<SEC-DOCUMENT>0001213900-20-019617.txt : 20200731
<SEC-HEADER>0001213900-20-019617.hdr.sgml : 20200731
<ACCEPTANCE-DATETIME>20200731145115
ACCESSION NUMBER:		0001213900-20-019617
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200731
DATE AS OF CHANGE:		20200731
EFFECTIVENESS DATE:		20200731

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:		201065542

	BUSINESS ADDRESS:	
		STREET 1:		444 WEST LAKE STREET
		STREET 2:		SUITE 1700
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		877-855-3434

	MAIL ADDRESS:	
		STREET 1:		444 WEST LAKE STREET
		STREET 2:		SUITE 1700
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Multi-Strategy Growth & Income Fund
		DATE OF NAME CHANGE:	20110614
</SEC-HEADER>
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<TYPE>497
<SEQUENCE>1
<FILENAME>s126694_497.htm
<DESCRIPTION>497
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Destra
MULTI-ALTERNATIVE FUND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class I Shares <BR>
(MSFIX)</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class A Shares <BR>
(MSFDX)</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class T Shares <BR>
(MSFYX)</B></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class C Shares<BR>
 (MCFDX)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>July 31, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Supplement to the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Statement of Additional Information (&ldquo;SAI&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>each, dated June 25, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or about August 3, 2020 (the &ldquo;Effective
Date&rdquo;), it is expected that a controlling interest in Pinhook Capital, LLC (&ldquo;Pinhook&rdquo;), sub-adviser to Destra
Multi-Alternative Fund (the &ldquo;Fund&rdquo;), will be sold. In connection with that transaction (the &ldquo;Transaction&rdquo;),
Pinhook and its investment adviser affiliate Validus Growth Investors, LLC (&ldquo;Validus&rdquo;) will be consolidated, with Validus
remaining as the surviving registrant. The Transaction will constitute an &ldquo;assignment&rdquo; under the Investment Company
Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). As required under the 1940 Act, the sub-advisory agreement between Pinhook
and Destra Capital Advisors LLC (&ldquo;Destra&rdquo;) with respect to the Fund (the &ldquo;Current Sub-Advisory Agreement&rdquo;)
provides for automatic termination upon an assignment. As a result, the Transaction will automatically terminate the Current Sub-Advisory
Agreement on the Effective Date. To provide the Fund and shareholders with sub-advisory management continuity, the Board of Trustees,
at a special meeting held on July&nbsp;30, 2020, approved an interim sub-advisory agreement and a new sub-advisory agreement between
Destra and Validus, with respect to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Validus will initially provide investment
sub-advisory services to the Fund pursuant to the interim sub-advisory agreement. The interim sub-advisory agreement provides that,
for up to 150 days following the Effective Date, Validus will act as investment sub-adviser to the Fund on the same terms as the
current investment sub-advisory agreement until the new sub-advisory agreement is approved by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A special meeting of shareholders of
the Fund will be held at which shareholders will be asked to consider and approve the new sub-advisory agreement. Shareholders
of record of the Fund as of the record date will be entitled to vote and should expect to receive a proxy statement providing more
information about the new sub-advisory agreement. If approved by shareholders prior to the expiration of the 150 day-term of the
interim sub-advisory agreement, the interim sub-advisory agreement will immediately terminate and Validus will provide investment
sub-advisory services to the Fund pursuant to the new sub-advisory agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please retain this Supplement with
your Prospectus and SAI<BR>
for future reference.</B></P>

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