Saba Capital Discloses 24.94% Stake in Destra Multi-Alternative Fund

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 12 discloses that Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein (together, the Reporting Persons) beneficially own 2,235,144 common shares of Destra Multi-Alternative Fund (ticker DMA), representing 24.94% of the 8,963,239 shares outstanding as of March 31, 2025. The Reporting Persons report shared voting and dispositive power over these shares and state approximately $15,109,969 was paid to acquire the reported position, funded from investor subscription proceeds, capital appreciation and margin borrowings. No new purpose for the holdings is reported and no contracts or arrangements concerning the securities are disclosed. Recent open-market transactions from the prior 8/18/25 filing through 9/9/25 are referenced and incorporated by Schedule A.

Positive

• Material stake disclosed: Reporting Persons beneficially own 2,235,144 shares, equal to 24.94% of DMA, a clearly material ownership level.
• Transparent funding disclosure: The filing states approximately $15,109,969 was paid and identifies sources (subscription proceeds, capital appreciation, margin).
• No adverse legal history disclosed: Reporting Persons state no relevant criminal convictions or disqualifying civil orders in the past five years.

Negative

• None.

Insights

Securities Analyst

TL;DR: Reporting Persons hold a substantial ~25% stake in DMA, a materially significant ownership level that could influence governance despite no stated activist intent.

The disclosed 24.94% beneficial ownership is large for a single reporting group and is material to DMA's capitalization. The filing confirms shared voting and dispositive power, and identifies ~$15.1 million deployed to build the position. While the filers state "Purpose of Transaction: Not Applicable," the presence of a near-25% stake typically warrants attention from investors and the board because such ownership can affect board composition, dividend policy and potential strategic outcomes even absent explicit demands. Absence of contractual arrangements or legal disclosures limits clarity on future intentions.

Corporate Governance Expert

TL;DR: A sub-25% block owned with shared voting power is material and creates potential governance leverage without declared objectives.

The Schedule shows shared control rather than sole control, which suggests the stake is held within funds/accounts advised by Saba. No agreements or proposed actions are disclosed, so immediate governance changes are not asserted. Nonetheless, at nearly one quarter of the outstanding shares, the Reporting Persons occupy a position from which meaningful influence could be exercised in future proxy matters or board discussions. Investors should note the funding sources include margin borrowings, which can affect hold periods and disposition risk.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares of DMA does Saba Capital report owning?

The Reporting Persons beneficially own 2,235,144 shares, representing 24.94% of DMA's common stock based on 8,963,239 outstanding shares.

What did Saba Capital pay to acquire its DMA position?

The filing states approximately $15,109,969 was paid to acquire the reported Common Shares.

Does the Schedule 13D/A state a purpose or intent for the stake in DMA?

The filing lists "Purpose of Transaction: Not Applicable" and does not disclose an activist agenda or proposed transaction.

Do the Reporting Persons have voting control of the shares?

The Reporting Persons report shared voting power and shared dispositive power over the 2,235,144 shares; sole voting and dispositive power are reported as 0.

Were any contracts or arrangements related to DMA securities disclosed?

No contracts, arrangements or understandings with respect to the securities are reported; Item 6 states Not Applicable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/10/2025 - 03:16 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

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)

09/09/2025

(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 2,235,144.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,235,144.00

11

Aggregate amount beneficially owned by each reporting person

2,235,144.00

12

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

13

Percent of class represented by amount in Row (11)

24.94 %

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 2,235,144.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,235,144.00

11

Aggregate amount beneficially owned by each reporting person

2,235,144.00

12

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

13

Percent of class represented by amount in Row (11)

24.94 %

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 2,235,144.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,235,144.00

11

Aggregate amount beneficially owned by each reporting person

2,235,144.00

12

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

13

Percent of class represented by amount in Row (11)

24.94 %

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. 12 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 $15,109,969 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 8/18/25 by the Reporting Persons to 9/9/25, 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 5 - 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:	09/10/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/10/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/10/2025

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