Destra Multi-Alternative Fund — Board/Management Information 2021

May 17, 2021

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Destra Multi-Alternative Fund

(the “Fund” ) May 17, 2021

Supplement to the

Statement of Additional Information (“SAI”) Dated June 25, 2020, as Previously Supplemented

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Notwithstanding anything to the contrary in the Fund’s SAI:

1. Effective immediately, Jane Hong Shissler no longer serves as Chief Compliance Officer and Secretary to the Fund and therefore, all references to Ms. Shissler in the SAI should be disregarded in their entirety.

2. Further, the “Executive Officers” portion of the table in the section entitled “Management of the Fund” of the SAI is deleted in its entirety and replaced with the following:

| Name
and Birth Year | Position(s)
Held with the Fund | Principal
Occupation(s) During the past 5 years |
| --- | --- | --- |
| Robert Watson Birth year: 1965 | President
since November 2018 | Senior
Managing Director and Investment Product Strategist, Destra Capital Investments LLC (2011 to present). |
| Derek Mullins Birth year: 1973 | Chief
Financial Officer and Treasurer since November 2018 | Managing
Partner and Co-Founder, PINE Advisor Solutions (2018 to present); Director of Operations, ArrowMark Partners LLC (2009 to
2018); Chief Financial Officer (Principal Financial Officer) and Treasurer, Meridian Fund, Inc. (2013 to 2018). |
| Jake
Schultz Birth
year: 1996 | Secretary
since May 2021 | Director,
Product Management (2020 to present); Product Analyst (2018- 2020), Destra Capital Management LLC, Destra Capital Investments
LLC and Destra Capital Advisors LLC (2018 to present). |
| Marcie
McVeigh Birth
year: 1979 | Assistant
Treasurer since August 2020 | Associate
Director of CFO Services, PINE Advisor Solutions (2020 to present); Assistant Vice President and Performance Measurement Manager,
Brown Brothers Harriman (2019 to 2020); Senior Financial Reporting Specialist, American Century Investments (2011 to 2018). |
| Cory
J. Gossard Birth year:
1972 | Chief
Compliance Officer since May 2021 | Director,
PINE Advisor Solutions (2021 to present); Chief Compliance Officer, Vident Investment Advisory (2020); Chief Compliance Officer,
SS&C ALPS (2014-2020). |

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Please Keep this Supplement with Your SAI for Future Reference

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