[SCHEDULE 13D/A] Destra Multi-Alternative Fund SEC Filing

Rhea-AI Filing Summary

Saba Capital Management and related persons report owning 2,138,272 common shares of Destra Multi-Alternative Fund, representing 23.86% of the outstanding shares based on 8,963,239 shares outstanding as of 3/31/25. This filing is Amendment No. 11 and updates Items 3, 5, and 7 of their Schedule 13D/A. The reporting persons state approximately $14,277,437 was paid to acquire the reported shares, with funds derived from investor subscriptions, capital appreciation and margin borrowings. The filing lists shared voting and dispositive power for the reporting persons and references Schedule A for open-market transactions between 7/30/25 and 8/14/25.

Positive

• Significant disclosed ownership: Reporting persons hold 2,138,272 shares, representing 23.86% of outstanding common shares
• Transparent funding disclosure: The filing specifies approximately $14,277,437 used to acquire the shares and identifies sources of funds
• Amendment updates: The filing clarifies prior disclosures by amending Items 3, 5, and 7 and references transaction details in Schedule A

Negative

• No stated purpose for the holdings: Item 4 lists "Not Applicable," so no disclosed plans or intentions regarding control or strategic actions
• Use of margin borrowings: Some acquisition funds derived from margin accounts, with unspecified amounts, which may affect refinancing or liquidation considerations
• Shared voting power only: All reported voting and dispositive power is shared; no sole control is disclosed

Insights

Financial Analyst

Sizable 23.86% stake reported; ownership level is material and could influence shareholder dynamics.

The reporting persons collectively hold 2,138,272 shares, equal to 23.86% of the fund based on the disclosed outstanding share count. The purchase consideration of approximately $14.28 million and the use of fund and margin financing are disclosed. The filing amends prior disclosures and points to further transaction detail in Schedule A. For investors, the key facts are the significant ownership percentage and that voting and disposition powers are shared among Saba entities and Mr. Weinstein.

Corporate Governance Expert

A near-24% ownership stake creates potential governance influence without explicit agreements disclosed.

The Schedule 13D/A shows shared voting and dispositive power among Saba entities and Mr. Weinstein, which typically signals coordinated ownership. The amendment updates Items 3, 5, and 7, and references Schedule A for open-market transactions. The filing does not state any intent to change control or specific plans, nor does it disclose contracts or arrangements. Material governance implications depend on actions not specified in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Destra Multi-Alternative Fund

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

25065A502

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/14/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 25065A502

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,138,272.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,138,272.00

11

Aggregate amount beneficially owned by each reporting person

2,138,272.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.86 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 8,963,239 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSR filed 6/6/25.

SCHEDULE 13D

CUSIP No. 25065A502

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,138,272.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,138,272.00

11

Aggregate amount beneficially owned by each reporting person

2,138,272.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.86 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 8,963,239 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSR filed 6/6/25.

SCHEDULE 13D

CUSIP No. 25065A502

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,138,272.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,138,272.00

11

Aggregate amount beneficially owned by each reporting person

2,138,272.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.86 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 8,963,239 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSR filed 6/6/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: Destra Multi-Alternative Fund
(c)	Address of Issuer's Principal Executive Offices: 443 N Willson Avenue, Bozeman, MONTANA , 59715.
Item 1 Comment: This Amendment No. 11 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $14,277,437 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 8,963,239 shares of common stock outstanding as of 3/31/25, as disclosed in the company's N-CSR filed 6/6/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 7/30/25 by the Reporting Persons to 8/14/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/18/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/18/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/18/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many shares of DMA does Saba Capital report owning?

The reporting persons collectively own 2,138,272 shares, representing 23.86% of DMA's outstanding common shares.

What percentage of Destra Multi-Alternative Fund (DMA) is reported in the Schedule 13D/A?

The filing reports ownership of 23.86% based on 8,963,239 shares outstanding as of 3/31/25.

How much was paid to acquire the reported DMA shares?

Approximately $14,277,437 was paid to acquire the shares disclosed in the filing.

Did the filing state any plans or purpose for the holdings in DMA?

No. Item 4 of the Schedule 13D/A is marked Not Applicable, so no plans or intentions were disclosed.

Are the voting and disposition rights sole or shared for the reported DMA shares?

The filing discloses shared voting power and shared dispositive power for the reported shares among the reporting persons.