N-CSRS 1 destramulti_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER 811-22572

DESTRA MULTI-ALTERNATIVE FUND

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

443 N WILLSON AVENUE
BOZEMAN, MT 59715

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

ROBERT A. WATSON
C/O DESTRA CAPITAL ADVISORS LLC
443 N WILLSON AVENUE
BOZEMAN, MT 59715

(NAME AND ADDRESS OF AGENT FOR SERVICE)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (312) 843-6161

DATE OF FISCAL YEAR END: MARCH 31

DATE OF REPORTING PERIOD: SEPTEMBER 30, 2025

Item 1. Reports to Stockholders.

Destra Multi-Alternative Fund

Semi-Annual Report

September 30, 2025

(Unaudited)

Table of Contents

Risk Disclosure		3
Schedule of Investments		4
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Statement of Cash Flows		15
Financial Highlights		16
Notes to Financial Statements		18
Additional Information		29
Fund Information		30

Destra Multi-Alternative Fund

Risk Disclosure

As of September 30, 2025 (unaudited)

This document may contain forward-looking statements representing Destra Capital Advisors LLC’s (“Destra”), the portfolio managers’ or sub-adviser’s beliefs concerning future operations, strategies, financial results or other developments. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond Destra’s, the portfolio managers’ or sub-adviser’s control or are subject to change, actual results could be materially different. There is no guarantee that such forward-looking statements will come to pass.

Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. Please read the prospectus carefully before investing. You may obtain a prospectus through the broker dealer, where you hold your shares or by visiting the Fund’s webpage at www.destracapital.com/DMA or by calling Destra at 877-855-3434 or the Fund’s Transfer Agent, Equiniti Trust Company, LLC at 800-591-8238.

Destra Multi-Alternative Fund

Schedule of Investments

As of September 30, 2025 (unaudited)

Shares/ Contracts/ Principal			Fair Value
		COMMON STOCKS — 15.6%
		ASSET MANAGEMENT – 0.5%
	3,274	Robinhood Markets, Inc., Class A⁽¹⁾	$	468,771

		BANKS – 1.0%
	9,479	Bank of America Corp.		489,021
	1,306	JPMorgan Chase & Company		411,952
				900,973
		BIOTECH & PHARMA – 0.8%
	1,463	Amgen, Inc.		412,859
	2,469	Zoetis, Inc.		361,264
				774,123
		BIOTECHNOLOGY – 0.8%
	4,882	Corteva, Inc.		330,170
	13,708	Viking Therapeutics, Inc.⁽¹⁾		360,246
				690,416
		CHEMICALS – 0.4%
	1,314	Ecolab, Inc.		359,852

		COMPUTERS – 0.4%
	5,444	Cognizant Technology Solutions Corp., Class A		365,129

		DIVERSIFIED FINANCIAL SERVICES – 0.4%
	1,166	American Express Co.		387,299

		E-COMMERCE DISCRETIONARY – 0.5%
	2,327	Alibaba Group Holding Ltd. – ADR		415,905

		ELECTRIC – 0.8%
	6,107	Carrier Global Corp.		364,588
	4,814	NextEra Energy, Corp.		363,409
				727,997
		ELECTRICAL EQUIPMENT – 0.8%
	3,366	Johnson Controls International PLC		370,091
	992	Rockwell Automation, Inc.		346,734
				716,825
		FOOD – 0.3%
	966	McDonald’s Corp.		293,558

		HEALTH CARE – PRODUCTS – 0.4%
	2,067	Natera, Inc.⁽¹⁾		332,725

		INSTITUTIONAL FINANCIAL SERVICES – 0.4%
	1,536	Cboe Global Markets, Inc.		376,704

Shares/ Contracts/ Principal			Fair Value
		COMMON STOCKS (continued)
		INSURANCE – 1.1%
	6,376	MetLife, Inc.	$	525,191
	1,626	Travelers Companies, Inc. (The)		454,012
				979,203
		INTERNET – 0.4%
	1,770	Reddit, Inc., Class A⁽¹⁾		407,082

		LEISURE FACILITIES & SERVICES – 0.8%
	1,638	Darden Restaurants, Inc.		311,810
	4,312	Shake Shack, Inc., Class A⁽¹⁾		403,645
				715,455
		OIL & GAS PRODUCERS – 0.4%
	2,454	Diamondback Energy, Inc.		351,167

SEC Form N-CSRS filed by Destra Multi-Alternative Fund