DMA Schedule 13D/A: Saba builds 2.03 M-share position, 22.7% of fund

Rhea-AI Filing Summary

Saba Capital Management, L.P., its GP and founder Boaz R. Weinstein have filed Amendment No. 10 to their Schedule 13D on Destra Multi-Alternative Fund (CUSIP 25065A502). The filing, triggered by events on 07/28/2025, updates Items 3, 5 and 7.

• Beneficial ownership: 2,034,481 common shares, equal to 22.7 % of the outstanding 8,963,239 shares (per the fund’s 3/31/25 N-CSR).
• Voting/Dispositive power: 0 sole, 2,034,481 shared for both voting and disposition.
• Cost basis: Approximately $846,974 in aggregate, funded through investor capital, appreciation and ordinary-course margin borrowings.
• Reporting persons: Saba Capital Management, L.P.; Saba Capital Management GP, LLC; and Mr. Boaz R. Weinstein. Business address for all: 405 Lexington Ave., 58th Floor, New York, NY 10174.
• Purpose of amendment: provide updated ownership (Item 5), funding details (Item 3) and exhibit list (Item 7). No changes to criminal or civil backgrounds—none reported in past five years.

The stake was accumulated via open-market transactions between 5/12/25 and 7/28/25; detailed trade data appear in Exhibit 3 (Schedule A). Funds and accounts advised by Saba receive any dividends or sale proceeds.

Implication: With nearly a quarter of shares, Saba Capital is now a significant stakeholder capable of influencing future corporate actions of the closed-end fund.

Positive

• Saba Capital’s 22.7 % stake introduces an experienced activist investor that could advocate for shareholder-friendly actions.

Negative

• High ownership concentration in a single activist increases volatility and may limit liquidity for other shareholders.

Insights

Activist Fund Specialist

TL;DR: Saba now holds 22.7 % of DMA, signalling potential activist influence.

Schedule 13D/A reveals Saba Capital’s rapid build-up to 2.03 m shares, funded with <$1 m, reflecting the discounted market price typical of CEFs. Shared voting rights across entities indicate coordinated control. At >20 %, Saba can requisition board changes or push for a tender offer, although no intent language is provided here. Investors should monitor forthcoming 13D amendments for Item 4 plans that could catalyse a narrowing of any NAV discount.

Closed-End Fund Portfolio Manager

TL;DR: Large single-holder concentration raises governance and liquidity considerations.

While activist involvement can unlock value, a 22.7 % block reduces float and could amplify volatility. The modest capital outlay underscores the fund’s depressed trading level. No legal issues noted. Exhibit schedule will detail trade cadence useful for liquidity analysis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

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)

07/28/2025

(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 2,034,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,034,481.00

11

Aggregate amount beneficially owned by each reporting person

2,034,481.00

12

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

13

Percent of class represented by amount in Row (11)

22.7 %

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 2,034,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,034,481.00

11

Aggregate amount beneficially owned by each reporting person

2,034,481.00

12

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

13

Percent of class represented by amount in Row (11)

22.7 %

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 2,034,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,034,481.00

11

Aggregate amount beneficially owned by each reporting person

2,034,481.00

12

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

13

Percent of class represented by amount in Row (11)

22.7 %

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 AVE., BOZEMAN, MONTANA , 59715.
Item 1 Comment: This Amendment No. 10 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 $846,974 was paid to acquire the Common Shares reported herein.
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 5/12/25 by the Reporting Persons to 7/28/25, 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 7.	Material to be Filed as Exhibits.
	Exhibit 3 - 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:	07/30/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	07/30/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	07/30/2025

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 much of Destra Multi-Alternative Fund (DMA) does Saba Capital own?

Saba Capital and its affiliates beneficially own 2,034,481 common shares, or 22.7 % of DMA’s outstanding shares.

What is the cost basis for Saba Capital’s DMA position?

The filing states an aggregate purchase price of approximately $846,974.

Does Saba Capital have sole or shared voting power over DMA shares?

The reporting persons have shared voting and dispositive power over all 2,034,481 shares; none are held with sole power.

Why was this Schedule 13D amendment filed?

Amendment No. 10 updates Items 3 (source of funds), 5 (ownership) and 7 (exhibits) following transactions up to 07/28/2025.

Who are the reporting persons in the DMA Schedule 13D/A?

They are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein.

What is the outstanding share count used for the ownership calculation?

The percentage is based on 8,963,239 shares outstanding as of 3/31/25 per DMA’s N-CSR filed 6/6/25.