Destra Multi-Alternative Fund (NYSE: DMA) approves end of real estate concentration

Rhea-AI Filing Summary

Destra Multi-Alternative Fund reported the results of a special shareholder meeting held on December 18, 2025. Shareholders voted on a single proposal to revise the Fund’s fundamental investment policy on industry concentration to eliminate its concentration in the real estate industry.

The proposal received 4,285,378 votes for, 1,118,644 votes against, and 16,622 abstentions, with no broker non-votes, and achieved the requisite level of shareholder approval. This means the change to the concentration policy has been adopted, allowing the Fund to adjust its portfolio approach away from a dedicated focus on real estate. The Fund’s common shares continue to trade on the New York Stock Exchange under the symbol DMA.

Insights

Closed-end fund governance analyst

Shareholders approved removing Destra Multi-Alternative Fund’s real estate concentration policy.

The key outcome is shareholder approval of a change to the Fund’s fundamental policy on concentration, specifically to eliminate its concentration in the real estate industry. Fundamental policies typically require shareholder approval to change, so this vote provides formal authorization for the revised approach.

The voting results show 4,285,378 shares in favor versus 1,118,644 against, plus 16,622 abstentions, indicating a clear but not unanimous mandate. This allows the Fund to operate without being tied to a concentrated real estate exposure, which may alter its risk and return profile over time, depending on how portfolio allocations evolve.

Investors who follow the Fund’s strategy may focus on future disclosures around portfolio composition after December 18, 2025, as those will reflect how the removal of the real estate concentration requirement is implemented in practice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 18, 2025

Destra Multi-Alternative Fund

(Exact name of Registrant as specified in its charter)

Delaware		811-22572		45-3477142
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

443 North Willson Avenue Bozeman, Montana 59715		59715
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (312) 843-6161

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares		DMA		New York Stock Exchange

Item 5.07. Submission of Matters to a Vote of Security Holders.

On December 18, 2025, Destra Multi-Alternative Fund (the “Company”) held a special meeting of shareholders (the “Special Meeting”). Proxies for the Special Meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended. The final voting results for the matter submitted to a vote of the shareholders at the Special Meeting are set forth below.

Proposal: To approve a revision to the Fund’s fundamental policy regarding concentration that would eliminate the Fund’s concentration in the real estate industry

Votes on a proposal to approve a revision to the Fund’s fundamental policy regarding concentration that would eliminate the Fund’s concentration in the real estate industry were as follows:

For		Against		Abstentions		Broker Non-Votes
4,285,378		1,118,644		16,622		0

The proposal presented at the Special Meeting received the requisite shareholder votes for the adoption.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT NUMBER
Exhibit 99.1		Press Release, dated December 18, 2025

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Destra Multi-Alternative Fund
Date: December 19, 2025	By:	/s/ Robert A. Watson
		Robert A. Watson
		President

2

FAQ

What did Destra Multi-Alternative Fund (DMA) shareholders approve at the special meeting?

Shareholders of Destra Multi-Alternative Fund approved a proposal to revise the Fund’s fundamental policy on concentration so that it eliminates the Fund’s concentration in the real estate industry.

How did Destra Multi-Alternative Fund (DMA) shareholders vote on the real estate concentration change?

The proposal received 4,285,378 votes for, 1,118,644 votes against, and 16,622 abstentions, with 0 broker non-votes, and it obtained the requisite shareholder approval to be adopted.

Why was a special meeting held for Destra Multi-Alternative Fund (DMA)?

The special meeting on December 18, 2025 was held so shareholders could vote on a single proposal to revise the Fund’s fundamental concentration policy and remove its concentration in the real estate industry.

Does the approved proposal change Destra Multi-Alternative Fund’s focus on the real estate industry?

Yes. The approved proposal eliminates the Fund’s concentration in the real estate industry, allowing the Fund to operate without that dedicated real estate concentration requirement.

On which exchange does Destra Multi-Alternative Fund (DMA) trade and under what symbol?

Destra Multi-Alternative Fund’s common shares are listed on the New York Stock Exchange under the trading symbol DMA.

Was there any additional material associated with the Destra Multi-Alternative Fund special meeting?

Yes. The filing notes an exhibit, Exhibit 99.1, described as a Press Release dated December 18, 2025, related to the special meeting outcome.