DEF: Destra Multi-Alternative Fund Sets Annual Meeting for Trustee Election

Destra Multi-Alternative Fund will hold its Annual Meeting of Stockholders on December 18, 2025, to elect two Class I Trustees and address other business.

Summary

• The Annual Meeting of Stockholders for Destra Multi-Alternative Fund will take place on December 18, 2025, at 9:00 a.m. (Mountain Time) in Denver, CO.
• Stockholders will vote on the election of two Class I Trustees: John S. Emrich and Michael S. Erickson, for a term expiring at the annual meeting in 2028.
• The Board of Trustees unanimously recommends that stockholders vote FOR the election of these nominees.
• Stockholders of record as of November 14, 2025, are eligible to vote.
• Voting can be done by mail using a proxy card or in person at the meeting.
• The Fund's Board consists of five independent trustees and has three standing committees: Audit, Nominating and Corporate Governance, and Qualified Legal Compliance.
• Saba Capital Management, L.P. beneficially owns 2,235,144 shares, representing 24.94% of the Fund's outstanding shares as of September 30, 2025.

Sentiment

Score: 5

Explanation: The filing is a routine proxy statement for annual trustee elections, containing no significant positive or negative financial or operational news. It reflects standard corporate governance procedures.

Positives

• The Board of Trustees unanimously recommends the re-election of the two Class I Trustees, John S. Emrich and Michael S. Erickson, who are currently Independent Trustees, ensuring continuity of independent oversight.
• The Fund maintains a structured corporate governance framework with an Audit Committee, Nominating and Corporate Governance Committee, and Qualified Legal Compliance Committee, all chaired by and composed of Independent Trustees.
• The Audit Committee has an identified financial expert, Jeffrey S. Murphy, enhancing financial oversight.

Risks

• Not all risks that may affect the Fund can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are beyond the control of the Fund and its service providers.
• The Fund has a scheduled termination in 2027, which is a strategic consideration for the Board and shareholders.

Future Outlook

The Fund anticipates the re-election of two Class I Trustees for a term expiring in 2028, ensuring continued board leadership. The Board is also considering potential approaches for the Fund, particularly in relation to its scheduled termination in 2027.

Management Comments

• The Board of Trustees of the Fund unanimously recommends that stockholders vote FOR the election of the nominees.
• Your vote is important. Whether or not you expect to attend the Meeting, it is important that your shares be represented.

Industry Context

This filing represents a routine corporate governance event for a closed-end management investment company, focusing on the election of trustees. The significant beneficial ownership by Saba Capital Management, L.P. (19.39%) and the presence of their partner, Paul Kazarian, on the Board, highlights the influence of activist investors in the closed-end fund sector, often with a focus on shareholder value and strategic events like fund terminations.

Comparison to Industry Standards

• No direct assessment of the Fund's results in the context of global benchmarks or specific comparable companies/projects is provided in this filing.
• The experience of the nominated and continuing trustees is noted, with some serving on boards of other registered investment companies such as Meridian Fund, Inc., Milliman Variable Insurance Trust, Flaherty and Crumrine Investment Company Boards, Saba Capital Income & Opportunities Fund II, and Miller/Howard High Income Equity Fund, indicating a breadth of governance experience across the industry.

Management Changes

Corporate Governance

Related Party Transactions

• Saba Capital Management, L.P. beneficially owns 2,235,144 shares, representing 24.94% of the Fund's outstanding shares as of September 30, 2025, making it an affiliate of the Fund.
• Paul Kazarian, a Partner and Portfolio Manager at Saba Capital Management, L.P., serves as a Class II Trustee of the Fund. The Trustees believe his addition is in the best interests of the Fund and shareholders, particularly in relation to the Fund's scheduled termination in 2027.

Stakeholder Impact

• Shareholders: Have the opportunity to exercise their voting rights to elect trustees, influencing the Fund's governance and strategic direction, especially concerning the Fund's scheduled termination in 2027.
• Management: Will continue to operate under the oversight of a Board with experienced independent trustees, ensuring adherence to established policies and strategic objectives.

Next Steps

• Stockholders are encouraged to vote on the election of two Class I Trustees by mail or in person at the Annual Meeting on December 18, 2025.
• The Fund anticipates its 2026 Annual Meeting of Stockholders will be held in December 2026.
• Stockholders wishing to submit proposals for the 2026 Annual Meeting must do so by August 2, 2026.

Key Dates

Recommendation

This filing is a routine proxy statement for the annual election of trustees and does not contain any new financial results, operational updates, or strategic announcements that would typically warrant a change in investment recommendation. The re-election of existing independent trustees and the continued presence of a representative from a significant shareholder (Saba Capital) on the board suggest stability in governance, which is generally a neutral factor for stock price.

Keywords

Destra Multi-Alternative Fund, DMA, Proxy Statement, Annual Meeting, Trustee Election, Corporate Governance, SEC Filing, Investment Fund, Closed-End Fund, Saba Capital Management