# EDGAR Filing Document

**Accession Number:** 0001523289
**File Stem:** 0001752724-25-143618
**Filing Date:** 2025-6
**Character Count:** 23594
**Document Hash:** 4ecd200cc002134717593fad5bda7782
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-143618.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001752724-25-143618

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**EFFECTIVENESS DATE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Destra Multi-Alternative Fund
- **CENTRAL INDEX KEY:** 0001523289

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22572
- **FILM NUMBER:** 251049201

**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

## Internal

```

REPORT OF INDEPENDENT
REGISTERED PUBLIC
ACCOUNTING FIRM
To the Shareholders and
Board of Trustees of
Destra Multi-Alternative
Fund

In planning and performing
our audit of the financial
statements of Destra Multi-
Alternative Fund (the Fund)
as of and for the year ended
March 31, 2025, in
accordance with the
standards of the Public
Company Accounting
Oversight Board (United
States) (PCAOB), we
considered the Funds
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 Funds internal control
over financial reporting.
Accordingly, we express no
such opinion.
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 funds 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 funds 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 funds
assets that could have a
material effect on the
financial statements.
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.
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 Funds
annual or interim financial
statements will not be
prevented or detected on a
timely basis.
Our consideration of the
Funds 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 Funds
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 March 31, 2025.
This report is intended solely
for the information and use
of management and the
Board of Trustees of the
Funds and the Securities and
Exchange Commission and is
not intended to be and
should not be used by
anyone other than these
specified parties.

/s/COHEN & COMPANY, LTD.
Cleveland, Ohio
May 30, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001523289

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Destra Multi-Alternative Fund

- **Item B.1.b - Investment Company Act file number:** 811-22572

- **Item B.1.c - CIK:** 0001523289

- **Item B.1.d - LEI:** 549300SP0KUS5HR5P569

- **Item B.2.a - Street 1:** 443 NORTH WILLSON AVENUE

- **Item B.2.b - City:** BOZEMAN

- **Item B.2.c - State:** MT

- **Item B.2.e - Zip Code:** 59715

- **Item B.2.f - Telephone:** 877-855-3434

- **Item B.2.g - Public Website:** www.destracapital.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB FUND SERVICES, INC

- **b. Street 1:** 235 W GALENA STREET

- **c. City:** MILWAUKEE

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 414-299-2000

- **h. Briefly describe the books and records kept at this location:** FUND ADMINISTRATOR AND FUND ACCOUNTANT

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** EQUINITI TRUST COMPANY, LLC

- **b. Street 1:** 48 WALL STREET

- **Street 2:** FLOOR 23

- **c. City:** NEW YORK

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10005

- **g. Telephone number:** 718-921-8157

- **h. Briefly describe the books and records kept at this location:** TRANSFER AGENT

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** FAEGRE DRINKER BIDDLE & REATH LLP

- **b. Street 1:** ONE LOGAN SQUARE

- **Street 2:** SUITE 2000

- **c. City:** PHILADELPHIA

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19103

- **g. Telephone number:** 215-988-2700

- **h. Briefly describe the books and records kept at this location:** LEGAL COUNSEL

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Validex Global Investing

- **b. Street 1:** 13520 EVENING CREEK DRIVE NORTH

- **Street 2:** SUITE 300B

- **c. City:** SAN DIEGO

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 92128

- **g. Telephone number:** 858-410-1410

- **h. Briefly describe the books and records kept at this location:** SUB-ADVISER

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions

- **b. Street 1:** 225 Pictoria Drive, Suite 450

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45246

- **g. Telephone number:** 631-470-2600

- **h. Briefly describe the books and records kept at this location:** FUND ADMINISTRATOR AND FUND ACCOUNTANT

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** DESTRA CAPITAL ADVISORS LLC

- **b. Street 1:** 443 NORTH WILLSON AVENUE

- **c. City:** BOZEMAN

- **d. State, if applicable:** MT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 59715

- **g. Telephone number:** 877-855-3434

- **h. Briefly describe the books and records kept at this location:** INVESTMENT MANAGER

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** UMB BANK, N.A.

- **b. Street 1:** 1010 GRAND BLVD

- **c. City:** KANSAS CITY

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64141

- **g. Telephone number:** 816-860-1142

- **h. Briefly describe the books and records kept at this location:** CUSTODIAN

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** DESTRA

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers      |
|:---|:---|:---|
| MICHAEL S ERICKSON | No                      | 811-04014, 811-22417, 811-23309            |
| JOHN S EMRICH      | No                      | 811-22417, 811-04014, 811-22853, 811-23309 |
| NICHOLAS DALMASO   | No                      | 811-23309, 811-22417                       |
| PAUL KAZARIAN      | No                      | 811-22553, 811-15585                       |
| JEFFREY S MURPHY   | No                      | 811-22417, 811-23309                       |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** RANDI ROESSLER

- **b. CRD Number, if any:** 005178959

- **c. Street Address 1:** 443 NORTH WILLSON AVENUE

- **d. City:** BOZEMAN

- **e. State, if applicable:** MT

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 59715

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** DESTRA CAPITAL INVESTMENTS LLC

- **ii. SEC file number:** 8-68006

- **iii. CRD number:** 000148299

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MT

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** COHEN AND COMPANY, LTD

- **b. PCAOB Number:** 00925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Destra Multi-Alternative Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Destra Multi-Alternative Fund

- **c. LEI:** 549300SP0KUS5HR5P569

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** DESTRA CAPITAL ADVISORS LLC

- **ii. SEC file number:** 801-71604

- **iii. CRD number:** 000148574

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Validex Global Investing

- **ii. SEC file number:** 801-78236

- **iii. CRD number:** 000166575

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Equiniti Trust Company, LLC

- **ii. SEC file number:** 84-00416

- **iii. LEI, if any:** 254900TS5EWP83BEOU02

- **iv. State, if applicable:** NY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Houlihan Capital Advisors, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** INTERCONTINENTAL EXCHANGE, INC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** VALUATION RESEARCH CORPORATION

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank NA

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions

- **ii. LEI, if any, or other identifying number:** 84-06083

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** UMD FUND SERVICES

- **ii. LEI, if any, or other identifying number:** 84-5792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ROTH CAPITAL

- **ii. SEC file number:** 8-32129

- **iii. CRD number:** 000015407

- **iv. LEI, if any:** 549300FMF3TPT1HFRF48

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $161.84

**Brokers Record: 2**

- **i. Full name of broker:** INTERACTIVE BROKERS LLC

- **ii. SEC file number:** 8-47257

- **iii. CRD number:** 000036418

- **iv. LEI, if any:** 50OBSE5T5521O6SMZR28

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,701.97

**Aggregate Commission:** $16,863.81

**Item C.17.a. Principal transaction counterparties.**

| Name                    | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| INSPEREX LLC            | 8-52081           |    000101420 | 254900XF92VANF1UCI97 | FL      | US        | $6,590,800.00             |
| INTERACTIVE BROKERS LLC | 8-47257           |    000036418 | 50OBSE5T5521O6SMZR28 | CT      | US        | $5,783,648.76             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $12,374,448.76

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $101,900,932.17

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Destra Multi-Alternative Fund

**Date:** 2025-06-16

**Signature:** /s/ Derek Mullins

**Title:** Principal Financial Officer