices of the securities in which the Underlying Funds invest. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund will incur higher and additional expenses when it invests in Underlying Funds. There is also the risk that the Fund may suffer losses due to the investment practices or operations of the Underlying Funds. To the extent that the Fund invests in one or more Underlying Funds that concentrate in a particular industry, the Fund would be vulnerable to factors affecting that industry and the concentrating Underlying Funds&#8217; performance, and that of the Fund, may be more volatile than Underlying Funds that do not concentrate. In addition, one Underlying Fund may purchase a security that another Underlying Fund is selling. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s performance will depend to an extent on the performance of the Underlying Funds (and other assets) in which the Fund invests. The use of leverage by Underlying Funds magnifies gains and losses on amounts invested and increases the risks associated with investing in Underlying Funds. Further, the Underlying Funds are not subject to the Fund&#8217;s investment policies and restrictions. The Fund generally receives information regarding the portfolio holdings of Underlying Funds only when that information is made available to the public. The Fund cannot dictate how the Underlying Funds invest their assets. The Underlying Funds may invest their assets in securities and other instruments, and may use investment techniques and strategies, that are not described in this Prospectus. Common shareholders bear two layers of fees and expenses with respect to the Fund&#8217;s investments in Underlying Funds because each of the Fund and the Underlying Fund will charge fees and incur separate expenses. See &#8220;Summary of Fund&#160;Expenses&#8221; for a further description of such fees and their impact on the expenses of the Fund. In addition, subject to applicable 1940 Act limitations, the Underlying Funds themselves may purchase securities issued by </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">1</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">registered and unregistered funds (e.g., common stock, preferred stock, auction rate preferred stock), and those investments would be subject to the risks associated with Underlying Funds and unregistered funds (including a third layer of fees and expenses, i.e., the Underlying Fund will indirectly bear fees and expenses charged by the funds in which the Underlying Fund invests, in addition to the Underlying Fund&#8217;s own fees and expenses). An Underlying Fund with positive performance may indirectly receive a performance fee from the Fund, even when the Fund&#8217;s overall returns are negative. Additionally, the Fund&#8217;s investment in an Underlying Fund may result in the Fund&#8217;s receipt of cash in excess of the Underlying Fund&#8217;s earnings; if the Fund distributes these amounts, the distributions could constitute a return of capital to Fund shareholders for federal income tax purposes. As a result of these factors, the use of the fund of funds structure by the Fund could therefore affect the amount, timing and character of distributions to shareholders. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund invests in closed-end investment companies or funds. The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than the net asset value per share, the difference representing the &#8220;market discount&#8221; of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined net asset value, but rather, are subject to supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their net asset value. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may invest in shares of closed-end funds that are trading at a discount to net asset value or at a premium to net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund&#8217;s shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund&#8217;s common shares in an attempt to enhance the current return to such closed-end fund&#8217;s common shareholders. The Fund&#8217;s investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital structure. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Index-based ETFs (and other index funds) in which the Fund may invest may not be able to replicate exactly the performance of the indices they track or benchmark due to transactions costs and other expenses of the ETFs. The Fund may also invest in actively managed ETFs that are subject to management risk as the ETF&#8217;s investment adviser will apply certain investment techniques and risk analyses in making investment decisions. There can be no guarantee that these will produce the desired results. The shares of closed-end funds frequently trade at a discount to their net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase. Underlying Funds may not be able to match or outperform their benchmarks. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s investment in Underlying Funds may be limited by provisions of the 1940 Act, which generally limit the amount the Fund and its affiliates can invest in any one Underlying Fund to 3% of the Underlying Fund&#8217;s outstanding voting stock. As a result, the Fund may hold a smaller position in an Underlying Fund than if it were not subject to this restriction. In addition, to comply with provisions of the 1940 Act, in any matter upon which Underlying Fund shareholders are solicited to vote, the Adviser may be required to vote Underlying Fund shares in the same proportion as shares held by other shareholders of the Underlying Fund. However, pursuant to exemptive orders issued by the SEC to various ETF fund sponsors, the Fund is permitted to invest in such Underlying Funds in excess of the limits set forth in the 1940 Act subject to certain terms and conditions set forth in such exemptive orders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Business Development Companies (BDCs)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may invest in BDCs as a principal part of its strategy. BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">2</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">publicly-traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. The Fund indirectly bears its proportionate share of any management fees and other operating expenses incurred by the BDCs and of any performance-based or incentive fees payable by the BDCs in which it invests, in addition to the expenses paid by the Fund. BDCs generally charge a management fee of up to 2.0% and up to a 20% incentive fee on income and/or capital gains. The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with a larger amount of risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Investments in BDCs may be subject to a high degree of risk. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity markets or capital raising. As a result, a BDC&#8217;s portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or private debt fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. Some BDCs invest substantially, or even exclusively, in one sector or industry group and therefore carry risk of that particular sector or industry group. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various other risks, including management&#8217;s ability to meet the BDC&#8217;s investment objective and to manage the BDC&#8217;s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors&#8217; perceptions regarding a BDC or its underlying investments change. BDC shares are not redeemable at the option of the BDC shareholder and, as with shares of other closed-end funds, they may trade in the secondary market at a discount to their NAV. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Master Limited Partnerships</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may invest in master limited partnerships (&#8220;MLPs&#8221;). Investments in publicly traded MLPs, which are limited partnerships or limited liability companies taxable as partnerships, involve some risks that differ from an investment in the common stock of a corporation, including risks related to limited control and limited rights to vote on matters affecting MLPs, risks related to potential conflicts of interest between an MLP and the MLP&#8217;s general partner, cash flow risks, dilution risks and risks related to the general partner&#8217;s right to require unit-holders to sell their common&#160;units at an undesirable time or price. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs may be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. As a result, these investments may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns, which may adversely impact the overall performance of the Fund. The benefit the Fund will derive from its investments in MLPs will be largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to the Fund. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Fixed-Income Instruments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund invests in fixed-income instruments, such as high-yield corporate debt securities or bonds. Corporate bonds and other fixed-income instruments are typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the &#8220;Underwriter&#8221;) for a group of investors (&#8220;Bond Investors&#8221;). In secured fixed-income instrument offerings, an institution, typically but not always an agent affiliated with the Underwriter, holds any collateral </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">3</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">on behalf of the Bond Investors. The Fund may purchase fixed-income instruments either directly from the Underwriter or from a Bond Investor. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">An issuer of fixed-income instruments must typically comply with the terms contained in a note purchase agreement or indenture between the issuer and the holders of the instruments (the &#8220;Bond Agreement&#8221;). These Bond Agreements generally detail the schedule of payments and also place certain restrictive financial and other covenants on the issuer, similar to those in loan agreements. A trustee typically administers and enforces the terms of the Bond Agreement and the fixed-income instrument on behalf of all holders of the instrument. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The rights of holders of high-yield corporate debt securities or bonds are generally subordinate to any existing senior or secured lenders in the issuer&#8217;s capital structure and are structurally subordinated to the rights of any existing or future lenders to an issuer&#8217;s subsidiaries that do not guarantee the high-yield corporate debt securities or bonds, and thus have a lower priority in payment than such lenders. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks of Foreign Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Investments in foreign issuers or securities principally traded outside the United States may involve special risks due to foreign economic, political and legal developments, including favorable or unfavorable changes in currency exchange rates, exchange control regulations (including currency blockage), expropriation, nationalization or confiscatory taxation of assets, and possible difficulty in obtaining and enforcing judgments against foreign entities. The Fund may be subject to foreign taxation on realized capital gains, dividends or interest payable on foreign securities, on transactions in those securities and on the repatriation of proceeds generated from those securities. Transaction-based charges are generally calculated as a&#160;percentage of the transaction amount and are paid upon the sale or transfer of portfolio securities subject to such taxes. Any taxes or other charges paid or incurred by the Fund in respect of its foreign securities will reduce the Fund&#8217;s yield. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the tax laws of some foreign jurisdictions in which the Fund may invest are unclear and interpretations of such laws can change over time. As a result, to comply with guidance related to the accounting and disclosure of uncertain tax positions under generally accepted accounting principles (&#8220;GAAP&#8221;), the Fund may be required to accrue for book purposes certain foreign taxes in respect of its foreign securities or other foreign investments that it may or may not ultimately pay. Such tax accruals will reduce the Fund&#8217;s NAV at the time accrued, even though, in some cases, the Fund ultimately will not pay the related tax liabilities. Conversely, the Fund&#8217;s NAV will be increased by any tax accruals that are ultimately reversed. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Issuers of foreign securities are subject to different, often less comprehensive, accounting, custody, reporting and disclosure requirements than U.S. issuers. The securities of some foreign governments, companies and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. Foreign brokerage commissions and related fees also are generally higher than those in the United States. Investments in foreign securities also may be affected by different custody and/or settlement practices or delayed settlements in some foreign markets. The laws of some foreign countries may limit the Fund&#8217;s ability to invest in securities of certain issuers located in those countries. Foreign countries may have reporting requirements with respect to the ownership of securities, and those reporting requirements may be subject to interpretation or change without prior notice to investors. No assurance can be given that the Fund will satisfy applicable foreign reporting requirements at all times. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Short Sales</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund may engage in short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own as a means of attractive financing for purchasing other assets or in anticipation that the market price of that security will decline. The Fund may make short sales for financing, for risk management, to maintain portfolio flexibility or to enhance income or gain. The Fund does not intend to enter into short sales (other than short sales &#8220;against the box&#8221;) if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 50% of the value of the Fund&#8217;s net assets. This&#160;percentage may be varied by action of the Board of Trustees. A short sale is &#8220;against </font>
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          <font style="letter-spacing:0.2pt;">4</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">the box&#8221; to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund&#8217;s obligation to replace the borrowed security may be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. The Fund may also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Short selling involves a number of risks. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may, but is not expected to, have substantial short positions and may engage in short sales where it does not own or have the immediate right to acquire the security sold short, and as such must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement any short sale strategy it employs due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Until the Fund replaces a security borrowed in connection with a short sale, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund&#8217;s short position. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund&#8217;s ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances, the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. Additionally, the Fund must maintain sufficient liquid assets, less any additional collateral pledged to the broker, marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund&#8217;s investment flexibility, as well as its ability to meet other current obligations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions generally may exist for as long as six&#160;months and, in some cases, much longer. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Private and Hedge Funds</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">When the Fund invests in securities issued by private investment funds and hedge funds, it will bear its pro&#160;rata portion of the funds&#8217; expenses. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations, thereby increasing indirect costs and potentially reducing returns to shareholders. A fund in which the Fund invests has its own investment risks, and those risks can affect the value of the private fund&#8217;s or hedge fund&#8217;s shares and therefore the value of the Fund&#8217;s investments. There can be no assurance that the investment objective of a private fund or hedge fund will be achieved. A private investment fund or hedge fund may change its investment objective or policies without the Fund&#8217;s approval, which could force the Fund to withdraw its investment from such fund at a time that is unfavorable. In addition, one private fund or hedge fund may buy the same securities that another investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose. Hedge funds often engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and </font>
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          <font style="letter-spacing:0.2pt;">5</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">other strategies that may increase investment loss. Hedge funds can be highly illiquid and often charge high fees that can erode performance. Additionally, private funds and hedge funds may involve complex tax structures and delays in distributing tax information. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Real Estate Investment Trusts</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Real estate investment trusts (&#8220;REITs&#8221;) are typically publicly-traded corporations or trusts that invest in residential or commercial real estate. REITs generally can be divided into the following three types: (i)&#160;equity REITs, which invest the majority of their assets directly in real property and derive their income primarily from rents and capital gains or real estate appreciation; (ii)&#160;mortgage REITs, which invest the majority of their assets in real estate mortgage loans and derive their income primarily from interest payments; and (iii)&#160;hybrid REITs which combine the characteristics of equity REITs and mortgage REITs. Generally, dividends received by the Fund from REIT shares and distributed to the Fund&#8217;s shareholders are not likely to constitute &#8220;qualified dividend income&#8221; eligible for the reduced tax rate applicable to qualified dividend income; therefore, the portion of the dividend income attributable to REIT shares held by the Fund that shareholders of the Fund receive will likely be treated as ordinary income and taxed at a higher rate than dividends eligible for the reduced tax rate applicable to qualified dividend income. Fund distribution payments, however, that are attributable to qualified REIT dividends received by the Fund may be designated by the Fund as Section&#160;199A dividends, which may be taxed to individuals and other non-corporate Shareholders at a reduced effective federal income tax rate. The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to expenses paid by the Fund. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Investment in REITs may subject the Fund to risks associated with the direct ownership of real estate, such as decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent and fluctuations in rental income. Equity REITs generally experience these risks directly through fee or leasehold interests, whereas mortgage REITs generally experience these risks indirectly through mortgage interests, unless the mortgage REIT forecloses on the underlying real estate. Changes in interest rates may also affect the value of the Fund&#8217;s investment in REITs. For instance, during periods of declining interest rates, certain mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by those REITs. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Certain REITs have relatively small market capitalizations, which may tend to increase the volatility of the market price of their securities. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Furthermore, REITs are dependent upon specialized management skills and have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. REITs are also subject to heavy cash flow dependency, defaults by borrowers and the possibility of failing to qualify for tax-free pass-through of income under the Code and to maintain exemption from the registration requirements of the 1940 Act. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. In addition, REITs depend generally on their ability to generate cash flow to make distributions to shareholders. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Restricted and Illiquid Investments</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund may not be able to readily dispose of illiquid investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund may purchase certain securities eligible for resale to qualified institutional buyers as contemplated by Rule&#160;144A under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) (such securities, &#8220;Rule&#160;144A Securities&#8221;). Rule&#160;144A provides an exemption from the registration requirements of the Securities Act for the resale of certain restricted securities to certain qualified institutional buyers. One effect of Rule&#160;144A is that certain restricted securities may be considered liquid, though no assurance </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:0.2pt;">6</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">can be given that a liquid market for Rule&#160;144A Securities will develop or be maintained. However, where a substantial market of qualified institutional buyers has developed for certain unregistered securities purchased by the Fund pursuant to Rule&#160;144A under the Securities Act, the Fund intends to treat such securities as liquid investments in accordance with procedures approved by the Board. Because it is not possible to predict with assurance how the market for Rule&#160;144A Securities will develop, the Board directs Destra Capital Advisors LLC (&#8220;Destra&#8221; or the &#8220;Adviser&#8221;) and Validus Growth Investors, LLC, doing business as Validus Investment Advisors, (&#8220;Validus&#8221; or the &#8220;Sub-Adviser&#8221;) (Validus together with Destra are referred to herein as the &#8220;Advisers&#8221;) to carefully monitor the Fund&#8217;s investments in such securities with particular regard to trading activity, availability of reliable price information and other relevant information. To the extent that, for a period of time, qualified institutional buyers cease purchasing restricted securities pursuant to Rule&#160;144A, the Fund&#8217;s investing in such securities may have the effect of increasing the level of illiquidity in its investment portfolio during such period. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Equity Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In addition to common stock, the Fund may invest in other equity securities, including preferred stock, convertible securities, contingent convertible securities and depositary receipts. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Preferred Stock.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Preferred stock has a preference over common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of the issuer&#8217;s preferred stock than in more senior credit securities with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer&#8217;s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Convertible Securities.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security&#8217;s investment value. Convertible securities rank senior to common stock in a corporation&#8217;s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security&#8217;s governing instrument. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Depositary Receipts</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Fund may hold investments in sponsored and unsponsored ADRs and other similar global instruments. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of underlying securities issued by a non-U.S. corporation. Unsponsored ADR programs are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored ADRs and the prices of unsponsored ADRs may be more volatile than if such instruments were sponsored by the issuer. Investments in ADRs present the additional investment considerations of non-U.S. securities. </font>
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            <font style="letter-spacing:-0.2pt;">LIBOR Transition</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund&#8217;s investments, payment obligations and financing terms may be based on floating rates, such LIBOR. LIBOR is used extensively in the U.S. and globally as a &#8220;benchmark&#8221; or &#8220;reference rate&#8221; for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. On July&#160;27, 2017, the head of the </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">7</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">UK Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December&#160;31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June&#160;30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a &#8220;synthetic&#8221; basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve&#8217;s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will depend on, among other things, (1)&#160;existing fallback or termination provisions in individual contracts and (2)&#160;whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Cash Equivalents and Short-Term Debt Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt securities are defined to include, without limitation, the following: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.09pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:8.09pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities issued by: (a)&#160;the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and Government National Mortgage Association, the securities of which are supported by the full faith and credit of the United States; (b)&#160;the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority, the securities of which are supported by the right of the agency to borrow from the U.S. Treasury; (c)&#160;the Federal National Mortgage Association, the securities of which are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d)&#160;the Student Loan Marketing Association, the securities of which are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate. The economic crisis in the United States during 2008 and 2009 negatively impacted government-sponsored entities. As the real estate market deteriorated through declining home prices and increasing foreclosure, government-sponsored entities, which back the majority of U.S.&#160;mortgages have experienced extreme volatility, and in some cases, a lack of liquidity. The Advisors will monitor developments and seek to manage the Fund&#8217;s portfolio in a manner consistent with achieving the Fund&#8217;s investment objectives, but there can be no assurance that it will be successful in doing so. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">8</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-left:40pt; width:416pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation. </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
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        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers&#8217; acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Advisors will monitor the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Advisors will do so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws. </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Advisors will consider the financial condition of the corporation (</font><font style="font-style:italic;letter-spacing:0.2pt;">e.g.</font><font style="letter-spacing:0.2pt;">, earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation&#8217;s ability to meet all of its financial obligations, because the Fund&#8217;s liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">When-Issued and Forward Commitment Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund may purchase securities on a &#8220;when-issued&#8221; basis and may purchase or sell securities on a &#8220;forward commitment&#8221; basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. At the time the Fund enters into a transaction on a when-issued or forward commitment basis, it will designate on its books and records cash or liquid credit securities equal to at least the value of the when-issued or forward commitment securities, unless future SEC staff guidance permits designation or segregation to a lesser extent. The value of these assets will be monitored daily to ensure that their marked-to-market value will at all times equal or exceed the corresponding obligations of the Fund. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Securities purchased on a forward commitment or when-issued basis are subject to changes in value (generally changing in the same way, </font><font style="font-style:italic;letter-spacing:0.2pt;">i.e.</font><font style="letter-spacing:0.2pt;">, appreciating when interest rates decline and depreciating when interest rates rise) based upon the public&#8217;s perception of the creditworthiness of the issuer and changes, actual </font>
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      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">9</font>
          <br >
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tINRE">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
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      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">or anticipated, in the level of interest rates. Securities purchased on a forward commitment or when-issued basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis when the Fund is fully invested may result in greater potential fluctuation in the Fund&#8217;s NAV. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The risks and effect of settlements in the ordinary course on the Fund&#8217;s NAV are not the same as the risks and effect of when-issued and forward commitment securities. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The purchase price of when-issued and forward commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations of the security&#8217;s value in the market from the date of the Fund&#8217;s commitment (the &#8220;Commitment Date&#8221;) to the date of the actual delivery and payment for such securities (the &#8220;Settlement Date&#8221;). There is a risk that, on the Settlement Date, the Fund&#8217;s payment of the final purchase price, which is calculated on the yield negotiated on the Commitment Date, will be higher than the market&#8217;s valuation of the security on the Settlement Date. This same risk is also borne if the Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive, a forward commitment security, and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. In some instances, no income accrues to the Fund during the period from the Commitment Date to the Settlement Date. On the other hand, the Fund may incur a gain if the Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest rates and prices in the market. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Portfolio Turnover</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Portfolio turnover measures the&#160;percentage of the Fund&#8217;s total portfolio market value that was purchased or sold during the period. The Fund&#8217;s turnover rate provides an indication of how transaction costs (which are not included in the Fund&#8217;s expenses) may affect the Fund&#8217;s performance. Also, funds with a high turnover may be more likely to distribute capital gains that may be taxable to shareholders. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">For the fiscal year ended February&#160;28, 2021, the Fund&#8217;s portfolio turnover rate was 26%. For the fiscal year ended February&#160;29, 2020, the Fund&#8217;s portfolio turnover rate was 42%. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INVESTMENT RESTRICTIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Fund may not: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Borrow money, except to the extent permitted by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) (which currently limits borrowing to no more than 33-1/3% of the value of the Fund&#8217;s total assets, including the value of the assets purchased with the proceeds of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases of its shares. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Issue senior securities, except to the extent permitted by Section&#160;18 of the 1940 Act (which currently limits the issuance of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Fund&#8217;s total assets or, if the class of senior security is stock, to no more than 50% of the value of the Fund&#8217;s total assets). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those that must be registered under the Securities Act before they may be offered or sold to the public) to the extent permitted by the 1940 Act. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">The Fund may not invest 25% or more of the market value of its net assets in the securities of companies or entities engaged in any one industry, except the real estate industry. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. Under normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the real estate industry. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10</font>
          <br >
        </div>
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      <hr >
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)&nbsp;&nbsp;&nbsp;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Purchase or sell real estate or interests in real estate. This limitation is not applicable to investments in securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts). </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(6)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Purchase or sell commodities, commodity contracts, except commodity futures contracts, unless acquired as a result of ownership of securities or other investments, except that the Fund may invest in securities or other instruments backed by or linked to commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities, and may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(7)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Make loans to others, except (a)&#160;through the purchase of debt securities in accordance with its investment objectives and policies, (b)&#160;to the extent the entry into a repurchase agreement is deemed to be a loan, and (c)&#160;by loaning portfolio securities up to one-third of total Fund assets. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In addition, the Fund has adopted a fundamental policy that: </font>
        </div>

          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:9.9pt;">
            <font style="font-size:10pt;letter-spacing:0.2pt;">(8)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;font-size:9.9pt;">
            <font style="font-size:10pt;letter-spacing:0.198pt;">The Fund will make annual repurchase offers for no less than for 5% of the Fund&#8217;s shares outstanding at net asset value (&#8220;NAV&#8221;) less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th is not a business.</font><font style="font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Fund has adopted a fundamental policy that it will make annual repurchase offers pursuant to Rule&#160;23c-3 of the 1940 Act, as such rule may be amended from time to time, for no less than 5% nor more than 25% of the Shares outstanding at NAV, less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (as defined in the Prospectus), or the next business day if the 14th day is not a business day. Holders of the Fund&#8217;s Shares (&#8220;Shareholders&#8221;) will be notified in writing about each annual repurchase offer, how they may request that the Fund repurchase their Shares and the Repurchase Request Deadline, which is the date the repurchase offer ends. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The fundamental investment limitations set forth above restrict the ability of the Fund to engage in certain practices and purchase securities and other instruments other than as permitted by, or consistent with, applicable law, including the 1940 Act. Relevant limitations of the 1940 Act as they presently exist are described below. These limitations are based either on the 1940 Act itself, the rules or regulations thereunder or applicable orders of the SEC. In addition, interpretations and guidance provided by the SEC staff may be taken into account to determine if a certain practice or the purchase of securities or other instruments is permitted by the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC. As a result, the foregoing fundamental investment policies may be interpreted differently over time as the statutes, rules, regulations or orders (or, if applicable, interpretations) that relate to the meaning and effect of these policies change, and no vote of Shareholders will be required or sought. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Notations Regarding Fundamental Investment Restrictions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following notations are not considered to be part of the Fund&#8217;s fundamental investment policies described above and are subject to change without Shareholder approval. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">With respect to the fundamental policy relating to borrowing money set forth in (1)&#160;above, the 1940 Act permits the Fund to borrow money in amounts of up to one-third of the Fund&#8217;s total assets from banks for any purpose, and to borrow up to 5% of the Fund&#8217;s total assets from banks or other lenders for temporary purposes. The Fund&#8217;s total assets include the amounts being borrowed. To limit the risks attendant to borrowing, the 1940 Act requires the Fund to maintain at all times an &#8220;asset coverage&#8221; of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund&#8217;s total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as &#8220;leveraging.&#8221; Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">11</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">involve leverage and thus are subject to the 1940 Act restrictions. In accordance with SEC staff guidance and interpretations, when the Fund engages in such transactions, the Fund, instead of maintaining asset coverage of at least 300%, may segregate or earmark liquid assets, or enter into an offsetting position, in an amount at least equal to the Fund&#8217;s exposure, on a mark-to-market basis, to the transaction (as calculated pursuant to requirements of the SEC). The policy in (1)&#160;above will be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing or to involve leverage to the extent permitted by the 1940 Act and to permit the Fund to segregate or earmark liquid assets or enter into offsetting positions in accordance with SEC staff guidance and interpretations. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">With respect to the fundamental policy relating to making loans set forth in (7)&#160;above, the 1940 Act does not prohibit the Fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered loans. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">With respect to the fundamental policy relating to underwriting set forth in (3)&#160;above, the 1940 Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, in the case of diversified funds, the 1940 Act permits the Fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the Fund&#8217;s underwriting commitments, when added to the value of the Fund&#8217;s investments in issuers where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act. Although it is not believed that the application of the Securities Act provisions described above would cause the Fund to be engaged in the business of underwriting, the policy in (3)&#160;above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by applicable law. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">With respect to fundamental policy (4), the Fund defines the real estate industry to include interests, debt or equity of both publicly traded and private companies engaged in the real estate industry, including, but not limited to, REITs, mortgage backed securities, interest in pooled investment entities, and other forms of securities relating to or involving real estate. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Altering Fundamental Investment Restrictions</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The restrictions listed above (but not the notations with respect thereto) are fundamental policies of the Fund. The Fund may not alter these fundamental policies without the approval of the holders of a majority of the outstanding Shares. For purposes of the foregoing, &#8220;a majority of the outstanding Shares&#8221; means (i)&#160;67% or more of such Shares present at a meeting, if the Shareholders of more than 50% of such Shares are present or represented by proxy, or (ii)&#160;more than 50% of such Shares, whichever is less. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Other than the fundamental policies listed above, the Fund&#8217;s investment policies are non-fundamental policies and may be changed by the Board without prior Shareholder approval. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise indicated, all limitations applicable to the investments (as stated above and elsewhere in this Statement of Additional Information and the Prospectus) of the Fund apply only at the time a transaction is entered into, and subsequent changes in value, ratings downgrades or changes in credit quality will not result in the Fund being required to dispose of any portfolio security. Except as otherwise noted, all&#160;percentage limitations set forth above apply immediately after a purchase and any subsequent change in any applicable&#160;percentage resulting from market fluctuations does not require any action. With respect to the limitations on the issuance of senior securities and in the case of borrowings, the&#160;percentage limitations apply at the time of issuance and on an ongoing basis.</font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tMOTF1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">MANAGEMENT OF THE FUND</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the Fund&#8217;s Agreement and Declaration of Trust (&#8220;Declaration of Trust&#8221;) and bylaws, the Fund&#8217;s business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund&#8217;s management and operations. The officers of the Fund conduct and supervise the Fund&#8217;s daily business operations. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Board Trustees and Executive Officers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Board Leadership Structure</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.2pt;">The Board consists of four members, each of whom are considered independent and are not &#8220;interested persons&#8221; &#8203;(as defined in the 1940 Act) of the Fund, Destra or Validus (collectively, &#8220;Independent Trustees&#8221;). Among other things, the Board sets broad policies for the Fund and appoints the Fund&#8217;s officers. The role of the Board, and of any individual Trustee, is one of oversight and not of management of the Fund&#8217;s day-to-day affairs. Each Trustee will serve until his or her successor is duly elected and qualified. The Trustees are subject to removal or replacement in accordance with Delaware law and the Fund&#8217;s Declaration of Trust. The Trustees serving on the Board were elected by the organizational Shareholders of the Fund. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.2pt;">Nicholas Dalmaso serves as Chairman of the Board and is an Independent Trustee. Prior to February&#160;8, 2021, Mr.&#160;Dalmaso was considered an &#8220;interested person&#8221; of the Fund (as defined in the 1940 Act) because of his former position with Destra. As of February&#160;8, 2021, Mr.&#160;Dalmaso is no longer an &#8220;interested person.&#8221; The Board feels that Mr.&#160;Dalmaso is the Trustee with the most knowledge of the Fund&#8217;s business strategy and regulatory parameters and is best situated to serve as Chairman of the Board. Each Independent Trustee plays an active role on the Board. The Independent Trustees are expected to meet separately in executive session as often as necessary to exercise their oversight responsibilities. The Board believes that its leadership structure is the optimal structure for the Fund at this time given the Fund&#8217;s current size and complexity. The Board, which reviews its leadership structure periodically, further believes that its structure is presently appropriate to enable it to exercise its oversight of the Fund. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Board Role in Risk Oversight</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.2pt;">Through its direct oversight role, and indirectly through its committees, the Board performs a risk oversight function for the Fund consisting of, among other things, the following activities: (i)&#160;at regular and special Board meetings, and on an ad hoc basis as needed, receiving and reviewing reports related to the Fund&#8217;s performance and operations; (ii)&#160;reviewing and approving, as applicable, the Fund&#8217;s compliance policies and procedures; (iii)&#160;meeting with members of the Fund&#8217;s portfolio management team to review investment strategies, techniques and the processes used to manage related risks; (iv)&#160;meeting with, or reviewing reports prepared by, the representatives of key service providers, including Destra and Validus and the Fund&#8217;s administrator, distributor, transfer agent, custodian and independent registered public accounting firm, to review and discuss the Fund&#8217;s activities and to provide direction with respect thereto; and (v)&#160;engaging the services of the Fund&#8217;s chief compliance officer to test the compliance procedures of the Fund and its service providers. However, not all risks that may affect the Fund can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are beyond the control of the Fund and its service providers. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Trustees</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Information regarding the members of the Board is set forth below. The address for each Trustee is c/o&#160;Destra Multi-Alternative Fund, 444 West Lake Street, Suite 1700, Chicago, Illinois 60606. As set forth in the Fund&#8217;s Declaration of Trust, a Trustee&#8217;s term of office shall continue until his or her death, resignation or removal. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <table style="width:456pt;margin-bottom:5.61000000000001pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:73pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Name and Birth Year </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:73pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Trustee Since </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:144pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Principal Occupation(s) During the past </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">5&#160;years </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:45pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Registered </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Investment </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Companies in </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Fund&#160;Complex </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Overseen by </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Trustee</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:-0.12pt;">(1)</font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:73pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Other Directorships </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">held by the Trustee </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">during the past </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">five&#160;years </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:7.98pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:italic;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:3.263pt 0pt 2.097pt 0pt; width:73pt;">
                <div style="white-space:nowrap;">
                  <font style=" text-decoration:underline #000000 solid;letter-spacing:0.16pt;">Independent Trustees</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:73pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:144pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:45pt;text-align:center;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:73pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:9.58pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">John S. Emrich, CFA Birth year: 1967 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:73pt;white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">November 2018 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">Financial Advisor, self-employed, Red Earth Finance LLC (January&#160;2018 to present); Mortgage Banker, The Mortgage Company (January&#160;2018 to present).</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:45pt;white-space:nowrap;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.16pt;">4 </font>
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              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">Meridian Fund, Inc. (registered investment company) (4 portfolios) </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">Michael S. Erickson Birth year: 1952 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:73pt;white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">November 2018 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:144pt;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Private Investor (August&#160;2007 to present); Chief Operating Officer and Chief Financial Officer, Erickson Holding Corp. (a passive real estate holding company) (2003 to present); Chief Operating Officer and Chief Financial Officer, McGee Island LLC (a real estate management company) (2015 to present). </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:45pt;white-space:nowrap;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.16pt;">4 </font>
                </div>
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              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:73pt;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Meridian Fund, Inc. (registered investment company) (4 portfolios) </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:73pt;white-space:normal;">
                <font style="letter-spacing:0.16pt;">Jeffrey S. Murphy Birth year: 1966 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">November 2018 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">Retired (2014 to present). </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:45pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.16pt;">4 </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
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              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">None </font>
              </td>
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            </tr>
            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:73pt;white-space:normal;">
                <font style="letter-spacing:0.16pt;">Nicholas Dalmaso,</font><font style=" position:relative; bottom:3.25pt;font-size:6pt;letter-spacing:0.12pt;">&#65279;(2)</font><font style="letter-spacing:0.16pt;"> Chairman </font>
                <br >
                <font style="letter-spacing:0.16pt;">Birth year: 1965 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">November 2018</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:144pt;white-space:normal;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Chair and CEO of Sound Capital Holdings LLC, Sound Capital Distributors LLC (a registered broker/</font>&#8203;<font style="letter-spacing:0.16pt;">dealer) and Sound Capital Solutions LLC (an investment advisor) (2020 to present); General Counsel (2014 to present) and Chief Compliance Officer (2014 to 2019) of M1 Holdings Inc.; General Counsel (2014 to present) and Chief Compliance Officer (2014 to 2019) of M1 Finance LLC (a registered broker/dealer); General Counsel (2014 to present) and Chief Compliance Officer (2014 to 2019) of M1 Advisory Services LLC (an investment adviser); Independent Director of Keno Kozie Associates (IT Consulting) (2016 to 2018).</font></div>
              </td>
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              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:45pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.16pt;">4 </font>
                </div>
              </td>
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              <td style="padding:2.447pt 0pt 1.563pt 0pt; width:73pt;">
                <font style="letter-spacing:0.16pt;">None</font>
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        <div style="margin-top:12.82pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <div style=" float:left; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">The Fund&#160;Complex consists of the Fund, the Destra International &amp; Event-Driven Credit Fund, the Destra Flaherty &amp; Crumrine Preferred and Income Fund and the Destra Granahan Small Cap Advantage Fund, each of the latter two being a series of the Destra Investment Trust, and the Destra Exchange-Traded Fund&#160;Trust, of which there is currently no active series. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; line-height:12pt; margin-top:3.71pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:3.71pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">Prior to February&#160;8, 2021, Mr.&#160;Dalmaso was considered an &#8220;interested person&#8221; of the Fund (as defined in the 1940 Act) because of his former position with Destra. As of February&#160;8, 2021, Mr.&#160;Dalmaso is no longer an &#8220;interested person.&#8221; </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">Independent Trustees</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-size:10pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">John S. Emrich.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Mr.&#160;Emrich has significant experience in the investment management and financial services industry. Mr.&#160;Emrich served as a financial analyst or portfolio manager for over 14&#160;years for various investment advisory firms and currently serves as a director of Meridian Fund, Inc. Prior to such positions he also performed business valuations and appraisal analyses at KPMG Peat Marwick, an accounting firm. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;font-size:10pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Michael S. Erickson.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Mr.&#160;Erickson has significant leadership and financial management experience, previously serving as Chairman of the Board and Chief Financial Officer of AeroAstro for nearly ten&#160;years, and as a Director on the Board of Directors of Decimal, Inc., an online IRA administration company. Mr.&#160;Erickson also currently serves as a director of Meridian Fund, Inc., an open-end registered investment company. He has served as a certified public accountant for Coopers &amp; Lybrand, an accounting firm, and has served as Chief Operating Officer and Chief Financial Officer for several companies. Mr.&#160;Erickson holds a Master of Business Administration degree from Stanford Graduate School of Business. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">14</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="text-indent:20pt; width:456pt; line-height:12pt;font-size:10pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Jeffrey S. Murphy.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Mr.&#160;Murphy has significant experience in the investment management and financial services industry. Mr.&#160;Murphy held numerous positions during his 20-year tenure at Affiliated Managers Group, Inc., including in operations, finance and capital development areas. Mr.&#160;Murphy also held positions on the executive board and mutual fund board of trustees for several Affiliated Managers Group, Inc. affiliates. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-size:10pt;">
            <font style="font-style:italic;letter-spacing:0.2pt;">Nicholas Dalmaso.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Nicholas Dalmaso is an accomplished Senior Executive and Legal Professional with more than 25&#160;years of success spanning financial services, investments, banking, and fin-tech. His broad areas of expertise include corporate governance, regulatory compliance, litigation, asset and investment management, business development, strategy, and securities law. Throughout his executive career, he has held leadership positions with M1 Holdings, Destra Capital Management, Claymore Group, Nuveen Investments, and Van Kampen Investments. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">Executive Officers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The following persons serve as the Fund&#8217;s executive officers in the following capacities: </font>
        </div>

          <table style="width:456pt;margin-bottom:5.62pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:8pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:72pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Name and Birth Year </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:144pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Position(s) Held with the Fund </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:216pt;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Principal Occupation(s) During the past 5&#160;years </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.187pt 0pt 1.573pt 0pt; width:72pt;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Robert Watson </font>
                  <br >
                  <font style="letter-spacing:0.16pt;">Birth year: 1965 </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.187pt 0pt 1.573pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">President since November&#160;2018 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.187pt 0pt 1.573pt 0pt; width:216pt;white-space:normal;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Partner &amp; Head of Investments (2021 to present); Senior Managing Director and Investment Product Strategist (2011 to 2020), Destra Capital Investments LLC. </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:normal;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:72pt;white-space:nowrap;">
                <font style="letter-spacing:0.16pt;">Derek Mullins </font>
                <br >
                <font style="letter-spacing:0.16pt;">Birth year: 1973 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">Chief Financial Officer and Treasurer since November&#160;2018 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.447pt 0pt 1.573pt 0pt; width:216pt;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Managing Partner and Co-Founder, PINE Advisor Solutions (2018 to present); Director of Operations, ArrowMark Partners LLC (2009 to 2018); Chief Financial Officer (Principal Financial Officer) and Treasurer, Meridian Fund, Inc. (2013 to 2018). </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:72pt;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Jake Schultz </font>
                  <br >
                  <font style="letter-spacing:0.16pt;">Birth year: 1996</font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">Secretary since May&#160;2021</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:216pt;white-space:normal;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Partner &amp; Director, Portfolio Oversight &amp; Analytics (2021 to present); Director, Product Management (2020 to 2021); Product Analyst (2018 to 2020), Destra Capital Management LLC, Destra Capital Investments LLC and Destra Capital Advisors LLC.</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:72pt;">
                <font style="letter-spacing:0.16pt;">Marcie McVeigh </font>
                <br >
                <font style="letter-spacing:0.16pt;">Birth year: 1979 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">Assistant Treasurer since August&#160;2020 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.583pt 0pt; width:216pt;white-space:normal;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Director of CFO Services, PINE Advisor Solutions (2020 to present); Assistant Vice President and Performance Measurement Manager, Brown Brothers Harriman (2019 to 2020); Senior Financial Reporting Specialist, American Century Investments (2011 to 2018). </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.437pt 0pt 1.593pt 0pt; width:72pt;">
                <font style="letter-spacing:0.16pt;">Ken Merritt </font>
                <br >
                <font style="letter-spacing:0.16pt;">Birth year: 1961 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.593pt 0pt; width:144pt;">
                <font style="letter-spacing:0.16pt;">Assistant Secretary since May&#160;2021 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.593pt 0pt; width:216pt;white-space:normal;">
                <div style="line-height:9.59pt;">
                  <font style="letter-spacing:0.16pt;">Partner &amp; Director, Product Management &amp; Development (2021 to present); Senior Managing Director, Product Management &amp; Development (2019 to 2021), Destra Capital Management LLC, Destra Capital Advisors LLC and Destra Capital Investments LLC; Senior Managing Director, Fund&#160;Operations, Priority Income Fund (2018 to 2019), Destra&#160;Capital Management LLC; Managing Director, External Wholesaler (2012 to 2018), Destra Capital Management LLC. </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:9.58pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="padding:2.437pt 0pt 1.593pt 0pt; width:72pt;">
                <font style="letter-spacing:0.16pt;">Cory J. Gossard </font>
                <br >
                <font style="letter-spacing:0.16pt;">Birth year: 1972 </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.593pt 0pt; width:144pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.16pt;">Chief Compliance Officer since May&#160;2021 </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.437pt 0pt 1.593pt 0pt; width:216pt;white-space:normal;">
                <font style="letter-spacing:0.16pt;">Director, PINE Advisor Solutions (2021 to present); Chief&#160;Compliance Officer, Vident Investment Advisory (2020); Chief Compliance Officer, SS&amp;C ALPS (2014 to 2020).</font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="text-indent:20pt; margin-top:8.19pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The address for each executive officer is c/o&#160;Destra Multi-Alternative Fund, 444 West Lake Street, Suite 1700, Chicago, Illinois 60606. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">Compensation of Trustees</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Trustees who do not also serve in an executive officer capacity for the Fund, the Adviser or the Sub-Adviser are entitled to receive from the Fund an annual cash retainer. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;font-size:10pt;">
            <font style="letter-spacing:0.2pt;">In consideration of the services rendered by the Independent Trustees, the Destra Fund&#160;Complex pays each Independent Trustee a retainer of $39,000 per year, and the Chairman of the Board a retainer of $46,000 per year for his services in this capacity. The Destra Fund&#160;Complex as used here refers to the Fund, the Destra International &amp; Event-Driven Credit Fund, the Destra Flaherty &amp; Crumrine Preferred and Income </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Fund and the Destra Granahan Small Cap Advantage Fund, each of the latter two being a series of the Destra Investment Trust, and the Destra Exchange-Traded Fund&#160;Trust, of which there is currently no active series. Each fund in the Destra Fund&#160;Complex pays or paid a portion of the retainer received by each Trustee, which is allocated annually across the Destra Fund&#160;Complex based on each fund&#8217;s respective net assets as of December&#160;31 of the preceding year. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Fund also reimburses each of the Trustees for all reasonable and authorized business expenses in accordance with the Fund&#8217;s policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and each committee meeting not held concurrently with a Board meeting. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The table below details the amount of compensation the Trustees received from the Fund and Destra Fund&#160;Complex for the Fund&#8217;s fiscal year ended February&#160;28, 2021. </font>
          </div>


          <table style="width:456pt;height:95.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:160.69pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Name of Trustee </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Aggregate </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Compensation </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">From Fund </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Pension or Retirement </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Benefits Accrued </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">as Part of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Fund&#160;Expenses </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Estimated Annual </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Benefits Upon </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Retirement </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Total </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Compensation From </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Fund&#160;Complex </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:160.69pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">John S. Emrich </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">10,911 </td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">39,000</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:160.69pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Michael S. Erickson </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">10,911 </td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">39,000</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:160.69pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Jeffrey S. Murphy </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">10,911 </td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">39,000</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:160.69pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Nicholas Dalmaso </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24pt; text-align:right; white-space:nowrap;">12,869 </td>
              <td style="padding:0pt;padding-left:7.31pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:24.835pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:17.925pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:21pt; text-align:right; white-space:nowrap;">46,000</td>
              <td style="padding:0pt;padding-left:17.235pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="margin-top:11.7pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Board Committees</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">In addition to serving on the Board, Trustees may also serve on one or more of the following committees which have been established by the Board to handle certain designated responsibilities. The Board has designated a chairman of each committee. Subject to applicable law, the Board may establish additional committees, change the membership of any committee, fill all vacancies and designate alternate members to replace any absent or disqualified member of any committee, or to dissolve any committee as it deems necessary and in the Fund&#8217;s best interest. During the fiscal year ended February&#160;28, 2021, the Board held nine meetings. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Audit Committee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Board has formed an Audit Committee that is responsible for overseeing the Fund&#8217;s accounting and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of the Fund&#8217;s financial statements and the independent audit of those financial statements; and acting as a liaison between the Fund&#8217;s independent auditors and the full Board. In performing its responsibilities, the Audit Committee will select and recommend annually to the entire Board a firm of independent certified public accountants to audit the books and records of the Fund for the ensuing year, and will review with the firm the scope and results of each audit. The Audit Committee currently consists of Messrs. Emrich, Erikson and Murphy. The Board has determined that Mr.&#160;Murphy is an &#8220;audit committee financial expert&#8221; as defined under SEC rules. During the fiscal year ended February&#160;28, 2021, the Audit Committee held two meetings. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Nominating and Governance Committee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Board has formed a Nominating and Governance Committee that is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating and Governance Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates to be presented to Shareholders for election. In performing its responsibilities, the Nominating and Governance Committee will consider candidates recommended by management of the Fund and by Shareholders and evaluate them both in a similar manner, as long as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending Shareholder and information concerning the Shareholder&#8217;s interests in the Fund in sufficient detail to establish that the Shareholder held Shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee&#8217;s education, </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">professional experience, and other information that might assist the Nominating and Governance Committee in evaluating the recommended nominee&#8217;s qualifications to serve as a trustee. The Nominating and Governance Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the Board&#8217;s prior approval, the Nominating and Governance Committee may employ and compensate counsel, consultants or advisers to assist it in discharging its responsibilities. The Nominating and Governance Committee currently consists of each of the Fund&#8217;s Independent Trustees. During the fiscal year ended February&#160;28, 2021, the Nominating and Governance Committee held one meeting. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Qualified Legal Compliance Committee</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Board has formed a Qualified Legal Compliance Committee that is responsible for (i)&#160;receiving reports of certain material breaches or violations of certain U.S. laws or regulations or fiduciary duties, (ii)&#160;reporting evidence of such breaches or violations to the Fund&#8217;s Chief Executive Officer (&#8220;CEO&#8221;), (iii)&#160;determining whether an investigation of such breaches or violations is required, (iv)&#160;if the Qualified Legal Compliance Committee determines an investigation is required, initiating such investigation, (v)&#160;at the conclusion of such investigation, recommending that the Fund implement an appropriate response to evidence of a breach or violation, and (vi)&#160;informing the CEO and the Board of results of the investigation. The Qualified Legal Compliance Committee currently consists of the members of the Audit Committee. The Qualified Legal Compliance Committee did not hold any meetings during the fiscal year ended February&#160;28, 2021. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Trustee Beneficial Ownership of Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">As of December&#160;31, 2020, the dollar range of equity securities beneficially owned by the trustees is provided in the following table: </font>
          </div>


          <table style="width:456pt;height:113.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:263.95pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Name of Trustee </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Dollar Range of Equity </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Securities in the Fund </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt; width:89.83pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Aggregate Dollar Range of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Equity Securities in </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">All Registered Investment </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Companies Overseen by </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Trustee in Family of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Investment Companies </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:263.95pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">John S. Emrich </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:89.83pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">Over $100,000 </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:263.95pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Michael S. Erickson </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:89.83pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">None </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:263.95pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Jeffrey S. Murphy </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:89.83pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">None </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:263.95pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Nicholas Dalmaso </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">None</td>
              <td style="padding:0pt;padding-left:27.295pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:89.83pt;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">None</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:10.6pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Shareholder Communication</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Shareholders may send communications to the Board. Shareholders should send communications intended for the Board by addressing the communication directly to the Board (or individual Trustee(s)) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Trustee(s)) and by sending the communication to the Fund&#8217;s address for the Trustee(s) at c/o&#160;Destra Multi-Alternative Fund, 444 West Lake Street, Suite 1700, Chicago, Illinois 60606. Other Shareholder communications received by the Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management, and will be forwarded to the Board only at management&#8217;s discretion based on the matters contained therein. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Codes of Ethics</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Fund, Destra, and Validus have each adopted a code of ethics pursuant to Rule&#160;17j-1 under the 1940 Act that establishes procedures for personal investments and restrict certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts so long as such investments are made in accordance with the applicable code&#8217;s requirements. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Adviser</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Destra, located at 444 West Lake Street, Suite 1700, Chicago, IL, serves as the Fund&#8217;s investment adviser, with responsibility for the overall management of the Fund. The Adviser is registered with the SEC </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser was established in August&#160;2008 and is a subsidiary of Destra Capital Management LLC, a sponsor of investment funds. The Adviser is a Delaware limited liability company and is a wholly-owned subsidiary of Destra Capital Management LLC. For more information regarding Destra, see &#8220;The Adviser&#8221; in the Prospectus. For more information on the services provided by Destra to the Fund, see &#8220;Management of the Fund&#8221; in the Prospectus. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Fund&#8217;s Investment Management Agreement (the &#8220;Investment Management Agreement&#8221;) was approved by the Board and the Fund&#8217;s Shareholders and became effective on February&#160;11, 2021, and will continue in effect for a period of two&#160;years from its effective date. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i)&#160;the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board, and (ii)&#160;the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. A discussion regarding the basis for the Board&#8217;s approval of the Investment Management Agreement is available in the Fund&#8217;s annual report to Shareholders for the year ended February&#160;28, 2021. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the Investment Management Agreement, Destra is entitled to a Management Fee, calculated and payable monthly in arrears, at the annual rate of 1.35% of the average daily net assets during such period (the &#8220;Management Fee&#8221;). The Management Fee may or may not be taken in whole or in part at the discretion of Destra. All or any part of the Management Fee not taken as to any quarter will be deferred without interest and may be taken in any such other quarter as Destra may determine, provided that such deferred Management Fee will only be recoverable if not more than three&#160;years following the time such deferral was made. The Management Fee for any partial quarter will be appropriately prorated. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Investment Management Agreement may be terminated at any time, without the payment of any penalty, upon 60&#160;days&#8217; written notice by Destra or, if the Board or the holders of a majority of the Fund&#8217;s outstanding voting securities determine that the Investment Management Agreement with Destra should be terminated, by the Fund. The Investment Management Agreement will automatically terminate in the event of its assignment (as such term is defined for purposes of Section&#160;15(a)(4) of the 1940 Act). </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Adviser was engaged by the Fund as investment adviser effective November&#160;30, 2018. Prior to that time, Pinhook Capital, LLC (f/k/a LCM Investment Management, LLC) (&#8220;Pinhook&#8221; or the &#8220;Prior Adviser&#8221;) served as the Fund&#8217;s investment adviser. During the fiscal year ended February&#160;28, 2021, the Fund paid $1,544,026 in advisory fees to Destra. During the fiscal year ended February&#160;29, 2020, the Fund paid $1,953,381 in advisory fees to Destra. During the fiscal year ended February&#160;28, 2019, the Fund paid $478,175 in advisory fees to Destra and $1,831,869 in advisory fees to the Prior Adviser. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Destra and the Fund have entered into an expense limitation agreement (the &#8220;Expense Limitation Agreement&#8221;) under which, until November&#160;30, 2022, Destra has agreed to reduce its fees and/or absorb expenses of the Fund to ensure that total fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including, for example, options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.95% of Class&#160;A shares&#8217; net assets, 2.45% of Class&#160;T shares&#8217; net assets, 2.70% of Class&#160;C shares&#8217; net assets, and 1.70% of Class&#160;I shares&#8217; net assets (the &#8220;Expense Limitation&#8221;). In consideration of Destra&#8217;s agreement to limit the Fund&#8217;s expenses, the Fund has agreed to repay Destra pro&#160;rata in the amount of any Fund expense paid or waived by it, subject to the limitations that: (1)&#160;the reimbursement for expenses will be made only if payable not more than three&#160;years following the date such payment or waiver was made; and (2)&#160;the reimbursement may not be made if it would cause the Fund&#8217;s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the ordinary operating expenses that are the subject of the repayment, to be exceeded. Destra may not terminate the Expense Limitation Agreement during the initial term. After the initial term, either the Board or Destra may terminate the Expense Limitation Agreement upon 60&#160;days&#8217; written notice. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">During the fiscal year ended February&#160;28, 2021, Destra waived fees/reimbursed expenses of $653,254 under the Expense Limitation Agreement. During the fiscal year ended February&#160;29, 2020, Destra waived fees/</font>&#8203;<font style="letter-spacing:0.2pt;">reimbursed expenses of $592,247 under the Expense Limitation Agreement. During the fiscal year ended February&#160;28, 2019, the Prior Adviser waived fees/reimbursed expenses of $283,500 under a previous expense limitation agreement, and Destra waived fees/reimbursed expenses of $43,956 under the Expense Limitation Agreement. </font></div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Sub-Adviser</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Destra has engaged Validus, a California limited liability company, to act as the Fund&#8217;s investment sub-adviser pursuant to a sub-advisory agreement (the &#8220;Sub-Advisory Agreement&#8221;). Prior to August&#160;3, 2020, Pinhook, an affiliate of Validus, served as the Fund&#8217;s sub-adviser. Validus has responsibility to make investment decisions for the Fund&#8217;s portfolio, subject to the oversight of Destra. Validus is located at 13520 Evening Creek Drive N., Suite 300, San Diego, CA 92128. Validus is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended, and was established in June&#160; 2012 for the purpose of providing investment advisory services based on a fundamental, bottom-up, stock specific research process, anchored by a proprietary ranking system, and founded on pre-existing principles. The firm provides separately managed account services as well as model strategies to institutional parties.The majority of interests of Validus are owned by Mark C. Scalzo, who is deemed to control the Sub-Adviser because he owns more than 25% of the voting interests of the Sub-Adviser. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Sub-Advisory Agreement provides that the Sub-Adviser is entitled to receive an annual fee from the Adviser equal to 50% of the net revenue received by the Adviser after any fee waivers, subject to a maximum of 0.675% of the Fund&#8217;s average daily net assets. The Sub-Adviser is compensated by the Adviser, not the Fund. During the fiscal year ended February&#160;28, 2021, the Adviser paid $268,360 in sub-advisory fees to Validus and $197,994 in sub-advisory fees to Pinhook. During the fiscal year ended February&#160;29, 2020, the Adviser paid $680,566.68 in sub-advisory fees to Pinhook. During the fiscal year ended February&#160;28, 2019, the Adviser paid $237,059 in sub-advisory fees to Pinhook. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Sub-Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60&#160;days&#8217; written notice by Validus or, if the Board or the holders of a majority of the Fund&#8217;s outstanding voting securities determine that the Sub-Advisory Agreement with Validus should be terminated. The Sub-Advisory Agreement will automatically terminate in the event of its assignment (as such term is defined for purposes of Section&#160;15(a)(4) of the 1940 Act) or the termination of the Investment Management Agreement. A discussion regarding the basis for the approval of the of the Sub-Advisory Agreement by the Board will be available in the Fund&#8217;s semi-annual report to Shareholders for the fiscal period ending August&#160;31, 2021. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Portfolio Management Other Accounts Managed by Portfolio Managers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of February&#160;28, 2021: (i)&#160;the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii)&#160;the total assets of such companies, vehicles and accounts; and (iii)&#160;the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance. </font>
          </div>


          <table style="width:456pt;height:95.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:199.71pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Accounts </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Assets of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Accounts </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">(in thousands) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Accounts Subject </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">to a Performance Fee </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Assets </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Subject to a </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Performance Fee </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">(in thousands) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">Aaron Rosen</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Registered Investment Companies </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">N/A</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Other Pooled Investment Vehicles </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">N/A</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Other Accounts </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">0 </td>
              <td style="padding:0pt;padding-left:20.655pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:15.75pt; text-align:right; white-space:nowrap;">N/A </td>
              <td style="padding:0pt;padding-left:18.565pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">19</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tCOI1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <table style="width:456pt;height:95.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:199.71pt;text-align:left;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Accounts </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Assets of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Accounts </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">(in thousands) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Number of </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Accounts Subject </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">to a Performance Fee </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Assets </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Subject to a </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Performance Fee </font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">(in thousands) </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">Mark C. Scalzo</font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:41.25pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Registered Investment Companies </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:41.25pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">N/A</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Other Pooled Investment Vehicles </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:41.25pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">N/A</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:199.71pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Other Accounts </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:6.75pt; text-align:right; white-space:nowrap;">9 </td>
              <td style="padding:0pt;padding-left:15.29pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:41.25pt; text-align:right; white-space:nowrap;">104,753,816 </td>
              <td style="padding:0pt;padding-left:-4.55pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; white-space:nowrap;">0</td>
              <td style="padding:0pt;padding-left:32.765pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:30.75pt; text-align:right; white-space:nowrap;">2,167,957</td>
              <td style="padding:0pt;padding-left:5.23pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:20.2pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Compensation of Portfolio Managers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Mr.&#160;Rosen is the Fund&#8217;s Co-Portfolio Manager, and has served in this capacity since October&#160;2017. As of February&#160;28, 2021, Mr.&#160;Rosen receives a salary, a discretionary bonus and is eligible for retirement plan benefits from the Sub-Adviser. Mr.&#160;Scalzo is the Fund&#8217;s Co-Portfolio manager and has served in this capacity since March&#160;1, 2015. As of February&#160;28, 2021, Mr.&#160;Scalzo receives a salary, a discretionary bonus and is eligible for retirement plan benefits from the Sub-Adviser. </font>
          </div>

        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Because the portfolio managers may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals (collectively, &#8220;Client Accounts&#8221;)) or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For example, the Sub-Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Sub-Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Securities Ownership of Portfolio Managers</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">As of February&#160;28, 2021, neither of the Fund&#8217;s portfolio managers owned Shares of the Fund. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONFLICTS OF INTEREST</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Adviser, the Sub-Adviser and the portfolio managers of the Fund have interests that may conflict with the interests of the Fund. In particular, the Adviser and the Sub-Adviser each manages and/or advises other investment funds or accounts with the same or similar investment objective and strategies as the Fund. As a result, the Adviser, the Sub-Adviser and the Fund&#8217;s portfolio managers may devote unequal time and attention to the management of the Fund and those other funds and accounts, and may not be able to formulate as complete a strategy or identify equally attractive investment opportunities as might be the case if they were to devote substantially more attention to the management of the Fund. The Adviser, the Sub-Adviser and the Fund&#8217;s portfolio managers may identify a limited investment opportunity that may be suitable for multiple funds and accounts, and the opportunity may be allocated among these several funds and accounts, which may limit the Fund&#8217;s ability to take full advantage of the investment opportunity. Additionally, transaction orders may be aggregated for multiple accounts for purposes of execution, which may cause the price or brokerage costs to be less favorable to the Fund than if similar transactions were not being executed concurrently for other accounts. Furthermore, it is theoretically possible that a portfolio manager could use the information obtained from managing a fund or account to the advantage of other funds or accounts under management, and also theoretically possible that actions could be taken (or not taken) to the detriment of the Fund. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts, which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and accounts. For example, a portfolio manager may determine that it would be in the interest of another account to sell a security that the Fund holds, potentially resulting in a decrease in the market value of the security held by the Fund. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">20</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tPTAB">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Conflicts potentially limiting the Fund&#8217;s investment opportunities may also arise when the Fund and other clients of the Adviser or Sub-Adviser invest in, or even conduct research relating to, different parts of an issuer&#8217;s capital structure. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of the Adviser or Sub-Adviser (as applicable) or result in the Adviser or Sub-Adviser receiving material, non-public information, or the Adviser and Sub-Adviser may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund&#8217;s investment opportunities. Additionally, if the Adviser or Sub-Adviser acquires material non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The portfolio managers also may engage in cross trades between funds and accounts, may select brokers or dealers to execute securities transactions based in part on brokerage and research services provided to the Adviser or the Sub-Adviser, which may not benefit all funds and accounts equally and may receive different amounts of financial or other benefits for managing different funds and accounts. Finally, the Adviser, the Sub-Adviser and their affiliates may provide more services to some types of funds and accounts than others. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Specific decisions to purchase or sell securities for the Fund are made by the portfolio managers. The Adviser and Sub-Adviser are authorized by the Trustees to allocate the orders placed on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services to the Fund or the Adviser and/or Sub-Adviser for the Fund&#8217;s use. Such allocation is to be in such amounts and proportions as the Adviser and/or Sub-Adviser may determine. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In selecting a broker or dealer to execute each particular transaction, the following is taken into consideration: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the best net price available; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the reliability, integrity and financial condition of the broker or dealer; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the size of and difficulty in executing the order; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6.1pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6.1pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <font style="letter-spacing:0.2pt;">the value of the expected contribution of the broker or dealer to the investment performance of the Fund on a continuing basis. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser or Sub-Adviser, as applicable, determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser or Sub-Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser or Sub-Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">Affiliated Party Brokerage</font><font style="letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Adviser, Sub-Adviser, and their affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may in accordance with rules under the 1940 Act engage in transactions with accounts that are affiliated with the Fund as a result of common officers, directors, advisers, members, managing general partners or common control. These transactions would be effected in circumstances in which the Adviser and/or Sub-Adviser, as applicable, has determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument each on the same day. </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">21</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tPVPA">&#8203;</a><a name="tCPAP">&#8203;</a><a name="tDIS1">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PROXY VOTING POLICY AND PROXY VOTING RECORD</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Board has adopted Proxy Voting Policies and Procedures (&#8220;Policies&#8221;) on behalf of the Fund, which delegate the responsibility for voting proxies to the Adviser, subject to the Board&#8217;s continuing oversight. The Adviser has delegated proxy voting responsibility to the Sub-Adviser. The Policies require that the Sub-Adviser vote, or cause to be voted, proxies received in a manner consistent with the best interests of the Fund and shareholders. A summary of the proxy policies and procedures of the Sub-Adviser is attached to this SAI. The Sub-Adviser will vote such proxies in accordance with its proxy policies and procedures. The Policies also require the Sub-Adviser to present to the Board, at least annually, the Sub-Adviser&#8217;s Proxy Policies and a record of the proxy voted, or those caused to be voted, by the Sub-Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Sub-Adviser involving a conflict of interest. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Where a proxy proposal raises a material conflict between the interests of the Adviser or Sub-Adviser, any affiliated person(s) of the Adviser or Sub-Adviser, the Fund&#8217;s principal underwriter (distributor) or any affiliated person of the principal underwriter (distributor), or any affiliated person of the Fund&#8217;s and the Fund&#8217;s or its shareholder&#8217;s interests, the Sub-Adviser will resolve the conflict by voting in accordance with the policy guidelines or at the Fund&#8217;s directive using the recommendation of an independent third party. If the third party&#8217;s recommendations are not received in a timely fashion, the Sub-Adviser will abstain from voting. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June&#160;30 will be available (1)&#160;without charge, upon request, by calling the Fund toll-free at 844-9DESTRA (933-7872); and (2)&#160;on the SEC&#8217;s website at http://www.sec.gov. In addition, a copy of the Fund&#8217;s proxy voting policies and procedures are also available by calling toll-free at 844-9DESTRA (933-7872) and will be sent within three business days of receipt of a request. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of such control. A control person may be able to determine the outcome of a matter put to a shareholder vote. A principal shareholder is any person who owns (either of record or beneficially) 5% or more of any class of the Fund&#8217;s outstanding shares. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">As of June&#160;1, 2021, the following shareholders of record owned 5% or more of a class of the outstanding shares of the Fund: </font>
          </div>


          <table style="width:456pt;height:68.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:8pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:340pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:-0.16pt;">Name and Address </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:104pt;text-align:center;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Percentage of Ownership </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:340pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">LPL Financial, FBO Customer Accounts, San Diego, CA, 92121 </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 1.5pt 0pt; width:104pt;text-align:center;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.2pt;">82.3% of Class&#160;A Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:340pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">LPL Financial, FBO Customer Accounts, San Diego, CA, 92121 </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:104pt;text-align:center;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.2pt;">43.1% of Class&#160;C Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:340pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">LPL Financial, FBO Customer Accounts, San Diego, CA, 92121 </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:104pt;text-align:center;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.2pt;">96.0% of Class&#160;I Shares </font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:340pt;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">LPL Financial, FBO Customer Accounts, San Diego, CA, 92121 </font> </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:104pt;text-align:center;">
                <div style="white-space:nowrap; text-align:center;">
                  <font style="letter-spacing:0.2pt;">81.3% of Class&#160;T Shares</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>


          <div style="text-indent:20pt; margin-top:8.1pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">As of June&#160;1, 2021 the Fund&#8217;s Trustees and Officers as a group owned beneficially less than 1% of the outstanding shares of the Fund. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DISTRIBUTOR</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Destra Capital Investments, LLC (the &#8220;Distributor&#8221;), a registered broker-dealer and affiliate of the Adviser, located at 444 West Lake Street, Suite 1700, Chicago, Illinois 60606, serves as the Fund&#8217;s principal underwriter and acts as the distributor of the Fund&#8217;s shares, subject to various conditions. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Under the Fund&#8217;s previous distribution agreement with Northern Lights Distributors, LLC (the &#8220;Prior Distributor&#8221;), the Prior Distributor entered into a sub-distribution agreement with Destra Capital Investments, under which Destra Capital Investments provided wholesaling services with respect to the Fund. Previously, the Prior Distributor had also entered into a sub-distribution arrangement with Lucia Securities, LLC, a registered broker-dealer and affiliate of the Sub-Adviser. </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">22</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tIRPA">&#8203;</a><a name="tLECO">&#8203;</a><a name="tADM">&#8203;</a><a name="tCUS">&#8203;</a><a name="tADIN">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:120pt;margin-left:69.66pt;width:456pt;">

          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">For the fiscal year ended February&#160;28, 2021, Destra Capital Investments did not receive any fees under the distribution agreement. For the fiscal year ended February&#160;29, 2020, Destra Capital Investments received $0.00 under the distribution agreement. For the fiscal year ended February&#160;28, 2019, Destra Capital Investments received $22,500 under the sub-distribution agreement, and Lucia Securities received $459 under the sub-distribution agreement. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">An independent registered public accounting firm for the Fund will perform an annual audit of the Fund&#8217;s financial statements. The Board has engaged Cohen &amp; Company, Ltd., located at 151 N. Franklin St., Suite 575, Chicago, IL 60606, to serve as the Fund&#8217;s independent registered public accounting firm. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">LEGAL COUNSEL</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Faegre Drinker Biddle &amp; Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996, serves as counsel to the Fund. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ADMINISTRATOR</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The Fund has contracted with UMB Fund&#160;Services, Inc. (&#8220;UMBFS&#8221;), located at 235 W. Galena Street, Milwaukee, WI 53212, to provide various accounting and administrative services, and to assist with the Fund&#8217;s operational needs. Prior to August&#160;23, 2019, Gemini Fund&#160;Services, LLC (&#8220;Gemini&#8221;) was the Fund&#8217;s Administrator and Fund&#160;Accountant. For the fiscal year ended February&#160;28, 2021, the Fund paid UMBFS $244,235 in fund accounting, administration ad tax services fees. For the fiscal year ended February&#160;29, 2020, the Fund paid Gemini $93,045 in fund accounting and administration fees, and UMBFS $129,370 in fund accounting, administration and tax services fees. For the fiscal year ended February&#160;28, 2019, the Fund paid $148,915, $59,096 and $136,076 in administration, fund accounting and transfer agency fees, respectively, to Gemini. </font>
          </div>

        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CUSTODIAN</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">UMB Bank, N.A. (the &#8220;Custodian&#8221;), which has its principal address at 928 Grand Boulevard, Kansas City, MO 64106, serves as custodian for the Fund. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ADDITIONAL INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A registration statement on Form N-2, including amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC. The Prospectus and this Statement of Additional Information do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed on the EDGAR database on the SEC&#8217;s website at http://www.sec.gov. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC&#8217;s e-mail address (publicinfo@sec.gov).</font>
        </div>
      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">23</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tAPA">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:208pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">APPENDIX A </font>
        </div>
        <div style="margin-top:4pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SUB-ADVISER </font>
          <br >
          <font style="letter-spacing:-0.2pt;">PROXY VOTING POLICIES AND PROCEDURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">PROXY VOTING: Validus Growth Investors, LLC, doing business as Validus Investment Advisors</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">SUMMARY OF PROXY VOTING GUIDELINES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">In the absence of specific voting guidelines from the client, Validus will vote proxies in the best interests of each particular client. Validus&#8217; policy is to vote all proxies from a specific issuer the same way for each client absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on Validus&#8217; voting authority in the same manner that they may place such restrictions on the actual selection of account securities. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Validus will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by an auditor&#8217;s non-audit services. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Validus will generally vote against proposals that cause board members to become entrenched or cause unequal voting rights. In reviewing proposals, Validus will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer&#8217;s business practices. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">If Validus is voting proposals on behalf of a regulated investment company (&#8220;RIC&#8221;), any proxies received for holdings in other RICs will vote proxies proportionally to reflect the way that previous voters split on a particular issue. For example, if 100 shareholders cast 60 votes for a proposal and 40 votes against, the brokerage firm would follow the 3:2 proportion in voting the proxies of the non-voting shareholders. </font>
          </div>


          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Conflicts of Interest</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Validus will identify any conflicts that exist between the interests of the adviser and the client by reviewing the relationship of Validus or Validus&#8217; affiliates with the issuer of each security to determine if Validus or any of its employees has any financial, business or personal relationship with the issuer. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">If a material conflict of interest exists, the portfolio manager will vote in a manner consistent with an independent third-party voting recommendation. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">RJL Capital Management, LLC will maintain a record of the voting resolution of any conflict of interest. </font>
          </div>

      </div>
      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A-1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tAPB">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">APPENDIX B</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">DESCRIPTION OF SECURITIES RATINGS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">Short-Term Credit Ratings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">An </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">S&amp;P Global Ratings </font><font style="letter-spacing:0.2pt;">short-term issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes the rating categories used by S&amp;P&#160;Global Ratings for short-term issues: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A-1&#8221;&#8201;&#8212;&#8201;A short-term obligation rated &#8220;A-1&#8221; is rated in the highest category by S&amp;P Global Ratings. The obligor&#8217;s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&#8217;s capacity to meet its financial commitment on these obligations is extremely strong. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A-2&#8221;&#8201;&#8212;&#8201;A short-term obligation rated &#8220;A-2&#8221; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is satisfactory. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A-3&#8221;&#8201;&#8212;&#8201;A short-term obligation rated &#8220;A-3&#8221; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor&#8217;s capacity to meet its financial commitments on the obligation. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;B&#8221;&#8201;&#8212;&#8201;A short-term obligation rated &#8220;B&#8221; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;C&#8221;&#8201;&#8212;&#8201;A short-term obligation rated &#8220;C&#8221; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;D&#8221;&#8201;&#8212;&#8201;A short-term obligation rated &#8220;D&#8221; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8220;D&#8221; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The &#8220;D&#8221; rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to &#8220;D&#8221; if it is subject to a distressed debt restructuring. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Local Currency and Foreign Currency Ratings&#8201;&#8212;&#8201;S&amp;P Global Ratings&#8217; issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;This indicates that a rating has not been assigned or is no longer assigned. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Moody&#8217;s Investors Service (&#8220;Moody&#8217;s&#8221;)</font><font style="letter-spacing:0.2pt;"> short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen&#160;months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Moody&#8217;s employs the following designations to indicate the relative repayment ability of rated issuers: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;P-1&#8221;&#8201;&#8212;&#8201;Issuers (or supporting institutions) rated Prime-1 reflect a superior ability to repay short-term obligations. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;P-2&#8221;&#8201;&#8212;&#8201;Issuers (or supporting institutions) rated Prime-2 reflect a strong ability to repay short-term obligations. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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            <font style="letter-spacing:0.2pt;">&#8220;P-3&#8221;&#8201;&#8212;&#8201;Issuers (or supporting institutions) rated Prime-3 reflect an acceptable ability to repay short-term obligations. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NP&#8221;&#8201;&#8212;&#8201;Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;Is assigned to an unrated issuer. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Fitch, Inc. / Fitch Ratings Ltd. (&#8220;Fitch&#8221;)</font><font style="letter-spacing:0.2pt;"> short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as &#8220;short-term&#8221; based on market convention.</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">1</font><font style="letter-spacing:0.2pt;"> Typically, this means up to 13&#160;months for corporate, sovereign, and structured obligations and up to 36&#160;months for obligations in U.S. public finance markets. The following summarizes the rating categories used by Fitch for short-term obligations: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;F1&#8221;&#8201;&#8212;&#8201;Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added &#8220;+&#8221; to denote any exceptionally strong credit feature. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;F2&#8221;&#8201;&#8212;&#8201;Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;F3&#8221;&#8201;&#8212;&#8201;Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;B&#8221;&#8201;&#8212;&#8201;Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;C&#8221;&#8201;&#8212;&#8201;Securities possess high short-term default risk. Default is a real possibility. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;RD&#8221;&#8201;&#8212;&#8201;Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;D&#8221;&#8201;&#8212;&#8201;Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Plus (+) or minus (-)&#8201;&#8212;&#8201;The &#8220;F1&#8221; rating may be modified by the addition of a plus (+) or minus (-) sign to show the relative status within that major rating category. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;Is assigned to an unrated issue of a rated issuer. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">DBRS Morningstar&#174; Ratings Limited (&#8220;DBRS Morningstar&#8221;)</font><font style="letter-spacing:0.2pt;"> short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the sub-categories &#8220;(high)&#8221;, &#8220;(middle)&#8221;, and &#8220;(low)&#8221;. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The following summarizes the ratings used by DBRS Morningstar for commercial paper and short-term debt: </font>
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            <font style="letter-spacing:0.2pt;">&#8220;R-1 (high)&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-1 (high)&#8221; is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;R-1 (middle)&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-1 (middle)&#8221; is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from &#8220;R-1 (high)&#8221; by a relatively modest degree. Unlikely to be significantly vulnerable to future events. </font>
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          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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            <font style=" position:relative; bottom:4.25pt;letter-spacing:0.15pt;">1</font>
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            <font style="font-size:10pt;letter-spacing:0.2pt;">A long-term rating can also be used to rate an issue with short maturity.</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;R-1 (low)&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-1 (low)&#8221; is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;R-2 (high)&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-2 (high)&#8221; is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;R-2 (middle)&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-2 (middle)&#8221; is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;R-2 (low)&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-2 (low)&#8221; is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer&#8217;s ability to meet such obligations. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;R-3&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-3&#8221; is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;R-4&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-4&#8221; is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;R-5&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;R-5&#8221; is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;D&#8221;&#8201;&#8212;&#8201;Short-term debt rated &#8220;D&#8221; is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to &#8220;D&#8221; may occur. DBRS Morningstar may also use &#8220;SD&#8221; &#8203;(Selective Default) in cases where only some securities are impacted, such as the case of a &#8220;distressed exchange&#8221;. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">Long-Term Credit Ratings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The following summarizes the ratings used by </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">S&amp;P Global Ratings </font><font style="letter-spacing:0.2pt;">for long-term issues: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;AAA&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;AAA&#8221; has the highest rating assigned by S&amp;P Global Ratings. The obligor&#8217;s capacity to meet its financial commitments on the obligation is extremely strong. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;AA&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;AA&#8221; differs from the highest-rated obligations only to a small degree. The obligor&#8217;s capacity to meet its financial commitments on the obligation is very strong. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;A&#8221; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor&#8217;s capacity to meet its financial commitments on the obligation is still strong. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;BBB&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;BBB&#8221; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;BB,&#8221; &#8220;B,&#8221; &#8220;CCC,&#8221; &#8220;CC&#8221; and &#8220;C&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;BB,&#8221; &#8220;B,&#8221; &#8220;CCC,&#8221; &#8220;CC&#8221; and &#8220;C&#8221; are regarded as having significant speculative characteristics. &#8220;BB&#8221; indicates the least degree of speculation and &#8220;C&#8221; the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions. </font>
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            <font style="letter-spacing:0.2pt;">&#8220;BB&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;BB&#8221; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor&#8217;s inadequate capacity to meet its financial commitments on the obligation. </font>
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          <font style="letter-spacing:0.2pt;">B-3</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;B&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;B&#8221; is more vulnerable to nonpayment than obligations rated &#8220;BB&#8221;, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&#8217;s capacity or willingness to meet its financial commitments on the obligation. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;CCC&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;CCC&#8221; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;CC&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;CC&#8221; is currently highly vulnerable to nonpayment. The &#8220;CC&#8221; rating is used when a default has not yet occurred but S&amp;P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;C&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;C&#8221; is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;D&#8221;&#8201;&#8212;&#8201;An obligation rated &#8220;D&#8221; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &#8220;D&#8221; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The &#8220;D&#8221; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to &#8220;D&#8221; if it is subject to a distressed debt restructuring </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Plus (+) or minus (-)&#8201;&#8212;&#8201;The ratings from &#8220;AA&#8221; to &#8220;CCC&#8221; may be modified by the addition of a plus&#160;(+) or minus (-) sign to show relative standing within the rating categories. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;This indicates that a rating has not been assigned, or is no longer assigned. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Local Currency and Foreign Currency Ratings&#8201;&#8212;&#8201;S&amp;P Global Ratings&#8217; issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Moody&#8217;s</font><font style="letter-spacing:0.2pt;"> long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of one year or more. Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody&#8217;s for long-term debt: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;Aaa&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;Aaa&#8221; are judged to be of the highest quality, subject to the lowest level of credit risk. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;Aa&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;Aa&#8221; are judged to be of high quality and are subject to very low credit risk. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;A&#8221; are judged to be upper-medium grade and are subject to low credit risk. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;Baa&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;Baa&#8221; are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;Ba&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;Ba&#8221; are judged to be speculative and are subject to substantial credit risk. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;B&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;B&#8221; are considered speculative and are subject to high credit risk. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;Caa&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;Caa&#8221; are judged to be speculative of poor standing and are subject to very high credit risk. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;Ca&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;Ca&#8221; are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. </font>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">B-4</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
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      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;C&#8221;&#8201;&#8212;&#8201;Obligations rated &#8220;C&#8221; are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Note: Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from &#8220;Aa&#8221; through &#8220;Caa.&#8221; The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;Is assigned to unrated obligations. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The following summarizes long-term ratings used by </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Fitch</font><font style="letter-spacing:0.2pt;">: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;AAA&#8221;&#8201;&#8212;&#8201;Securities considered to be of the highest credit quality. &#8220;AAA&#8221; ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;AA&#8221;&#8201;&#8212;&#8201;Securities considered to be of very high credit quality. &#8220;AA&#8221; ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A&#8221;&#8201;&#8212;&#8201;Securities considered to be of high credit quality. &#8220;A&#8221; ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;BBB&#8221;&#8201;&#8212;&#8201;Securities considered to be of good credit quality. &#8220;BBB&#8221; ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;BB&#8221;&#8201;&#8212;&#8201;Securities considered to be speculative. &#8220;BB&#8221; ratings indicate that there is an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;B&#8221;&#8201;&#8212;&#8201;Securities considered to be highly speculative. &#8220;B&#8221; ratings indicate that material credit risk is present </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;CCC&#8221;&#8201;&#8212;&#8201;A &#8220;CCC&#8221; rating indicates that substantial credit risk is present. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;CC&#8221;&#8201;&#8212;&#8201;A &#8220;CC&#8221; rating indicates very high levels of credit risk. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;C&#8221;&#8201;&#8212;&#8201;A &#8220;C&#8221; rating indicates exceptionally high levels of credit risk. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Defaulted obligations typically are not assigned &#8220;RD&#8221; or &#8220;D&#8221; ratings but are instead rated in the &#8220;CCC&#8221; to &#8220;C&#8221; rating categories, depending on their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the &#8220;AAA&#8221; obligation rating category, or to corporate finance obligation ratings in the categories below &#8220;CCC&#8221;. </font>
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          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;Is assigned to an unrated issue of a rated issuer. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">The </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">DBRS</font><font style="letter-spacing:0.2pt;"> Morningstar long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued. Ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims. All rating categories other than AAA and D also contain subcategories &#8220;(high)&#8221; and &#8220;(low)&#8221;. The absence of either a &#8220;(high)&#8221; or &#8220;(low)&#8221; designation indicates the rating is in the middle of the category. The following summarizes the ratings used by DBRS Morningstar for long-term debt: </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">B-5</font>
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      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <div style="text-indent:20pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;AAA&#8221;&#8201;&#8212;&#8201;Long-term debt rated &#8220;AAA&#8221; is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;AA&#8221;&#8201;&#8212;&#8201;Long-term debt rated &#8220;AA&#8221; is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from &#8220;AAA&#8221; only to a small degree. Unlikely to be significantly vulnerable to future events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;A&#8221;&#8201;&#8212;&#8201;Long-term debt rated &#8220;A&#8221; is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than &#8220;AA.&#8221; May be vulnerable to future events, but qualifying negative factors are considered manageable. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;BBB&#8221;&#8201;&#8212;&#8201;Long-term debt rated &#8220;BBB&#8221; is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;BB&#8221;&#8201;&#8212;&#8201;Long-term debt rated &#8220;BB&#8221; is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;B&#8221;&#8201;&#8212;&#8201;Long-term debt rated &#8220;B&#8221; is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;CCC&#8221;, &#8220;CC&#8221; and &#8220;C&#8221;&#8201;&#8212;&#8201;Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although &#8220;CC&#8221; and &#8220;C&#8221; ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the &#8220;CCC&#8221; to &#8220;B&#8221; range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the &#8220;C&#8221; category. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;D&#8221;&#8201;&#8212;&#8201;A security rated &#8220;D&#8221; is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to &#8220;D&#8221; may occur. DBRS Morningstar may also use &#8220;SD&#8221; &#8203;(Selective Default) in cases where only some securities are impacted, such as the case of a &#8220;distressed exchange&#8221;. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">Municipal Note Ratings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">An </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">S&amp;P Global Ratings </font><font style="letter-spacing:0.2pt;">U.S. municipal note rating reflects S&amp;P Global Ratings&#8217; opinion about the liquidity factors and market access risks unique to the notes. Notes due in three&#160;years or less will likely receive a note rating. Notes with an original maturity of more than three&#160;years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P Global Ratings&#8217; analysis will review the following considerations: </font>
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          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.81pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
            <br >
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          <div style=" margin-top:5.81pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">Amortization schedule&#8201;&#8212;&#8201;the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">&#8226;</font>
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          <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
            <font style="letter-spacing:0.2pt;">Source of payment&#8201;&#8212;&#8201;the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. </font>
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          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Municipal Short-Term Note rating symbols are as follows: </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;SP-1&#8221;&#8201;&#8212;&#8201;A municipal note rated &#8220;SP-1&#8221; exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;SP-2&#8221;&#8201;&#8212;&#8201;A municipal note rated &#8220;SP-2&#8221; exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;SP-3&#8221;&#8201;&#8212;&#8201;A municipal note rated &#8220;SP-3&#8221; exhibits a speculative capacity to pay principal and interest. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">&#8220;D&#8221;&#8201;&#8212;&#8201;This rating is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. </font>
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          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Moody&#8217;s</font><font style="letter-spacing:0.2pt;"> uses the global short-term Prime rating scale (listed above under Short-Term Credit Ratings) for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer&#8217;s self-liquidity. </font>
          </div>

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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">B-6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style="text-indent:20pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">For other short-term municipal obligations, Moody&#8217;s uses one of two other short-term rating scales, the Municipal Investment Grade (&#8220;MIG&#8221;) and Variable Municipal Investment Grade (&#8220;VMIG&#8221;) scales provided below. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Moody&#8217;s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three&#160;years or less. Under certain circumstances, Moody&#8217;s uses the MIG scale for bond anticipation notes with maturities of up to five&#160;years. </font>
          </div>


          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">MIG Scale </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;MIG-1&#8221;&#8201;&#8212;&#8201;This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;MIG-2&#8221;&#8201;&#8212;&#8201;This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;MIG-3&#8221;&#8201;&#8212;&#8201;This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;SG&#8221;&#8201;&#8212;&#8201;This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. </font>
          </div>


          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;Is assigned to an unrated obligation. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">In the case of variable rate demand obligations (&#8220;VRDOs&#8221;), a two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer&#8217;s ability to meet scheduled principal and interests payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon demand feature (&#8220;demand feature&#8221;) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating drops below investment grade. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Moody&#8217;s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three&#160;years. If the frequency of the demand feature is less than three&#160;years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is &#8220;NR&#8221;. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;VMIG-1&#8221;&#8201;&#8212;&#8201;This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;VMIG-2&#8221;&#8201;&#8212;&#8201;This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;VMIG-3&#8221;&#8201;&#8212;&#8201;This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;SG&#8221;&#8201;&#8212;&#8201;This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand. </font>
          </div>


          <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">&#8220;NR&#8221;&#8201;&#8212;&#8201;Is assigned to an unrated obligation. </font>
          </div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">B-7</font>
          <br >
        </div>
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    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:248pt;margin-left:69.66pt;width:456pt;">

          <div style="width:456pt; line-height:12pt;font-weight:bold;">
            <font style=" text-decoration:underline #000000 solid;letter-spacing:-0.2pt;">About Credit Ratings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">An </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">S&amp;P Global Ratings </font><font style="letter-spacing:0.2pt;">issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P Global Ratings&#8217; view of the obligor&#8217;s capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Ratings assigned on </font><font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Moody&#8217;s</font><font style="letter-spacing:0.2pt;"> global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Fitch&#8217;s </font><font style="letter-spacing:0.2pt;">credit ratings are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments. Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation&#8217;s documentation).. </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">DBRS Morningstar</font><font style="letter-spacing:0.2pt;"> offers independent, transparent, and innovative credit analysis to the market.Credit ratings are forward-looking opinions about credit risk that reflect the creditworthiness of an issuer, rated entity, security and/or obligation based on DBRS Morningstar&#8217;s quantitative and qualitative analysis in accordance with applicable methodologies and criteria. They are meant to provide opinions on relative measures of risk and are not based on expectations of, or meant to predict, any specific default probability. Credit ratings are not statements of fact. DBRS Morningstar issues credit ratings using one or more categories, such as public, private, provisional, final(ized), solicited, or unsolicited.1 From time to time, credit ratings may also be subject to trends, placed under review, or discontinued.DBRS Morningstar credit ratings are determined by credit rating committees.</font>
          </div>

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      <div style="margin-top:0pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">B-8</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a><a name="tI2FS">&#8203;</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART C:</font>
          <br >
          <font style="letter-spacing:-0.2pt;">OTHER INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Destra Multi-Alternative Fund (the &#8220;Registrant&#8221;)</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;25.&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:9.49pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:9.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Financial Statements: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;">
            <font style="letter-spacing:0.2pt;">The Registrant&#8217;s financial highlights for the fiscal year ended February&#160;28, 2021 are included in Part&#160;A of this registration statement in the section entitled &#8220;Financial Highlights.&#8221; </font>
          </div>


          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12.5pt;letter-spacing:0.2pt;">
            <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1523289/000182912621003603/destramultialter_ncsr.htm">The audited financial statements of the Registrant for the fiscal year ended February 28, 2021, including the report of the Registrant&#8217;s independent public accounting firm, are incorporated by reference to N-CSR (Reg. No. 811-22572) as previously filed on May 7, 2021.</a><font style="letter-spacing:0.2pt;"> </font>
          </div>

        <div style=" float:left; line-height:12pt; margin-top:8.49pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:8.49pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style="letter-spacing:0.2pt;">Exhibits </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <table style="width:436pt;height:451pt;margin-left:20pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(a)(1) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047213002268/exhibit99a1.htm">Amended and Restated Agreement and Declaration of Trust is incorporated by reference to Exhibit (a)(1) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on May&#160;31, 2013.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(a)(2) </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047211000951/certificateoftrustv1.htm">Certificate of Trust is incorporated by reference to Exhibit (a)(2) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June&#160;15, 2011.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(a)(3) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000158064218005824/ex99a1.htm">Amended Certificate of Trust is incorporated by reference to Exhibit (a)(3) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on December&#160;7, 2018.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(a)(4) </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000158064218005824/ex99a2.htm">Amended Certificate of Trust is incorporated by reference to Exhibit (a)(4) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on December&#160;7, 2018.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(b) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047211002302/exhibitb.htm">By-Laws are incorporated by reference to Exhibit (b)&#160;to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November&#160;16, 2011.</a>
              </div>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(c) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:388pt;">
              <font style="letter-spacing:0.2pt;">Not applicable. </font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(d)(1) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:388pt;">
              <font style="letter-spacing:0.2pt;">Refer to Exhibits <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047213002268/exhibit99a1.htm">(a)(1)</a> and <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047211002302/exhibitb.htm">(b).</a> </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(d)(2) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047214002800/multipleclassplan.htm">Multiple Class&#160;Plan is incorporated by reference to Exhibit (d)(2) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June&#160;27, 2014.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(e) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:388pt;">
              <font style="letter-spacing:0.2pt;">Not Applicable. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(f) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:388pt;">
              <font style="letter-spacing:0.2pt;">Not applicable. </font>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(g)(1) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.5pt 0pt; width:388pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-g1.htm">Investment Management Agreement is filed herewith.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(g)(2) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-g2.htm">Sub-Advisory Agreement by and among the Registrant, Destra Capital Advisors and Validus Growth Investors, LLC is filed herewith.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(h)(1) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-h1.htm">Distribution Agreement between the Registrant and Destra Capital Investments LLC is filed herewith.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(h)(2) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047214002800/multipleclassplan.htm">Shareholder Servicing Plan is incorporated by reference to Exhibit (h)(2) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June&#160;27, 2014.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(h)(3) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047214002800/planofdistributionclassc.htm">Distribution Plan&#8201;&#8212;&#8201;Class&#160;C is incorporated by reference to Exhibit (h)(2) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June&#160;27, 2014.</a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">(h)(4) </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:388pt;white-space:normal;">
              <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1523289/000091047214002800/planofdistributionclassl.htm">Distribution Plan&#8201;&#8212;&#8201;Class&#160;T (formerly Class&#160;L) is incorporated by reference to Exhibit&#160;(h)(2) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as </a>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">C-1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <table style="width:436pt;height:352pt;margin-left:20pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 0.5pt 0pt; width:36pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:388pt;">
                <font style="letter-spacing:0.2pt;">previously filed on June&#160;27, 2014. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(i) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(j) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:388pt;white-space:normal;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047211002302/exhibitj.htm">Custody Agreement is incorporated by reference to Exhibit (j)&#160;to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November&#160;16, 2011.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(k)(1) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:388pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000110465920076103/tm2021250d2_ex-k1.htm">Administration and Fund&#160;Accounting Agreement is incorporated by reference to Exhibit&#160;(k)(1) to Registrant&#8217;s Registration Statement on Form&#160;N-2 (Reg. No. 811-22572) as previously filed on June&#160;23, 2020.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(k)(2) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-k2.htm">Amended and Restated Expense Limitation Agreement is filed herewith. </a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(l)(1) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:388pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047211002302/legalopinionrev.htm">Opinion of Thompson Hine LLP is incorporated by reference to Exhibit (l)&#160;to the Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November&#160;16, 2011.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(l)(2) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-l2.htm">Consent of Faegre Drinker Biddle &amp; Reath LLP is filed herewith.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(m) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(n) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:388pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-n.htm">Consent and Report on Supplemental Information of Cohen &amp; Company, Ltd. is filed herewith.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(o) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(p) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:388pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047211002302/exhibitp1.htm">Initial Capital Agreement is incorporated by reference to Exhibit (p)&#160;to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on November&#160;16, 2011.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(q) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <font style="letter-spacing:0.2pt;">Not applicable. </font>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(r)(1) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 0.833pt 0pt; width:388pt;white-space:normal;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000161577419009869/s119087_ex-r1.htm">Code of Ethics for the Registrant, Destra Capital Advisors LLC and Destra Capital Investments LLC is incorporated by reference to Exhibit (r)(1) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on June&#160;28, 2019.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(r)(2) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:388pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-r2.htm">Code of Ethics for Validus Growth Investors, LLC is filed herewith.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.5pt 0pt; width:36pt;">
                <font style="letter-spacing:0.2pt;">(Other) </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:2.167pt 0pt 1.5pt 0pt; width:388pt;white-space:normal;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000158064218005824/destramulti_486b.htm">Powers of Attorney are incorporated by reference to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on December&#160;7, 2018.</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:19.8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;26.&nbsp;&nbsp;&nbsp;Marketing Arrangements</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;27.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution of Securities Being Registered</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;28.&nbsp;&nbsp;&nbsp;Persons Controlled by or Under Common Control With Registrant</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;29.&nbsp;&nbsp;&nbsp;Number of Holders of Securities</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:436pt;height:32.5pt;margin-left:20pt;margin-top:10.0000000000001pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
              <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:376.93pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
              <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;text-align:center;" colspan="4">
                <div style="text-align:center;">
                  <font style="letter-spacing:-0.16pt;">Number of</font>
                  <br >
                  <font style="letter-spacing:-0.16pt;">Shareholders* </font>
                </div>
              </td>
              <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:3.25pt 0pt 2.167pt 0pt; width:376.93pt;text-align:left;">
                <div style="white-space:nowrap;">
                  <font style="letter-spacing:0.2pt;">Shares of Beneficial Ownership </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt;padding-left:16.035pt;width:0pt;">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
              <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:11.25pt; text-align:right; white-space:nowrap;">778</td>
              <td style="padding:0pt;padding-left:16.035pt;width:0pt;">&#8203;</td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-top:12.41pt; width:456pt;">
          <div style="margin-left: 0pt; width: 108pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>

          <div style=" float:left; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">*</font>
            <br >
          </div>
          <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
            <font style="letter-spacing:0.2pt;">As of June&#160;1, 2021. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;30.&nbsp;&nbsp;&nbsp;Indemnification</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Reference is made to Article&#160;VIII Section&#160;2 of the Registrant&#8217;s Agreement and Declaration of Trust (the &#8220;Declaration of Trust&#8221;), incorporated by reference to <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1523289/000091047213002268/exhibit99a1.htm">Exhibit (a)(1) to Registrant&#8217;s Registration Statement on Form N-2 (Reg. No. 811-22572) as previously filed on May&#160;31, 2013.</a> The Registrant hereby undertakes that it will apply the indemnification provisions of the Declaration of Trust in a manner consistent </font>
        </div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">C-2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">
        <div style="width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">with Release 40-11330 of the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), so long as the interpretation therein of Sections&#160;17(h) and 17(i) of the 1940 Act remains in effect. The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee, or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liability arising under the Securities Act of 1933 (the &#8220;1933 Act&#8221;) may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Additionally, the Registrant&#8217;s various agreements with its service providers contain indemnification provisions. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;31.&nbsp;&nbsp;&nbsp;Business and Other Connections of Investment Adviser</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Information as to the directors and officers of the Registrant&#8217;s investment adviser, Destra Capital Advisors LLC (the &#8220;Investment Manager&#8221;), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Manager, and each director, executive officer, managing member or partner of the Investment Manager, is or has been, at any time during the past two fiscal&#160;years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-71604), and is incorporated herein by reference. </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Information as to the directors and officers of the Registrant&#8217;s investment sub-adviser, Validus Growth Investors, LLC, doing business as Validus Investment Advisors (&#8220;Validus&#8221;), together with information as to any other business, profession, vocation, or employment of a substantial nature in which Validus, and each director, executive officer, managing member or partner of Validus, is or has been, at any time during the past two fiscal&#160;years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-78236), and is incorporated herein by reference. </font>
          </div>

        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;32.&nbsp;&nbsp;&nbsp;Location of Accounts and Records</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">All accounts, books, and other documents required to be maintained by Section&#160;31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the offices of (1)&#160;the Registrant&#8217;s Administrator, (2)&#160;the Custodian, (3)&#160;the Investment Manager, (4)&#160;the Sub-Adviser, and/or (5)&#160;the Registrant&#8217;s counsel. The address of each is as follows: </font>
          </div>

        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">UMB Fund&#160;Services, Inc. </font> <br ><font style="letter-spacing:0.2pt;">235 W. Galena Street </font> <br ><font style="letter-spacing:0.2pt;">Milwaukee, WI 53212 </font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">UMB Bank, n.a.</font> <br ><font style="letter-spacing:0.2pt;">1010 Grand Blvd.</font> <br ><font style="letter-spacing:0.2pt;">Kansas City, MO 64141 </font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">3.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Destra Capital Advisors LLC</font> <br ><font style="letter-spacing:0.2pt;">444 West Lake Street, Suite 1700</font> <br ><font style="letter-spacing:0.2pt;">Chicago, IL 60606 </font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">C-3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69.66pt;width:456pt;">

          <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">4.</font>
            <br >
          </div>
          <div style=" line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">Validus Growth Investors, LLC</font> <br ><font style="letter-spacing:0.2pt;">13520 Evening Creek Drive N., Suite 300</font> <br ><font style="letter-spacing:0.2pt;">San Diego, CA 92128 </font></div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">5.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Faegre Drinker Biddle &amp; Reath LLP </font> <br ><font style="letter-spacing:0.2pt;">One Logan Square, Ste. 2000 </font> <br ><font style="letter-spacing:0.2pt;">Philadelphia, PA 19103 </font></div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;33.&nbsp;&nbsp;&nbsp;Management Services</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;34.&nbsp;&nbsp;&nbsp;Undertakings</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
          <br >
        </div>
        <div style=" margin-top:7.7pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">Not applicable. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">3.</font>
            <br >
          </div>
          <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">The Registrant undertakes: </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(a)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">to include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, as amended (&#8220;Securities Act&#8221;); </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
          <font style="letter-spacing:0.2pt;">to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(b)</font>
            <br >
          </div>
          <div style=" margin-top:7.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
            <font style="letter-spacing:0.2pt;">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(c)</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
          <font style="letter-spacing:0.2pt;">to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

          <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(d)</font>
            <br >
          </div>
          <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
            <font style="letter-spacing:0.2pt;">that, for the purpose of determining liability under the Securities Act to any purchaser: </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">if the Registrant is relying on Rule&#160;430C [17 CFR 230,430B]: </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:80pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(A)</font>
            <br >
          </div>
          <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:100pt;">
            <font style="letter-spacing:0.2pt;">Each prospectus filed by the Registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:80pt; line-height:12pt; margin-top:7.9pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(B)</font>
            <br >
          </div>
          <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:100pt;">
            <font style="letter-spacing:0.2pt;">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (x), or (xi)&#160;for the purpose of providing the information required by Section&#160;10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">C-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-bottom:12pt;margin-left:69.66pt;width:456pt;">

          <div style="margin-left:100pt; width:356pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or </font>
          </div>


          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">if the Registrant is subject to Rule&#160;430C [17 CFR 230.430C]: each prospectus filed pursuant to Rule&#160;424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule&#160;430B or other than prospectuses filed in reliance on Rule&#160;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(e)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:60pt;">
            <font style="letter-spacing:0.2pt;">that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities: </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

        <div style="margin-left:60pt; margin-top:8pt; width:396pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: </font>
        </div>

          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(1)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&#160;424 under the Securities Act; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(2)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants; </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(3)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">the portion of any advertisement pursuant to Rule&#160;482 under the Securities Act of 1933 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">(4)</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:80pt;">
            <font style="letter-spacing:0.2pt;">any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">4.</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">Not applicable. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">5.</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">Not applicable. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">6.</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">Not applicable. </font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>


          <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
            <font style="letter-spacing:0.2pt;">7.</font>
            <br >
          </div>
          <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
            <font style="letter-spacing:0.2pt;">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information.</font>
          </div>
          <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>

      </div>
      <div style="margin-top:2.00000000000002pt;height:12pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:2pt;margin-bottom:21.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">C-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all requirements for effectiveness pursuant to Rule&#160;486(b) and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago in the State of Illinois on the 23rd day of June, 2021. </font>
          </div>

        <div style="margin-left:216pt; margin-top:8pt; width:240pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESTRA MULTI-ALTERNATIVE FUND</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:216pt; line-height:12pt; margin-top:24pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:24pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:236pt;">
          <font style="letter-spacing:0.2pt;">/s/ Robert Watson </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:236pt; margin-top:2.5pt; width:220pt;">
          <div style="margin-left: 0pt; width: 220pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style="margin-left:236pt; margin-top:2pt; width:220pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Name: Robert Watson</font>
          <br >
          <font style="letter-spacing:0.2pt;">Title:&nbsp;&nbsp;&nbsp;President </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. </font>
        </div>

          <table style="width:456pt;height:219pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:12pt;height:48pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:16.167pt 0pt 0.5pt 0pt; width:174pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Robert Watson</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Robert Watson </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:16.167pt 0pt 0.5pt 0pt; width:174pt;">
                <font style="letter-spacing:0.2pt;">President </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:16.167pt 0pt 0.5pt 0pt; width:84pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">June&#160;23, 2021</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:174pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">/s/ Derek Mullins</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Derek Mullins </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:174pt;">
                <font style="letter-spacing:0.2pt;">Treasurer </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">June&#160;23, 2021</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:174pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">* John S. Emrich</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">John S. Emrich </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:174pt;">
                <font style="letter-spacing:0.2pt;">Trustee </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">June&#160;23, 2021</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:174pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">* Michael S. Erickson</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Michael S. Erickson </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:174pt;">
                <font style="letter-spacing:0.2pt;">Trustee </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">June&#160;23, 2021</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;height:39pt; white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:174pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">* Jeffery S. Murphy</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Jeffery S. Murphy </font>
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              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:174pt;">
                <font style="letter-spacing:0.2pt;">Trustee </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">June&#160;23, 2021</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:12pt;min-height:38pt;white-space:nowrap;text-align:left;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style=" width:174pt;white-space:normal;">
                <div>
                  <font style="letter-spacing:0.2pt;">* Nicholas Dalmaso</font>
                </div>
                <div style="margin-top:2.5pt; text-align:justify;">
                  <div style="margin-left: 0pt; width: 174pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
                </div>
                <div style="margin-top:2pt;">
                  <font style="letter-spacing:0.2pt;">Nicholas Dalmaso </font>
                </div>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:174pt;">
                <font style="letter-spacing:0.2pt;">Trustee </font>
              </td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style="padding:0pt; width:6pt;">&#8203;</td>
              <td style=" width:84pt;text-align:center;">
                <div style="text-align:center;">
                  <font style="letter-spacing:0.2pt;">June&#160;23, 2021</font>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

        <div style="margin-left:24.79pt; text-indent:-24.79pt; margin-top:24pt; width:431.21pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">*By:&#8201;&#8201;</font><font style=" text-decoration:underline #000000 solid;letter-spacing:0.2pt;">/s/ Robert Watson&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><font style="letter-spacing:0.2pt;"> </font> <br ><font style="letter-spacing:0.2pt;">Robert Watson</font> <br ><font style="letter-spacing:0.2pt;">Attorney-In-Fact (pursuant to</font> <br ><font style="letter-spacing:0.2pt;">Power of Attorney) </font></div>
      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC2">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:15.85pt;height:24pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:17pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69.66pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exhibit&#160;Index</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>

          <table style="width:456pt;height:100pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(g)(1) </font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt 0pt 1pt 0pt; width:408.16pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-g1.htm">Investment Management Agreement</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(g)(2) </font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408.16pt;">
                <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-g2.htm">Sub-Advisory Agreement</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(h)(1) </font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408.16pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-h1.htm">Distribution Agreement</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(k)(2)</font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408.16pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-k2.htm">Amended and Restated Expense Limitation Agreement</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(l)(2) </font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408.16pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-l2.htm">Consent of Faegre Drinker Biddle &amp; Reath LLP</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(n) </font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408.16pt;">
                <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-n.htm">Consent and Report on Supplemental Information of Cohen &amp; Company, Ltd.</a>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
            <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
              <td style="padding:0pt; width:0pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:23.84pt;">
                <font style="letter-spacing:0.2pt;">(r)(2) </font>
              </td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:0pt; width:12pt;">&#8203;</td>
              <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408.16pt;">
                <div style="letter-spacing:0.2pt;">
                  <a style="-sec-extract:exhibit" href="tm2119081d2_ex99-r2.htm">Code of Ethics for Validus Growth Investors, LLC</a>
                </div>
              </td>
              <td style="padding:0pt; width:0pt;">&#8203;</td>
            </tr>
          </table>

      </div>
      <div style="margin-top:2.00000000000002pt;margin-bottom:35.86pt;margin-left:69.66pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(G)(1)
<SEQUENCE>2
<FILENAME>tm2119081d2_ex99-g1.htm
<DESCRIPTION>INVESTMENT MANAGEMENT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"><B>Exhibit (g)(1)</B></P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #111111">FORM OF
INVESTMENT MANAGEMENT AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #111111">DESTRA MULTI-ALTERNATIVE
FUND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 22.1pt"><FONT STYLE="color: #111111">THIS
AGREEMENT</FONT> <FONT STYLE="color: #1F1F1F">(the &quot;Agreement&quot;)</FONT> <FONT STYLE="color: #111111">made this</FONT> <FONT STYLE="color: #383838">_</FONT>
<FONT STYLE="color: #111111">day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT><FONT STYLE="color: #1F1F1F">,</FONT><FONT STYLE="color: #111111">2020</FONT><FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #111111">by</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">between Destra Multi- Alternative
Fund, </FONT><FONT STYLE="color: #1F1F1F">a </FONT><FONT STYLE="color: #111111">Delaware statutory trust (the &quot;Fund&quot;), and Destra
Capital Advisors LLC, a Delaware limited liability company (the &quot;Advisor&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 22.1pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #111111">WHEREAS,
the </FONT><FONT STYLE="color: #1F1F1F">Fund </FONT><FONT STYLE="color: #111111">is </FONT><FONT STYLE="color: #1F1F1F">a </FONT><FONT STYLE="color: #111111">closed-end,
management investment company registered under the Investment Company Act of 1940, as </FONT><FONT STYLE="color: #1F1F1F">amended </FONT><FONT STYLE="color: #111111">(the
</FONT><FONT STYLE="color: #1F1F1F">&quot;1940 </FONT><FONT STYLE="color: #111111">Act&quot;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; text-align: justify; text-indent: 22.8pt"><FONT STYLE="color: #111111">WHEREAS,
the</FONT> <FONT STYLE="color: #1F1F1F">Advisor is</FONT> <FONT STYLE="color: #111111">registered as an investment adviser under the Investment</FONT>
<FONT STYLE="color: #1F1F1F">Advisers Act</FONT> <FONT STYLE="color: #111111">of 1940 (the </FONT><FONT STYLE="color: #1F1F1F">&quot;Advisers</FONT>
<FONT STYLE="color: #111111">Act&quot;)</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">is</FONT> <FONT STYLE="color: #1F1F1F">engaged</FONT>
<FONT STYLE="color: #111111">in the business of</FONT> <FONT STYLE="color: #1F1F1F">supplying</FONT> <FONT STYLE="color: #111111">investment
advice</FONT> <FONT STYLE="color: #1F1F1F">as an</FONT> <FONT STYLE="color: #111111">independent contractor;</FONT> <FONT STYLE="color: #1F1F1F">and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; text-align: justify; text-indent: 22.8pt"><FONT STYLE="color: #1F1F1F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #111111">WHEREAS,
the Fund desires to retain the Advisor to render investment management </FONT><FONT STYLE="color: #1F1F1F">services with </FONT><FONT STYLE="color: #111111">respect
to the </FONT><FONT STYLE="color: #1F1F1F">Fund and </FONT><FONT STYLE="color: #111111">the </FONT><FONT STYLE="color: #1F1F1F">Advisor
</FONT><FONT STYLE="color: #111111">is willing to render </FONT><FONT STYLE="color: #1F1F1F">such services:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #1F1F1F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 28.6pt"><FONT STYLE="color: #111111">NOW, THEREFORE, in consideration
of mutual </FONT><FONT STYLE="color: #1F1F1F">covenants </FONT><FONT STYLE="color: #111111">herein containe d</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #111111">the parties hereto agree </FONT><FONT STYLE="color: #1F1F1F">as </FONT><FONT STYLE="color: #111111">follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 22.4pt"><FONT STYLE="color: #111111">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>APPOINTMENT AND ACCEPTANCE. The Fund hereby appoints the Advisor to</FONT> <FONT STYLE="color: #1F1F1F">act</FONT> <FONT STYLE="color: #111111">as
Advisor to the Fund for the period </FONT><FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">on the terms set forth
in this Agreement. The Advisor accepts</FONT> <FONT STYLE="color: #1F1F1F">such appointment</FONT> <FONT STYLE="color: #111111">and agrees
to furnish the </FONT><FONT STYLE="color: #1F1F1F">services </FONT><FONT STYLE="color: #111111">herein </FONT><FONT STYLE="color: #1F1F1F">set
</FONT><FONT STYLE="color: #111111">forth for the compensation herein provided</FONT><FONT STYLE="color: #383838">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 22.4pt"><FONT STYLE="color: #383838">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #111111">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DUTIES OF ADVISOR</FONT> <FONT STYLE="color: #383838">.</FONT> <FONT STYLE="color: #111111">The</FONT> <FONT STYLE="color: #1F1F1F">Fund</FONT>
<FONT STYLE="color: #111111">employs the Advisor to furnish and manage a continuous investment program for the Fund</FONT><FONT STYLE="color: #383838">.
</FONT><FONT STYLE="color: #111111">The Advisor will continuously review, </FONT><FONT STYLE="color: #1F1F1F">supervise and </FONT><FONT STYLE="color: #111111">(where
</FONT><FONT STYLE="color: #1F1F1F">appropriate) </FONT><FONT STYLE="color: #111111">administer the investment program of the Fund</FONT><FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #111111">to (i) determine in its discretion (where</FONT> <FONT STYLE="color: #1F1F1F">appropriate)</FONT> <FONT STYLE="color: #111111">the</FONT>
<FONT STYLE="color: #1F1F1F">securities</FONT> <FONT STYLE="color: #111111">to be purchased, held, </FONT><FONT STYLE="color: #1F1F1F">sold
</FONT><FONT STYLE="color: #111111">or exchanged, (ii) provide the Fund with records concerning the Advisor's </FONT><FONT STYLE="color: #1F1F1F">activities
</FONT><FONT STYLE="color: #111111">which the Fund is required to maintain and (iii) render regular reports to the Fund's officers </FONT><FONT STYLE="color: #1F1F1F">and
</FONT><FONT STYLE="color: #111111">Trustees concerning the Advisor's discharge of the foregoing responsibilities. The </FONT><FONT STYLE="color: #1F1F1F">Advisor
</FONT><FONT STYLE="color: #111111">may hire (subject to the approval of the Fund's Board of</FONT> <FONT STYLE="color: #1F1F1F">Trustees
(&quot;Board&quot;) </FONT><FONT STYLE="color: #111111">and</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #111111">except
</FONT><FONT STYLE="color: #1F1F1F">as </FONT><FONT STYLE="color: #111111">otherwise permitted under the terms of </FONT><FONT STYLE="color: #1F1F1F">any
applicable </FONT><FONT STYLE="color: #111111">exemptive relief obtained</FONT> <FONT STYLE="color: #1F1F1F">from</FONT> <FONT STYLE="color: #111111">the
Securities</FONT> <FONT STYLE="color: #1F1F1F">and Exchange</FONT> <FONT STYLE="color: #111111">Commissi on</FONT><FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #111111">or by rule or regulation, a majority of the outstanding</FONT> <FONT STYLE="color: #1F1F1F">voting securities</FONT>
<FONT STYLE="color: #111111">of the Fund) and thereafter</FONT> <FONT STYLE="color: #1F1F1F">supervise</FONT> <FONT STYLE="color: #111111">the
investment activities</FONT> <FONT STYLE="color: #1F1F1F">of</FONT> <FONT STYLE="color: #111111">one or more</FONT> <FONT STYLE="color: #1F1F1F">sub</FONT>-ad<FONT STYLE="color: #1F1F1F">visers</FONT>
<FONT STYLE="color: #111111">deemed necessary to carry out the investment program of the </FONT><FONT STYLE="color: #1F1F1F">Fund. </FONT><FONT STYLE="color: #111111">The
retention of a sub-adviser by the </FONT><FONT STYLE="color: #1F1F1F">Advisor </FONT><FONT STYLE="color: #111111">shall not relieve the
</FONT><FONT STYLE="color: #1F1F1F">Advisor</FONT> <FONT STYLE="color: #111111">of its responsibilities under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="color: #111111">The
Advisor</FONT> <FONT STYLE="color: #1F1F1F">shall</FONT> <FONT STYLE="color: #111111">discharge the foregoing responsibilities subject
to the control of the Fund's Board</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">in compliance with such
policies as the Board may from time to time</FONT> <FONT STYLE="color: #1F1F1F">establish,</FONT> <FONT STYLE="color: #111111">with the
objectives</FONT> <FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #111111">policies, and limitations for the Fund </FONT><FONT STYLE="color: #1F1F1F">set
</FONT><FONT STYLE="color: #111111">forth in the Fund's registration statement as amended </FONT><FONT STYLE="color: #1F1F1F">from </FONT><FONT STYLE="color: #111111">time
to time</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #111111">and with applicable laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #111111">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FUND TRANSACTIONS. The </FONT><FONT STYLE="color: #1F1F1F">Advisor </FONT><FONT STYLE="color: #111111">is authorized to </FONT><FONT STYLE="color: #1F1F1F">select
</FONT><FONT STYLE="color: #111111">the brokers or dealers that will execute the purchases </FONT><FONT STYLE="color: #1F1F1F">and sales
</FONT><FONT STYLE="color: #111111">of portfolio </FONT><FONT STYLE="color: #1F1F1F">securities </FONT><FONT STYLE="color: #111111">for
the Fund </FONT><FONT STYLE="color: #1F1F1F">and </FONT><FONT STYLE="color: #111111">is directed to use its best </FONT><FONT STYLE="color: #1F1F1F">efforts
</FONT><FONT STYLE="color: #111111">to obtain </FONT><FONT STYLE="color: #1F1F1F">&quot;best execution,&quot;</FONT> <FONT STYLE="color: #111111">considering
the </FONT><FONT STYLE="color: #1F1F1F">Fund's </FONT><FONT STYLE="color: #111111">investment objectives</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #111111">policie s</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #1F1F1F">and </FONT><FONT STYLE="color: #111111">restrictions
as stated in the </FONT><FONT STYLE="color: #1F1F1F">Fund's </FONT><FONT STYLE="color: #111111">Prospectus and Statement of Additional
Information, </FONT><FONT STYLE="color: #1F1F1F">as </FONT><FONT STYLE="color: #111111">the </FONT><FONT STYLE="color: #1F1F1F">same </FONT><FONT STYLE="color: #111111">may
be </FONT><FONT STYLE="color: #1F1F1F">amended, </FONT><FONT STYLE="color: #111111">supplemented or restated from time to time, </FONT><FONT STYLE="color: #1F1F1F">and</FONT>
<FONT STYLE="color: #111111">resolutions of the Fund's Board. The Advisor will promptly communicate to the officers </FONT><FONT STYLE="color: #1F1F1F">and
</FONT><FONT STYLE="color: #111111">the Board such information relating to portfolio transactions as they may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.5pt; text-align: justify; text-indent: -0.15pt"><FONT STYLE="font-size: 10pt; color: #111111">It
</FONT><FONT STYLE="color: #111111">is understood that the Advisor will not be deemed to have acted unlawfully, or to have breached </FONT><FONT STYLE="color: #1F1F1F">a
</FONT><FONT STYLE="color: #111111">fiduciary duty to the </FONT><FONT STYLE="color: #1F1F1F">Fund or </FONT><FONT STYLE="color: #111111">be
in breach of </FONT><FONT STYLE="color: #1F1F1F">any </FONT><FONT STYLE="color: #111111">obligation owing </FONT><FONT STYLE="color: #1F1F1F">to
</FONT><FONT STYLE="color: #111111">the Fund under this Agreement</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #111111">or
otherwise, by reason of its having directed </FONT><FONT STYLE="color: #1F1F1F">a securities </FONT><FONT STYLE="color: #111111">transaction
on behalf of the Fund to </FONT><FONT STYLE="color: #1F1F1F">a </FONT><FONT STYLE="color: #111111">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's Prospectus and Statement
of Additional Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.5pt; text-align: justify; text-indent: -0.15pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.5pt; text-align: justify; text-indent: -0.15pt"><FONT STYLE="color: #111111"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.5pt; text-align: justify; text-indent: -0.15pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"> 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPENSES</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="color: #131313">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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's prospectus</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">statement of additional information</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">and
sales and advertising materials (but not the </FONT><FONT STYLE="color: #010101">le gal</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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-l under the Investment Company Act (each, a &quot;12b-l Plan&quot;) or
pursuant to, or as a condition ofmultiple- 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's registration statement created at the Advisor'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</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">the
Advisor also shall be responsible on a monthly basis for any operating expenses that exceed the agreed upon expense limit </FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">subject to the terms of such agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #131313">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</FONT><FONT STYLE="color: #383838">;</FONT> <FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #383838">; </FONT><FONT STYLE="color: #131313">a pro rata portion of expenditures
in connection with meetings of the Fund'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's Chief Compliance Officer</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">and
fees and expenses of members of the Board or members of any advisory board or committee who are not members of</FONT><FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #131313">affiliated with or interested persons of the Advisor; insurance premiums on property or personnel of the
Fund which inure to its benefit</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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-l Plan</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">or as a condition of multiple-class exemptive relief obtained from the Securities and Exchange Commission;</FONT>
<FONT STYLE="color: #010101">legal,</FONT> <FONT STYLE="color: #131313">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</FONT> <FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #131313">and other agents for the benefit of the Fund</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">if
any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as herein otherwise prescribed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="font-size: 10pt">(c)
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisor may voluntarily or contractually
absorb certain Fund expenses.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="color: #131313">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent the Advisor incurs any costs by assuming expenses which are an obligation of the Fund as set forth here in</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">the Fund shall promptly reimburse the Advisor for such costs and expenses</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">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's actual costs for providing such services. In determining the Advisor's actual costs, the Advisor may take into
account an allocated portion of the salaries and overhead of personnel performing such services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>COMPENSA TTON OF THE ADVISOR </FONT><FONT STYLE="color: #383838">. </FONT><FONT STYLE="color: #131313">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'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</FONT><FONT STYLE="color: #414141">. </FONT><FONT STYLE="color: #131313">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #131313"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313">The
Advisor may</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">in its discretion and from time to time</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; color: #131313">All rights of compensation
under this Agreement for services performed as of the termination date shall survive the tennination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>BOOKS AND RECORDS</FONT><FONT STYLE="color: #414141">. </FONT><FONT STYLE="color: #131313">The Advisor will maint</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">in
all books and records with respect to the securities transactions of the Fund and will furnish to the Fund</FONT><FONT STYLE="color: #2F2F2F">'
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">reports to shareholders </FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">certified
copies of their financial statements</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">and such other information
with regard to their affairs as each may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 19.75pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.65pt; text-align: justify; text-indent: -0.4pt; color: #131313">Any
records required to be maintained and preserved pursuant to the provisions of Rule 31a-l 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-top: 0pt; margin-bottom: 0pt; margin-left: 6.65pt; text-align: justify; text-indent: -0.4pt; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>STATUS OF ADVISOR. The services of the Advisor to the Fund are not to be deemed exclusive</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #2F2F2F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 19.7pt"><FONT STYLE="color: #2F2F2F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="font-size: 10pt">8.
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LIMITATION OF LIABILITY AND INDEMNIFICATION OF ADVISOR.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.25pt"><FONT STYLE="color: #131313">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>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</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #414141">,</FONT>
<FONT STYLE="color: #131313">except as may otherwise be provided under provisions of applicable state law or Federal securities law which
cannot be waived or modified hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.25pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #131313">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>The Fund shall indemnify, to the fullest extent permitted by law</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">the
Advisor</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">or any member</FONT><FONT STYLE="color: #2F2F2F">,</FONT>
<FONT STYLE="color: #131313">manager, officer or employee of the Advisor, and any of their affiliates</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">executors, heirs, assigns</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">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'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 l</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">ws which, under certain circumstances</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #414141">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #414141">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.25pt"><FONT STYLE="color: #131313">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp; </FONT>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)</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">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's willful misfeasance</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">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 indemnific</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">tion would be
in violation of applicable law</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">but sh</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">ll
be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.65pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.65pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="color: #131313"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.65pt; text-align: justify; text-indent: -0.4pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PERMISSIBLE INTERESTS</FONT><FONT STYLE="color: #2F2F2F">. </FONT><FONT STYLE="color: #131313">Trustees, agents, and inte re</FONT><FONT STYLE="color: #2F2F2F">s</FONT><FONT STYLE="color: #131313">t
holders of the Fund are or may be inte re</FONT><FONT STYLE="color: #2F2F2F">s</FONT><FONT STYLE="color: #131313">ted in the Advisor (or
any successor thereof) as members, managers, officers </FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">or interest
holders </FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">or otherwise; members, managers, officers, agents</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">and interest holders of the Advisor are or may be interested in the Fund as Trustees </FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">brokerage transactions
for the Fund may be effected through affiliates of the Advisor </FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">provided
the Advisor has broker-dealer affiliates, if approved by the Fund</FONT><FONT STYLE="color: #2F2F2F">' </FONT><FONT STYLE="color: #131313">s
Board, subject to the rules and regulations of the Securities and Exchange Commission</FONT><FONT STYLE="color: #2F2F2F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.1pt"><FONT STYLE="color: #2F2F2F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">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><FONT STYLE="color: #2F2F2F">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 22.3pt"><FONT STYLE="color: #2F2F2F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>LICENSE OF ADVISOR'S NAME</FONT><FONT STYLE="color: #2F2F2F">. </FONT><FONT STYLE="color: #131313">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 </FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">nd its affili</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">tes.
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. <FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT>the
Fund makes any unauthorized use of the Advisor's names, derivatives </FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">logos,
trademarks</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">or service marks or trade names </FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">the parties acknowledge that the Advisor shall suffer irreparable harm for which monet </FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">ry
damages may be inadequate and thus, the Advisor shall be entitled to injunctive relie f</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">as
well as any other remedy available under law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 19.9pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DURATION AND TERMINATION</FONT><FONT STYLE="color: #2F2F2F">.</FONT> <FONT STYLE="color: #131313">This Agreement</FONT> <FONT STYLE="color: #2F2F2F">,</FONT>
<FONT STYLE="color: #131313">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 approv</FONT><FONT STYLE="color: #2F2F2F">e</FONT><FONT STYLE="color: #131313">d
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</FONT><FONT STYLE="color: #2F2F2F">,</FONT>
<FONT STYLE="color: #131313">and (b) by a vote of a majority of the Fund</FONT><FONT STYLE="color: #2F2F2F">'</FONT> <FONT STYLE="color: #131313">s
Board or by vote of a majority of the outstanding voting securities of the Fund; provided, however</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">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 &quot;specifically approved at least annually&quot; shall be construed in a manner consistent
with the 1940 Act and the rules </FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">nd regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 22.4pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="color: #131313">Notwithstanding
the foregoin g</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">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'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</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">or
by the Advisor at any time without the payment of any penalty</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">on
sixt</FONT><FONT STYLE="color: #2F2F2F">y </FONT><FONT STYLE="color: #131313">(60) days written notice to the Fund</FONT><FONT STYLE="color: #2F2F2F">.
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">or
mailed postpaid, to the other party at any office of such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313">As
used in this Section 11, the terms &quot;assignment&quot;</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">&quot;interested
per</FONT><FONT STYLE="color: #2F2F2F">s</FONT><FONT STYLE="color: #131313">ons&quot;</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">and
a &quot;vote of a majority of the outstanding voting securities&quot; sh</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">ll
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</FONT> <FONT STYLE="color: #2F2F2F">E</FONT><FONT STYLE="color: #131313">xchange Commission under said Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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 m</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">il</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">postage
prepaid</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">addressed by the p</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">rty
giving notice to the other party at the last address furnished by the other party to the party giving notice:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 22.45pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #131313">If
</FONT><FONT STYLE="color: #131313">to the Advisor</FONT><FONT STYLE="color: #2F2F2F">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.9pt; color: #131313">Destra Capital Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.7pt; text-indent: 0.05pt; color: #131313">Attn: Jane Shissler,
General Counsel 444 West Lake Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.75pt; color: #131313">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.7pt; color: #131313">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.9pt; color: #131313">Phone: (312) 843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 95pt"><FONT STYLE="color: #131313">legal</FONT><FONT STYLE="color: #383838">@</FONT><FONT STYLE="color: #131313">destracapital.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 1.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
</FONT>to the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.65pt; color: #131313">Destra Multi-Alternative Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.7pt; text-indent: -0.25pt"><FONT STYLE="color: #131313"><I>C</I></FONT><I><FONT STYLE="color: #383838">l</FONT><FONT STYLE="color: #131313">o
</FONT></I><FONT STYLE="color: #131313">Destra Capital Advisors LLC 444 West Lake Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.75pt; color: #131313">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.7pt; color: #131313">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.9pt; color: #131313">Phone: (312) 843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 94.7pt"><FONT STYLE="color: #131313">funds</FONT><FONT STYLE="color: #383838">@</FONT><FONT STYLE="color: #131313">destracapital.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt"><FONT STYLE="color: #131313">14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>SEVERABILITY. <FONT STYLE="font-family: Times New Roman, Times, Serif">If</FONT> any provision of this Agreement shall be held
or made invalid by a court decision, statute</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">rule or otherwis
e</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">the remainder of this Agreement shall not be affected thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 22.45pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 22.35pt">15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 22.4pt; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-indent: 0.05pt; color: #131313">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-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-indent: 0.05pt; color: #131313">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif; color: #131313">DESTRA MULTI-ALTERNATIVE FUND</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.35pt; text-indent: -0.15pt"><FONT STYLE="color: #131313">By:
Robert W</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #131313">tson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.35pt; text-indent: -0.15pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.35pt; text-indent: -0.15pt"><FONT STYLE="color: #131313">Title: President</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif; color: #131313">DESTRA CAPITAL ADVISORS LLC</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; color: #131313">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.35pt; text-indent: -0.15pt"><FONT STYLE="color: #131313">By:
Robert Watson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.35pt; text-indent: -0.15pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.35pt; text-indent: -0.15pt"><FONT STYLE="color: #131313">Title</FONT><FONT STYLE="color: #383838">: </FONT><FONT STYLE="color: #131313">President</FONT></P>



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<DOCUMENT>
<TYPE>EX-99.(G)(2)
<SEQUENCE>3
<FILENAME>tm2119081d2_ex99-g2.htm
<DESCRIPTION>SUB-ADVISORY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; color: #131313; margin-bottom: 0pt"><B>Exhibit (g)(2)</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; color: #131313; margin-bottom: 0pt">INVESTMENT SUB-ADVISORY AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">AGREEMENT,
dated as of [ ]</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">2020 by and among Destra Multi-Alternative Fund
(the &quot;Fund&quot;)</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">Destra Capital Advisors LLC (the &quot;Advisor&quot;),
and Validus Growth Investors, LLC (the &quot;Sub-Adviser</FONT><FONT STYLE="color: #363636">&quot;</FONT><FONT STYLE="color: #131313">).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.4pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">WHEREAS,
the Advisor is registered as an investment adviser under the Investment Advisers Act of 1940</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">as
amended (&quot;Advisers Act&quot;) 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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">WHEREAS,
the Advisor has entered into an investment management agreement (the &quot;Investment Management Agreement&quot;) dated November 30, 2018
with the Fund</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">an investment company registered under the Investment
Company Act of 1940</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">as amended (&quot;Investment Company Act&quot;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">WHEREAS, the Sub-Adviser is registered as
an investment adviser under the Advisers Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">WHEREAS,
the Board of Trustees (each Board member individually a &quot;Trustee&quot; and together the &quot;Trustees</FONT><FONT STYLE="color: #363636">&quot;</FONT><FONT STYLE="color: #131313">)
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;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.05pt; color: #131313; margin-bottom: 0pt">WHEREAS,
the Advisor has the authority under the Investment Management Agreement with the Fund to retain sub- advisers; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">WHEREAS, the Sub-Adviser is
willing to furnish such services to the Advisor and the Fund</FONT><FONT STYLE="color: #363636">;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.1pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">NOW,
THEREFORE</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">in consideration of the promises and mutual covenants
contained here in </FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">and intending to be legally bound hereby,
the Fund</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">the Advisor and the Sub-Adviser agree as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 39.45pt">I.</TD>
  <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt">APPOINTMENT OF THE SUB-ADVISER</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.1pt; color: #131313; margin-bottom: 0pt">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 39.45pt">2.</TD>
  <TD STYLE="text-align: justify">ACCEPTANCE OF APPOINTMENT</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">The Sub-Adviser
accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided</FONT><FONT STYLE="color: #4D4D4D">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; color: #131313; margin-bottom: 0pt">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; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39.45pt">3.</TD><TD STYLE="text-align: justify">SERVICES TO BE RENDERED BY THE SUB-ADVISER TO THE FUND</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.65pt; color: #131313; margin-bottom: 0pt">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 &quot;Sub-Advised Assets&quot;), as well as vote all proxies related to the Sub-Advised Assets.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.8pt"></TD><TD STYLE="width: 36.35pt">B.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.15pt 0pt 9.25pt; text-align: justify; color: #131313">As part of the services it will provide hereunder, the Sub-Adviser will:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.25pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>obtain
and evaluate, to the extent deemed necessary and advisable by the Sub-Adviser in its discretion </FONT><FONT STYLE="color: #363636">,
</FONT><FONT STYLE="color: #131313">pertinent economic, statistical, financial</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #131313">and
other information affecting the economy generally and individual companies or industries, the securities of which </FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">re
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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35pt; color: #131313; margin-bottom: 0pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>formulate
and implement a continuous investment program for the Sub-Advised Assets as outlined in the Fund's Registration Statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.25pt; color: #131313; margin-bottom: 0pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.3pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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</FONT><FONT STYLE="color: #464646">, </FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #464646">/</FONT><FONT STYLE="color: #131313">or the
Trustees, as reasonably requested</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">to discuss the foregoing;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.25pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in accordance with procedures and methods established by the Trustees of the Fund</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">which
may be amended from time to time, provide assistance in determining the fair value of all securities and other investments </FONT><FONT STYLE="color: #313131">/</FONT><FONT STYLE="color: #131313">assets
within the Sub-Advised Assets;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.25pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>provide
any and all material composite performance information, records and supporting documentation about accounts the Sub-Adviser manages </FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">if appropriate</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">which are
relevant to the Fund and that have investment objectives, policies</FONT><FONT STYLE="color: #464646">, </FONT><FONT STYLE="color: #131313">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's prior performance in the Fund'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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.4pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>cooperate
with and provide reasonable assistance to the Adviser</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">the Fund's
administrator, the Fund's custodian and foreign custodians, the Fund'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 in format ion</FONT><FONT STYLE="color: #313131">;
</FONT><FONT STYLE="color: #131313">and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.25pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file any required reports with the SEC pursuant to Sections 13(&plusmn;) and 13(g) of the Securities Exchange Act of 1934</FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">as amended, and the rules and regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #131313">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: #131313">In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance
with, the following: (i) the Fund's declaration of trust, by-laws and/or other governing instruments</FONT> <FONT STYLE="color: #313131">,</FONT>
<FONT STYLE="color: #131313">as the same may be hereafter modified and/or amended from time to time (&quot;Governing Documents&quot;);
(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'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</FONT><FONT STYLE="color: #313131">' </FONT><FONT STYLE="color: #131313">s services hereunder,
the Advisor shall provide the Sub-Adviser with current copies of any Governing Documents, Registration Statement</FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">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 </FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">modifications or supplements to any such above-mentioned document.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">D.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Sub-Adviser, at its expense, will furnish: (i) all necessary facilities (including office space, furnishin gs</FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">and equipment) and personnel, including salaries</FONT><FONT STYLE="color: #464646">, </FONT><FONT STYLE="color: #131313">expenses
and fees of any personnel required for the Sub-Adviser to faithfully perform its duties under this Agreement; and (ii) administrative
facilities</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">including bookkeeping</FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; color: #131313; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.5pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.5pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">E.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> 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</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">allocation of the securities so purchased</FONT><FONT STYLE="color: #313131">,</FONT>
<FONT STYLE="color: #131313">as well as the expenses incurred in the transaction</FONT><FONT STYLE="color: #424242">,</FONT> <FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #313131">.</FONT> <FONT STYLE="color: #131313">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</FONT> <FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.55pt; color: #131313; margin-bottom: 0pt">F.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">4.</TD><TD STYLE="text-align: left">COMPENSATION OF THE SUB-ADVISER</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.05pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">The
Advisor will pay the Sub-Adviser a monthly advisory fee with respect to the Sub-Advised Assets equ</FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">l
to a percentage of the &quot;net advisory fee&quot;, which is the amount of the Advisor'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</FONT> <FONT STYLE="color: #313131">,</FONT>
<FONT STYLE="color: #131313">and (ii) any other expenses agreed to be shared by the parties</FONT> <FONT STYLE="color: #313131">,</FONT>
<FONT STYLE="color: #131313">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 (&quot;Sub-Advisory Fee&quot;) shall not exceed an annual rate of0.675% based upon
the Fund's average daily net assets at month end. In the case of a partial month</FONT> <FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.15pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">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</FONT> <FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">dviso
ry fee.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">5.</TD><TD STYLE="text-align: left">LIABILITY AND INDEMNIFICATION</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.5pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as may otherwise be provided by the Investment Company Act or any other federal securities law</FONT><FONT STYLE="color: #313131">,</FONT>
<FONT STYLE="color: #131313">neither the Sub-Adviser nor any of its officers, directors</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">partners,
members or employees (its &quot;Affiliates&quot;) shall be liable for any losses</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">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
(&quot;1933 Act&quot;)) (collectively, &quot;Advisor Indemnitees&quot;) 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</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">the Advisers Act, or under any other statute, at
common law or otherwise arising out of or based on <FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT> any willful misconduct</FONT>
<FONT STYLE="color: #424242">,</FONT> <FONT STYLE="color: #131313">bad faith</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">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</FONT> <FONT STYLE="color: #313131">,</FONT>
<FONT STYLE="color: #131313">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 misl eading</FONT><FONT STYLE="color: #313131">,
</FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; color: #131313; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.65pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.65pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> 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, &quot;Sub-Adviser Indemnitees&quot;) 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</FONT><FONT STYLE="color: #3A3A3A">,</FONT> <FONT STYLE="color: #131313">the Investment Company Act</FONT><FONT STYLE="color: #3A3A3A">,</FONT>
<FONT STYLE="color: #131313">the Advisers Act</FONT><FONT STYLE="color: #3A3A3A">,</FONT> <FONT STYLE="color: #131313">or under any other
statute</FONT><FONT STYLE="color: #3A3A3A">,</FONT> <FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">6.</TD><TD STYLE="text-align: left; padding-right: 254.15pt">REPRESENTATIONS OF THE ADVISOR </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; color: #131313; margin-bottom: 0pt">The Advisor represents, warrants and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; color: #131313; margin-bottom: 0pt">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Advisor has been duly authorized by the Board of Trustees of the Fund to delegate to the Sub- Adviser the provision of investment
services to the Fund as contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.45pt; color: #131313; margin-bottom: 0pt">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Advisor has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Investment Company Act
and will provide the Sub-Adviser with a copy of such code of ethics.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.2pt; color: #131313; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.25pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">D.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</FONT><FONT STYLE="color: #3A3A3A">,
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #3A3A3A">, </FONT><FONT STYLE="color: #131313">at
law or in equity, before or by any court, public board or body, involving the affairs of the Fund, provided, however</FONT><FONT STYLE="color: #3A3A3A">,
</FONT><FONT STYLE="color: #131313">that routine regulatory examinations shall not be required to be reported by this provision</FONT><FONT STYLE="color: #494949">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.45pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">E.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Agreement do not</FONT><FONT STYLE="color: #3A3A3A">,</FONT> <FONT STYLE="color: #131313">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><FONT STYLE="color: #3A3A3A">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">7.</TD><TD STYLE="text-align: left; padding-right: 233.35pt">REPRESENTATIONS OF THE SUB-ADVISER </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.6pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.6pt; color: #131313; margin-bottom: 0pt">The Sub-Adviser represents, warrants and agrees
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.6pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.6pt; color: #131313; margin-bottom: 0pt">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Sub-Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements
imposed upon the Sub-Adviser by applicable law and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.3pt; color: #131313; margin-bottom: 0pt">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.3pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.3pt; color: #131313; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.3pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.05pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">(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</FONT><FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #131313">however</FONT> <FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">that routine regulatory
examinations shall not be required to be reported by this provision</FONT><FONT STYLE="color: #383838">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.35pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #131313">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: #131313">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 l 7j-l and Rule 204A-l during the previous
year and that there has been no material violation of the Sub-Adviser's code of ethics or, if such a material violation has occurred,
that appropriate action was taken in response to such violation</FONT><FONT STYLE="color: #383838">.</FONT> <FONT STYLE="color: #131313">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 l 7j-l(c)(l) and Rule 204A-l(b) and all other records relevant to the Sub-Adviser's code of ethics.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.55pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">D.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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's organizational structure</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.45pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">E.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.5pt; color: #131313; margin-bottom: 0pt">F.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Sub-Adviser will promptly notify the Advisor of any financial condition that is likely to impair the Sub-Adviser's ability
to fulfill its commitment under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.3pt; color: #131313; margin-bottom: 0pt">G.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 35.5pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">H.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Agreement do not</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">and
will not</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">8.</TD><TD STYLE="text-align: left">PROXIES</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.15pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">The
Sub-Adviser shall be solely responsible to vote all proxies received with respect to the Sub-Advised Assets</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">9.</TD><TD STYLE="text-align: left">SUPPLEMENT AL ARRANGEMENTS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">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</FONT> <FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">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-top: 0pt; text-align: justify; text-indent: -0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">10.</TD><TD STYLE="text-align: justify">REGULATION</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: -0.1pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">The
Sub-Adviser shall submit to all regulatory and administrative bodies havingjurisdiction over the services provided pursuant to this Agreement
any information</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">11.</TD><TD STYLE="text-align: justify">RECORDS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.15pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">The
records rel</FONT><FONT STYLE="color: #333333">a</FONT><FONT STYLE="color: #131313">ting to the services provided under this Agreement
shall be the property of the Fund and shall be under its control</FONT><FONT STYLE="color: #333333">; </FONT><FONT STYLE="color: #131313">however,
the Fund shall furnish to the Sub-Adviser such records and pennit 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 </FONT><FONT STYLE="color: #333333">e</FONT><FONT STYLE="color: #131313">vent
of the termination of this Agreem</FONT><FONT STYLE="color: #333333">e</FONT><FONT STYLE="color: #131313">nt</FONT><FONT STYLE="color: #333333">,
</FONT><FONT STYLE="color: #131313">such other records shall promptly be returned to the Fund by the Sub-Adviser free from any cl</FONT><FONT STYLE="color: #333333">a</FONT><FONT STYLE="color: #131313">im
or retention of rights therein, provided that the Sub-Adviser m</FONT><FONT STYLE="color: #333333">a</FONT><FONT STYLE="color: #131313">y
retain any such records that are required to be retained by it by law or regulation </FONT><FONT STYLE="color: #333333">. </FONT><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">or otherwise
required by law</FONT><FONT STYLE="color: #333333">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">12.</TD><TD STYLE="text-align: justify">DURATION OF AGREEMENT</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">This
Agreement shall become effective upon the date first above written and continue in effect for an initial tenn of two (2) years</FONT><FONT STYLE="color: #333333">,
</FONT><FONT STYLE="color: #131313">provided that this Agreement shall not take effect unless it has first been approved</FONT><FONT STYLE="color: #333333">:
</FONT><FONT STYLE="color: #131313">(i) by a vote of a majority of those Trustees of the Fund who are not &quot;interested persons&quot;
(as defined in the Investment Company Act) of any party to this Agreement (&quot;Independent Trustees&quot;), 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'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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">13.</TD><TD STYLE="text-align: justify">TERMINATION OF AGREEMENT</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.15pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">This
Agreement may be terminated at any time</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">without the payment of
any penalty</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">by the Board of Trustees</FONT><FONT STYLE="color: #333333">,
</FONT><FONT STYLE="color: #131313">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' written notice to the Advisor and the Sub-Adviser, or by the Advisor or Sub-Adviser
on sixty (60) days' written notice to the Fund and the other party. This Agreement will automatically terminate</FONT><FONT STYLE="color: #333333">,
</FONT><FONT STYLE="color: #131313">without the payment of any penalty</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">(i)
in the event of its assignment (as defined in the Investment Company Act)</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">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> <FONT STYLE="color: #333333">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">14.</TD><TD STYLE="text-align: justify">AMENDMENTS TO THE AGREEMENT</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.25pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">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</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">this Agreement may be amended by the parties only if
such amendment</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">if mater ial</FONT><FONT STYLE="color: #333333">,
</FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; color: #131313; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">15.</TD><TD STYLE="text-align: left">ASSIGNMENT</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.15pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">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
termin</FONT><FONT STYLE="color: #333333">a</FONT><FONT STYLE="color: #131313">tion of this Agreement, as provided in Section 12 hereof.
Notwithstanding the foregoing</FONT><FONT STYLE="color: #333333">,</FONT> <FONT STYLE="color: #131313">no assignment shall be deemed to
result from any changes in the directors</FONT><FONT STYLE="color: #333333">,</FONT> <FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">16.</TD><TD STYLE="text-align: left">ENTIRE AGREEMENT</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">17.</TD><TD STYLE="text-align: left">HEADINGS</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">The headings in the sections of this
Agreement are inserted for convenience of reference only and shall not constitute a part hereof.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">18.</TD><TD STYLE="text-align: left">NOTICES</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.35pt; color: #131313; margin-bottom: 0pt">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">For:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destra Capital Advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.3pt; color: #131313; margin-bottom: 0pt">Attn: Jane Shissler,
General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.3pt; color: #131313; margin-bottom: 0pt">444 West Lake Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Phone: 312-843-6171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Fax: 312-858-8618</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 38.7pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 38.7pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">With
a copy emailed to</FONT><FONT STYLE="color: #333333">:</FONT> <FONT STYLE="color: #131313">legal</FONT><FONT STYLE="color: #333333">@</FONT><FONT STYLE="color: #131313">destracapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 38.7pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt"><FONT STYLE="color: #131313">For</FONT><FONT STYLE="color: #333333">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: #131313">Destra
Multi-Alternative Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.05pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">c</FONT><FONT STYLE="color: #464646">/</FONT><FONT STYLE="color: #131313">o
Destra Capital Advisors LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.05pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">444 West Lake Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">Phone</FONT><FONT STYLE="color: #333333">:
</FONT><FONT STYLE="color: #131313">312-843-6171</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Fax: 312-858-8618</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 37pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 38.7pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">With
a copy emailed to: legal</FONT><FONT STYLE="color: #333333">@</FONT><FONT STYLE="color: #131313">dest racapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 37pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt"><FONT STYLE="color: #131313">For:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Validus Growth
Investors, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Attn: [&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.2pt; color: #131313; margin-bottom: 0pt">13520 Evening
Creek Drive N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.2pt; color: #131313; margin-bottom: 0pt">Suite 300B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: -0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">S</FONT><FONT STYLE="color: #333333">a</FONT><FONT STYLE="color: #131313">n
Diego, CA 92128</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: -0.2pt; margin-bottom: 0pt"><FONT STYLE="color: #131313">Phone</FONT><FONT STYLE="color: #333333">: </FONT><FONT STYLE="color: #131313">[530-582-7000]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">Fax: [530-582-7001]</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; color: #131313; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">19.</TD><TD STYLE="text-align: left">SEVERABILITY</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.35pt; color: #131313; margin-bottom: 0pt"><FONT STYLE="color: #131313">Should
any portion of this Agreement for any reason be held to be void in law or in equity</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">the
Agreement shall be construed</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">20.</TD><TD STYLE="text-align: left">GOVERNING LAW</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">without reference to conflict of law or choice of law doctr ines </FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">or any of the applicable provisions of the Investment Company Act. To the extent that the laws of
the State of Delaware</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">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-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">21.</TD><TD STYLE="text-align: left">INTERPRETATION</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">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 </FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #131313">nd
to interpretations thereof, if any, by the United States courts or</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">in
the absence of any controlling decision of any such court</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">by
rules </FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">regulations or orders of the SEC validly issued pursuant
to the Investment Company Act. Specifica lly</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">the terms &quot;vote
of a majority of the outstanding voting securities </FONT><FONT STYLE="color: #383838">,</FONT><FONT STYLE="color: #131313">&quot; &quot;interested
persons</FONT><FONT STYLE="color: #383838">,</FONT><FONT STYLE="color: #131313">&quot; &quot;ass ig nment</FONT><FONT STYLE="color: #383838">,</FONT><FONT STYLE="color: #131313">&quot;
and &quot;affiliated persons</FONT><FONT STYLE="color: #383838">,</FONT><FONT STYLE="color: #131313">&quot; as used herein shall have
the meanings assigned to them by Section 2(</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #131313">) of the Investment
Comp</FONT><FONT STYLE="color: #383838">a</FONT><FONT STYLE="color: #131313">ny 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</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">regulation
or order of the SEC</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">whether of special or of general application</FONT>
<FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">such provision shall be deemed to incorporate the effect of such rule</FONT><FONT STYLE="color: #383838">,</FONT>
<FONT STYLE="color: #131313">regulation or order.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25pt">22.</TD><TD STYLE="text-align: left">THIRD PARTY BENEFICIARY</TD></TR></TABLE>

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

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

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

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

<DIV STYLE="margin-top: 0pt; float: left; width: 48%; margin-bottom: 0pt">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">DESTRA CAPITAL ADVISORS LLC</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="color: #131313">By :</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 95%"><FONT STYLE="color: #131313"></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.15pt; color: #131313; margin-bottom: 0pt">Name: [</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.15pt; color: #131313; margin-bottom: 0pt">Title:
[</P>

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

</DIV>

<DIV STYLE="margin-top: 0pt; float: right; width: 48%; margin-bottom: 0pt">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="color: #131313">VALIDUS
GROWTH INVESTORS</FONT> <FONT STYLE="color: #131313">LLC</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%"><FONT STYLE="color: #131313">By :</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 95%"><FONT STYLE="color: #131313"></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.15pt; color: #131313; margin-bottom: 0pt">Name: [</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.15pt; color: #131313; margin-bottom: 0pt">Title:
[</P>

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




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

<DIV STYLE="margin-top: 0pt; clear: both; width: 100%; margin-bottom: 0pt">

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #131313; margin-bottom: 0pt">DESTRA MULTI-ALTERNATIVE FUND</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 4%">By :</TD>
  <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 46%">&nbsp;</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.15pt; color: #131313; margin-bottom: 0pt">Name: [</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-indent: 0.15pt; color: #131313; margin-bottom: 0pt">Title:
[</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; color: #010101; margin-bottom: 0pt">&nbsp;</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(1)
<SEQUENCE>4
<FILENAME>tm2119081d2_ex99-h1.htm
<DESCRIPTION>DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><B>Exhibit (h)(1)</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #131313">FORM OF DISTRIBUTION AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6pt; text-align: justify; text-indent: 35.65pt"><FONT STYLE="color: #131313">THIS
AGREEMENT is made and entered into as of this [ ] day of [ ]</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">2020,
by and between the Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;) and Destra Capital Investments LLC, a Delaware limited liability
comp</FONT><FONT STYLE="color: #333333">a</FONT><FONT STYLE="color: #131313">ny (the &ldquo;Distributor&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.75pt"><FONT STYLE="color: #131313">WHEREAS,
the Fund is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), as a non-diversified closed-end
management investment company and operates as an interval fund</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">and
is authorized to issue units of beneficial interest (&ldquo;Units&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.75pt; color: #131313">WHEREAS,
the Fund desires to retain the Distributor as principal underwriter in connection with the offering of the Units of the Fund;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">WHEREAS,
the Distributor is registered as </FONT><FONT STYLE="color: #333333">a </FONT><FONT STYLE="color: #131313">broker-dealer under the Securities
Exchange Act of 1934, as amended (the </FONT><FONT STYLE="color: #333333">&ldquo;</FONT><FONT STYLE="color: #131313">1934 Act&rdquo;), and
is a member of the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.55pt; text-align: justify; text-indent: 35.2pt; color: #131313">WHEREAS,
this Agreement has been approved by a vote of the Fund&rsquo;s board of trustees (the &ldquo;Board&rdquo;) and its disinterested directors in
conformity with Section 15(c) of the 1940 Act; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.55pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">WHEREAS,
the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter
set forth.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.25pt"><FONT STYLE="color: #131313">NOW
THEREFORE</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">in consideration of the promises and mutual covenants
herein contained</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">intending
to be legally bound, do hereby agree as follows</FONT><FONT STYLE="color: #333333">:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: rgb(19,19,19)"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.4pt"></TD><TD STYLE="width: 34.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #131313"><B>1.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 6.3pt"><FONT STYLE="color: #131313"><B>Appointment
                                            of Distributor. </B>The Fund hereby appoints the Distributor as the principal underwriter
                                            of the Fund</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">on the
                                            terms and conditions set forth in this Agreement</FONT><FONT STYLE="color: #333333">, </FONT><FONT STYLE="color: #131313">and
                                            the Distributor hereby accepts such appointment and agrees to perform the services and duties
                                            set forth in this Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="font-weight: bold; vertical-align: top">
<TD STYLE="font-weight: bold; width: 6.4pt"></TD><TD STYLE="font-weight: bold; width: 34.35pt">2.</TD><TD STYLE="font-weight: bold">Services and Duties of the Distributor.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.6pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor agrees to act as the principal underwriter of the Fund for distribution of the Units of the Fund, upon the terms
and at the current offering price described in the Prospectus. As used in this Agreement</FONT> <FONT STYLE="color: #333333">,</FONT>
<FONT STYLE="color: #131313">the term &ldquo;Prospectus&rdquo; shall mean the current prospectus, including the statement of additional
information, as amended or supplemented</FONT><FONT STYLE="color: #333333">,</FONT> <FONT STYLE="color: #131313">relating to the Fund
and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the </FONT><FONT STYLE="color: #333333">&ldquo;</FONT><FONT STYLE="color: #131313">Registration
Statement&rdquo;) of the Fund under the Securities Act of 1933 (the &ldquo;1933 Act&rdquo;) and the 1940 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor shall use commercially reasonable efforts to distribute the Units. All orders for Units shall be made through financial
intermediaries or directly to the applicable Fund</FONT><FONT STYLE="color: #333333">,</FONT> <FONT STYLE="color: #131313">or its designated
agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated
agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor</FONT><FONT STYLE="color: #333333">,
</FONT><FONT STYLE="color: #131313">will issue the appropriate number of Units in uncertificated form.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #111111">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: #111111">The Distributor shall maintain membership with the NSCC and </FONT><FONT STYLE="color: #1F1F1F">any
</FONT><FONT STYLE="color: #111111">other similar successor organization to sponsor a participant number for the Fund so as to enable
the Units to be traded through FundSERV. The Distributor shall not be responsible for any operational matters associated with FundSERV
or Networking transactions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #111111">D.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor acknowledges</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">agrees that it is not</FONT>
<FONT STYLE="color: #1F1F1F">authorized</FONT> <FONT STYLE="color: #111111">to provide</FONT> <FONT STYLE="color: #1F1F1F">any</FONT>
<FONT STYLE="color: #111111">information or make any </FONT><FONT STYLE="color: #1F1F1F">representations </FONT><FONT STYLE="color: #111111">regarding
the Fund other than as contained in the Prospectus and any </FONT><FONT STYLE="color: #1F1F1F">sales </FONT><FONT STYLE="color: #111111">literature
</FONT><FONT STYLE="color: #1F1F1F">and advertising </FONT><FONT STYLE="color: #111111">materials specifically approved by the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #111111">E.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor agrees to review all proposed advertising materials and </FONT><FONT STYLE="color: #1F1F1F">sales </FONT><FONT STYLE="color: #111111">literature
for compliance with applicable </FONT><FONT STYLE="color: #1F1F1F">FINRA </FONT><FONT STYLE="color: #111111">laws and regulations, and
shall file with appropriate regulators those </FONT><FONT STYLE="color: #1F1F1F">advert</FONT><FONT STYLE="color: #010101">i</FONT><FONT STYLE="color: #1F1F1F">sing</FONT> <FONT STYLE="color: #111111">materials and sales </FONT><FONT STYLE="color: #010101">lit</FONT><FONT STYLE="color: #1F1F1F">erature
</FONT><FONT STYLE="color: #111111">it believes are in compliance with such laws and regulations. The Distributor agrees to furnish to
the Fund any comments provided by regulators with respect to such materials.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.65pt"><FONT STYLE="color: #1F1F1F">F.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: #111111">The Fund agrees to redeem or repurchase </FONT><FONT STYLE="color: #1F1F1F">Units </FONT><FONT STYLE="color: #111111">tendered
by </FONT><FONT STYLE="color: #1F1F1F">shareholders </FONT><FONT STYLE="color: #111111">of the </FONT><FONT STYLE="color: #1F1F1F">Fund
</FONT><FONT STYLE="color: #111111">in accordance with the Fund&rsquo;s obligations in the Prospectus and the Registration </FONT><FONT STYLE="color: #1F1F1F">Statement.
</FONT><FONT STYLE="color: #111111">The Fund reserves the right to </FONT><FONT STYLE="color: #1F1F1F">suspend such </FONT><FONT STYLE="color: #111111">repurchase
right upon </FONT><FONT STYLE="color: #1F1F1F">written </FONT><FONT STYLE="color: #111111">notice to the Distributor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #111111">G.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor may, in its discretion,</FONT> <FONT STYLE="color: #1F1F1F">and shall, at</FONT> <FONT STYLE="color: #111111">the
request</FONT> <FONT STYLE="color: #1F1F1F">of</FONT> <FONT STYLE="color: #111111">the Fund,</FONT> <FONT STYLE="color: #1F1F1F">enter</FONT>
<FONT STYLE="color: #111111">into agreements with such qualified broker-dealers</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">other
financial intermediaries as it may select (the &ldquo;Financial Intermediaries&rdquo;), in order that such Financial Intermediaries may
</FONT><FONT STYLE="color: #1F1F1F">sell Units </FONT><FONT STYLE="color: #111111">of the Fund. The form of any dealer </FONT><FONT STYLE="color: #1F1F1F">agreement
</FONT><FONT STYLE="color: #111111">shall be</FONT> <FONT STYLE="color: #1F1F1F">approved</FONT> <FONT STYLE="color: #111111">by the Fund.
The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) the Distributor
has received</FONT> <FONT STYLE="color: #1F1F1F">an authorized</FONT> <FONT STYLE="color: #111111">payment from the Fund</FONT> <FONT STYLE="color: #1F1F1F">and</FONT>
<FONT STYLE="color: #111111">(ii) such payment has been </FONT><FONT STYLE="color: #1F1F1F">approved </FONT><FONT STYLE="color: #111111">by
the Fund&rsquo;s Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.3pt"> <FONT STYLE="color: #111111">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="color: #111111">The Distributor </FONT><FONT STYLE="color: #1F1F1F">shall </FONT><FONT STYLE="color: #111111">not be </FONT><FONT STYLE="color: #1F1F1F">obligated </FONT><FONT STYLE="color: #111111">to </FONT><FONT STYLE="color: #1F1F1F">sell any </FONT><FONT STYLE="color: #111111">certain number of Units.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #111111">I.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor shall prepare reports for the Board regarding its </FONT><FONT STYLE="color: #1F1F1F">activities </FONT><FONT STYLE="color: #111111">under
this </FONT><FONT STYLE="color: #1F1F1F">Agreement </FONT><FONT STYLE="color: #111111">as from time to time </FONT><FONT STYLE="color: #1F1F1F">shall
</FONT><FONT STYLE="color: #111111">be reasonably requested by the Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #111111">J.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor may enter into agreements (&ldquo;Subcontracts&rdquo;) with qualified third parties to carry out</FONT> <FONT STYLE="color: #1F1F1F">some
</FONT><FONT STYLE="color: #111111">or</FONT> <FONT STYLE="color: #1F1F1F">all</FONT> <FONT STYLE="color: #111111">of the Distributor</FONT><FONT STYLE="color: #3D3D3D">&rsquo;</FONT><FONT STYLE="color: #111111">s
obligations under this Agreement</FONT><FONT STYLE="color: #3D3D3D">,</FONT> <FONT STYLE="color: #111111">with the prior written consent
of the Fund</FONT><FONT STYLE="color: #3D3D3D">,</FONT> <FONT STYLE="color: #1F1F1F">such</FONT> <FONT STYLE="color: #111111">consent not
to be unreasonably</FONT> <FONT STYLE="color: #1F1F1F">withheld;</FONT> <FONT STYLE="color: #111111">provided that</FONT> <FONT STYLE="color: #1F1F1F">execution
</FONT><FONT STYLE="color: #111111">of</FONT> <FONT STYLE="color: #1F1F1F">a</FONT> <FONT STYLE="color: #111111">Subcontract</FONT> <FONT STYLE="color: #1F1F1F">shall
</FONT><FONT STYLE="color: #111111">not relieve the Distributor of</FONT> <FONT STYLE="color: #1F1F1F">any </FONT><FONT STYLE="color: #111111">of
its responsibilities hereunder.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.6pt; color: #131313">K.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish
similar services to others so long as its services under this Agreement are not impaired thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #131313">L.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any
specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered</FONT> <FONT STYLE="color: #3B3B3B">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.7pt"></TD><TD STYLE="width: 35.3pt"><B>3.</B></TD><TD><B>Representations, Warranties and Covenants of the Fund.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.75pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund hereby represents and warrants to the Distributor</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">which
representations and warranties shall be deemed to be continuing throughout the term of this Agreement</FONT> <FONT STYLE="color: #3B3B3B">,
</FONT><FONT STYLE="color: #131313">that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.5pt"><FONT STYLE="color: #131313">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.45pt"><FONT STYLE="color: #131313">it is duly organized and in good standing under the
laws of its jurisdiction of incorporation</FONT><FONT STYLE="color: #3B3B3B">/</FONT><FONT STYLE="color: #131313">organization and is
registered as a closed-end management investment company under the 1940 Act;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.4pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 6.25pt">this Agreement has been duly authorized, executed and delivered by the Fund and,
when executed and delivered, will constitute a valid and legally binding obligation of the Fund, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="color: #131313">(iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.25pt"><FONT STYLE="color: #131313">it is conducting its business in compliance in all
material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary
to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of
its charter</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">bylaws</FONT><FONT STYLE="color: #3B3B3B">/</FONT><FONT STYLE="color: #131313">operating
agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.6pt">(iv)</TD><TD STYLE="text-align: justify; padding-right: 6.55pt">the Units are validly authorized and, when issued in accordance with the description
in the Prospectus, will be fully paid and nonassessable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.65pt">(v)</TD><TD STYLE="text-align: justify; padding-right: 6.45pt">the Registration Statement and Prospectus included therein have been prepared in
conformity with the requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.4pt">(vi)</TD><TD STYLE="text-align: justify; padding-right: 6.35pt">the Registration Statement and Prospectus and any advertising materials and sales
literature prepared by the Fund or its agent do not and shall not contain any untrue statement of material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information
furnished to the Distributor pursuant to this Agreement shall be true and correct in all material respects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="color: #131313">(vii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.1pt"><FONT STYLE="color: #131313">the Fund owns</FONT><FONT STYLE="color: #3B3B3B">,
</FONT><FONT STYLE="color: #131313">possesses, licenses or has other rights to use all patents</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">patent
applications, trademarks and service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade
secrets, technology, know-how and other intellectual property (collectively</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">&ldquo;Intellectual
Property&rdquo;) necessary for or used in the conduct of the Fund&rsquo;s business and for the offer, issuance, distribution and sale of the
Fund Units in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property does not and will not breach
or infringe the terms of any Intellectual Property owned, held or licensed by any third party; and</FONT></TD></TR></TABLE>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.7pt; color: yellow"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.7pt; color: yellow"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5.7pt; color: yellow"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="color: #131313">(viii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.1pt"><FONT STYLE="color: #131313">all necessary approvals, authorizations, consents or
orders of or filings with any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency
have been or will be obtained by the Fund in connection with the issuance and sale of the Units, including registration of the Units under
the 1933 Act</FONT><FONT STYLE="color: #383838">,</FONT> <FONT STYLE="color: #131313">the filing with FINRA&rsquo;s corporate financing department
through its Public Offering System, and any necessary qualification under the securities or blue sky laws of the various jurisdictions
in which the Units are being offered.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.55pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund shall take</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">or cause to be taken</FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">all necessary action to register the Units under the federal and all applicable state securities laws
and to maintain an effective Registration Statement for such Units in order to permit the sale of Units as herein contemplated</FONT><FONT STYLE="color: #383838">.
</FONT><FONT STYLE="color: #131313">The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor
from time to time</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">in connection with the sale of Units.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.5pt"></TD><TD STYLE="width: 36.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">C.</FONT></TD><TD STYLE="text-align: left">The Fund agrees to advise the Distributor promptly in writing:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.65pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 6.55pt">of any material correspondence or other communication by the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) or its staff relating to the Fund, including requests by the SEC for amendments to the Registration Statement
or Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.6pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 6.1pt">in the event of the issuance by the SEC of any stop-order suspending the effectiveness
of the Registration Statement then in effect or the initiation of any proceeding for that purpose;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.5pt"><FONT STYLE="color: #131313">(iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.3pt"><FONT STYLE="color: #131313">of the happening of any event which makes untrue any
statement of a material fact made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements
therein not misleading</FONT> <FONT STYLE="color: #383838">;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.6pt">(iv)</TD><TD STYLE="text-align: justify; padding-right: 6.35pt">of all actions taken by the SEC with respect to any amendments to any Registration
Statement or Prospectus which may from time to time be filed with the SEC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.55pt">(v)</TD><TD STYLE="text-align: justify; padding-right: 5.95pt">in the event that it determines to suspend the sale of Units at any time in response
to conditions in the securities markets or otherwise or to suspend the redemption of Units of the Fund at any time as permitted by the
1940 Act or the rules of the SEC; and</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 35.4pt">(vi)</TD><TD STYLE="text-align: left; padding-right: 6.35pt">of the commencement of any litigation or proceedings against the Fund or any of its
officers or directors in connection with the issue and sale of any of the Units.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">D.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations,
including state blue sky laws, and shall notify the Distributor in writing of the states in which the Units may be sold and of any changes
to such information</FONT><FONT STYLE="color: #383838">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.6pt; color: #131313">E.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order
that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.65pt"><FONT STYLE="color: #131313">F.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund shall fully cooperate in the efforts of the Distributor to arrange for the sale of Units. In addition </FONT><FONT STYLE="color: #383838">,
</FONT><FONT STYLE="color: #131313">the Fund shall keep the Distributor fully informed of its affairs and shall provide to the Distributor
from time to time copies of all information, financial statements </FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">and
other papers that the Distributor may reasonably request for use in connection with the distribution of Units, including, without limitation,
certified copies of any financial statements prepared for the Fund by its independent public accountants and such reasonable number of
copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor
may request. The Fund shall forward a copy of any SEC filings</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">including
the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not use or
authorize the use of any advertising or sales material unless and until such materials have been approved and authorized for use by the
Distributor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #131313">G.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund shall provide, and cause each other agent or service provider to the Fund, including the Fund&rsquo;s transfer agent and investment
adviser</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">to provide, to Distributor in a timely and accurate manner
all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor
to perform its duties under this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.55pt; color: #131313">H.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains
to Distributor, the distribution of the Units or the applicable sales loads or public offering price without giving Distributor reasonable
advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund&rsquo;s right to file at
any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right
being in all respects absolute and unconditional.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #131313">I.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund has adopted policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to
time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably
designed to protect the security, confidentiality and integrity of</FONT><FONT STYLE="color: #383838">, </FONT><FONT STYLE="color: #131313">and
to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Units.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.6pt"></TD><TD STYLE="width: 35.4pt"><B>4.</B></TD><TD><B>Representations, Warranties and Covenants of the Distributor.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.7pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor hereby represents and warrants to the Fund</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">which
representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.6pt"></TD><TD STYLE="width: 35.6pt"><FONT STYLE="color: #131313">(i)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.3pt"><FONT STYLE="color: #131313">it is duly organized and existing under the laws of
the jurisdiction of its organization, with full power to carry on its business as now conducted</FONT><FONT STYLE="color: #3B3B3B">,</FONT>
<FONT STYLE="color: #131313">to enter into this Agreement and to perform its obligations hereunder;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.6pt"></TD><TD STYLE="width: 35.5pt"><FONT STYLE="color: #131313">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.85pt"><FONT STYLE="color: #131313">this Agreement has been duly authorized, executed
and delivered by the Distributor and, when executed and delivered</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">will
constitute a valid and legally binding obligation of the Distributor</FONT><FONT STYLE="color: #3B3B3B">,</FONT> <FONT STYLE="color: #131313">enforceable
in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
the rights and remedies of creditors and secured parties;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.6pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="color: #131313">(iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.05pt"><FONT STYLE="color: #131313">it is conducting its business in compliance in all
material respects with all applicable laws and regulations</FONT> <FONT STYLE="color: #3B3B3B">,</FONT> <FONT STYLE="color: #131313">both
state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">regulation, order or judgment binding on it and no provision
of its charter, operating agreement or </FONT><FONT STYLE="color: #282828">any </FONT><FONT STYLE="color: #131313">contract binding it
or </FONT><FONT STYLE="color: #282828">affecting </FONT><FONT STYLE="color: #131313">its property which would prohibit its execution or
performance of this Agreement; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.6pt"></TD><TD STYLE="width: 35.6pt">(iv)</TD><TD STYLE="text-align: left">it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.55pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In </FONT>connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of
the 1933 Act, the 1934 Act</FONT><FONT STYLE="color: #3B3B3B">,</FONT> <FONT STYLE="color: #131313">the 1940 Act, the regulations of
FINRA and all other applicable federal or state laws and regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.2pt; color: #131313"><FONT STYLE="font-family: Times New Roman, Times, Serif">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or
any of its managers, officers or directors in connection with the issue and sale of any of the Units.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.8pt"></TD><TD STYLE="width: 35.25pt"><B>5.</B></TD><TD><B>Compensation.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.55pt; text-align: justify; text-indent: 35.35pt; color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In </FONT>consideration of the Distributor&rsquo;s services in connection with the distribution of Units of the Fund, the Distributor shall
receive the compensation set forth in <U>Exhibit A</U>, which may be amended from time to time upon the approval of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.6pt; color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as specified in Section 5A, the Distributor shall be entitled to no compensation or reimbursement of expenses for services
provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from Destra Capital Advisors LLC (&ldquo;Adviser&rdquo;)
related to its services hereunder or for additional services all as may be agreed to between the Adviser and the Distributor.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 35.5pt"><B>6.</B></TD><TD><B>Expenses.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.7pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Fund shall bear all costs and expenses in connection with registration of the Units with the SEC and the applicable
states</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">as well as all costs and expenses in connection with
the offering of the Units and communications with shareholders of the Fund, including but not limited to (i) fees and disbursements
of its counsel and independent public </FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">ccountants; (ii)
co</FONT><FONT STYLE="color: #313131">s</FONT><FONT STYLE="color: #131313">ts and expenses of the prep</FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">ration,
filing</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">printing and mailing of Registration Statements and
Prospectuses and amendments thereto, as well as related advertising and sales literature, (iii) costs and expenses of the
preparation</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">printing and mailing of </FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">nnual
and interim reports</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">proxy materials </FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">nd
other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Units in such
jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.25pt; color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal
or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any
expenses not expressly assumed hereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 35.45pt"><B>7.</B></TD><TD><B>Indemnification.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Fund shall indemnify</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">defend and hold the
Distributor</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">its affiliates and each of their respective
members</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">managers, directors</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">officers,
employees, representatives and any per</FONT><FONT STYLE="color: #313131">s</FONT><FONT STYLE="color: #131313">on who controls or
previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the &ldquo;Distributor
Indemnitees&rdquo;) </FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">free and harmless from and against any
and all losses, claims</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">demands, liabilities, damages and
expenses (including the costs of investigating or defending any alleged losses</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">claims</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">demands</FONT> <FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">liabilities,
damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, &ldquo;Losses&rdquo;) that any
Distributor Indemnitee may incur under the 1933 Act</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">the
1934 Act</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">the 1940 Act any other statute (including Blue Sky
l</FONT><FONT STYLE="color: #313131">a</FONT><FONT STYLE="color: #131313">ws) or any rule or regulation thereunder</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">or
under common law or otherwise, arising out of or relating to (i) the Distributor serving as distributor of the Fund pursuant to this
Agreement</FONT><FONT STYLE="color: #313131">; </FONT><FONT STYLE="color: #131313">(ii) the Fund</FONT><FONT STYLE="color: #313131">&rsquo;</FONT><FONT STYLE="color: #131313">s
breach of any of its obligations, representations</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">warranties
or covenants contained in this Agreement; (iii) the Fund&rsquo;s failure to comply with any applicable securities laws or
regulations</FONT><FONT STYLE="color: #313131">; </FONT><FONT STYLE="color: #131313">or (iv) any claim that the Registration
Statement</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">Prospectus</FONT><FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">shareholder
reports, sales literature and advertising materials or oth</FONT><FONT STYLE="color: #313131">e</FONT><FONT STYLE="color: #131313">r
information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material
fact or omitted to state</FONT> <FONT STYLE="color: #313131">a</FONT> <FONT STYLE="color: #131313">material fact required to be
stated therein or necessary in order to make the statements therein not misleading under the 1933 Act</FONT><FONT STYLE="color: #464646">,</FONT> <FONT STYLE="color: #131313">or
any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Units of the
Fund are sold, provided, however, that the Fund&rsquo;s obligation to indemnify any of the Distributor Indemnitees shall not be deemed to
cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the
Registration Statement, Prospectus</FONT> <FONT STYLE="color: #313131">,</FONT> <FONT STYLE="color: #131313">annual or interim
report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the
Distributor and furnished to the Fund or its counsel by the Distributor in writing and acknowledging the purpose of its
use</FONT><FONT STYLE="color: #464646">.</FONT> <FONT STYLE="color: #131313">In no event shall anything contained herein be so
construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would
otherwise be subject by reason of willful misfeasance </FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">bad
faith</FONT><FONT STYLE="color: #313131">, </FONT><FONT STYLE="color: #131313">or gross negligence in the performance of its duties
under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">The
Fund&rsquo;s agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified
of such action or claim of loss brought against any Distributor Indernnitee, within a reasonable time after the summons or other first
legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee</FONT><FONT STYLE="color: #343434">,</FONT>
<FONT STYLE="color: #131313">unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter
or by telegram addressed to the Fund&rsquo;s President</FONT><FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">but the failure
so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom
such action is brought by reason of any such untrue, or alleged untrue</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">statement
or omission</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">or alleged omission, otherwise than on account of
the Fund&rsquo;s indemnity agreement contained in this Section 7(A).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.6pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Fund shall be entitled to participate at its own expense in the defense or, if it so elects</FONT><FONT STYLE="color: #343434">,
</FONT><FONT STYLE="color: #131313">to assume the defense of any suit brought to enforce any such Losses, but if the Fund elect to assume
the defense</FONT> <FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">such defense shall be conducted by counsel chosen
by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elect to assume
the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of
any additional counsel retained by them. If the Fund do not elect to assume the defense of any such suit</FONT><FONT STYLE="color: #343434">,
</FONT><FONT STYLE="color: #131313">or in case the Distributor does not</FONT> <FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">in
the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the
same counsel cannot effectively represent the interests of both the Fund and the Distributor Indernnitee(s), the Fund will reimburse
the Distributor Indemnitee(s) in such suit</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">for the fees and
expenses of any counsel retained by Distributor and them</FONT><FONT STYLE="color: #343434">. </FONT><FONT STYLE="color: #131313">The
Fund&rsquo;s indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless
of any investigation made by or on behalf of the Distributor Indernnitee(s), and shall survive the delivery of any Units and the termination
of this Agreement. This agreement of indemnity will inure exclusively to the Distributor</FONT><FONT STYLE="color: #343434">&rsquo;</FONT><FONT STYLE="color: #131313">s
benefit</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">to the benefit of each Distributor Indemnitee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #131313">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: #131313">The Fund shall advance attorney&rsquo;s fees and other expenses incurred by a Distributor Indemnitee in
defending any claim</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">demand</FONT><FONT STYLE="color: #343434">,
</FONT><FONT STYLE="color: #131313">action or suit</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">which is the
subject of a claim for indemnification pursuant to this Section 7 to the maximum extent permissible under applicable law</FONT><FONT STYLE="color: #343434">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.6pt"><FONT STYLE="color: #131313">D.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor shall indemnify</FONT><FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">defend and hold the Fund</FONT>
<FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">its affiliates, and each of its respective directors, officers, employees,
representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively,
the &ldquo;Fund Indemnitees&rdquo;) </FONT><FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">free and harmless from and
against any and all Losses that any Fund Indernnitee may incur under the 1933 Act</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">the
1934 Act, the 1940 Act</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">any other statute (including Blue Sky
laws) or any rule or regulation thereunder</FONT> <FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">or under common law
or otherwise, arising out of or based upon (i) the Distributor&rsquo;s breach of any of its obligations, representations</FONT><FONT STYLE="color: #343434">,
</FONT><FONT STYLE="color: #131313">warranties or covenants contained in this Agreement; (ii) the Distributor&rsquo;s failure to comply with
any</FONT> <FONT STYLE="color: #343434">a</FONT><FONT STYLE="color: #131313">pplicable securities laws or regulations; or (iii) any claim
that the Registration Statement</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">Prospectus, sales literature
and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished
to the Fund by the Distributor in writing </FONT><FONT STYLE="color: #343434">. </FONT><FONT STYLE="color: #131313">In no event shall
anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise
be subject by reason of willful misfeasance</FONT><FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">bad faith</FONT><FONT STYLE="color: #343434">,</FONT>
<FONT STYLE="color: #131313">or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard
of its obligations under this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">The
Distributor&rsquo;s agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor&rsquo;s being notified of any action
or claim of loss brought against a Fund Indemnitee, such notification to be given by letter or telegram addressed to the Distributor&rsquo;s
President</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">within a reasonable time after the summons or other
first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure
to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor
from any liability which the Distributor may have to the person against whom such </FONT><FONT STYLE="color: #343434">a</FONT><FONT STYLE="color: #131313">ction
is brought by reason of any such untrue, or alleged untrue, statement or omission</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">otherwise
than on account of the Distributor&rsquo;s indemnity agreement contained in this Section 7(D)</FONT><FONT STYLE="color: #343434">.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 35.6pt"><FONT STYLE="color: #111111">E.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>
The Distributor</FONT> <FONT STYLE="color: #1F1F1F">shall</FONT> <FONT STYLE="color: #111111">be entitled to participate at its
own</FONT> <FONT STYLE="color: #1F1F1F">expense</FONT> <FONT STYLE="color: #111111">in the defense or</FONT><FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #111111">if
it so elects, to assume the defense of </FONT><FONT STYLE="color: #1F1F1F">any suit </FONT><FONT STYLE="color: #111111">brought to
enforce </FONT><FONT STYLE="color: #1F1F1F">any such </FONT><FONT STYLE="color: #111111">Losses</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #111111">but
if the Distributor elects to assume the defense</FONT> <FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #1F1F1F">such</FONT> <FONT STYLE="color: #111111">defense
shall be conducted by counsel chosen by the Distributor and approved by the</FONT> <FONT STYLE="color: #1F1F1F">Fund</FONT> <FONT STYLE="color: #111111">Indemnitee</FONT><FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #111111">which </FONT><FONT STYLE="color: #1F1F1F">approval </FONT><FONT STYLE="color: #111111">shall
not be unreasonably withheld. In the </FONT><FONT STYLE="color: #1F1F1F">event </FONT><FONT STYLE="color: #111111">the Distributor
elects to </FONT><FONT STYLE="color: #1F1F1F">assume </FONT><FONT STYLE="color: #111111">the defense of </FONT><FONT STYLE="color: #1F1F1F">any</FONT> <FONT STYLE="color: #111111">such</FONT> <FONT STYLE="color: #1F1F1F">suit</FONT> <FONT STYLE="color: #111111">and
retain</FONT> <FONT STYLE="color: #1F1F1F">such</FONT> <FONT STYLE="color: #111111">counsel</FONT><FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #111111">the
Fund Indemnitee(s) in</FONT> <FONT STYLE="color: #1F1F1F">such suit shall</FONT> <FONT STYLE="color: #111111">bear the fees</FONT> <FONT STYLE="color: #1F1F1F">and
expenses</FONT> <FONT STYLE="color: #111111">of any</FONT> <FONT STYLE="color: #1F1F1F">additional</FONT> <FONT STYLE="color: #111111">counsel
retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the</FONT> <FONT STYLE="color: #1F1F1F">Fund</FONT> <FONT STYLE="color: #111111">does
not, in the exercise of reasonable judgment</FONT><FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #111111">approve of
counsel chosen by the Distributor or</FONT><FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #111111">if under prevailing
law or legal codes of ethics</FONT><FONT STYLE="color: #363636">,</FONT> <FONT STYLE="color: #111111">the same counsel cannot
effectively represent the interests of both the Distributor</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">the
Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the</FONT> <FONT STYLE="color: #1F1F1F">fees
and</FONT> <FONT STYLE="color: #111111">expenses of any counsel retained by the</FONT> <FONT STYLE="color: #1F1F1F">Fund</FONT> <FONT STYLE="color: #111111">and
them. The Distributor&rsquo;s indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and
effect regardless of any</FONT> <FONT STYLE="color: #1F1F1F">investigation</FONT> <FONT STYLE="color: #111111">made by or on behalf
of the Fund Indemnitee(s),</FONT> <FONT STYLE="color: #1F1F1F">and</FONT> <FONT STYLE="color: #111111">shall survive the delivery of
any</FONT> <FONT STYLE="color: #1F1F1F">Units</FONT> <FONT STYLE="color: #111111">and the termination of this Agreement. This</FONT> <FONT STYLE="color: #1F1F1F">Agreement</FONT> <FONT STYLE="color: #111111">of
indemnity will inure exclusively to the </FONT><FONT STYLE="color: #1F1F1F">Fund&rsquo;s </FONT><FONT STYLE="color: #111111">benefit</FONT><FONT STYLE="color: #363636">, </FONT><FONT STYLE="color: #111111">to
the benefit of each Fund Indemnitee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #1F1F1F">F.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: #111111">No person shall be obligated to provide indemnific</FONT><FONT STYLE="color: #363636">a</FONT><FONT STYLE="color: #111111">tion
under this Section 7 if</FONT> <FONT STYLE="color: #1F1F1F">such</FONT> <FONT STYLE="color: #111111">indemnification would be impermissible
under the 1940</FONT> <FONT STYLE="color: #1F1F1F">Act,</FONT> <FONT STYLE="color: #111111">the 1933</FONT> <FONT STYLE="color: #1F1F1F">Act,
</FONT><FONT STYLE="color: #111111">the 1934 Act or the rules of the FINRA; provided, however, in</FONT> <FONT STYLE="color: #1F1F1F">such
event</FONT> <FONT STYLE="color: #111111">indemnification</FONT> <FONT STYLE="color: #1F1F1F">shall</FONT> <FONT STYLE="color: #111111">be
provided under this Section 7 to the maximum</FONT> <FONT STYLE="color: #1F1F1F">extent so</FONT> <FONT STYLE="color: #111111">permissible.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; color: #131313">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 35.55pt"><B>8.</B></TD><TD><B>Dealer Agreement Indemnification.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Distributor acknowledges and agrees that certain large and significant broker-dealers</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">such
as (without limitation) Merrill Lynch</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">UBS and Morgan Stanley
(all such brokers referred to herein as the &ldquo;Brokers&rdquo;), require that Distributor enter into dealer agreements (the &ldquo;Non-Standard
Dealer Agreements&rdquo;) that contain certain representations</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">undertakings
and indemnification that are not included in the Standard Dealer Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.6pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that Distributor is requested or required by the Fund to enter into any Non-Standard Dealer Agreement</FONT><FONT STYLE="color: #343434">,</FONT>
<FONT STYLE="color: #131313">the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against
any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor&rsquo;s actions or failures to
act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement
to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification
provided by the Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification
the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed
as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would
otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor&rsquo;s obligations
or duties under the Non-Standard Dealer Agreement or by reason of Distributor&rsquo;s reckless disregard of its obligations or duties under
the Non-Standard Dealer Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: left; text-indent: 0in"><FONT STYLE="color: #131313"><B>9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Limitations on Damages. </B>Neither Party shall be liable for any consequential</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">special
or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313"><B>10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Force Majeure. </B>Neither Party shall be liable for losses, delays</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">failure,
errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including</FONT>
<FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">without limitation, Acts of Nature (including fire</FONT><FONT STYLE="color: #343434">,</FONT>
<FONT STYLE="color: #131313">flood</FONT><FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">earthquake</FONT><FONT STYLE="color: #343434">,</FONT>
<FONT STYLE="color: #131313">storm</FONT><FONT STYLE="color: #343434">,</FONT> <FONT STYLE="color: #131313">hurricane or other natural
disaster); action or inaction of civil or military authority</FONT><FONT STYLE="color: #343434">; </FONT><FONT STYLE="color: #131313">acts
of foreign enemies</FONT><FONT STYLE="color: #343434">; </FONT><FONT STYLE="color: #131313">war; terrorism; riot; insurrection; sabotage;
epidemics; labor disputes; civil commotion</FONT><FONT STYLE="color: #343434">; </FONT><FONT STYLE="color: #131313">or interruption, loss
or malfunction of utilities</FONT><FONT STYLE="color: #343434">, </FONT><FONT STYLE="color: #131313">transportation, computer or communications
capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking
to apply this force majeure clause.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.7pt"></TD><TD STYLE="width: 35.35pt"><B>11.</B></TD><TD><B>Duration and Termination.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.6pt; color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall become effective with respect to the Fund as of the date hereof. Unless sooner terminated as provided herein,
this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue
automatically in effect as to the Fund for successive one-year periods, provided such continuance is specifically approved at least annually
by (i) the Fund&rsquo;s Board or (ii) the vote of a majority of the outstanding voting securities of the Fund, in accordance with Section 15
of the 1940 Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.6pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Notwithstanding
the foregoing, this Agreement may be terminated, without the payment of any penalty (i) through a failure to renew this Agreement at
the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days&rsquo;
written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested persons, as that
term is defined in the 1940 Act</FONT><FONT STYLE="color: #3B3B3B">,</FONT> <FONT STYLE="color: #131313">and have no direct or
indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of the
Fund, or by the Distributor.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.6pt"></TD><TD STYLE="width: 40.95pt">C.</TD><TD STYLE="text-align: left">This Agreement will automatically terminate in the event of its assignment.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #131313"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.7pt"></TD><TD STYLE="width: 37.8pt"><B>12.</B></TD><TD><B>Anti-Money Laundering Compliance.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 35.7pt; color: #131313">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of2001 and the Bank
Secrecy Act (collectively, the &ldquo;AML Acts&rdquo;), which require, among other things, that financial institutions adopt compliance
programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue
to comply with the AML Acts and applicable regulations in all relevant respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.5pt"><FONT STYLE="color: #131313">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Distributor shall include specific contractual provisions regarding anti-money laundering compliance obligations in agreements
entered into by the Distributor with any broker-dealer or other financial intermediary that is authorized to effect transactions in Units
of the Fund</FONT><FONT STYLE="color: #3B3B3B">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #131313">C.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of Distributor and Fund agrees that it will take such further steps</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">and
cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the
provision of copies of its written procedures, policies and controls related thereto (&ldquo;AML Operations&rdquo;)</FONT><FONT STYLE="color: #3B3B3B">.
</FONT><FONT STYLE="color: #131313">Distributor undertakes that it will grant to the Fund, the Fund&rsquo;s anti-money laundering compliance
officer and appropriate regulatory agencies, reasonable access to copies of Distributor&rsquo;s AML Operations, and related books and records
to the extent they pertain to the Distributor&rsquo;s services hereunder. It is expressly understood and agreed that the Fund and the Fund&rsquo;s
compliance officer shall have no access to any of Distributor&rsquo;s AML Operations, books or records pertaining to other clients or services
of Distributor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313"><B>13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Privacy. </B>In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined
in Regulation S-P, received from the Fund or the Fund regarding any Fund shareholder; provided</FONT><FONT STYLE="color: #3B3B3B">,</FONT>
<FONT STYLE="color: #131313">however, that the Distributor may disclose such information to any party as necessary in the ordinary course
of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place
and maintain physical, electronic and procedural s</FONT><FONT STYLE="color: #3B3B3B">a</FONT><FONT STYLE="color: #131313">feguards reasonably
designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of</FONT><FONT STYLE="color: #3B3B3B">,
</FONT><FONT STYLE="color: #131313">records and information relating to consumers and customers of the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 35.35pt"><FONT STYLE="color: #131313">The
Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities and
Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees
to use reasonable precautions to protect</FONT><FONT STYLE="color: #3B3B3B">, </FONT><FONT STYLE="color: #131313">and prevent the unintentional
disclosure of, such non-public personal information.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt; text-align: justify; text-indent: 0.25pt"><FONT STYLE="color: #131313"><B>14.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Confidentiality. </B>During the term of this Agreement</FONT><FONT STYLE="color: #3F3F3F">, </FONT><FONT STYLE="color: #131313">the
Distributor and the Fund may have access to confidential information relating to such matters as either party</FONT><FONT STYLE="color: #2F2F2F">&rsquo;</FONT><FONT STYLE="color: #131313">s business </FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">trade secrets,
systems</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">procedures</FONT><FONT STYLE="color: #2F2F2F">,</FONT>
<FONT STYLE="color: #131313">manuals</FONT><FONT STYLE="color: #3F3F3F">, </FONT><FONT STYLE="color: #131313">products</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">contracts, personnel, and clients. As used in this Agreement, &ldquo;Confidential Information&rdquo;
means information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in
a competitive or other disadvantage to either party</FONT><FONT STYLE="color: #3F3F3F">, </FONT><FONT STYLE="color: #131313">including</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">without limit</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">tion</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">financial information</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">business
practices and policies, know-how, trade secrets</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">market or sales
information or plans</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">customer lists</FONT><FONT STYLE="color: #2F2F2F">,</FONT>
<FONT STYLE="color: #131313">business plans, and all provisions of this Agreement. Confidential Information does not include</FONT><FONT STYLE="color: #2F2F2F">:</FONT>
<FONT STYLE="color: #131313">(i) information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing
Party; (ii) information that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any
obligation of confidentiality to the P</FONT><FONT STYLE="color: #2F2F2F">a</FONT><FONT STYLE="color: #131313">rty seeking to enforce
its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by
the Receiving Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates without
reference to the Disclosing Party</FONT><FONT STYLE="color: #2F2F2F">&rsquo;</FONT><FONT STYLE="color: #131313">s information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; text-indent: 37.65pt"><FONT STYLE="color: #131313">Each
party will protect the other</FONT><FONT STYLE="color: #2F2F2F">&rsquo;</FONT><FONT STYLE="color: #131313">s Confidential Information
with at least the same degree of care it uses with respect to its own Confidential Information</FONT><FONT STYLE="color: #2F2F2F">,</FONT>
<FONT STYLE="color: #131313">and will not use the other party</FONT><FONT STYLE="color: #2F2F2F">&rsquo;</FONT><FONT STYLE="color: #131313">s
Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">a party may disclose the other&rsquo;s Confidential Information if (i) required by law</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">regulation or legal process or if requested by any Agency; (ii) it is advised by counsel that it
may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or
(ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable
and cooperate with the other party (at such other party&rsquo;s expense) in any efforts to prevent such disclosure.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313"><B>15.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notices. </B>Any notice required or permitted to be given by any party to the other shall be in writing and shall be deemed to
have been given on the date delivered personally or by courier service or 3 days after sent by registered or certified mail</FONT><FONT STYLE="color: #2F2F2F">,
</FONT><FONT STYLE="color: #131313">postage prepaid</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">return receipt
requested or on the date sent and confirmed received by facsimile transmission to the other party&rsquo;s address as set forth below:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.8pt; text-indent: -35.55pt"><FONT STYLE="color: #131313">Notices
to the Distributor shall be sent to</FONT><FONT STYLE="color: #2F2F2F">:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.9pt; text-indent: -0.1pt; color: #131313">Destra Capital
Investments LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.9pt; text-indent: -0.1pt; color: #131313">Attn: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.6pt; text-indent: -0.05pt; color: #131313">444 West Lake
Street Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.6pt; color: #131313">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.75pt"><FONT STYLE="color: #131313">Email: legal</FONT><FONT STYLE="color: #2F2F2F">@</FONT><FONT STYLE="color: #131313">destracapital.com</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-align: justify; color: #131313">Notices to the Fund
shall be sent to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.9pt; text-indent: -0.35pt; color: #131313">Destra Multi-Alternative
Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.9pt; text-indent: -0.35pt; color: #131313">Attn: President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.55pt; text-indent: 0.05pt"><FONT STYLE="color: #131313">c</FONT><FONT STYLE="color: #3F3F3F">/</FONT><FONT STYLE="color: #131313">o
Destra Capital Advisors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.55pt; text-indent: 0.05pt"><FONT STYLE="color: #131313">LLC 444 West Lake Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.6pt; color: #131313">Suite 1700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.6pt; color: #131313">Chicago, Illinois 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 41.75pt"><FONT STYLE="color: #131313">Email: Rob.Watson </FONT><FONT STYLE="color: #2F2F2F">@</FONT><FONT STYLE="color: #131313">destracapital.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313"><B>16.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Modifications.</B> The terms of this Agreement shall not be waived</FONT> <FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">altered,
modified</FONT><FONT STYLE="color: #2F2F2F">,</FONT> <FONT STYLE="color: #131313">amended or supplemented in any manner whatsoever except
by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by
the Fund</FONT><FONT STYLE="color: #2F2F2F">&rsquo;</FONT><FONT STYLE="color: #131313">s Board, including a majority of the Fund</FONT><FONT STYLE="color: #2F2F2F">&rsquo;</FONT><FONT STYLE="color: #131313">s
Board who are not interested persons, as such term is defined in the 1940 Act</FONT><FONT STYLE="color: #2F2F2F">, </FONT><FONT STYLE="color: #131313">of
any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.3pt"> <FONT STYLE="color: #131313"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT> <FONT STYLE="color: #131313"><B>Governing Law. </B>Thi</FONT><FONT STYLE="color: #2D2D2D">s </FONT><FONT STYLE="color: #131313">Agreement sh</FONT><FONT STYLE="color: #2D2D2D">a</FONT><FONT STYLE="color: #131313">ll be construed in </FONT><FONT STYLE="color: #2D2D2D">a</FONT><FONT STYLE="color: #131313">ccordance with the l</FONT><FONT STYLE="color: #2D2D2D">a</FONT><FONT STYLE="color: #131313">ws of the State of Delaware, without regard to the conflicts of law principles thereof</FONT><FONT STYLE="color: #3F3F3F">.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.3pt"><FONT STYLE="color: #131313"><B>18.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Entire Agreement. </B>This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications
</FONT><FONT STYLE="color: #2D2D2D">, </FONT><FONT STYLE="color: #131313">understandings and agreements rel</FONT><FONT STYLE="color: #2D2D2D">a</FONT><FONT STYLE="color: #131313">ting
to the subject matter hereof, whether oral or written.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="color: #131313"><B>19.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Survival. </B>The provisions of Sections 5, 6</FONT><FONT STYLE="color: #3F3F3F">, </FONT><FONT STYLE="color: #131313">7, 8</FONT><FONT STYLE="color: #2D2D2D">,
</FONT><FONT STYLE="color: #131313">9</FONT><FONT STYLE="color: #2D2D2D">, </FONT><FONT STYLE="color: #131313">12, 13 and 17 of this Agreement
shall survive any termination of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.15pt; text-align: justify; text-indent: 0.25pt"><FONT STYLE="color: #131313"><B>20.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Miscellaneous. </B>The captions in this Agreement are included for convenience of reference only and in no way define or delimit
any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall</FONT><FONT STYLE="color: #2D2D2D">, </FONT><FONT STYLE="color: #131313">as
to such jurisdiction</FONT><FONT STYLE="color: #2D2D2D">, </FONT><FONT STYLE="color: #131313">be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof</FONT> <FONT STYLE="color: #2D2D2D">, a</FONT><FONT STYLE="color: #131313">nd
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors</FONT><FONT STYLE="color: #2D2D2D">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-align: justify; text-indent: 0.1pt"><FONT STYLE="color: #131313"><B>21.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Counterparts. </B>This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts
taken together </FONT><FONT STYLE="color: #2D2D2D">s</FONT><FONT STYLE="color: #131313">hall be deemed to constitute one and the same
document.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-indent: 35.4pt"><FONT STYLE="color: #111111">IN WITNESS
WHEREOF</FONT><FONT STYLE="color: #2A2A2A">, </FONT><FONT STYLE="color: #111111">the p</FONT><FONT STYLE="color: #2A2A2A">a</FONT><FONT STYLE="color: #111111">rties
hereto have caused this Agr</FONT><FONT STYLE="color: #2A2A2A">e</FONT><FONT STYLE="color: #111111">ement to be executed by a duly </FONT><FONT STYLE="color: #2A2A2A">a</FONT><FONT STYLE="color: #111111">uthorized
officer on one or more counterparts as of the date first above written</FONT><FONT STYLE="color: #414141">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; color: #111111"><B>DESTRA CAPITAL INVESTMENTS LLC</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.2pt"></TD><TD STYLE="width: 14.25pt"><FONT STYLE="color: #111111">By</FONT><FONT STYLE="color: #2A2A2A">:</FONT></TD><TD STYLE="padding-right: 189pt">&nbsp;&nbsp;<FONT STYLE="color: #111111">Name</FONT><FONT STYLE="color: #2A2A2A">:</FONT> <FONT STYLE="color: #111111">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20.5pt; color: #111111">&nbsp;&nbsp;Title: President</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; color: #111111"><B>ON BEHALF OF DESTRA MULTI-ALTERNATIVE
FUND</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.2pt"></TD><TD STYLE="width: 14.25pt"><FONT STYLE="color: #111111">By:</FONT></TD><TD STYLE="padding-right: 189pt">&nbsp;&nbsp;<FONT STYLE="color: #111111">Name</FONT><FONT STYLE="color: #2A2A2A">: </FONT><FONT STYLE="color: #111111">Robert
Watson</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 20.5pt; color: #111111">&nbsp;&nbsp;Title: President</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 206.5pt; text-align: center; color: #111111">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 206.95pt; text-align: center; color: #111111">(as
of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;])</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 206.95pt; text-align: center; color: #111111">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 206.95pt; text-align: center; color: #111111"><U>Compensation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; color: #111111"><U>SALES LOADS</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt"><FONT STYLE="color: #111111"><B>Class </B></FONT><B><FONT STYLE="color: #030303">I
</FONT><FONT STYLE="color: #111111">Shares </FONT></B><FONT STYLE="color: #3F3F3F">- </FONT><FONT STYLE="color: #111111">0.00%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-indent: -0.05pt"><FONT STYLE="color: #111111"><B>Class
A Shares </B>- Up to 5</FONT><FONT STYLE="color: #3F3F3F">.</FONT><FONT STYLE="color: #111111">75% (As </FONT><FONT STYLE="color: #232323">set
</FONT><FONT STYLE="color: #111111">forth </FONT><FONT STYLE="color: #030303">in </FONT><FONT STYLE="color: #111111">the Registration
Statement, </FONT><FONT STYLE="color: #030303">including </FONT><FONT STYLE="color: #111111">the Prospectus, filed with the SEC and in
effect at the time of sale of </FONT><FONT STYLE="color: #232323">such </FONT><FONT STYLE="color: #111111">Shares </FONT><FONT STYLE="color: #3F3F3F">.</FONT><FONT STYLE="color: #111111">)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt; text-indent: -0.05pt"><FONT STYLE="color: #111111"><B>Class
T Shares </B></FONT><FONT STYLE="color: #3F3F3F">- </FONT><FONT STYLE="color: #111111">Up to 3.00% (As set forth in the Registration Statement,
including the Prospectus</FONT><FONT STYLE="color: #3F3F3F">, </FONT><FONT STYLE="color: #232323">filed with </FONT><FONT STYLE="color: #111111">the
SEC and in effect at the time of sale of such Shares.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt"><FONT STYLE="color: #111111"><B>Class C Shares </B></FONT><FONT STYLE="color: #3F3F3F">-
</FONT><FONT STYLE="color: #111111">0.00%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt"><FONT STYLE="color: #111111">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt"><FONT STYLE="color: #111111"><U>DISTRIBUTION </U></FONT><U><FONT STYLE="color: #232323">FEE</FONT></U><FONT STYLE="color: #030303">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.2pt"><FONT STYLE="color: #030303">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt"><FONT STYLE="color: #111111"><B>Class I Shares </B></FONT><FONT STYLE="color: #3F3F3F">-
</FONT><FONT STYLE="color: #111111">0.00%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.25pt"><FONT STYLE="color: #111111"><B>Class A Shares </B></FONT><FONT STYLE="color: #3F3F3F">-
</FONT><FONT STYLE="color: #111111">0.00%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-indent: -0.05pt"><FONT STYLE="color: #111111"><B>Class
T Shares</B></FONT> <FONT STYLE="color: #3F3F3F">-</FONT> <FONT STYLE="color: #111111">0.50% (As set forth in the Registration Statement,
including the Prospectus, filed with the SEC and in </FONT><FONT STYLE="color: #232323">effect at </FONT><FONT STYLE="color: #111111">the
time of sale of such Shares.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 6.3pt; text-indent: -0.05pt"><FONT STYLE="color: #111111"><B>Class
C Shares</B></FONT> <FONT STYLE="color: #606060">-</FONT> <FONT STYLE="color: #111111">0.75% (As</FONT> <FONT STYLE="color: #232323">set</FONT>
<FONT STYLE="color: #111111">forth in the Registration Statement, including the Prospectus, filed with the SEC </FONT><FONT STYLE="color: #232323">and
</FONT><FONT STYLE="color: #111111">in </FONT><FONT STYLE="color: #232323">effect at </FONT><FONT STYLE="color: #111111">the time of sale
of such Shares.)</FONT></P>

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

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

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

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

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<DOCUMENT>
<TYPE>EX-99.(K)(2)
<SEQUENCE>5
<FILENAME>tm2119081d2_ex99-k2.htm
<DESCRIPTION>AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit (k)(2)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AGREEMENT made as of the [
] day of [ ], [ ] by and among Destra Multi-Alternative Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;) and Destra Capital Advisors
LLC, a Delaware limited liability company (the &ldquo;Investment Manager&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Fund is registered
under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;) and intends to offer one or more classes
of common shares of beneficial interest (&ldquo;Shares&rdquo;) in a continuous public offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Investment Manager
acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund (the &ldquo;Investment Management
Agreement&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Fund and Investment
Manager previously entered into an Expense Limitation and Reimbursement Agreement, and desire to amend and restate such agreement in its
entirety;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the Fund engaging the Investment Manager pursuant to the Investment Management Agreement and other good and valuable consideration,
the parties to this Agreement agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. Capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Fund&rsquo;s Prospectus as currently in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. The Investment Manager
agrees with the Fund to reduce its fees and/or absorb expenses of the Fund (a &ldquo;Waiver&rdquo;) so that the Fund&rsquo;s total fund
operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions,
acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments
(including, for example, options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold
short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees
and contractual indemnification of Fund service providers (other than the Investment Manager)) will not exceed 1.95% of Class&nbsp;A shares'
net assets, 2.45% of Class&nbsp;T shares' net assets, 2.70% of Class&nbsp;C shares' net assets, and 1.70% of Class&nbsp;I shares' net
assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. Unless terminated by the
Board of Trustees, this Agreement will continue in effect until at least November&nbsp;30, 2022. The Board of Trustees may terminate this
Agreement upon sixty (60) days&rsquo; written notice to the Investment Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4. Any Waiver or reimbursement
by the Investment Manager is subject to repayment by the Fund within three years from the date of the Waiver, provided that the Fund is
able to make the repayment without exceeding the expense limitation in place at the time of Waiver or the current expense limitation and
the repayment is approved by the Board of Trustees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. This Agreement will be
construed in accordance with the laws of the state of Delaware and the applicable provisions of the Investment Company Act. To the extent
the applicable law of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable provisions of the
Investment Company Act, the applicable provisions of the Investment Company Act will control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6. This Agreement supersedes
all previous agreements and constitutes the entire agreement between the parties to this Agreement with respect to the matters described
in this Agreement.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties to this Agreement have executed this
Agreement as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-size: 10pt">DESTRA MULTI-ALTERNATIVE FUND</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt"><FONT STYLE="font-size: 10pt">By: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">DESTRA CAPITAL ADVISORS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">By: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.3pt; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(L)(2)
<SEQUENCE>6
<FILENAME>tm2119081d2_ex99-l2.htm
<DESCRIPTION>CONSENT OF FAEGRE DRINKER BIDDLE & REATH LLP
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit (l)(2)</B></P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We hereby consent to the use of our name and to the
references to our Firm under the caption &#8220;Legal Matters&#8221; in the Prospectus and the caption &#8220;Legal Counsel&#8221; in
the Statement of Additional Information included in Post-Effective Amendment No. 14 to the Registration Statement on Form N-2 under the
Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), of Destra Multi-Alternative Fund (File Nos. 333-189008 and 811-22572).
In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7
of the 1933 Act or the rules and regulations of the Securities and Exchange Commission thereunder.&#9;</P>

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

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    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Faegre Drinker Biddle &amp; Reath LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>Faegre Drinker Biddle &amp; Reath LLP</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2021</P>



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

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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>7
<FILENAME>tm2119081d2_ex99-n.htm
<DESCRIPTION>CONSENT OF COHEN & COMPANY, LTD.
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit (n)&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the use of our report dated
April 29, 2021 on the financial statements of Destra Multi-Alternative Fund, for the year ended February 28, 2021 included in this Registration
Statement on Form N-2, and to the references to our firm under the headings &#8220;Financial Highlights&#8221; and &#8220;Senior Securities&#8221;
in the Prospectus and &#8220;Independent Registered Public Accounting Firm&#8221; in the Statement of Additional Information.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Cohen &amp; Company, Ltd.</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago, Illinois</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 22, 2021</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM ON SUPPLEMENTAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To&nbsp;the&nbsp;Shareholders and Board of Trustees
of Destra Multi-Alternative Fund</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited and reported separately herein
on the statement of assets and liabilities, including the schedule of investments, of Destra Multi-Alternative Fund (the &ldquo;Fund&rdquo;)
as of February 29, 2020, and the related statements of operations, cash flows, and changes in net assets for the year then ended, including
the related notes, and the financial highlights for the year then ended (collectively referred to as the &ldquo;financial statements&rdquo;),
in accordance with the standards of the Public Company Accounting Oversight Board (United States).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&nbsp;accompanying information included in
the registration statement under the caption &ldquo;Senior Securities&rdquo; (Senior Securities Table) for the for the period ended February
29, 2020 has been subjected to audit procedures performed in conjunction with our audit of the Fund&rsquo;s financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Senior Securities Table is the responsibility
of the Fund&rsquo;s management. Our audit procedures included determining whether the Senior Securities Table reconciles to the financial
statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy
of the information presented in the Senior Securities Table. In forming our opinion on the Senior Securities Table, we evaluated whether
the Senior Securities Table, including its form and content, is presented in conformity with instructions to Form N-2 and Section 18 of
the Investment Company Act of 1940. In our opinion, the Senior Securities Table for the year then ended, is fairly stated, in all material
respects, in relation to the financial statements as a whole.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Cohen &amp; Company, Ltd.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 22, 2021</P>

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

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<DOCUMENT>
<TYPE>EX-99.(R)(2)
<SEQUENCE>8
<FILENAME>tm2119081d2_ex99-r2.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit (r)(2)</B></FONT></P>

<P STYLE="margin: 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2119081d2_ex99-r2img001.jpg" ALT=""></FONT></P>

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

<P STYLE="border-bottom: rgb(78,128,187) 1pt solid; font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #974605"><B>CODE OF ETHICS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><B><I>Introduction</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">Validus Growth Investors, LLC
(&quot;Validus&quot; or the &quot;Firm&quot;) has adopted this Code of Ethics (&quot;Code&quot;) that requires partners and employees
of the Firm operate with an ethical standard of honesty and integrity that not only meets the basic requirements of compliance with applicable
federal and state securities law, but exceeds it. We seek to achieve a work environment that places these high ideals as the integral
foundation of what we seek to achieve as an investment adviser</FONT><FONT STYLE="color: #1d1d1d">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Code applies to all partners and employees (&quot;associated persons&quot;) of </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">and
is designed to ensure compliance with legal requirements and </FONT><B>Validus' </B><FONT STYLE="font-family: Times New Roman, Times, Serif">standards
of business conduct. All associated persons shall read and understand this Code and uphold the standards in the Code in their day-to-day
activities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">This Code
does not address every possible situation that may arise</FONT><FONT STYLE="color: #1d1d1d">, </FONT><FONT STYLE="color: #010101">consequently
every associated person is responsible for exercising good judgement, applying ethical principles and bringing potential violations of
the Code to the attention of the Chief Compliance Officer (&quot;CCO&quot;)</FONT><FONT STYLE="color: #1d1d1d">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><B><I>Standard of Conduct</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">Validus
has as its primary mission to provide excellent advisory services with integrity, creativity and disciplined execution</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1d1d1d">.
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">Underlying all of our services and processes is an understanding
that we are functioning as a fiduciary - a trusted agent - for our clients' assets. Our goal is to partner with our clients not only to
maximize their wealth and security, but also to provide these services with the highest standards of ethical conduct. In addition, we
place a high value on our clients' educational development so that our clients and we</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1d1d1d">,
</FONT><FONT STYLE="color: #010101">Validus, <FONT STYLE="font-family: Times New Roman, Times, Serif">will grow together in a mutually
beneficial relationship</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1d1d1d">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #462301"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>REVISED
</I></B></FONT><B><I>MARCH&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></I></B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left">VALIDUS CODE OF ETHICS</TD><TD STYLE="width: 2%; font: italic bold 10pt Times New Roman, Times, Serif; color: #462301">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 49%; font: italic bold 10pt Times New Roman, Times, Serif; color: #462301">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #e26b0a"><B><I>Fiduciary Responsibilities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Provide advice that is suitable for
each client</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
SEC states that a fiduciary's duties include the responsibility to provide advice that is suitable. Our goal at </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">is
to match our provision of services to the specific needs and desires of each of our clients, with the commitment that we will never seek
to offer advice that we feel is contrary to the best interests of our clients. We will seek to avoid any activities that may create a
conflict of interest between </FONT>Validus' <FONT STYLE="font-family: Times New Roman, Times, Serif">interests or the interests of our
partners and employees ahead of our clients.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Provide full disclosure of material
facts and potential conflicts of interest</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">As the SEC mandates, we will provide complete
and honest disclosure of all of our relationships and potential and actual conflicts of interest such that the client can make an informed
decision about engaging our services and accepting our recommendations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Utmost and exclusive loyalty and good
faith</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">Our ultimate goal is
to partner with our clients. In a partnership relationship, loyalty and trust are the two hallmark pillars of strength and prosperity.
We will never compromise this relationship by self-seeking or aggrandizing at the expense of our clients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Best execution of transactions</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
all times, </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">partners and employees will work together to achieve
best execution of transactions for client accounts. Best execution is achieved under the following guidelines:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><I>Soft dollar/client brokerage. </I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not engage in
soft dollar practices, nor do we use client brokerage to compensate brokers for client referrals.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><I>Trade Aggregation. </I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When possible, we seek to achieve
best execution by bundling trades for the purchase or sale of securities with a particular broker.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><I>Conflicts of Interest. </I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our trade allocation policy
ensures that all client trades are allocated in a fair and equitable manner, without any preferential treatment for any account.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #010101">&bull;</FONT></TD><TD><FONT STYLE="color: #010101"><I>Directed brokerage</I></FONT><I><FONT STYLE="color: #1d1d1d">. </FONT></I><FONT STYLE="color: #010101">In
certain cases, we may permit a client to direct brokerage; however, in doing so, we will inform the client that we may be unable to achieve
the best execution of the transaction, which may result in additional costs from higher brokerage commissions or prices.</FONT></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(70,35,1); text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #010101"><B><U>Background checks</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">Background
checks of all </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">personnel will be conducted to ensure that all employees
have met our rigorous standards of personal fidelity and accountability in their previous employments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><B><I>Insider Trading</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">Validus and its employees
in their normal course of business may acquire material, non-public information about a particular company, which is known as &quot;inside
information&quot;. According to federal securities laws, this information belongs to the company that is the subject of the information
and persons affiliated with that company have a fiduciary duty to keep it confidential. Use of inside information to buy or sell securities
for personal gain is generally considered insider trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Firm is committed to conducting its business in a manner consistent with the highest ethical standards and all applicable legal requirements;
therefore, you, as an employee of </FONT>Validus, <FONT STYLE="font-family: Times New Roman, Times, Serif">are prohibited from buying
or selling securities for your personal portfolio or for the portfolios of others where your decision is influenced by inside information
obtained as a result of your employment with </FONT>Validus, <FONT STYLE="font-family: Times New Roman, Times, Serif">and from communicating
material non-public information to others.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">A violation of Federal securities
laws with regard to insider trading not only can have severe consequences for the Firm, but may also result in severe monetary penalties
and/or imprisonment for the individual &quot;tipper&quot; and &quot;tippees&quot; involved. The law prohibit s</FONT><FONT STYLE="color: #313131">:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Trading by an insider or a &quot;tippee&quot; based upon the use of material non-public information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #010101">&bull;</FONT></TD><TD><FONT STYLE="color: #010101">Trading by a non </FONT><FONT STYLE="color: #1d1d1d">-</FONT><FONT STYLE="color: #010101">insider (also
called a temporary insider) based upon the use of material non-public information, where the information was either disclosed to the non-insider
in violation of an insider's duty to keep the information confidential or was misappropriated; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #010101">&bull;</FONT></TD><TD><FONT STYLE="color: #010101">Communicating material non-public information to others (&quot;tip ping</FONT><FONT STYLE="color: #1c1c1c">&quot;</FONT><FONT STYLE="color: #010101">).</FONT></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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #010101"><B><U>Material Non-Public Information Defined</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">It is important for
you to determine whether certain information is &quot;material&quot; non-public information. Information may be considered &quot;material&quot;
when the information, whether positive or negative, might be of significance to a reasonable investor in a decision to purchase, sell
or hold stock or other securities. Information may be significant for this purpose even if it would not alone determine the investor's
decision. If you learn something that leads you to want to buy or sell securities, the information will probably be considered material.
Even speculative information can be material. Information that is likely to happen, or even that it may happen, can also be considered
material. In summary, any information which could reasonably affect the price of the stock is material information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>When Information is Public</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">Information
is considered &quot;public&quot; and no longer &quot;inside&quot; after it has been effectively disclosed in a manner sufficient to insure
its availability to the investing public. This disclosure generally requires reporting on the Dow Jones tapes in the U.S., the Associated
Press or Reuters Economic Services or in the newspapers in major financial areas</FONT><FONT STYLE="color: #1c1c1c">. </FONT><FONT STYLE="color: #010101">Selective
disclosure to a few persons does not make information public.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Tipping</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">Inside information
that could have an impact on a company's stock price, or sensitive information relating to a company's customers, suppliers or potential
parties to contracts, must not be passed on to other companies or people (such as family members, friends, relatives or business associates).
When &quot;tipping&quot; occurs, both the &quot;tipper&quot; and the &quot;tippee&quot; may be held liable, and this liability may extend
to all those to whom the &quot;tippee&quot; gives the information. The legal penalties are applicable whether or not a person derives
any benefit from another's actions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Violations</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt; color: #010101"><B>If you
think that you are in possession of inside information, or are aware of another employee violating the Firm</B></FONT><B><FONT STYLE="color: #1c1c1c">'</FONT><FONT STYLE="color: #010101">s
policy on insider trading, you should immediately report it to the CCO. </FONT></B><FONT STYLE="color: #010101"><FONT STYLE="font-size: 10pt">In
addition to any criminal and/or civil penalties listed above, failure by any employee to adhere to the insider trading policy shall be
grounds for disciplinary action, including dismissal.</FONT></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #e26b0a"><B><I>Personal Securities Trading</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #050505"><FONT STYLE="font-family: Times New Roman, Times, Serif">Because
</FONT>Validus and each of its associated persons is a fiduciary to Validus' clients, such persons must avoid actual and potential conflicts
of interest with clients of Validus. An actual or potential conflict of interest could arise when both an associated person and Validus
on behalf of a client, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #050505">engage in a transaction
involving the same security </FONT><FONT STYLE="font-size: 10pt; color: #2a2a2a">. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #050505"><I>A
</I></FONT><FONT STYLE="font-size: 10pt; color: #050505">client's interest takes precedence over the personal interests of Validus and
its associated persons. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #050505">If </FONT><FONT STYLE="font-size: 10pt; color: #050505">a
potential or actual conflict arises, Validus will investigate and determine if the client's interests could be or were adversely affected
in any way. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #050505">If </FONT><FONT STYLE="font-size: 10pt; color: #050505">so,
an appropriate remedy will be provided to the client. An associated person who becomes aware of a conflict of interest or potential conflict
involving a client, should bring it to the attention of Validus' CCO.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #050505"><B><U>General Policy</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #050505"><FONT STYLE="font-family: Times New Roman, Times, Serif">Validus
</FONT>has adopted the following requirements governing personal investment activities by Validus' associated persons. If you have any
doubt as to whether the pre-clearance requirements apply to a particular security, please contact the CCO for guidance before executing
a personal securities transaction.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We require prior written approval by the Firm's Officer CCO, before any supervised person (defined below) can place a personal securities
transaction.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We require that any supervised person who seeks to establish
a personal trading account be invested in </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategies;
we will not permit trading outside of </FONT>Validus' <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategies
other than outlined below.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We allow supervised persons to hold investments in an IRA or College Savings Accounts, provided that the investments fall in the category
of nonreportable securities described below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We allow supervised persons to hold securities in accounts over which the supervised person has no direct or indirect influence or
control.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">We require access persons (defined below) to submit a report which details all personal securities transactions,
to the CCO within 30 days after the close of each calendar quarter.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #030303">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #030303">All investments in securities are reportable
with the exception of the following: transactions and holdings in direct obligations of the U</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #1d1d1d">.</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #030303">S</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #1d1d1d">.</FONT>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #030303">Government, money market instruments (banker</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #1d1d1d">'
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #030303">s acceptances, bank certificates of deposit,
commercial paper, repurchase agreements and other high quality short-term debt instruments), shares of money market funds, transactions
and holdings in shares of other types of mutual funds, unless </FONT><FONT STYLE="color: #030303">Validus <FONT STYLE="font: 10pt Times New Roman, Times, Serif">is
the investment adviser or principal underwriter for the fund, transactions in units of a unit investment trust, if the unit investment
trust is invested exclusively in unaffiliated mutual funds.</FONT></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Supervised persons are not permitted to invest in an initial public offering or private placement.</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">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #030303"><B><U>Compliance Procedures</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303">Every associated person shall provide initial
and annual holdings reports and quarterly transaction reports to the CCO. It is the policy of Validus that each associated person must
arrange for their brokerage firm(s)&nbsp;to send automatic duplicate brokerage account statements and trade confirmations of all securities
transactions to the CCO. If accounts are held with the Firm's affiliated broker dealer, Lucia Securities, LLC, duplicate statements are
not required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #030303">Every associated person shall
no later than January&nbsp;31 of each year submit an acknowledgement that all statements and trade confirmations have been provided to
the CCO for the prior year</FONT><FONT STYLE="color: #1d1d1d">. </FONT><FONT STYLE="color: #030303">Such acknowledgement shall include
a list of all personal accounts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303">The CCO or designee
will monitor and review all reports required under the Code for compliance with Validus' policies regarding personal securities transactions
and applicable SEC rules&nbsp;and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303">Any personal securities transactions for
the CCO's personal accounts will be reviewed and approved by the President, or designee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><B><I>Gifts and Ethical Restraints</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
partner and employee of </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">is required to adhere to the highest standards
of conduct regarding the giving and receiving of gifts. It is imperative that we use sound judgment with regard to gift-giving in order
in order to ensure that the independence of our decision-making and loyalty to all of our <FONT STYLE="font-family: Times New Roman, Times, Serif">clients
will never be compromised. </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">adheres to a $100 limit of value for
any gift given to or received from a client, and an employee must have pre clearance from the CCO before receiving or giving gifts in
excess of the $100 limitation. Our Compliance Manual further details the procedures to be followed with regard to gift-giving and receiving.</FONT></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #e26d0a"><B><I>Outside Activities (Serving as Director,
Outside Employment, Outside Business Ventures)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303">Any employment or other outside activity
by a partner or employee may result in possible conflicts of interests for the person or Validus and therefore must be reviewed and approved
by the CCO. All outside activities must not prevent a partner or employee from carrying out Validus employment duties in an objective,
ethical and lawful manner that adheres to the highest standards of professional and personal conduct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><B><I>Political Contributions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is </FONT>Validus' <FONT STYLE="font-family: Times New Roman, Times, Serif">policy to permit the Firm, and its covered associated persons,
to make political contributions to elected officials, candidates and others, consistent with this policy and regulatory requirements.
Accordingly, it is the policy of the Firm to restrict certain political contributions made to government officials and candidates of state
and state political subdivisions who can influence or have the authority for hiring an investment adviser.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The CCO, or designee, will obtain appropriate information from new employees regarding any political contributions made within the
preceding two years if such person will be soliciting municipal business.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>On at least an annual basis, the CCO or designee, will require associated persons to confirm that such persons have reported any and
all political contributions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>No associated person shall make a political contribution without prior written approval of the CCO who has been provided with full
details of the proposed contribution. Such information will be reported to the CCO utilizing Validus' Political Contribution Pre Approval
Form.</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #e26d0a"><B><I>Privacy Policy</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">Our role
as a fiduciary requires that we hold in strictest confidence the nonpublic information we obtain from and about our clients</FONT><FONT STYLE="color: #343434">.
</FONT><FONT STYLE="color: #010101">Our privacy policy applies to both current and former clients. As a fiduciary, we safeguard the information
through the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We do not and will not sell any client or personal information to any other entity for any reason.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We will require authorization from the client to share information with third-parties outside of the Firm.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>We will retain the right to make disclosures where it is required or permitted under law, to cooperate with regulatory or law enforcement
authorities, actual or threatened litigation actions, or ethics/disciplinary related claims or proceedings.</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 0pt 0.5in; color: #e26d0a"><B><I>Protection of Client's Information</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">Validus has controls in place to ensure
that client information is protected electronically and accessed only by authorized individuals or organizations. Employees are required
to safeguard clients' information as a condition of employment. This obligation extends to situations where there is even the potential
of someone outside the Firm overhearing the information. Employees are under obligation to refrain from discussing client matters in any
way with family, friends or acquaintances. Client matters include, but are not limited to, business names, identity, and facts that are
unique to the client's business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><B><I>Violations of the Code of Ethics</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
partner or employee of </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">determined to have violated any term of
this Code of Ethics will be sanctioned in accordance with the severity of the violation as outlined in the disciplinary proceedings of
the Compliance Manual, which may include personal liability and termination of employment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26d0a"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Obligation
</I></B></FONT><B>to <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Report Conduct</I></FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
only do we expect each of our partners and employees to individually comply with the letter and spirit of this Code of Ethics, we also
expect any partner or employee with knowledge of conduct that violates this Code of Ethics to report such conduct to the CCO and/or the
Managing Partner of </FONT>Validus. <FONT STYLE="font-family: Times New Roman, Times, Serif">Any partner or employee who reports such
information will be protected from any form of retaliation by the Firm or its officers.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #e26b0a"><B><I>Recordkeeping</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
accordance with the Adviser's Act, upon commencement of employment, each supervised person of </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">will
receive a copy of the Code of Ethics, along with any amendments. Each supervised person will provide a signed acknowledgement that he/she
has received the Code of Ethics, along with any amendments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26b0a"><B><I>Whistleblower Policy</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">As articulated in this Code's statement
of Standard of Conduct, central to the Firm's compliance culture is an ingrained commitment to fiduciary principles. The policies and
procedures set forth here and in our Compliance Manual evidence the Firm's unwavering intent to place the interests of clients ahead of
self-interest for Validus and its associated persons. While managers and senior management ultimately have supervisory responsibility
and authority, we encourage all associated persons to report any suspected or actual violations of the Firm's policies and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">Any associated person may report potential
misconduct by contacting the CCO verbally, in writing, by contacting the whistleblower hotline at 844-990-0002, or online at www.lighthouse-services.com/luciacap.
It is the Firm's policy that no associated person who submits a complaint made in good faith will experience retaliation, harassment,
or unfavorable or adverse employment consequences. An associated person who retaliates against a person reporting a complaint will be
subject to disciplinary action, which may include termination of employment. An associated person who believes they been subject to retaliation
or reprisal as a result of reporting a concern or making a complaint is to report such action to the CCO or to the Firm's other senior
management in the event the concern pertains to the CCO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26b0a"><B><I>Definitions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Supervised
person </I></B>means any partner or employee of </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">or any other person
who provides investment advice on behalf of </FONT>Validus <FONT STYLE="font-family: Times New Roman, Times, Serif">and is subject to
supervision and control by </FONT>Validus. <FONT STYLE="font-family: Times New Roman, Times, Serif">All of </FONT>Validus' <FONT STYLE="font-family: Times New Roman, Times, Serif">supervised
persons are subject to </FONT>Validus' <FONT STYLE="font-family: Times New Roman, Times, Serif">Code.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><I>Access person
</I></B>means any supervised person who <B>1) </B>has access to nonpublic information regarding any clients' purchase or sale of securities,
or nonpublic information regarding the portfolio holdings of any reportable fund, or 2) is involved in making securities recommendations
to clients, or who has access to <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">such
recommendations that are nonpublic. All of </FONT><FONT STYLE="color: #010101">Validus</FONT><FONT STYLE="color: #1a1a1a">' </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">directors,
off</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #1a1a1a">i</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">cers
and partners are presumed to be access persons.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #462301">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101"><B><I>Immediate
family </I></B>means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling</FONT><FONT STYLE="color: #1a1a1a">,
</FONT><FONT STYLE="color: #010101">mother-in-law, father-in-law, son-in-law, daughter-in-law</FONT><FONT STYLE="color: #1a1a1a">, </FONT><FONT STYLE="color: #010101">brother-in-law,
or sister-in-law</FONT><FONT STYLE="color: #1a1a1a">, </FONT><FONT STYLE="color: #010101">and shall include adoptive relationships. For
the purposes of this Code an associated person will be deemed to have an indirect pecuniary interest in securities owned by immediate
family members sharing the same household as the associated person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #e26b0a"><B><I>Acknowledgement</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101"><B><U>Initial Acknowledgement</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">All associated persons will
be provided with a copy of the Code and must initially acknowledge in writing to the CCO that they have</FONT><FONT STYLE="color: #1a1a1a">:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #010101">&bull;</FONT></TD><TD><FONT STYLE="color: #010101">Received a copy of the Code</FONT><FONT STYLE="color: #1a1a1a">;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Read and understand all provisions of the Code;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Agreed to abide by Code; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #010101">&bull;</FONT></TD><TD><FONT STYLE="color: #010101">Reported all account holdings as required by the Code</FONT><FONT STYLE="color: #1a1a1a">.</FONT></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 0pt 0.5in; color: #010101"><B><U>Acknowledgement of Amendments</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">All associated persons shall receive any
amendments to the Code and must Acknowledge to the CCO in writing that they have:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Received a copy of the amendment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Read and understood the amendment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="color: #010101">&bull;</FONT></TD><TD><FONT STYLE="color: #010101">And agreed to abide by the Code, as amended</FONT><FONT STYLE="color: #1a1a1a">.</FONT></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 0pt 0.5in; color: #010101"><B><U>Annual Acknowledgement</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="color: #010101">All associated persons must
annually acknowledge in writing to the CCO that they have</FONT><FONT STYLE="color: #1a1a1a">:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #010101">(i)&nbsp;read and understood all provisions
of the Code; (ii)&nbsp;complied with all requirements of the Code; and (iii)&nbsp;submitted all holdings and transaction reports as required
by the Code.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #462301; text-align: left; width: 49%">VALIDUS CODE OF ETHICS</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: #462301; width: 2%">&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: right; color: #462301; width: 49%">REVISED MARCH&nbsp;2019</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 0pt 0.5in; color: #e26d0a"><B><I>Further Information</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #030303">Associated persons should contact the CCO
regarding any inquiries pertaining to the Code or the policies established herein.</P>

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
