<SEC-DOCUMENT>0001145549-22-026698.txt : 20220512
<SEC-HEADER>0001145549-22-026698.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512163225
ACCESSION NUMBER:		0001145549-22-026698
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220228
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512
EFFECTIVENESS DATE:		20220512

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22572
		FILM NUMBER:		22918397

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Multi-Strategy Growth & Income Fund
		DATE OF NAME CHANGE:	20110614
</SEC-HEADER>
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<TYPE>N-CEN
<SEQUENCE>1
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        <securityRelatedItem>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>dmaf_internal.htm
<DESCRIPTION>2.28.22 REPORT ON INTERNAL CONTROL
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Trustees of</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
planning and performing our audit of the financial statements of Destra Multi-Alternative Fund (the &#8220;Fund&#8221;) as of and for
the year ended February&nbsp;28, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Fund&#8217;s internal control over financial reporting, including controls over safeguarding securities, as
a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control
over financial reporting. Accordingly, we express no such opinion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling
this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.
A fund&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles (GAAP). A fund&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management
and Trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of a fund&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the Fund&#8217;s annual or interim financial statements will not be prevented or detected
on a timely basis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consideration of the Fund&#8217;s internal control over financial reporting was for the limited purpose described in the first paragraph
and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established
by the PCAOB. However, we noted no deficiencies in the Fund&#8217;s internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be a material weakness as defined above as of February&nbsp;28, 2022.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;29,
2022</FONT></P>

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

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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>dmaf_bylaws.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>
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<TITLE></TITLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
and Restated By-Laws</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Agreement
and Declaration of Trust and Offices</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1 <U>Agreement
and Declaration of Trust</U>. These By-Laws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect
(the &#8220;Declaration of Trust&#8221;), of Destra Multi-Alternative Fund, the Delaware statutory trust established by the Declaration
of Trust (the &#8220;Trust&#8221;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2 <U>Offices</U>.
The Trust may maintain one or more other offices, including its principal office, in or outside of Delaware, in such cities as the Trustees
may determine from time to time. Unless the Trustees otherwise determine, the principal office of the Trust shall be located in Milwaukee,
WI.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Meetings
of Trustees</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1 <U>Regular
Meetings</U>. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees may
from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent
Trustees. A regular meeting of the Trustees may be held without call or notice immediately after and at the same place as any meeting
of the shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2 <U>Special
Meetings</U>. Special meetings of the Trustees may be held at any time and at any place designated in the call of the meeting when called
by the President or the Treasurer or by two or more Trustees, sufficient notice thereof being given to each Trustee by the Secretary
or an Assistant Secretary or by the officer or the Trustees calling the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3 <U>Notice</U>.
It shall be sufficient notice to a Trustee of a special meeting to send notice by mail at least forty-eight hours before the meeting
addressed to the Trustee at his or her usual or last known business or residence address or to give notice to him or her in person or
by telephone or facsimile at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written
waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Trustee who
attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. Neither notice of a meeting
nor a waiver of a notice need specify the purposes of the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4 <U>Quorum</U>.
At any meeting of the Trustees a majority of the Trustees then in office shall constitute a quorum. Any meeting may be adjourned from
time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned
without further notice.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5 <U>Participation
by Telephone</U>. One or more of the Trustees or of any committee of the Trust may participate in a meeting thereof by means of a conference
telephone or similar Communications equipment allowing all persons participating in the meeting to hear each other at the same time.
Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act
of 1940.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6 <U>Action
by Consent</U>. Any action required or permitted to be taken at any meeting of the Trustees or any committee thereof may be taken without
a meeting, if a written consent of such action is signed by a majority of the Trustees then in office or a majority of the members of
such committee, as the case may be, and such written consent is filed with the minutes of the proceedings of the Trustees or such committee.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1 <U>Enumeration
and Qualification</U>. The officers of the Trust shall be a President, a Chief Compliance Officer, a Treasurer, a Secretary and such
other officers, including Vice Presidents, if any, as the Trustees from time to time may in their discretion elect. The Trust also may
have such agents as the Trustees from time to time may in their discretion appoint. Any officer may be, but need not be, a Trustee or
shareholder. The same person may hold any two or more offices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2 <U>Election</U>.
The President, the Treasurer and the Secretary shall be elected annually by the Trustees. The Chief Compliance Officer must be appointed
by the Trustees, including a majority of the independent Trustees, as defined in the Investment Company Act of 1940 (the &#8220;Independent
Trustees&#8221;). Other officers, if any, may be elected or appointed by the Trustees at any time. Vacancies in any office may be filled
at any time, provided, however, that filling a vacancy in the office of Chief Compliance Officer must be approved by the Trustees, including
a majority of the Independent Trustees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3 <U>Tenure</U>.
The officers shall hold office for one year and until their respective successors are chosen and qualified, or in each case until he
or she sooner dies, resigns, is removed or becomes disqualified. Each officer shall hold office and each agent shall retain authority
at the pleasure of the Trustees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4 <U>Powers</U>.
Subject to the other provisions of these By-Laws, each officer shall have, in addition to the duties and powers herein and in the Declaration
of Trust set forth, such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized
as a Delaware business corporation and such other duties and powers as the Trustees may from time to time designate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5 <U>President</U>.
Unless the Trustees otherwise provide, the President, or in the absence of the President, any Trustee chosen by the Trustees, shall preside
at all meetings of the shareholders and of the Trustees. The President shall be the chief executive officer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6 <U>Chief
Compliance Officer.</U> The Chief Compliance Officer of the Trust will be responsible for administering its compliance policies and procedures,
shall have sufficient authority and independence within the organization to compel others to adhere to the compliance policies and procedures,
shall report directly to the Board of Trustees, shall annually furnish a written report on the operation of the compliance policies and
procedures to the Board of Trustees and shall perform such other duties as prescribed by the Board of Trustees.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7 <U>Treasurer</U>.
The Treasurer shall be the chief financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration
of Trust and to any arrangement made by the Trustees with a custodian, investment adviser or manager, or transfer, shareholder servicing
or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust, and shall have such other
duties and powers as may be designated from time to time by the Trustees or by the President.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8 <U>Secretary</U>.
The Secretary shall record all proceedings of the shareholders and the Trustees in books to be kept therefor, which books or a copy thereof
shall be kept at the principal office of the Trust. In the absence of the Secretary from any meeting of the shareholders or Trustees,
an assistant secretary, or if there be none or if he or she is absent, a temporary secretary chosen at such meeting shall record the
proceedings thereof in the aforesaid books.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9 <U>Resignations
and Removals</U>. Any Trustee or officer may resign at any time by written instrument signed by him or her and delivered to the President
or the Secretary and to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective
at some other time. The Trustees may remove any officer elected by them with or without cause, provided, however, that removal of the
Chief Compliance Officer will require approval of the Trustees, including a majority of the Independent Trustees. Except to the extent
expressly provided in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any right
to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1
<U>General</U>. The Trustees, by vote of a majority of the Trustees then in office, may elect from their number an Executive Committee
or other committees and may delegate thereto some or all of their powers except those which by law, by the Declaration of Trust, or by
these By-Laws may not be delegated. Except as the Trustees may otherwise determine, any such committee may make rules for the conduct
of its business, but unless otherwise provided by the Trustees or in such rules, its business shall be conducted so far as possible in
the same manner as is provided by these By-Laws for the Trustees themselves. All members of such committees shall hold such offices at
the pleasure of the Trustees. The Trustees may abolish any such committee at any time. Any committee to which the Trustees delegate any
of their powers or duties shall keep records of its meetings and shall report its action to the Trustees. The Trustees shall have power
to rescind any action of any committee, but no such rescission shall have retroactive effect.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1
<U>General</U>. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust or
any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from time to time
be required by the Trustees.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1
<U>General</U>. The fiscal year of the Trust shall be fixed by, and shall be subject to change by, the Trustees.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
<U>General</U>. If required by applicable law, the seal of the Trust shall consist of a flat-faced die with the word &#8220;Delaware&#8221;,
together with the name of the Trust and the year of its organization cut or engraved thereon, but, unless otherwise required by the Trustees,
the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document, instrument or other
paper executed and delivered by or on behalf of the Trust.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Execution
of Papers</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1
<U>General</U>. Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner, all
deeds, leases, contracts, notes and other obligations made by the Trustees shall be signed by the President, any Vice President, the
Secretary or by the Treasurer and need not bear the seal of the Trust.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance
of Share Certificates</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1 <U>Share
Certificates</U>. In lieu of issuing certificates for shares, the Trustees or the transfer agent may either issue receipts therefor or
may keep accounts upon the books of the Trust for the record holders of such shares, who shall in either case be deemed, for all purposes
hereunder, to be the holders of certificates for such shares as if they had accepted such certificates and shall be held to have expressly
assented and agreed to the terms hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustees may at any time authorize the issuance of share certificates. In that event, each shareholder shall be entitled to a certificate
stating the number of shares owned by him, in such form as shall be prescribed from time to time by the Trustees. Such certificate shall
be signed by the President or a Vice-President and by the Treasurer or Assistant Treasurer. Such signatures may be facsimiles if the
certificate is signed by a transfer agent, or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer
who has signed or whose facsimile signature has been placed on such certificate shall cease to be such officer before such certificate
is issued, it may be issued by the Trust with the same effect as if he were such officer at the time of its issue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2 <U>Loss
of Certificates</U>. In case of the alleged loss or destruction or the mutilation of a share certificate, a duplicate certificate may
be issued in place thereof, upon such terms as the Trustees shall prescribe.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3 <U>Issuance
of New Certificate to Pledgee</U>. In the event certificates have been issued, a pledgee of shares transferred as collateral security
shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be
secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall
be stated thereon, who alone shall be liable as a shareholder, and entitled to vote thereon.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4 <U>Discontinuance
of Issuance of Certificates</U>. The Trustees may at any time discontinue the issuance of share certificates and may, by written notice
to each shareholder, require the surrender of share certificates to the Trust for cancellation. Such surrender and cancellation shall
not affect the ownership of shares in the Trust.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1
<U>General</U>. The Trust shall at all times employ a bank or trust company having a capital, surplus and undivided profits of at least
Five Hundred Thousand ($500,000) Dollars as Custodian of the capital assets of the Trust. The Custodian shall be compensated for its
services by the Trust and upon such basis as shall be agreed upon from time to time between the Trust and the Custodian.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Dealings
with Trustees and Officers</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1
<U>General</U>. Any Trustee, officer or other agent of the Trust may acquire, own and dispose of shares of the Trust to the same extent
as if he were not a Trustee, officer or agent; and the Trustees may accept subscriptions to shares or repurchase shares from any firm
or company in which he is interested.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1 <U>Meetings</U>.
A meeting of the shareholders of the Trust shall be held, at least annually, but also whenever called by the Trustees, whenever election
of a Trustee or Trustees by shareholders is required by the provisions of Section&nbsp;16(a) of the Investment Company Act of 1940 for
that purpose or whenever otherwise required pursuant to the Declaration of Trust. Any meeting shall be held on such day and at such time
as the President or the Trustees may fix in the notice of the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2 <U>Record
Dates</U>. For the purpose of determining the shareholders who are entitled to vote or act at any meeting or any adjournment thereof,
or who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a time, which
shall be not more than 180 days before the date of any meeting of shareholders or the date for the payment of any dividend or of any
other distribution, as the record date for determining the shareholders having the right to notice of and to vote at such meeting and
any adjournment thereof or the right to receive such dividend or distribution, and in such case only shareholders of record on such record
date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date; or without fixing
such record date the Trustees may for any such purposes close the register or transfer books for all or any part of such period.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendments
to the By-Laws</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1
<U>General</U>. These By-Laws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office at any meeting
of the Trustees, or by one or more writings signed by such a majority.</FONT></P>

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

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<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>dmaf_decoftrust.htm
<DESCRIPTION>AMENDED AND RESTATED DECLARATION OF TRUST
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>AMENDED
AND RESTATED AGREEMENT AND DECLARATION</U></B></FONT></P>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">Destra
Multi-Alternative Fund</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>ARTICLE I. Name and Definitions</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Name</U>.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Registered Agent and Registered Office; Principal Place of Business</U>.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 0.25%">(a)</TD>
    <TD><U>Registered Agent and Registered Office</U>.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Principal Place of Business</U>.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Definitions</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>1940 Act</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Affiliated Person</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Assignment</U>&rdquo;.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Board of Trustees</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>By-Laws</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Certificate of Trust</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Code</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Commission</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Delaware Act</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Declaration of Trust</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(k)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>General Liabilities</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(l)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Interested Person</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(m)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Investment Adviser</U>&rdquo; or &ldquo;<U>Adviser</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(n)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Majority Shareholder Vote</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(o)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>National Financial Emergency</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(p)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Person</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(q)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Principal Underwriter</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(r)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Series</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(s)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Shares</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(t)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Shareholder</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(u)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Trust</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(v)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Trust Property</U>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(w)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&ldquo;<U>Trustee</U>&rdquo; or &ldquo;<U>Trustees</U>&rdquo;.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="5"><FONT STYLE="font-size: 10pt"><B>ARTICLE II. Purpose of Trust</B></FONT></TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="5"><FONT STYLE="font-size: 10pt"><B>ARTICLE III. Shares</B></FONT></TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Division of Beneficial Interest</U>. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Section 2. </TD>
    <TD><U>Ownership of Shares</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Investments in the Trust</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 4.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Status of Shares and Limitation of Personal Liability</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 5.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Power of Board of Trustees to Change Provisions Relating to Shares</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 6.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Establishment and Designation of Series</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 0.25%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Assets Held with Respect to a Particular Series</U></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%; vertical-align: bottom">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Liabilities Held with Respect to a Particular Series</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Dividends, Distributions, Redemptions and Repurchases</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Voting</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Equality</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Fractions</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Exchange Privilege</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Combination of Series</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Elimination of Series</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 7.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Indemnification of Shareholders</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>ARTICLE IV. The Board of Trustees</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Number, Election and Tenure</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Effect of Death, Resignation, Removal, etc. of a Trustee</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Powers</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 4.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Chairman of the Trustees</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 5.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Payment of Expenses by the Trust</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 6.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Payment of Expenses by Shareholders</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 7.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Ownership of Trust Property</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 8.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Service Contracts</U>.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>ARTICLE V. Shareholders&rsquo; Voting Powers and Meetings</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Voting Powers</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Section 2.</TD>
    <TD> <FONT STYLE="font-size: 10pt"><U>Meetings</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Quorum and Required Vote</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 4.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Shareholder Action by Written Consent without a Meeting</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Section 5. </TD>
    <TD><U>Record Dates</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 6.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Derivative Actions</U> <U></U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Section 7.</TD>
    <TD><U>Additional Provisions</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>ARTICLE VI. Custodian</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Appointment and Duties</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Section 2. </TD>
    <TD><U>Central Certificate System</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>ARTICLE VII. Net Asset Value, Distributions and Redemptions</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 1.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Determination of Net Asset Value, Net Income and Distributions</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 2.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Redemptions at the Option of a Shareholder</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Section 3.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Redemptions at the Option of the Trust</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">20</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold">ARTICLE VIII. Compensation and Limitation of Liability of Officers and Trustees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 1.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Compensation</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 2.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Indemnification and Limitation of Liability</U>.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">20</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 3.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Officers and Trustees&rsquo; Good Faith Action, Expert Advice, No Bond or Surety</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 4.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Insurance</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-weight: bold">ARTICLE IX. Miscellaneous</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 1.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Liability of Third Persons Dealing with Trustees</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 2.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Dissolution of Trust or Series</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">21</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 3.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Merger and Consolidation; Conversion</U>.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0in; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; width: 0.25%">(a)</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><U>Merger and Consolidation</U>.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%; vertical-align: bottom">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">(b)</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><U>Conversion</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">Section 4.

</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><U>Reorganization</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">22</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">Section 5.</TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><U>Amendments</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 6.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Filing of Copies, References, Headings</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 7.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Applicable Law</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 8.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Provisions in Conflict with Law or Regulations</U>.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">24</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 9.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Statutory Trust Only</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">24</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in">Section 10.</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><U>Fiscal Year</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">24</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 1in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDED
AND RESTATED AGREEMENT AND DECLARATION OF TRUST</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>DESTRA
MULTI-ALTERNATIVE FUND</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST of Destra Multi-Alternative Fund, a Delaware statutory trust, is made as of
December&nbsp;13, 2021 by the undersigned Trustees (together with all other persons from time to time duly elected, qualified and
serving as Trustees in accordance with the provisions of Article III hereof, the &#8220;Trustees&#8221;);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Trustees have heretofore formed a statutory trust under the laws of Delaware for the investment and reinvestment of its assets, by
the execution of the Agreement and Declaration of Trust of The Multi-Strategy Growth &amp; Income Fund on June&nbsp;3, 2011, as amended
on January&nbsp;23, 2013;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS
this Trust has been formed to carry on the business of an investment company;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Trustees desire to amend and restate such Declaration of Trust in its entirety; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS
this Trust is authorized to issue its shares of beneficial interest in separate Series, and to issue classes of Shares of any Series
or divide Shares of any Series into two or more classes, all in accordance with the provisions hereinafter set forth; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS
the Trustees have agreed to manage all property coming into their hands as trustees of a Delaware business trust in accordance with the
provisions of the Delaware Statutory Trust Act of 2002 (12 <U>Del. C</U>. &sect;3801, <U>et seq</U>.), as from time to time amended and
including any successor statute of similar import (the &#8220;DSTA&#8221;), and the provisions hereinafter set forth.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets which they may from time to time acquire
in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit
of the holders from time to time of shares of beneficial interest in this Trust and the Series created hereunder as hereinafter set forth.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Name
and Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Name</U>. The name of the Trust hereby created is &#8220;Destra Multi-Alternative Fund&#8221; and the Trustees shall conduct the business
of the Trust under that name, or any other name as they may from time to time determine.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Registered Agent and Registered Office; Principal Place of Business</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Registered
Agent and Registered Office</U>. The name of the registered agent of the Trust and the address of the registered office of the Trust
are as set forth on the Certificate of Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>Principal
Place of Business</U>. The principal place of business of the Trust is 235 W. Galena Street, Milwaukee, WI 53212, or such other location
within or outside of the State of Delaware as the Board of Trustees may determine from time to time.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Definitions</U>. Whenever used herein, unless otherwise required by the context or specifically provided:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) &#8220;<U>1940
Act</U>&#8221; shall mean the Investment Company Act of 1940 and the rules and regulations thereunder, all as adopted or amended from
time to time;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) &#8220;<U>Affiliated
Person</U>&#8221; shall have the meaning given to it in Section&nbsp;2(a)(3) of the 1940 Act when used with reference to a specified
Person;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) &#8220;<U>Assignment</U>&#8221;
shall have the meaning given in the 1940 Act, as modified by or interpreted by any applicable order or orders of the Commission or any
rules or regulations adopted or interpretive releases of the Commission thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) &#8220;<U>Board
of Trustees</U>&#8221; shall mean the governing body of the Trust, which is comprised of the Trustees of the Trust;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) &#8220;<U>By-Laws</U>&#8221;
shall mean the By-Laws of the Trust, as amended from time to time in accordance with Article X of the By-Laws, and incorporated herein
by reference;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) &#8220;<U>Certificate
of Trust</U>&#8221; shall mean the certificate of trust filed with the Office of the Secretary of State of the State of Delaware as required
under the DSTA to form the Trust;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) &#8220;<U>Code</U>&#8221;
shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<U>Commission</U>&#8221; shall have the meaning given it in Section&nbsp;2(a)(7) of the 1940 Act;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) The
&#8220;<U>Delaware Act</U>&#8221; refers to Chapter 38 of Title 12 of the Delaware Code entitled &#8220;Treatment of Delaware Statutory
Trusts,&#8221; as it may be amended from time to time;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) &#8220;<U>Declaration
of Trust</U>&#8221; shall mean this Agreement and Declaration of Trust, as amended or restated from time to time;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) &#8220;<U>General
Liabilities</U>&#8221; shall have the meaning given it in Article III, Section&nbsp;6(b) of this Declaration Trust;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<U>Interested Person</U>&#8221; shall have the meaning given it in Section&nbsp;2(a)(19) of the 1940 Act;</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) &#8220;<U>Investment
Adviser</U>&#8221; or &#8220;<U>Adviser</U>&#8221; shall mean a party furnishing services to the Trust pursuant to any contract described
in Article IV, Section&nbsp;8(a) hereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n) &#8220;<U>Majority
Shareholder Vote</U>&#8221; shall have the same meaning as the term &#8220;vote of a majority of the outstanding voting securities&#8221;
is given in the 1940 Act, as modified by or interpreted by any applicable order or orders of the Commission or any rules or regulations
adopted or interpretive releases of the Commission thereunder;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o) &#8220;<U>National
Financial Emergency</U>&#8221; shall mean the whole or any part of any period set forth in Section&nbsp;22(e) of the 1940 Act. The Board
of Trustees may, in its discretion, declare that the suspension relating to a national financial emergency shall terminate, as the case
may be, on the first business day on which the New York Stock Exchange shall have reopened or the period specified in Section&nbsp;22(e)
of the 1940 Act shall have expired (as to which, in the absence of an official ruling by the Commission, the determination of the Board
of Trustees shall be conclusive);</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p) &#8220;<U>Person</U>&#8221;
shall include a natural person, partnership, limited partnership, trust, estate, association, corporation, custodian, nominee or any
other individual or entity in its own or any representative capacity;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q) &#8220;<U>Principal
Underwriter</U>&#8221; shall have the meaning given to it in Section&nbsp;2(a)(29) of the 1940 Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r) &#8220;<U>Series</U>&#8221;
means a series of Shares of the Trust established in accordance with the provisions of Article III, Section&nbsp;6;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s) &#8220;<U>Shares</U>&#8221;
shall mean the outstanding shares of beneficial interest into which the beneficial interest in the Trust shall be divided from time to
time, and shall include fractional and whole shares;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<U>Shareholder</U>&#8221; shall mean a record owner of Shares;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u) &#8220;<U>Trust</U>&#8221;
shall refer to the Delaware statutory trust established by this Declaration of Trust, as amended from time to time;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) &#8220;<U>Trust
Property</U>&#8221; shall mean any and all property, real or personal, tangible or intangible, which is owned or held by or for the account
of the Trust or one or more of any Series, including, without limitation, the rights referenced in Article IX, Section&nbsp;2 hereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w) &#8220;<U>Trustee</U>&#8221;
or &#8220;<U>Trustees</U>&#8221; shall refer to each signatory to this Declaration of Trust as a trustee, so long as such signatory continues
in office in accordance with the terms hereof, and all other Persons who may, from time to time, be duly elected or appointed, qualified
and serving on the Board of Trustees in accordance with the provisions hereof. Reference herein to a Trustee or the Trustees shall refer
to such Person or Persons in their capacity as Trustees hereunder.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Purpose
of Trust</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of the Trust is to conduct, operate and carry on the business of a registered management investment company registered under
the 1940 Act through one or more Series investing primarily in securities and, in addition to any authority given by law, to exercise
all of the powers and to do any and all of the things as fully and to the same extent as any private corporation organized for profit
under the general corporation law of the State of Delaware, now or hereafter in force, including, without limitation, the following powers:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) To
invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own,
hold, pledge, sell, assign, mortgage, transfer, exchange, distribute, write options on, lend or otherwise deal in or dispose of contracts
for the future acquisition or delivery of fixed income or other securities, and securities or property of every nature and kind, including,
without limitation, all types of bonds, debentures, stocks, preferred stocks, negotiable or non-negotiable instruments, obligations,
evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers&#8217; acceptances,
and other securities of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states,
territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality
thereof, any foreign government or any political subdivision of the U.S. Government or any foreign government, or any international instrumentality,
or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any
state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in &#8220;when issued&#8221;
contracts for any such securities, to change the investments of the assets of the Trust;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) To
exercise any and all rights, powers and privileges with reference to or incident to ownership or interest, use and enjoyment of any of
such securities and other instruments or property of every kind and description, including, but without limitation, the right, power
and privilege to own, vote, hold, purchase, sell, negotiate, assign, exchange, lend, transfer, mortgage, hypothecate, lease, pledge or
write options with respect to or otherwise deal with, dispose of, use, exercise or enjoy any rights, title, interest, powers or privileges
under or with reference to any of such securities and other instruments or property, the right to consent and otherwise act with respect
thereto, with power to designate one or more Persons, to exercise any of said rights, powers, and privileges in respect of any of said
instruments, and to do any and all acts and things for the preservation, protection, improvement and enhancement in value of any of such
securities and other instruments or property;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) To
sell, exchange, lend, pledge, mortgage, hypothecate, lease or write options with respect to or otherwise deal in any property rights
relating to any or all of the assets of the Trust or any Series, subject to any requirements of the 1940 Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) To
vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver
proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power
and discretion with relation to securities or property as the Trustees shall deem proper;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) To
exercise powers and right of subscription or otherwise which in any manner arise out of ownership of securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
To hold any security or property in a form not indicating that it is trust property, whether in bearer, unregistered or other
negotiable form, or in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise or to
authorize the custodian or a subcustodian or a nominee or nominees to deposit the same in a securities depository, subject in each
case to proper safeguards according to the usual practice of investment companies or any rules or regulations applicable
thereto;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) To
consent to, or participate in, any plan for the reorganization, consolidation or merger of any corporation or issuer of any security
which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer;
and to pay calls or subscriptions with respect to any security held in the Trust;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) To
join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit
any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority
with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and
to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) To
compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited
to claims for taxes;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j) To
enter into joint ventures, general or limited partnerships and any other combinations or associations;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k) To
endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise
assume liability for payment thereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l) To
purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct
of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal
on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, Investment Advisers,
Principal Underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising
by reason of holding Shares, holding, being or having held any such office or position, or by reason of any action alleged to have been
taken or omitted by any such Person as Trustee, officer, employee, agent, Investment Adviser, Principal Underwriter, or independent contractor,
to the fullest extent permitted by this Declaration of Trust, the By-Laws and by applicable law; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) To
adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive
and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such
retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n) To
purchase or otherwise acquire, own, hold, sell, negotiate, exchange, assign, transfer, mortgage, pledge or otherwise deal with, dispose
of, use, exercise or enjoy, property of all kinds.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o) To
buy, sell, mortgage, encumber, hold, own, exchange, rent or otherwise acquire and dispose of, and to develop, improve, manage, subdivide,
and generally to deal and trade in real property, improved and unimproved, and wheresoever situated; and to build, erect, construct,
alter and maintain buildings, structures, and other improvements on real property.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p) To
borrow or raise moneys for any of the purposes of the Trust, and to mortgage or pledge the whole or any part of the property and franchises
of the Trust, real, personal, and mixed, tangible or intangible, and wheresoever situated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q) To
enter into, make and perform contracts and undertakings of every kind for any lawful purpose, without limit as to amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r) To
issue, purchase, sell and transfer, reacquire, hold, trade and deal in Shares, bonds, debentures and other securities, instruments or
other property of the Trust, from time to time, to such extent as the Board of Trustees shall, consistent with the provisions of this
Declaration of Trust, determine; and to repurchase, re-acquire and redeem, from time to time, its Shares or, if any, its bonds, debentures
and other securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust shall not be limited to investing in obligations maturing before the possible dissolution of the Trust or one or more of its Series.
The Trust shall not in any way be bound or limited by any present or future law or custom in regard to investment by fiduciaries. Neither
the Trust nor the Trustees shall be required to obtain any court order to deal with any assets of the Trust or take any other action
hereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing clauses shall each be construed as purposes, objects and powers, and it is hereby expressly provided that the foregoing enumeration
of specific purposes, objects and powers shall not be held to limit or restrict in any manner the powers of the Trust, and that they
are in furtherance of, and in addition to, and not in limitation of, the general powers conferred upon the Trust by the DSTA and the
other laws of the State of Delaware or otherwise; nor shall the enumeration of one thing be deemed to exclude another, although it be
of like nature, not expressed.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1. <U>Division
of Beneficial Interest</U>. The beneficial interest in the Trust shall at all times be divided into an unlimited number of shares of
beneficial interest, par value $.001 per share. The number of Shares authorized hereunder is unlimited. The Board of Trustees may
authorize the division of Shares into separate and distinct Series and the division of any Series into separate classes of Shares.
The different Series and classes shall be established and designated, and the variations in the relative rights and preferences as
between the different Series and classes shall be fixed and determined by the Board of Trustees without the requirement of
Shareholder approval. If no separate Series or classes shall be established, the Shares shall have the rights and preferences
provided for herein and in Article III, Section&nbsp;6 hereof to the extent relevant and not otherwise provided for herein, and all
references to Series and classes shall be construed (as the context may require) to refer to the Trust. The fact that a Series shall
have initially been established and designated without any specific establishment or designation of classes (i.e., that all Shares
of such Series are initially of a single class) shall not limit the authority of the Board of Trustees to establish and designate
separate classes of said Series. The fact that a Series shall have more than one established and designated class, shall not limit
the authority of the Board of Trustees to establish and designate additional classes of said Series, or to establish and designate
separate classes of the previously established and designated classes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Trustees shall have the power to issue Shares of the Trust, or any Series or class thereof, from time to time for such consideration
(but not less than the net asset value thereof) and in such form as may be fixed from time to time pursuant to the direction of the Board
of Trustees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Trustees may hold as treasury shares, reissue for such consideration and on such terms as they may determine, or cancel, at
their discretion from time to time, any Shares of any Series reacquired by the Trust. Shares held in the treasury shall not, until reissued,
confer any voting rights on the Trustees, nor shall such Shares be entitled to any dividends or other distributions declared with respect
to the Shares. The Board of Trustees may classify or reclassify any unissued Shares or any Shares previously issued and reacquired of
any Series or class into one or more Series or classes that may be established and designated from time to time. Notwithstanding the
foregoing, the Trust and any Series thereof may acquire, hold, sell and otherwise deal in, for purposes of investment or otherwise, the
Shares of any other Series of the Trust or Shares of the Trust, and such Shares shall not be deemed treasury shares or cancelled.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of Section&nbsp;6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and the
Shareholders of any Series shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in
the manner provided in Article IV, Section&nbsp;3 hereof. No Share shall have any priority or preference over any other Share of the
same Series or class with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution
of the Trust or of such Series or class made pursuant to Article VIII, Section&nbsp;2 hereof. All dividends and distributions shall be
made ratably among all Shareholders of a particular class of Series from the Trust Property held with respect to such Series according
to the number of Shares of such class of such Series held of record by such Shareholders on the record date for any dividend or distribution.
Shareholders shall have no preemptive or other right to subscribe to new or additional Shares or other securities issued by the Trust
or any Series. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number
of Shares of that Series. Such division or combination may not materially change the proportionate beneficial interests of the Shares
of that Series in the Trust Property held with respect to that Series or materially affect the rights of Shares of any other Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Trustee, officer or other agent of the Trust, and any organization in which any such Person is interested, may acquire, own, hold and
dispose of Shares of the Trust to the same extent as if such Person were not a Trustee, officer or other agent of the Trust; and the
Trust may issue and sell or cause to be issued and sold and may purchase Shares from any such Person or any such organization subject
only to the general limitations, restrictions or other provisions applicable to the sale or purchase of such Shares generally.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2. <U>Ownership
of Shares</U>. The ownership of Shares shall be recorded on the books of the Trust kept by the Trust or by a transfer or similar
agent for the Trust, which books shall be maintained separately for the Shares of each Series and class thereof that has been
established and designated. No certificates certifying the ownership of Shares shall be issued except as the Board of Trustees may
otherwise determine from time to time. The Board of Trustees may make such rules not inconsistent with the provisions of the 1940
Act as they consider appropriate for the issuance of Share certificates, the transfer of Shares of each Series or class and similar
matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be
conclusive as to who are the Shareholders of each Series or class thereof and as to the number of Shares of each Series or class
thereof held from time to time by each such Shareholder.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Investments in the Trust</U>. Investments may be accepted by the Trust from such Persons, at such times, on such terms, and for such
consideration as the Board of Trustees may, from time to time, authorize. Each investment shall be credited to the individual Shareholder&#8217;s
account in the form of full and fractional Shares of the Trust, in such Series or class as the purchaser may select, at the net asset
value per Share next determined for such Series or class after receipt of the investment; <U>provided</U>, <U>however</U>, that the Principal
Underwriter may, pursuant to its agreement with the Trust, impose a sales charge upon investments in the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Status of Shares and Limitation of Personal Liability</U>. Shares shall be deemed to be personal property giving to Shareholders only
the rights provided in this Declaration of Trust and under applicable law. Every Shareholder by virtue of having become a Shareholder
shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder
during the existence of the Trust shall not operate to dissolve the Trust or any Series, nor entitle the representative of any deceased
Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees or any Series, but entitles
such representative only to the rights of said deceased Shareholder under this Declaration of Trust. Ownership of Shares shall not entitle
the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the
same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. Neither the Trust nor the Trustees,
nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholder, nor, except as specifically
provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder
may at any time personally agree to pay. All Shares when issued on the terms determined by the Board of Trustees shall be fully paid
and nonassessable. As provided in the DSTA, Shareholders of the Trust shall be entitled to the same limitation of personal liability
extended to stockholders of a private corporation organized for profit under the general corporation law of the State of Delaware.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5. <U>Power
of Board of Trustees to Change Provisions Relating to Shares</U>. Notwithstanding any other provisions of this Declaration of Trust
and without limiting the power of the Board of Trustees to amend this Declaration of Trust or the Certificate of Trust as provided
elsewhere herein, the Board of Trustees shall have the power to amend this Declaration of Trust, or the Certificate of Trust, at any
time and from time to time, in such manner as the Board of Trustees may determine in its sole discretion, without the need for
Shareholder action, so as to add to, delete, replace or otherwise modify any provisions relating to the Shares contained in this
Declaration of Trust, <U>provided</U> that before adopting any such amendment without Shareholder approval, the Board of Trustees
shall determine that it is consistent with the fair and equitable treatment of all Shareholders and that Shareholder approval is not
otherwise required by the 1940 Act or other applicable law. If Shares have been issued, Shareholder approval shall be required to
adopt any amendments to this Declaration of Trust which would adversely affect to a material degree the rights and preferences of
the Shares of any Series or class already issued; <U>provided</U>, <U>however</U>, that in the event that the Board of Trustees
determines that the Trust shall no longer be operated as an investment company in accordance with the provisions of the 1940 Act,
the Board of Trustees may adopt such amendments to this Declaration of Trust to delete those terms the Board of Trustees identifies
as being required by the 1940 Act.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the foregoing Paragraph, the Board of Trustees may amend the Declaration of Trust to amend any of the provisions set forth in paragraphs
(a) through (i) of Section&nbsp;6 of this Article III.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Trustees shall have the power, in its discretion, to make such elections as to the tax status of the Trust as may be permitted
or required under the Code as presently in effect or as amended, without the vote of any Shareholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
<U>Establishment and Designation of Series</U>. The establishment and designation of any Series or class of Shares shall be effective
upon the resolution by a majority of the then Board of Trustees, adopting a resolution which sets forth such establishment and designation
and the relative rights and preferences of such Series or class. Each such resolution shall be incorporated herein by reference upon
adoption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Series shall be separate and distinct from any other Series and shall maintain separate and distinct records on the books of the Trust,
and the assets and liabilities belonging to any such Series shall be held and accounted for separately from the assets and liabilities
of the Trust or any other Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of each Series or class established pursuant to this Section&nbsp;6, unless otherwise provided in the resolution establishing such Series,
shall have the following relative rights and preferences:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Assets
Held with Respect to a Particular Series</U>. All consideration received by the Trust for the issue or sale of Shares of a
particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits,
and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or
liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may
be, shall irrevocably be held with respect to that Series for all purposes, subject only to the rights of creditors with respect to
that Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits
and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or
liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may
be, are herein referred to as &#8220;assets held with respect to&#8221; that Series. In the event that there are any assets, income,
earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as assets held with respect to any
particular Series (collectively &#8220;General Assets&#8221;), the Board of Trustees shall allocate such General Assets to, between
or among any one or more of the Series in such manner and on such basis as the Board of Trustees, in its sole discretion, deems fair
and equitable, and any General Asset so allocated to a particular Series shall be held with respect to that Series. Each such
allocation by the Board of Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>Liabilities
Held with Respect to a Particular Series</U>. The assets of the Trust held with respect to each particular Series shall be charged against
the liabilities of the Trust held with respect to that Series and all expenses, costs, charges and reserves attributable to that Series,
and any liabilities, expenses, costs, charges and reserves of the Trust which are not readily identifiable as being held with respect
to any particular Series (collectively &#8220;General Liabilities&#8221;) shall be allocated and charged by the Board of Trustees to
and among any one or more of the Series in such manner and on such basis as the Board of Trustees in its sole discretion deems fair and
equitable. The liabilities, expenses, costs, charges, and reserves so charged to a Series are herein referred to as &#8220;liabilities
held with respect to&#8221; that Series. Each allocation of liabilities, expenses, costs, charges and reserves by the Board of Trustees
shall be conclusive and binding upon the Shareholders of all Series for all purposes. All Persons who have extended credit which has
been allocated to a particular Series, or who have a claim or contract that has been allocated to any particular Series, shall look,
and shall be required by contract to look exclusively, to the assets of that particular Series for payment of such credit, claim, or
contract. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and contract providers,
each creditor, claimant and contract provider will be deemed nevertheless to have impliedly agreed to such limitation unless an express
provision to the contrary has been incorporated in the written contract or other document establishing the claimant relationship.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the right of the Board of Trustees in its discretion to allocate General Liabilities as provided herein, the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized
and existing pursuant to this Declaration of Trust or is hereafter authorized and existing pursuant to this Declaration of Trust, shall
be enforceable against the assets held with respect to that Series only, and not against the assets of any other Series or the Trust
generally and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to
the Trust generally or any other Series thereof shall be enforceable against the assets held with respect to such Series. Notice of this
limitation on liabilities between and among Series shall be set forth in the Certificate of Trust of the Trust (whether originally or
by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and upon
the giving of such notice in the Certificate of Trust, the statutory provisions of Section&nbsp;3804 of the DSTA relating to limitations
on liabilities between and among Series (and the statutory effect under Section&nbsp;3804 of setting forth such notice in the Certificate
of Trust) shall become applicable to the Trust and each Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <U>Dividends,
Distributions, Redemptions and Repurchases</U>. Notwithstanding any other provisions of this Declaration of Trust, including,
without limitation, Article VI, no dividend or distribution including, without limitation, any distribution paid upon dissolution of
the Trust or of any Series with respect to, nor any redemption or repurchase of, the Shares of any Series or class shall be effected
by the Trust other than from the assets held with respect to such Series, nor, except as specifically provided in Section&nbsp;7 of
this Article III, shall any Shareholder of any particular Series otherwise have any right or claim against the assets held with
respect to any other Series or the Trust generally except to the extent that such Shareholder has such a right or claim hereunder as
a Shareholder of such other Series. The Board of Trustees shall have full discretion, to the extent not inconsistent with the 1940
Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation
shall be conclusive and binding upon the Shareholders.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Voting</U>.
All Shares of the Trust entitled to vote on a matter shall vote on the matter, separately by Series and, if applicable, by class, subject
to: (1) where the 1940 Act requires all Shares of the Trust to be voted in the aggregate without differentiation between the separate
Series or classes, then all of the Trust&#8217;s Shares shall vote in the aggregate; and (2) if any matter affects only the interests
of some but not all Series or classes, then only the Shareholders of such affected Series or classes shall be entitled to vote on the
matter. The Shareholder of record (as of the record date established pursuant to Section&nbsp;5 of this Article V) of each Share shall
be entitled to one vote for each full Share, and a fractional vote for each fractional Share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <U>Equality</U>.
All Shares of each particular Series shall represent an equal proportionate undivided beneficial interest in the assets held with respect
to that Series (subject to the liabilities held with respect to that Series and such rights and preferences as may have been established
and designated with respect to classes of Shares within such Series), and each Share of any particular Series shall be equal to each
other Share of that Series (subject to the rights and preferences with respect to separate classes of such Series).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <U>Fractions</U>.
Any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that Series, including
rights with respect to voting, receipt of dividends and distributions, redemption of Shares and dissolution of the Trust or that Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <U>Exchange
Privilege</U>. The Board of Trustees shall have the authority to provide that the holders of Shares of any Series shall have the right
to exchange said Shares for Shares of one or more other Series in accordance with such requirements and procedures as may be established
by the Board of Trustees, and in accordance with the 1940 Act and the rules and regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) <U>Combination
of Series</U>. The Board of Trustees shall have the authority, without the approval of the Shareholders of any Series unless otherwise
required by applicable law, to combine the assets and liabilities held with respect to any two or more Series into assets and liabilities
held with respect to a single Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <U>Elimination
of Series</U>. At any time that there are no Shares outstanding of any particular Series or class previously established and designated,
the Board of Trustees may by resolution of a majority of the then Board of Trustees abolish that Series or class and rescind the establishment
and designation thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7. <U>Indemnification
of Shareholders</U>. If any Shareholder or former Shareholder shall be exposed to liability by reason of a claim or demand relating
solely to his or her being or having been a Shareholder of the Trust (or by having been a Shareholder of a particular Series), and
not because of such Person&#8217;s acts or omissions, the Shareholder or former Shareholder (or, in the case of a natural person,
his or her heirs, executors, administrators, or other legal representatives or, in the case of a corporation or other entity, its
corporate or other general successor) shall be entitled to be held harmless from and indemnified out of the assets of the Trust or
out of the assets of the applicable Series (as the case may be) against all loss and expense arising from such claim or demand; <U>provided</U>, <U>however</U>,
there shall be no liability or obligation of the Trust (or any particular Series) arising hereunder to reimburse any Shareholder for
taxes paid by reason of such Shareholder&#8217;s ownership of any Shares.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
Board of Trustees</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Number, Election and Tenure</U>. The number of Trustees constituting the Board of Trustees may be fixed from time to time by a written
instrument signed, or by resolution approved at a duly constituted meeting, by a majority of the Board of Trustees, provided, however,
that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). In no case shall a decrease in the number
of Trustees shorten the term of any incumbent Trustee. The Trustees shall have the qualifications, if any, specified in the By-laws.
The Board of Trustees may increase the number of trustees and may fill any vacancy, whether resulting from an increase in the number
of trustees or otherwise, on the Board of Trustees occurring before the first annual meeting of Shareholders in the manner provided in
the By-laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Trustees, by action of a majority of the then Trustees at a duly constituted meeting, may fill vacancies in the Board of Trustees
or remove any Trustee with or without cause. The Shareholders may elect Trustees, including filling any vacancies in the Board of Trustees,
at any meeting of Shareholders called by the Board of Trustees for that purpose. A meeting of Shareholders for the purpose of electing
one or more Trustees may be called by the Board of Trustees or, to the extent provided by the 1940 Act and the rules and regulations
thereunder, by the Shareholders. Shareholders shall have the power to remove a Trustee only to the extent provided by the 1940 Act and
the rules and regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the effective date of this Amended and Restated Agreement and Declaration of Trust (the &#8220;Classification Date&#8221;), the Trustees
shall be classified, with respect to the terms for which they severally hold office, into three classes, as nearly equal as possible
and as determined by the Board of Trustees, with Class I trustees to hold office initially for a term expiring at the first annual meeting
of Shareholders after the Classification Date, Class II trustees to hold office initially for a term expiring at the second annual meeting
of shareholders after the Classification Date, and Class III trustees to hold office for a term expiring at the third annual meeting
of shareholders after the Classification Date, with each trustee to hold office until her or his successor is duly elected and qualifies.
At each annual meeting of shareholders, commencing with the first annual meeting of shareholders after the Classification Date, the successors
to the class of trustees whose term expires at such meeting shall be elected to hold office for a term expiring at the third succeeding
annual meeting of shareholders following the meeting at which they were elected and until their successors are duly elected and qualify.
Trustees may succeed themselves in office.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Trustee shall serve during the continued lifetime of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by
a court of appropriate jurisdiction, or is removed, or, if sooner than any of such events, until the next meeting of Shareholders
called for the purpose of electing Trustees and until the election and qualification of his or her successor. Any Trustee may resign
at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Board of
Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some later time. Except to the extent
expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any
compensation for any period following any such event or any right to damages on account of such events or any actions taken in
connection therewith following his or her resignation or removal.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Effect of Death, Resignation, Removal, etc. of a Trustee</U>. The death, declination, resignation, retirement, removal, declaration
as bankrupt or incapacity of one or more Trustees, or of all of them, shall not operate to dissolve the Trust or any Series or to revoke
any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the Board of Trustees shall occur,
until such vacancy is filled as provided in this Article IV, Section&nbsp;1, the Trustee(s) in office, regardless of the number, shall
have all the powers granted to the Board of Trustees and shall discharge all the duties imposed upon the Board of Trustees by this Declaration
of Trust. In the event of the death, declination, resignation, retirement, removal, declaration as bankrupt or incapacity of all of the
then Trustees, the Trust&#8217;s Investment Adviser(s) is (are) empowered to appoint new Trustees subject to the provisions of Section&nbsp;16(a)
of the 1940 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3. <U>Powers</U>.
Subject to the provisions of this Declaration of Trust, the Board of Trustees shall manage the business of the Trust, and such Board
of Trustees shall have all powers necessary or convenient to carry out that responsibility, including, without limitation, the power
to engage in securities or other transactions of all kinds on behalf of the Trust. The Board of Trustees shall have full power and
authority to do any and all acts and to make and execute any and all contracts and instruments that it may consider necessary or
appropriate in connection with the administration of the Trust. The Trustees shall not be bound or limited by present or future laws
or customs with regard to investment by trustees or fiduciaries, but shall have full authority and absolute power and control over
the assets of the Trust and the business of the Trust to the same extent as if the Trustees were the sole owners of the assets of
the Trust and the business in their own right, including such authority, power and control to do all acts and things as they, in
their sole discretion, shall deem proper to accomplish the purposes of this Trust. Without limiting the foregoing, the Trustees may:
(1) adopt, amend and repeal By-Laws not inconsistent with this Declaration of Trust providing for the regulation and management of
the affairs of the Trust; (2) fill vacancies in or remove from their number in accordance with this Declaration of Trust or the
By-Laws, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; (3) appoint from
their own number and establish and terminate one or more committees consisting of two or more Trustees which may exercise the powers
and authority of the Board of Trustees to the extent that the Board of Trustees determine; (4) employ one or more custodians of the
Trust Property and may authorize such custodians to employ subcustodians and to deposit all or any part of such Trust Property in a
system or systems for the central handling of securities or with a Federal Reserve Bank; (5) retain a transfer agent, dividend
disbursing agent, a shareholder servicing agent or administrative services agent, or all of them; (6) provide for the issuance and
distribution of Shares by the Trust directly or through one or more Principal Underwriters or otherwise; (7) retain one or more
Investment Adviser(s); (8) redeem, repurchase and transfer Shares pursuant to applicable law; (9) set record dates for the
determination of Shareholders with respect to various matters, in the manner provided in Article V, Section&nbsp;5 of this
Declaration of Trust; (10) declare and pay dividends and distributions to Shareholders from the Trust Property; (11) establish from
time to time, in accordance with the provisions of Article III, Section&nbsp;6 hereof, any Series or class of Shares, each such
Series to operate as a separate and distinct investment medium and with separately defined investment objectives and policies and
distinct investment purposes; and (12) in general delegate such authority as they consider desirable to any officer of the Trust, to
any committee of the Board of Trustees and to any agent or employee of the Trust or to any such custodian, transfer, dividend
disbursing or shareholder servicing agent, Principal Underwriter or Investment Adviser. Any determination as to what is in the best
interests of the Trust made by the Board of Trustees in good faith shall be conclusive.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustees who are not interested persons of the Trust shall have the authority to hire employees and to retain advisers and experts necessary
to carry out their duties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees. Unless
otherwise specified herein or required by law, any action by the Board of Trustees shall be deemed effective if approved or taken by
a majority of the Trustees then in office.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
action required or permitted to be taken by the Board of Trustees, or a committee thereof, may be taken without a meeting if a majority
of the members of the Board of Trustees, or committee thereof, as the case may be, shall individually or collectively consent in writing
to that action. Such action by written consent shall have the same force and effect as a majority vote of the Board of Trustees, or committee
thereof, as the case may be. Such written consent or consents shall be filed with the minutes of the proceedings of the Board of Trustees,
or committee thereof, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustees shall devote to the affairs of the Trust such time as may be necessary for the proper performance of their duties hereunder,
but neither the Trustees nor the officers, directors, shareholders or partners of the Trustees, shall be expected to devote their full
time to the performance of such duties. The Trustees, or any Affiliate shareholder, officer, director, partner or employee thereof, or
any Person owning a legal or beneficial interest therein, may engage in or possess an interest in any other business or venture of any
nature and description, independently or with or for the account of others.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Chairman of the Trustees</U>. The Trustees shall appoint one of their number to be Chairman of the Board of Trustees. The Chairman
shall preside at all meetings of the Trustees, shall be responsible for the execution of policies established by the Trustees and the
administration of the Trust, and may be (but is not required to be) the chief executive, financial and/or accounting officer of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5. <U>Payment
of Expenses by the Trust</U>. The Board of Trustees is authorized to pay or cause to be paid out of the principal or income of the
Trust or any particular Series or class, or partly out of the principal and partly out of the income of the Trust or any particular
Series or class, and to charge or allocate the same to, between or among such one or more of the Series or classes that may be
established or designated pursuant to Article III, Section&nbsp;6, as it deems fair, all expenses, fees, charges, taxes and
liabilities incurred by or arising in connection with the maintenance or operation of the Trust or a particular Series or class, or
in connection with the management thereof, including, but not limited to, the Trustees&#8217; compensation and such expenses, fees,
charges, taxes and liabilities for the services of the Trust&#8217;s officers, employees, Investment Adviser, Principal Underwriter,
auditors, counsel, custodian, sub-custodian (if any), transfer agent, dividend disbursing agent, shareholder servicing agent, and
such other agents or independent contractors and such other expenses, fees, charges, taxes and liabilities as the Board of Trustees
may deem necessary or proper to incur.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
<U>Payment of Expenses by Shareholders</U>. The Trust&#8217;s custodian, transfer, dividend disbursing, shareholder servicing or similar
agent impose fees directly on individual shareholders for certain services requested by the shareholder (&#8220;Service Charges&#8221;).
The Board of Trustees shall have the power to assist the Trust&#8217;s custodian, transfer, dividend disbursing, shareholder servicing
or similar agent in the collection of Service Fees by setting off such Service Charges due from a Shareholder from declared but unpaid
dividends or distributions owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number
of full and/or fractional Shares which represents the outstanding amount of such Service Charges due from such Shareholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
<U>Ownership of Trust Property</U>. Legal title to all of the Trust Property shall at all times be considered to be vested in the Trust,
except that the Board of Trustees shall have the power to cause legal title to any Trust Property to be held by or in the name of any
Person as nominee, on such terms as the Board of Trustees may determine, in accordance with applicable law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.
<U>Service Contracts</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Subject
to such requirements and restrictions as may be set forth in the By-Laws and/or the 1940 Act, the Board of Trustees may, at any time
and from time to time, contract for exclusive or nonexclusive advisory, management and/or administrative services for the Trust or for
any Series with any corporation, trust, association or other organization, including any Affiliate; and any such contract may contain
such other terms as the Board of Trustees may determine, including without limitation, authority for the Investment Adviser or administrator
to determine from time to time without prior consultation with the Board of Trustees what securities and other instruments or property
shall be purchased or otherwise acquired, owned, held, invested or reinvested in, sold, exchanged, transferred, mortgaged, pledged, assigned,
negotiated, or otherwise dealt with or disposed of, and what portion, if any, of the Trust Property shall be held uninvested and to make
changes in the Trust&#8217;s or a particular Series&#8217; investments, or such other activities as may specifically be delegated to
such party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
Board of Trustees may also, at any time and from time to time, contract with any corporation, trust, association or other organization,
including any Affiliate, appointing it or them as the exclusive or nonexclusive distributor or Principal Underwriter for the Shares of
the Trust or one or more of the Series or classes thereof or for other securities to be issued by the Trust, or appointing it or them
to act as the custodian, transfer agent, dividend disbursing agent and/or - shareholder servicing agent for the Trust or one or more
of the Series or classes thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) The
Board of Trustees is further empowered, at any time and from time to time, to contract with any Persons to provide such other services
to the Trust or one or more of its Series, as the Board of Trustees determines to be in the best interests of the Trust or one or more
of its Series.</FONT></P>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) any
of the Shareholders, Trustees, employees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager,
Adviser, Principal Underwriter, distributor, or Affiliate or agent of or for any corporation, trust, association, or other organization,
or for any parent or Affiliate of any organization with which an Adviser&#8217;s, management or administration contract, or Principal
Underwriter&#8217;s or distributor&#8217;s contract, or custodian, transfer, dividend disbursing, shareholder servicing or other type
of service contract may have been or may hereafter be made, or that any such organization, or any parent or Affiliate thereof, is a Shareholder
or has an interest in the Trust, or that</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) any
corporation, trust, association or other organization with which an Adviser&#8217;s, management or administration contract or Principal
Underwriter&#8217;s or distributor&#8217;s contract, or custodian, transfer, dividend disbursing, shareholder servicing or other type
of service contract may have been or may hereafter be made also has an Adviser&#8217;s, management or administration contract, or Principal
Underwriter&#8217;s or distributor&#8217;s contract, or custodian, transfer, dividend disbursing, shareholder servicing or other service
contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests, shall
not affect the validity of any such contract or disqualify any Shareholder, Trustee, employee or officer of the Trust from voting upon
or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided that the establishment of
and performance under each such contract is permissible under the provisions of the 1940 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) Every
contract referred to in this Section&nbsp;8 shall comply with such requirements and restrictions as may be set forth in the By-Laws,
the 1940 Act or stipulated by resolution of the Board of Trustees; and any such contract may contain such other terms as the Board of
Trustees may determine.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Shareholders&#8217;
Voting Powers and Meetings</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1. <U>Voting
Powers</U>. Subject to the provisions of Article III, Section&nbsp;6(d), the Shareholders shall have power to vote only (i) for the
election of Trustees, including the filling of any vacancies in the Board of Trustees, as provided in Article IV, Section&nbsp;1;
(ii) with respect to such additional matters relating to the Trust as may be required by this Declaration of Trust, the By-Laws, the
1940 Act or any registration statement of the Trust filed with the Commission; and (iii) on such other matters as the Board of
Trustees may consider necessary or desirable. The Shareholder of record (as of the record date established pursuant to
Section&nbsp;5 of this Article (V) of each Share shall be entitled to one vote for each full Share, and a fractional vote for each
fractional Share. Shareholders shall not be entitled to cumulative voting in the election of Trustees or on any other matter.
Shareholders may vote Shares in person or by proxy.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2. <U>Meetings</U>.
Meetings of the Shareholders may be held within or outside the State of Delaware. The Trust shall hold annual meetings of the
Shareholders. Special meetings of the Shareholders of the Trust or any Series shall be called by the Board of Trustees, Chairman or
President upon the written request of Shareholders owning the requisite percentage amount of the outstanding Shares entitled to vote
specified in the By-Laws. Whenever ten or more Shareholders meeting the qualifications set forth in Section&nbsp;16(c) of the 1940
Act, as the same may be amended from time to time, seek the opportunity of furnishing materials to the other Shareholders with a
view to obtaining signatures on such a request for a meeting, the Trustees shall comply with the provisions of said
Section&nbsp;16(c) with respect to providing such Shareholders access to the list of the Shareholders of record of the Trust or the
mailing of such materials to such Shareholders of record, subject to any rights provided to the Trust or any Trustees provided by
said Section&nbsp;16(c). Shareholders shall be entitled to at least fifteen (15) days&#8217; notice of any meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Quorum and Required Vote</U>. Except when a larger quorum is required by applicable law, by the By-Laws or by this Declaration of
Trust, thirty-three and one-third percent (33-1/3%) of the Shares present in person or represented by proxy and entitled to vote at a
Shareholders&#8217; meeting shall constitute a quorum at such meeting. When a separate vote by one or more Series or classes is required,
thirty-three and one-third percent (33-1/3%) of the Shares of each such Series or class present in person or represented by proxy and
entitled to vote shall constitute a quorum at a Shareholders&#8217; meeting of such Series or class. Subject to the provisions of Article
III, Section&nbsp;6(d), Article VIII, Section&nbsp;4 and any other provision of this Declaration of Trust, the By-Laws or applicable
law which requires a different vote: (1) in all matters other than the election of Trustees, the affirmative vote of the majority of
votes cast at a Shareholders&#8217; meeting at which a quorum is present shall be the act of the Shareholders; (2) Trustees shall be
elected by a plurality of the votes cast at a Shareholders&#8217; meeting at which a quorum is present.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Shareholder Action by Written Consent without a Meeting</U>. Any action which may be taken at any meeting of Shareholders may be taken
without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by the holders of Shares
having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting at which all Shares
entitled to vote on that action were present and voted. All such consents shall be filed with the secretary of the Trust and shall be
maintained in the Trust&#8217;s records. Any Shareholder giving a written consent or the Shareholder&#8217;s proxy holders or a transferee
of the Shares or a personal representative of the Shareholder or its respective proxy- holder may revoke the consent by a writing received
by the secretary of the Trust before written consents of the number of Shares required to authorize the proposed action have been filed
with the secretary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the consents of all Shareholders entitled to vote have not been solicited in writing and if the unanimous written consent of all such
Shareholders shall not have been received, the secretary shall give prompt notice of the action taken without a meeting to such Shareholders.
This notice shall be given in the manner specified in the By-Laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
<U>Record Dates</U>. For purposes of determining the Shareholders entitled to notice of any meeting or to vote or entitled to give consent
to action without a meeting, the Board of Trustees may fix in advance a record date which shall not be more than one hundred eighty (180)
days nor less than seven (7) days before the date of any such meeting.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Board of Trustees does not so fix a record date:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The
record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business
on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business on the business
day which is five (5) business days next preceding to the day on which the meeting is held.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
record date for determining Shareholders entitled to give consent to action in writing without a meeting, (i) when no prior action by
the Board of Trustees has been taken, shall be the day on which the first written consent is given, or (ii) when prior action of the
Board of Trustees has been taken, shall be at the close of business on the day on which the Board of Trustees adopts the resolution taking
such prior action or the seventy-fifth (75th) day before the date of such other action, whichever is later.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of determining the Shareholders of any Series or class who are entitled to receive payment of any dividend or of any other
distribution, the Board of Trustees may from time to time fix a date, which shall be before the date for the payment of such dividend
or such other distribution, as the record date for determining the Shareholders of such Series or class having the right to receive such
dividend or distribution. Nothing in this Section shall be construed as precluding the Board of Trustees from setting different record
dates for different Series or classes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.
<U>Derivative Actions</U>. In addition to the requirements set forth in Section&nbsp;3816 of the Delaware Act, a Shareholder may bring
derivative action on behalf of the Trust only if the Shareholder or Shareholders first make a pre-suit demand upon the Trustees to bring
the subject action unless an effort to cause the Trustees to bring such action is excused. A demand on the Trustees shall only be excused
if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal
financial interest in the action at issue. A Trustee shall not be deemed to have a personal financial interest in an action or otherwise
be disqualified from ruling on a Shareholder demand by virtue of the fact that such Trustee receives remuneration from his service on
the Board of Trustees of the Trust or on the boards of one or more investment companies with the same or an affiliated investment advisor
or underwriter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
<U>Additional Provisions</U>. The By-Laws may include further provisions for Shareholders&#8217; votes, meetings and related matters.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Appointment and Duties</U>. The Trustees shall at all times employ a bank, a company that is a member of a national securities exchange,
or a trust company, each having capital, surplus and undivided profits of at least two million dollars ($2,000,000) as custodian with
authority as its agent, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws
of the Trust:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) To
hold the securities owned by the Trust and deliver the same upon written order or oral order confirmed in writing, or by such electro-mechanical
or electronic devices as are agreed to by the Trust and the custodian, if such procedures have been authorized in writing by the Trust;</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><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: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) To
receive and receipt for any moneys due to the Trust and deposit the same in its own banking department or else where as the Trustees
may direct;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><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: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) To
disburse such funds upon orders or vouchers;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the Trust may also employ such custodian as its agent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><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: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) To
keep the books and accounts of the Trust or of any Series or class and furnish clerical and accounting services; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) To
compute, if authorized to do so by the Trustees, the Net Asset Value of any Series, or class thereof, in accordance with the provisions
hereof; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustees may also authorize the custodian to employ one or more sub-custodians from time to time to perform such of the acts and services
of the custodian, and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved
by the Trustees, provided that in every case such sub-custodian shall be a bank, a company that is a member of a national securities
exchange, or a trust company organized under the laws of the United States or one of the states thereof and having capital, surplus and
undivided profits of at least two million dollars ($2,000,000) or such other person as may be permitted by the Commission, or otherwise
in accordance with the 1940 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Central Certificate System</U>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct
the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established
by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act
of 1934, as amended, or such other person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant
to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and
may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall
be subject to withdrawal only upon the order of the Trust or its custodians, subcustodians or other agents.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Net
Asset Value, Distributions and Redemptions</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1. <U>Determination
of Net Asset Value, Net Income and Distributions</U>. Subject to Article III, Section&nbsp;6 hereof, the Board of Trustees shall
have the power to fix an initial offering price for the Shares of any Series or class thereof which shall yield to such Series or
class not less than the net asset value thereof, at which price the Shares of such Series or class shall be offered initially for
sale, and to determine from time to time thereafter the offering price which shall yield to such Series or class not less than the
net asset value thereof from sales of the Shares of such Series or class; <U>provided</U>, <U>however</U>, that no Shares of a
Series or class thereof shall be issued or sold for consideration which shall yield to such Series or class less than the net asset
value of the Shares of such Series or class next determined after the receipt of the order (or at such other times set by the Board
of Trustees), except in the case of Shares of such Series or class issued in payment of a dividend properly declared and
payable.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Article III, Section&nbsp;6 hereof, the Board of Trustees, in their absolute discretion, may prescribe and shall set forth in the
By-Laws or in a duly adopted vote of the Board of Trustees such bases and time for determining the per Share or net asset value of the
Shares of any Series or net income attributable to the Shares of any Series, or the declaration and payment of dividends and distributions
on the Shares of any Series, as they may deem necessary or desirable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Redemptions at the Option of a Shareholder</U>. The Shares of the Trust are not redeemable by the holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Redemptions at the Option of the Trust</U>. The Board of Trustees may, from time to time, without the vote or consent of the Shareholders,
and subject to the 1940 Act, redeem Shares or authorize the closing of any Shareholder account, subject to such conditions as may be
established by the Board of Trustees.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compensation
and Limitation of Liability of<BR>
Officers and Trustees</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Compensation</U>. Except as set forth in the last sentence of this Section&nbsp;1, the Board of Trustees may, from time to time, fix
a reasonable amount of compensation to be paid by the Trust to the Trustees and officers of the Trust. Nothing herein shall in any way
prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for
the same by the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Indemnification and Limitation of Liability</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) To
the fullest extent that limitations on the liability of Trustees and officers are permitted by the DSTA, the officers and Trustees shall
not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any Investment Adviser or Principal
Underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively.
The Trust, out of the Trust Property, shall indemnify and hold harmless each and every officer and Trustee from and against any and all
claims and demands whatsoever arising out of or related to such officer&#8217;s or Trustee&#8217;s performance of his or her duties as
an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a Person serves as a Trustee
or officer of the Trust whether or not such Person is a Trustee or officer at the time of any proceeding in which liability is asserted.
Nothing herein contained shall indemnify, hold harmless or protect any officer or Trustee from or against any liability to the Trust
or any Shareholder to which such Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of such Person&#8217;s office.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or
done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively
deemed to have been issued, executed or done only in such Person&#8217;s capacity as Trustee and/or as officer, and such Trustee or
officer, as applicable, shall not be personally liable therefor, except as described in the last sentence of the first paragraph of
this Section&nbsp;2 of this Article VIII.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Officers and Trustees&#8217; Good Faith Action, Expert Advice, No Bond or Surety</U>. The exercise by the Trustees of their powers
and discretions hereunder shall be binding upon everyone interested. An officer or Trustee shall be liable to the Trust and to any Shareholder
solely for such officer&#8217;s or Trustee&#8217;s own willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of the office of such officer or Trustee, and for nothing else, and shall not be liable for errors of
judgment or mistakes of fact or law. The officers and Trustees may obtain the advice of counsel or other experts with respect to the
meaning and operation of this Declaration of Trust and their duties as officers or Trustees. No such officer or Trustee shall be liable
for any act or omission in accordance with such advice and no inference concerning liability shall arise from a failure to follow such
advice. The officers and Trustees shall not be required to give any bond as such, nor any surety if a bond is required.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.
<U>Insurance</U>. To the fullest extent permitted by applicable law, the officers and Trustees shall be entitled and have the authority
to purchase with Trust Property, insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a
Trustee or officer in connection with any claim, action, suit or proceeding in which such Person becomes involved by virtue of such Person&#8217;s
capacity or former capacity with the Trust, whether or not the Trust would have the power to indemnify such Person against such liability
under the provisions of this Article.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.
<U>Liability of Third Persons Dealing with Trustees</U>. No person dealing with the Trustees shall be bound to make any inquiry concerning
the validity of any actions made or to be made by the Trustees.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.
<U>Dissolution of Trust or Series</U>. Unless dissolved as provided herein, the Trust shall have perpetual existence. The Trust may be
dissolved at any time by vote of a majority of the Shares of the Trust entitled to vote or by the Board of Trustees by written notice
to the Shareholders. Any Series may be dissolved at any time by vote of a majority of the Shares of that Series or by the Board of Trustees
by written notice to the Shareholders of that Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
dissolution of the Trust (or a particular Series, as the case may be), the Trustees shall (in accordance with &sect; 3808 of the
DSTA) pay or make reasonable provision to pay all claims and obligations of each Series (or the particular Series, as the case may
be), including all contingent, conditional or unmatured claims and obligations known to the Trust, and all claims and obligations
which are known to the Trust but for which the identity of the claimant is unknown. If there are sufficient assets held with respect
to each Series of the Trust (or the particular Series, as the case may be), such claims and obligations shall be paid in full and
any such provisions for payment shall be made in full. If there are insufficient assets held with respect to each Series of the
Trust (or the particular Series, as the case may be), such claims and obligations shall be paid or provided for according to their
priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining
assets (including without limitation, cash, securities or any combination thereof) held with respect to each Series of the Trust (or
the particular Series, as the case may be) shall be distributed to the Shareholders of such Series, ratably according to the number
of Shares of such Series held by the several Shareholders on the record date for such dissolution distribution.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.
<U>Merger and Consolidation; Conversion</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <U>Merger
and Consolidation</U>. Pursuant to an agreement of merger or consolidation, the Trust, or any one or more Series, may, by act of a majority
of the Board of Trustees, merge or consolidate with or into one or more business trusts or other business entities formed or organized
or existing under the laws of the State of Delaware or any other state or the United States or any foreign country or other foreign jurisdiction.
Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the
1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration of Trust, which would otherwise require
the approval of such Shareholders. In accordance with Section&nbsp;3815(f) of the DSTA, an agreement of merger or consolidation may affect
any amendment to this Declaration of Trust or the By-Laws or affect the adoption of a new declaration of trust or by-laws of the Trust
if the Trust is the surviving or resulting business trust. Upon completion of the merger or consolidation, the Trustees shall file a
certificate of merger or consolidation in accordance with Section&nbsp;3810 of the DSTA.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <U>Conversion</U>.
A majority of the Board of Trustees may, without the vote or consent of the Shareholders, cause (i) the Trust to convert to a common-law
trust, a general partnership, limited partnership or a limited liability company organized, formed or created under the laws of the State
of Delaware as permitted pursuant to Section&nbsp;3821 of the DSTA; (ii) the Shares of the Trust or any Series to be converted into beneficial
interests in another business trust (or series thereof) created pursuant to this Section&nbsp;3 of this Article VIII, or (iii) the Shares
to be exchanged under or pursuant to any state or federal statute to the extent permitted by law; <U>provided</U>, however, that if required
by the 1940 Act, no such statutory conversion, Share conversion or Share exchange shall be effective unless the terms of such transaction
shall first have been approved at a meeting called for that purpose by the &#8220;vote of a majority of the outstanding voting securities,&#8221;
as such phrase is defined in the 1940 Act, of the Trust or Series, as applicable; <U>provided</U>, <U>further</U>, that in all respects
not governed by statute or applicable law, the Board of Trustees shall have the power to prescribe the procedure necessary or appropriate
to accomplish a sale of assets, merger or consolidation including the power to create one or more separate business trusts to which all
or any part of the assets, liabilities, profits or losses of the Trust may be transferred and to provide for the conversion of Shares
of the Trust or any Series into beneficial interests in such separate business trust or trusts (or series thereof).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4. <U>Reorganization</U>.
A majority of the Board of Trustees may cause the Trust to sell, convey and transfer all or substantially all of the assets of the
Trust, or all or substantially all of the assets associated with any one or more Series, to another trust, business trust,
partnership, limited partnership, limited liability company, association or corporation organized under the laws of any state, or to
one or more separate series thereof, or to the Trust to be held as assets associated with one or more other Series of the Trust, in
exchange for cash, shares or other securities (including, without limitation, in the case of a transfer to another Series of the
Trust, Shares of such other Series) with such transfer either (a) being made subject to, or with the assumption by the transferee
of, the liabilities associated with each Series the assets of which are so transferred, or (b) not being made subject to, or not
with the assumption of, such liabilities; provided, however, that, if required by the 1940 Act, no assets associated with any
particular Series shall be so sold, conveyed or transferred unless the terms of such transaction shall first have been approved at a
meeting called for that purpose by the &#8220;vote of a majority of the outstanding voting securities,&#8221; as such phrase is
defined in the 1940 Act, of that Series. Following such sale, conveyance and transfer, the Board of Trustees shall distribute such
cash, shares or other securities (giving due effect to the assets and liabilities associated with and any other differences among
the various Series the assets associated with which have so been sold, conveyed and transferred) ratably among the Shareholders of
the Series the assets associated with which have been so sold, conveyed and transferred (giving due effect to the differences among
the various classes within each such Series); and if all of the assets of the Trust have been so sold, conveyed and transferred, the
Trust shall be dissolved.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.
<U>Amendments</U>. Subject to the provisions of the second paragraph of this Section&nbsp;5 of this Article VIII, this Declaration of
Trust may be restated and/or amended at any time by an instrument in writing signed by a majority of the then Board of Trustees and,
if required, by approval of such amendment by Shareholders in accordance with Article V, Section&nbsp;3 hereof. Any such restatement
and/or amendment hereto shall be effective immediately upon execution and approval or upon such future date and time as may be stated
therein. The Certificate of Trust of the Trust may be restated and/or amended by a similar procedure, and any such restatement and/or
amendment shall be effective immediately upon filing with the Office of the Secretary of State of the State of Delaware or upon such
future date as may be stated therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, the Board of Trustees expressly reserves the right to amend or repeal any provisions contained in this Declaration of Trust
or the Certificate of Trust, in accordance with the provisions of Section&nbsp;5 of Article III hereof, and all rights, contractual and
otherwise, conferred upon Shareholders are granted subject to such reservation. The Board of Trustees further expressly reserves the
right to amend or repeal any provision of the By-Laws pursuant to Article IX of the By-Laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6. <U>Filing
of Copies, References, Headings</U>. The original or a copy of this Declaration of Trust and of each restatement and/or amendment
hereto shall be kept at the principal executive office of the Trust where any Shareholder may inspect it. Anyone dealing with the
Trust may rely on a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been
made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on
a copy certified by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this
Declaration of Trust and in any such restatements and/or amendments, references to this instrument, and all expressions of similar
effect to &#8220;herein,&#8221; &#8220;hereof&#8221; and &#8220;hereunder,&#8221; shall be deemed to refer to this instrument as
amended or affected by any such restatements and/or amendments. Headings are placed herein for convenience of reference only and
shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. Whenever the
singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each
other, as applicable. This instrument may be executed in any number of counterparts, each of which shall be deemed an
original.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.
<U>Applicable Law</U>. This Declaration of Trust is created under and is to be governed by and construed and administered according to
the laws of the State of Delaware and the applicable provisions of the 1940 Act and the Code. The Trust shall be a Delaware business
trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised
by such a business trust.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.
<U>Provisions in Conflict with Law or Regulations</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The
provisions of this Declaration of Trust are severable, and if the Board of Trustees shall determine, with the advice of counsel, that
any of such provisions is in conflict with the 1940 Act, the Code, the DSTA, or with other applicable laws and regulations, the conflicting
provision shall be deemed not to have constituted a part of this 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 this Declaration
of Trust or render invalid or improper any action taken or omitted prior to such determination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) If
any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction
or any other provision of this Declaration of Trust in any jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;9.
<U>Statutory Trust Only</U>. It is the intention of the Trustees to create a statutory trust pursuant to the DSTA, and thereby to create
the relationship of trustee and beneficial owners within the meaning of the DSTA between the Trustees and each Shareholder. It is not
the intention of the Trustees to create a general or limited partnership, limited liability company, joint stock association, corporation,
bailment, or any form of legal relationship other than a business trust pursuant to the DSTA. Nothing in this Declaration of Trust shall
be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;10.
<U>Fiscal Year</U>. The fiscal year of the Trust shall end on a specified date as set forth in the Bylaws, provided, however, that the
Trustees may, without Shareholder approval, change the fiscal year of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Trustee named below does hereby make and enter into this Declaration of Trust as of the date first above written.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    S. Emrich</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John S. Emrich</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/13/2021</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    S. Erickson</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael S. Erickson</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/13/2021</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffery
    S. Murphy</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jeffery S. Murphy</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/13/2021</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas
    Dalmaso</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Nicholas Dalmaso</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/13/2021</FONT></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>5
<FILENAME>dmaf_advisory.htm
<DESCRIPTION>INVESTMENT ADVISORY AGREEMENT
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 2in; text-indent: -1in"><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">AMENDED
AND RESTATED INVESTMENT MANAGEMENT AGREEMENT</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 2in; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDED
AND RESTATED INVESTMENT MANAGEMENT AGREEMENT (the &#8220;Agreement&#8221;) made this 13 day of January, 2022, by and between Destra
Multi-Alternative Fund, a Delaware statutory trust (the &#8220;Fund&#8221;), and Destra Capital Advisors LLC, a Delaware limited
liability company (the &#8220;Advisor&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 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: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Fund is a closed-end, management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940
Act&#8221;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><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: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Advisor is registered as an investment adviser under the Investment Advisers Act of 1940 (the &#8220;Advisers Act&#8221;) 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; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Fund desires to retain the Advisor to render investment management services with respect to the Fund and the Advisor is willing
to render such services; and WHEREAS, the Fund and the Advisor have entered into that certain Investment Management Agreement, dated
as of February&nbsp;11, 2021, which the parties now desire to amend and restate:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><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: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT
AND ACCEPTANCE. The Fund hereby appoints the Advisor to act as Advisor to the Fund for the period and on the terms set forth in this
Agreement. The Advisor accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES
OF ADVISOR. The Fund employs the Advisor to furnish and manage a continuous investment program for the Fund. The Advisor will continuously
review, supervise and (where appropriate) administer the investment program of the Fund, to (i) determine in its discretion (where appropriate)
the securities to be purchased, held, sold or exchanged, (ii) provide the Fund with records concerning the Advisor&#8217;s activities
which the Fund is required to maintain and (iii) render regular reports to the Fund&#8217;s officers and Trustees concerning the Advisor&#8217;s
discharge of the foregoing responsibilities. The Advisor may hire (subject to the approval of the Fund&#8217;s Board of Trustees (&#8220;Board&#8221;)
and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the Securities and Exchange Commission,
or by rule or regulation, a majority of the outstanding voting securities of the Fund) and thereafter supervise the investment activities
of one or more sub-advisers deemed necessary to carry out the investment program of the Fund. The retention of a sub-adviser by the Advisor
shall not relieve the Advisor of its responsibilities under this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisor shall discharge the foregoing responsibilities subject to the control of the Fund&#8217;s Board and in compliance with such policies
as the Board may from time to time establish, with the objectives, policies, and limitations for the Fund set forth in the Fund&#8217;s
registration statement as amended from time to time, and with applicable laws and regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. FUND
TRANSACTIONS. The Advisor is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities
for the Fund and is directed to use its best efforts to obtain &#8220;best execution,&#8221; considering the Fund&#8217;s investment
objectives, policies, and restrictions as stated in the Fund&#8217;s Prospectus and Statement of Additional Information, as the same
may be amended, supplemented or restated from time to time, and resolutions of the Fund&#8217;s Board. The Advisor will promptly communicate
to the officers and 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is understood that the Advisor will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or be in
breach of any obligation owing to the Fund under this Agreement, or otherwise, by reason of its having directed a securities transaction
on behalf of the Fund to a broker-dealer in compliance with the provisions of Section&nbsp;28(e) of the Securities Exchange Act of 1934
or as described from time to time by the Fund&#8217;s Prospectus and Statement of Additional Information.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) With
respect to the operation of the Fund, the Advisor shall be responsible for (i) providing the personnel, office space and equipment reasonably
necessary to perform its obligations hereunder; (ii) the expenses of printing and distributing extra copies of the Fund&#8217;s prospectus,
statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto)
to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by any applicable plan adopted
consistent with Rule&nbsp;12b-1 under the Investment Company Act (each, a &#8220;12b-1 Plan&#8221;) or pursuant to, or as a condition
of multiple-class exemptive relief obtained from the Securities and Exchange Commission; (iii) the costs of any special Board meetings
or shareholder meetings convened for the primary benefit of the Advisor and attendance at required annual Board meeting; (iv) the costs
associated with any supplements to the Fund&#8217;s registration statement created at the Advisor&#8217;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&nbsp;5 below, the Advisor also shall be responsible on a monthly basis for any
operating expenses that exceed the agreed upon expense limit, subject to the terms of such agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
Fund is responsible for and has assumed the obligation for payment of all of its expenses, other than as stated in Subparagraph 4(a)
above, including but not limited to: fees and expenses incurred in connection with the issuance, registration and transfer of its shares;
brokerage and commission expenses; all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities
and other property of the Trust for the benefit of the Fund including all fees and expenses of its custodian, shareholder services agent
and accounting services agent; interest charges on any borrowings; costs and expenses of pricing and calculating its managed asset value
and of maintaining its books of account required under the Investment Company Act; taxes, if any; a pro rata portion of expenditures
in connection with meetings of the Fund&#8217;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&#8217;s Chief Compliance Officer, and fees and expenses of members of
the Board or members of any advisory board or committee who are not members of, affiliated with or interested persons of the Advisor;
insurance premiums on property or personnel of the Fund which inure to its benefit, including liability and fidelity bond insurance;
the cost of preparing and printing reports, proxy statements, prospectuses and statements of additional information of the Fund or other
communications for distribution to existing shareholders which are covered by any 12b-1 Plan, or as a condition of multiple-class exemptive
relief obtained from the Securities and Exchange Commission; legal, auditing and accounting fees; all or any portion of trade association
dues or educational program expenses determined appropriate by the Board; fees and expenses (including legal fees) of registering and
maintaining registration of its shares for sale under applicable securities laws; all expenses of maintaining and servicing shareholder
accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit
of the Fund, if any; and all other charges and costs of its operation plus any extraordinary and non-recurring expenses, except as herein
otherwise prescribed.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
To the extent the Advisor incurs any costs by assuming expenses which are an obligation of the Fund as set forth herein, the Fund
shall promptly reimburse the Advisor for such costs and expenses, except to the extent the Advisor has otherwise agreed to bear such
expenses. To the extent the services for which the Fund is obligated to pay are performed by the Advisor, the Advisor shall be
entitled to recover costs from the Fund to the extent of the Advisor&#8217;s actual costs for providing such services. In
determining the Advisor&#8217;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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. COMPENSATION
OF THE ADVISOR. For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay to the Advisor compensation
at an annual rate of 1.35%, payable monthly in arrears by the 15th business day of the succeeding month, based upon the Fund&#8217;s
managed assets as of month-end. In the case of a partial month, compensation will be based on the number of days during the month in
which the Advisor provided services to the Fund. Compensation will be paid to the Advisor before giving effect to any repurchase of interests
in the Fund effective as of that date. The Advisor will pay the compensation of any sub-adviser retained pursuant to Section&nbsp;2 above.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisor may, in its discretion and from time to time, reduce any portion of the compensation or reimbursement of expenses due to it pursuant
to this Agreement and may agree to make payments to limit the expenses that are the responsibility of the Fund under this Agreement.
Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to
reduce any future compensation or reimbursement due to the Advisor hereunder or to continue future payments.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. BOOKS
AND RECORDS. The Advisor will maintain all books and records with respect to the securities transactions of the Fund and will furnish
to the Fund&#8217;s Board such periodic and special reports as the Board may reasonably request. The Fund and the Advisor agree to furnish
to each other, if applicable, current registration statements, proxy statements, reports to shareholders, certified copies of their financial
statements, and such other information with regard to their affairs as each may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
records required to be maintained and preserved pursuant to the provisions of Rule&nbsp;31a-1 and Rule&nbsp;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. STATUS
OF ADVISOR. The services of the Advisor to the Fund are not to be deemed exclusive, and the Advisor shall be free to render similar services
to others so long as its services to the Fund are not impaired thereby. The Advisor shall be deemed to be an independent contractor and
shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise
be deemed an agent of the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIMITATION OF LIABILITY AND INDEMNIFICATION OF ADVISOR.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) In
the absence of willful misfeasance, gross negligence or reckless disregard of its obligations to the Fund, the Advisor and any partner,
director, officer or employee of the Advisor, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives,
will not be liable for any error of judgment, mistake of law or for any act or omission by the person in connection with the performance
of services to the Fund, except as may otherwise be provided under provisions of applicable state law or Federal securities law which
cannot be waived or modified hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
Fund shall indemnify, to the fullest extent permitted by law, the Advisor, or any member, manager, officer or employee of the Advisor,
and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to
which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense
is not incurred by reason of the person&#8217;s willful misfeasance, gross negligence or reckless disregard of its obligations to the
Fund. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned
persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even
on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable
law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) The
Advisor shall indemnify, to the fullest extent permitted by law, the Fund and all controlling persons of the Fund (as described in Section&nbsp;15
of the Securities Act of 1933, as amended), against any liability or expense to which the person may be liable that arises in connection
with the performance of services to the Advisor, so long as the liability or expense is not incurred by reason of the person&#8217;s
willful misfeasance, gross negligence or reckless disregard of its obligations to the Advisor. The rights of indemnification provided
under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including
any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith)
to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as
to effectuate the applicable provisions of this Section to the fullest extent permitted by law.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund are or may be interested in the Advisor (or any successor
thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest
holders of the Advisor are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Advisor (or any
successor) is or may be interested in the Fund as an interest holder or otherwise. In addition, brokerage transactions for the Fund
may be effected through affiliates of the Advisor, provided the Advisor has broker-dealer affiliates, if approved by the
Fund&#8217;s Board, subject to the rules and regulations of the Securities and Exchange Commission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. AUTHORITY;
NO CONFLICT. The Advisor represents, warrants and agrees that: it has the authority to enter into and perform the services contemplated
by this Agreement; and the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any
violation or default under, any agreement to which Advisor or any of its affiliates are a party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. LICENSE
OF ADVISOR&#8217;S NAME. The parties agree that the name of the Advisor, the names of any affiliates of the Advisor and any derivative
or logo or trademark or service mark or trade name are the valuable property of the Advisor and its affiliates. The Advisor hereby agrees
to grant a license to the Fund for use of its name in the name of the Fund for the term of this Agreement and such license shall terminate
upon termination of this Agreement. If the Fund makes any unauthorized use of the Advisor&#8217;s names, derivatives, logos, trademarks,
or service marks or trade names, the parties acknowledge that the Advisor shall suffer irreparable harm for which monetary damages may
be inadequate and thus, the Advisor shall be entitled to injunctive relief, as well as any other remedy available under law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. DURATION
AND TERMINATION. This Agreement, unless sooner terminated as provided herein, shall remain in effect until two years from the effective
date of the Agreement and thereafter, may continue in effect only if such continuance is specifically approved at least annually (a)
by the vote of a majority of those Trustees of the Board who are not parties to this Agreement or interested persons of any party to
this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (b) by a vote of a majority of the
Fund&#8217;s Board or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the interest
holders of any Fund fail to approve the Agreement as provided herein, the Advisor may continue to serve hereunder in the manner and to
the extent permitted by the 1940 Act and rules and regulations thereunder. The foregoing requirement that continuance of this Agreement
be &#8220;specifically approved at least annually&#8221; shall be construed in a manner consistent with the 1940 Act and the rules and
regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, this Agreement may be terminated as to the Fund at any time, without the payment of any penalty by vote of a majority
of members of the Fund&#8217;s Board or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days written
notice to the Advisor, or by the Advisor at any time without the payment of any penalty, on sixty (60) days written notice to the Fund.
This Agreement will automatically and immediately terminate in the event of its assignment. Any notice under this Agreement shall be
given in writing, addressed and delivered, or mailed postpaid, to the other party at any office of such party.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this Section&nbsp;11, the terms &#8220;assignment&#8221;, &#8220;interested persons&#8221;, and a &#8220;vote of a majority of
the outstanding voting securities&#8221; shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder;
subject to such exemptions as may be granted by the Securities and Exchange Commission under said Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. NOTICE.
Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by registered or certified
mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the
party giving notice:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Advisor:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><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: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
Capital Advisors LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Robert Watson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">443
North Willson Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozeman,
Montana 59715</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
(877) 855-3434</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal@destracapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Fund:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><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: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra
Multi-Alternative Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Destra Capital Advisors LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">443 North Willson Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozeman,
Montana 59715</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
(877) 855-3434</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">funds@destracapital.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14. SEVERABILITY.
If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15. GOVERNING
LAW. This Agreement shall be construed in accordance with the laws of the State of Delaware, without reference to conflict of law or
choice of law doctrines, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware,
or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Watson</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Watson</FONT></TD>
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Watson</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<TYPE>ADVISORY CONTRACTS
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<DESCRIPTION>SUB-ADVISORY AGREEMENT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDED
AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT, dated as of January&nbsp;13, 2022 by and among Destra Multi-Alternative Fund (the
&#8220;Fund&#8221;), Destra Capital Advisors LLC (the &#8220;Advisor&#8221;), and Validus Growth Investors, LLC, doing business as
Validus Investment Advisors (the &#8220;Sub-Adviser&#8221;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Advisor is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (&#8220;Advisers Act&#8221;)
and is engaged in the business of supplying investment advice as an independent contractor;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Advisor has entered into an investment management agreement (the &#8220;Investment Management Agreement&#8221;) dated February&nbsp;11,
2021 with the Fund, an investment company registered under the Investment Company Act of 1940, as amended (&#8220;Investment Company
Act&#8221;);</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Board of Trustees (each Board member individually a &#8220;Trustee&#8221; and together the &#8220;Trustees&#8221;) 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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Sub-Adviser is willing to furnish such services to the Advisor and the Fund; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Fund, Advisor and Sub-Adviser have entered into that certain Investment Sub-Advisory Agreement, dated as of February&nbsp;11, 2021,
which the parties now desire to amend and restate;</FONT></P>

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

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

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisor hereby appoints the Sub-Adviser to act as an investment adviser for the Fund, subject to the supervision and oversight of the
Advisor and the Trustees of the Fund, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent
contractor and will have no authority to act for or represent the Fund or the Advisor in any way or otherwise be deemed an agent of the
Fund or the Advisor except as expressly authorized in this Agreement or another writing by the Fund, the Advisor and the Sub-Adviser.</FONT></P>

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



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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
assets of the Fund will be maintained in the custody of a custodian (who shall be identified by the Advisor in writing). The Sub-Adviser
will not have custody of any securities, cash or other assets of the Fund and will not be liable for any loss resulting from any act
or omission of the custodian other than acts or omissions arising in reliance on instructions of the Sub-Adviser.</FONT></P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. As
an investment adviser to the Fund, the Sub-Adviser shall, subject to the supervision and oversight of the Advisor, manage the investment
and reinvestment of such portion of the assets of the Fund as the Advisor may from time to time allocate to the Sub-Adviser for management
(the &#8220;Sub-Advised Assets&#8221;), as well as vote all proxies related to the Sub-Advised Assets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the services it will provide hereunder, the Sub-Adviser will:</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) obtain
and evaluate, to the extent deemed necessary and advisable by the Sub-Adviser in its discretion, pertinent economic, statistical, financial,
and other information affecting the economy generally and individual companies or industries, the securities of which are included in
the Sub-Advised Assets or are under consideration for inclusion in the Sub-Advised Assets;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) formulate
and implement a continuous investment program for the Sub-Advised Assets as outlined in the Fund&#8217;s Registration Statement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii) take
whatever steps are necessary to implement the investment program for the Sub-Advised Assets by arranging for the purchase and sale of
securities and other investments, including issuing directives to the administrator of the Fund as necessary for the appropriate implementation
of the investment program of the Sub-Advised Assets;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv) keep
the Trustees of the Fund and the Adviser fully informed in writing on an ongoing basis as agreed by the Advisor and the Sub-Adviser as
to (1) all material facts concerning the investment and reinvestment of the Sub- Advised Assets and (2) the Sub-Adviser and its key investment
personnel and operations, make regular and periodic special written reports of such additional information concerning the same as may
reasonably be requested from time to time by the Advisor or the Trustees of the Fund; and attend meetings with the Advisor and/or the
Trustees, as reasonably requested, to discuss the foregoing;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v) in
accordance with procedures and methods established by the Trustees of the Fund, which may be amended from time to time, provide assistance
in determining the fair value of all securities and other investments/assets within the Sub-Advised Assets;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi) provide
any and all material composite performance information, records and supporting documentation about accounts the Sub-Adviser manages,
if appropriate, which are relevant to the Fund and that have investment objectives, policies, and strategies substantially similar to
those employed by the Sub-Adviser in managing the Sub- Advised Assets that may be reasonably necessary, under applicable laws, to allow
the Fund or its agent to present information concerning the Sub-Adviser&#8217;s prior performance in the Fund&#8217;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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii) cooperate
with and provide reasonable assistance to the Adviser, the Fund&#8217;s administrator, the Fund&#8217;s custodian and foreign custodians,
the Fund&#8217;s transfer agent and pricing agents and all other agents and representatives of the Fund and the Adviser; keep all such
persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Fund and
the Adviser; provide prompt responses to reasonable requests made by such persons; and maintain any appropriate interfaces with each
such person so as to promote the efficient exchange of information; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii) file
any required reports with the SEC pursuant to Sections&nbsp;13(f) and 13(g) of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. In
furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) the Fund&#8217;s
declaration of trust, by-laws and/or other governing instruments, as the same may be hereafter modified and/or amended from time to time
(&#8220;Governing Documents&#8221;); (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&#8217;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&#8217;s services hereunder, the Advisor shall provide
the Sub-Adviser with current copies of any Governing Documents, Registration Statement, compliance manual and other relevant policies
and procedures that are adopted by the Board of Trustees of the Fund. The Advisor undertakes to provide the Sub-Adviser with copies or
other written notice of any amendments, modifications or supplements to any such above-mentioned document.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
The Sub-Adviser, at its expense, will furnish: (i) all necessary facilities (including office space, furnishings, and equipment) and
personnel, including salaries, expenses and fees of any personnel required for the Sub-Adviser to faithfully perform its duties
under this Agreement; and (ii) administrative facilities, including bookkeeping, and all equipment necessary for the efficient
conduct of the Sub-Adviser&#8217;s duties under this Agreement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. On
occasions when the Sub-Adviser deems the purchase of a security to be in the best interest of the Fund as well as other clients of the
Sub-Adviser, allocation of the securities so purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser
in the manner which the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and
to its other clients over time. The Advisor agrees that the Sub-Adviser and its affiliates may give advice and take action in the performance
of their duties with respect to any of their other clients that may differ from advice given, or the timing or nature of actions taken,
with respect to the Fund. The Advisor also acknowledges that the Sub-Adviser and its affiliates are fiduciaries to other entities, some
of which have the same or similar investment objectives (and will hold the same or similar investments) as the Fund, and that the Sub-Adviser
will carry out its duties hereunder together with its duties under such relationships. Nothing in this Agreement shall be deemed to confer
upon the Sub-Adviser any obligation to purchase or to recommend for purchase for the Fund any investment that the Sub-Adviser, its affiliates,
officers or employees may purchase or sell for its or their own account or for the account of any client, if in the sole and absolute
discretion of the Sub-Adviser it is for any reason impractical or undesirable to take such action or make such recommendation for the
Fund.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. The
Sub-Adviser will maintain all accounts, books and records with respect to the Sub-Advised Assets as are required of an investment adviser
of a registered investment company pursuant to the Investment Company Act and Advisers Act and the rules thereunder.</FONT></P>

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

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Advisor will pay the Sub-Adviser a monthly advisory fee (net of any waivers, reimbursement payments, supermarket fees and alliance fees
waived, reimbursed or paid by the Advisor in respect of the Fund) with respect to the Sub-Advised Assets equal to 50% of the advisory
fee paid to the Advisor for its services to the Fund with respect to the Sub-Advised Assets, equal to a percentage of the Sub-Advised
Assets&#8217; average daily managed assets, as described in the Investment Management Agreement.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Except
as may otherwise be provided by the Investment Company Act or any other federal securities law, neither the Sub-Adviser nor any of its
officers, directors, partners, members or employees (its &#8220;Affiliates&#8221;) shall be liable for any losses, claims, damages, liabilities
or litigation (including legal and other expenses) incurred or suffered by the Advisor or the Fund as a result of any error of judgment
or mistake of law by the Sub-Adviser or its Affiliates with respect to the Fund, except that nothing in this Agreement shall operate
or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser or its Affiliates for, and the Sub-Adviser
shall indemnify and hold harmless the Fund, the Advisor, all affiliated persons thereof (within the meaning of Section&nbsp;2(a)(3) of
the Investment Company Act) and all controlling persons (as described in Section&nbsp;15 of the Securities Act of 1933, as amended (&#8220;1933
Act&#8221;)) (collectively, &#8220;Advisor Indemnitees&#8221;) against, any and all losses, claims, damages, liabilities or litigation
(including reasonable legal and other expenses) to which any of the Advisor Indemnitees may become subject under the 1933 Act, the Investment
Company Act, the Advisers Act, or under any other statute, at common law or otherwise arising out of or based on (i) any willful misconduct,
bad faith, reckless disregard or gross negligence of the Sub-Adviser in the performance of any of its duties or obligations hereunder
or (ii) any untrue statement of a material fact contained in any Registration Statement, proxy materials, reports, advertisements, sales
literature, or other materials pertaining to the Fund or the omission to state therein a material fact known to the Sub-Adviser which
was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made
in reliance upon written information furnished to the Advisor or the Fund by the Sub-Adviser Indemnitees (as defined below) for use therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
Except as may otherwise be provided by the Investment Company Act or any other federal securities law, the Advisor, the Fund and
their respective Affiliates shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and
other expenses) incurred or suffered by the Sub-Adviser as a result of any error of judgment or mistake of law by the Advisor, the
Fund and their respective Affiliates with respect to the Fund, except that nothing in this Agreement shall operate or purport to
operate in any way to exculpate, waive or limit the liability of the Advisor for, and the Advisor shall indemnify and hold harmless
the Sub-Adviser, all affiliated persons thereof (within the meaning of Section&nbsp;2(a)(3) of the Investment Company Act) and all
controlling persons (as described in Section&nbsp;15 of the 1933 Act) (collectively, &#8220;Sub-Adviser Indemnitees&#8221;) against
any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the
Sub-Adviser Indemnitees may become subject under the 1933 Act, the Investment Company Act, the Advisers Act, or under any other
statute, at common law or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard or gross
negligence of the Advisor in the performance of any of its duties or obligations hereunder or (ii) any untrue statement of a
material fact contained in any Registration Statement, proxy materials, reports, advertisements, sales literature, or other
materials pertaining to the Fund or the omission to state therein a material fact known to the Advisor that was required to be
stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance
upon information furnished to the Sub-Adviser or the Fund by the Advisor Indemnitees for use therein.</FONT></P>

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

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

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

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

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



<P STYLE="text-align: justify; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. The
Advisor has been duly authorized by the Board of Trustees of the Fund to delegate to the Sub-Adviser the provision of investment services
to the Fund as contemplated hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. The
Advisor has adopted a written code of ethics complying with the requirements of Rule&nbsp;17j-1 under the Investment Company Act and
will provide the Sub-Adviser with a copy of such code of ethics.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. The
Advisor is currently in material compliance and shall at all times continue to materially comply with the requirements imposed upon the
Advisor by applicable law and regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. The
Advisor (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation or order from performing
the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long
as this Agreement is in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory
or industry self- regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; and (v) will
promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Advisor from serving as investment manager of
an investment company pursuant to Section&nbsp;9(a) of the Investment Company Act or otherwise. The Advisor will also promptly notify
the Sub-Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in
equity, before or by any court, public board or body, involving the affairs of the Fund, provided, however, that routine regulatory examinations
shall not be required to be reported by this provision.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. The
execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under,
any agreement to which Advisor or any of its Affiliates are a party.</FONT></P>

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

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

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



<P STYLE="text-align: justify; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. The
Sub-Adviser is currently in material compliance and shall at all times continue to materially comply with the requirements imposed upon
the Sub-Adviser by applicable law and regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long
as this Agreement remains in effect; (ii) is not prohibited by the Investment Company Act, the Advisers Act or other law, regulation
or order from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as
this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any
regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement;
(iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the
Advisor of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment
company pursuant to Section&nbsp;9(a) of the Investment Company Act or otherwise. The Sub-Adviser will also promptly notify the Fund
and the Advisor if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in
equity, before or by any court, public board or body, involving the affairs of the Fund, provided, however, that routine regulatory
examinations shall not be required to be reported by this provision.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. The
Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule&nbsp;17j-1 under the Investment Company Act
and Rule&nbsp;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&nbsp;17j-1 and Rule&nbsp;204A-1 during the previous year and
that there has been no material violation of the Sub-Adviser&#8217;s code of ethics or, if such a material violation has occurred, that
appropriate action was taken in response to such violation. Upon the written request of the Advisor, the Sub-Adviser shall permit the
Advisor, its employees or its agents to examine the reports required to be made to the Sub-Adviser by Rule&nbsp;17j- 1(c)(1) and Rule&nbsp;204A-1(b)
and all other records relevant to the Sub-Adviser&#8217;s code of ethics.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. The
Sub-Adviser has provided the Fund and the Advisor with a copy of its Form ADV Parts 1 and 2, which as of the date of this Agreement is
its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments to the Fund and the Advisor at least
annually. Such amendments shall reflect all changes in the Sub-Adviser&#8217;s organizational structure, professional staff or other
significant developments affecting the Sub- Adviser, as required by the Advisers Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. The
Sub-Adviser will notify the Fund and the Advisor of any assignment of this Agreement or change of control of the Sub-Adviser, as applicable,
and any changes in the key personnel who are either the portfolio manager(s) of the Fund or senior management of the Sub-Adviser, in
each case prior to or promptly after, such change. The Sub- Adviser agrees to bear all reasonable expenses of the Fund, if any, arising
out of an assignment or change in control.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. The
Sub-Adviser will promptly notify the Advisor of any financial condition that is likely to impair the Sub-Adviser&#8217;s ability to fulfill
its commitment under this Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. The
Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage and, upon the
written request of the Advisor, provide evidence of such insurance coverage to the Advisor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. The
execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under,
any agreement to which Sub-Adviser or any of its Affiliates are a party.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sub-Adviser shall be solely responsible to vote all proxies received with respect to the Sub-Advised Assets, and shall take all necessary
and reasonable steps with respect to corporate actions related to securities held or previously held as part of the Sub-Advised Assets.
The Sub-Adviser shall not incur any liability to the Fund or the Advisor for failing to vote any proxies, or to take an action with respect
to a corporate action, if it had not received such proxies or related communication on a timely basis.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sub-Adviser may from time to time employ or associate itself with any person it believes to be particularly suited to assist it in providing
the services to be performed by such Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the
Fund that would constitute an assignment or require a written advisory agreement pursuant to the Investment Company Act. Any compensation
payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Advisor nor the Fund shall have any obligations
with respect thereto or otherwise arising under the Agreement.</FONT></P>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sub-Adviser shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this
Agreement any information, reports, or other material which any such body by reason of this Agreement may request or require pursuant
to applicable laws and regulations.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
records relating to the services provided under this Agreement shall be the property of the Fund and shall be under its control; however,
the Fund shall furnish to the Sub-Adviser such records and permit the Sub-Adviser to retain such records (either in original or in duplicate
form) as the Sub-Adviser shall reasonably require in order to carry out its business. In the event of the termination of this Agreement,
such other records shall promptly be returned to the Fund by the Sub-Adviser free from any claim or retention of rights therein, provided
that the Sub-Adviser may retain any such records that are required to be retained by it by law or regulation. The Advisor and the Sub-Adviser
shall keep confidential any information obtained in connection with their respective duties hereunder and shall disclose such information
only if the Fund has authorized such disclosure or if such disclosure is expressly required or requested by applicable federal or state
regulatory authorities, or otherwise required by law.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall become effective upon the date first above written and continue in effect for an initial term of two (2) years, provided
that this Agreement shall not take effect unless it has first been approved: (i) by a vote of a majority of those Trustees of the Fund
who are not &#8220;interested persons&#8221; (as defined in the Investment Company Act) of any party to this Agreement (&#8220;Independent
Trustees&#8221;), 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&#8217;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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be terminated at any time, without the payment of any penalty, by the Board of Trustees, including a majority of the Independent
Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days&#8217; written notice to
the Advisor and the Sub-Adviser, or by the Advisor or Sub-Adviser on sixty (60) days&#8217; written notice to the Fund and the other
party. This Agreement will automatically terminate, without the payment of any penalty, (i) in the event of its assignment (as defined
in the Investment Company Act), or (ii) in the event the Investment Management Agreement between the Advisor and the Fund is assigned
(as defined in the Investment Company Act) or terminates for any other reason. This Agreement will also terminate upon written notice
to the other party that the other party is in material breach of this Agreement, unless the party in material breach of this Agreement
cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
to the extent permitted by the Investment Company Act or the rules or regulations thereunder or pursuant to exemptive relief granted
by the SEC, this Agreement may be amended by the parties only if such amendment, if material, is specifically approved by the vote of
a majority of the outstanding voting securities of the Fund (unless such approval is not required by Section&nbsp;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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
assignment (as that term is defined in the Investment Company Act) of this Agreement made by the Sub-Adviser shall result in the
automatic termination of this Agreement, as provided in Section&nbsp;12 hereof. Notwithstanding the foregoing, no assignment shall
be deemed to result from any changes in the directors, officers or employees of such Sub-Adviser except as may be provided to the
contrary in the Investment Company Act or the rules or regulations thereunder.</FONT></P>

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

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

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

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



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

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

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

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



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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable party
in person or by registered or certified mail or a private mail or delivery service providing the sender with notice of receipt or to
such other address as specified in a notice duly given to the other party. Notice shall be deemed given on the date delivered or mailed
in accordance with this paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For:</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra Capital Advisors LLC</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Rob Watson</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">443
North Willson Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozeman,
Montana 59715</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
(877) 855-3434</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal@destracapital.com</FONT></P>
</TD></TR></TABLE>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For:</FONT></TD>
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destra Multi-Alternative Fund</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o Destra Capital Advisors LLC</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">443 North Willson Avenue</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bozeman, Montana 59715</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
(877) 855-3434</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">funds@destracapital.com</FONT></P>
</TD></TR></TABLE>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For:</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Time New Roman, Times, Serif; font-size: 10pt">Validus Growth Investors, LLC</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Mark Scalzo</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11956
Bernardo Plaza Dr. #527</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
Diego, CA 92128</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
858-842-3035</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
858-842-3035</FONT></P>
</TD></TR></TABLE>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is
possible, as if such portion had never been contained herein.</FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without reference
to conflict of law or choice of law doctrines, or any of the applicable provisions of the Investment Company Act. To the extent that
the laws of the State of Delaware, or any of the provisions in this Agreement, conflict with applicable provisions of the Investment
Company Act, the latter shall control.</FONT></P>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision
of the Investment Company Act shall be resolved by reference to such term or provision of the Investment Company Act and to interpretations
thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations
or orders of the SEC validly issued pursuant to the Investment Company Act. Specifically, the terms &#8220;vote of a majority of the
outstanding voting securities,&#8221; &#8220;interested persons,&#8221; &#8220;assignment,&#8221; and &#8220;affiliated persons,&#8221;
as used herein shall have the meanings assigned to them by Section&nbsp;2(a) of the Investment Company Act. In addition, where the effect
of a requirement of the Investment Company Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order
of the SEC, whether of special or of general application, such provision shall be deemed to incorporate the effect of such rule, regulation
or order.</FONT></P>

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

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



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><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: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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 COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">DESTRA CAPITAL ADVISORS LLC</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">VALIDUS GROWTH INVESTORS, LLC</FONT></P>
                                            <P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(D/B/A VALIDUS INVESTMENT ADVISORS)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-size: 10pt; width: 40%"> /s/ Robert Watson</TD>
    <TD STYLE="text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-size: 10pt; width: 40%">/s/ Mark Scalzo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Robert Watson</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt"> Mark Scalzo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt"> President</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Managing Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">DESTRA
MULTI-ALTERNATIVE FUND</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-size: 10pt"> /s/ Robert Watson</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">Name:</TD>
    <TD STYLE="text-align: left; font-size: 10pt"> Robert Watson</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">Title:</TD>
    <TD STYLE="text-align: left; font-size: 10pt"> President</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
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<TYPE>INST DEFINING RIGHTS
<SEQUENCE>7
<FILENAME>dmaf_partg.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the Amended and Restated Agreement and Declaration of Trust,
a copy of which is provided under Item G.1.b.i, shares are no longer redeemable by holders. Instead, shareholders may now trade out of
any shares on the New York Stock Exchange.</P>

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