<SEC-DOCUMENT>0001580642-19-000893.txt : 20190221
<SEC-HEADER>0001580642-19-000893.hdr.sgml : 20190221
<ACCEPTANCE-DATETIME>20190220173212
ACCESSION NUMBER:		0001580642-19-000893
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190221
DATE AS OF CHANGE:		20190220
EFFECTIVENESS DATE:		20190221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Destra Multi-Alternative Fund
		CENTRAL INDEX KEY:			0001523289
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189008
		FILM NUMBER:		19619593

	BUSINESS ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-470-2600

	MAIL ADDRESS:	
		STREET 1:		80 ARKAY DRIVE
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Multi-Strategy Growth & Income Fund
		DATE OF NAME CHANGE:	20110614
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>destra497s.htm
<DESCRIPTION>497
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Destra
MULTI-aLTERNATIVE Fund</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Class A Shares (MSFDX)</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Class C Shares (MCFDX)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt"><B>Class L Shares (MSFYX)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt"><B>Class I Shares (MSFIX)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 20, 2019</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUPPLEMENT TO STATEMENT OF ADDITIONAL<BR>
INFORMATION (&ldquo;SAI&rdquo;) DATED DECEMBER 7, 2018</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Compensation of Trustees</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Board of Trustees has adopted a Destra Fund Complex-wide trustee
compensation arrangement. As of April 1, 2019, Trustee compensation for the Fund will be allocated on a prorated basis among the
funds in the Destra Fund Complex.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Accordingly, the information related to Trustee Compensation in
the section entitled &ldquo;MANAGEMENT OF THE FUND &ndash; Compensation&rdquo; beginning on page 17 of the SAI is deleted and replaced
with the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><U>Compensation</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Trustees who do not also serve in an executive officer
capacity for the Fund, the Adviser or the Sub-Adviser are entitled to receive from the Fund an annual cash retainer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Effective April 1, 2019, in consideration of the services
rendered by the Independent Trustees, the Destra Fund Complex will pay each Independent Trustee a retainer of $39,000 per year,
and the Chairman of the Board a retainer of $46,000 per year for his services in this capacity. The Destra Fund Complex consists
of the Fund, the Destra International &amp; Event-Driven Credit Fund, Destra Wolverine Dynamic Asset Fund and the Destra Flaherty
&amp; Crumrine Preferred and Income Fund, both a series of the Destra Investment Trust, and the Destra Exchange-Traded Fund Trust,
of which there is currently no active series. Each fund in the Destra Fund Complex pays a portion of the retainer received by each
Trustee, which is allocated annually across the Destra Fund Complex based on each fund&rsquo;s respective net assets as of December
31 of the preceding year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Prior to April 1, 2019, the Fund paid each Independent
Trustee a retainer of $18,000 per year, and the Chairman of the Board a retainer of $18,000 per year for his services in this capacity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The Fund also reimburses each of the Trustees for all
reasonable and authorized business expenses in accordance with the Fund&rsquo;s policies as in effect from time to time, including
reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and each
committee meeting not held concurrently with a Board meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">The table below details the amount of compensation the
Trustees received from the Fund during the fiscal period ended February 28, 2018. The Fund does not have a bonus, profit sharing,
pension or retirement plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><U>Name and Position</U></B></P></TD>
    <TD STYLE="width: 20%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><U>Aggregate Compensation From Fund</U></B></P></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 11pt"><B><U>Pension or Retirement Benefits Accrued as Part of Fund Expenses</U></B></FONT></TD>
    <TD STYLE="width: 20%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B><U>Estimated Annual Benefits Upon Retirement</U></B></P></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-size: 11pt"><B><U>Total Compensation From Destra Fund Complex<SUP>*</SUP> Paid to Trustees</U></B></FONT></TD></TR>
<TR STYLE="background-color: #DEEAF6">
    <TD><FONT STYLE="font-size: 11pt">John S. Emrich, Trustee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 11pt">Michael S. Erickson, Trustee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: #DEEAF6">
    <TD><FONT STYLE="font-size: 11pt">Jeffrey S. Murphy, Trustee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 11pt">Nicholas Dalmaso, Trustee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: #DEEAF6">
    <TD><FONT STYLE="font-size: 11pt">Mark J. Riedy**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$32,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 11pt">Ira J. Miller**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$31,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: #DEEAF6">
    <TD><FONT STYLE="font-size: 11pt">John D. Frager**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$20,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 11pt">Darlene DeRemer**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$31,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: #DEEAF6">
    <TD><FONT STYLE="font-size: 11pt">Raymond J. Lucia, Jr.**</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">_____________________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">* The term &ldquo;Destra Fund Complex&rdquo; refers to
the Fund, the Destra International &amp; Event-Driven Credit Fund, Destra Wolverine Dynamic Asset Fund and the Destra Flaherty
&amp; Crumrine Preferred and Income Fund, both a series of the Destra Investment Trust, and the Destra Exchange-Traded Fund Trust,
of which there is currently no active series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">** Messrs. Riedy, Miller, Frager, Lucia and Ms. DeRemer
each resigned as Trustees of the Fund effective on November 30, 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Please retain this Supplement for future
reference.</B></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
