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Destra Multi-Alternative Fund

A Shares

  • ticker: MSFDX
  • cusip: 250 65A 106

    I Shares

    • ticker: MSFIX
    • cusip: 250 65A 205

C Shares

  • ticker: MCFDX
  • cusip: 250 65A 403

T Shares

  • ticker: MSFYX
  • cusip: 250 65A 304

Portfolio Managers

Validus is a research-focused, fundamentally-driven manager of direct equity, alternative, and asset allocation strategies. As part of its proprietary research methods, Validus implements systematic scoring regimes to identify specific investment opportunities which are combined with active risk-mitigation techniques to construct portfolios. Validus currently has over $215 million in assets under management and administration.

Investment Objective

The Multi-Alternative Fund's (“the Fund's”) investment objective is to seek returns from capital appreciation and income with an emphasis on income generation. The Fund seeks to achieve long-term performance non-correlated to the broad stock and bond markets. It invests primarily in real estate investment trusts, debt and equity income securities, and alternative investment funds.

Investment Process

Risk Management

Available in four unique share classes, the Fund gives investors access to alternative income strategies that may provide greater yields and growth opportunities than traditional investments without requiring the high minimum investment that such strategies often entail.

The Fund aims to maximize risk-adjusted returns and therefore does not try to directly compete with stocks or bonds. Instead, it consists of investments with low correlations to these traditional asset classes, seeking to lower overall volatility and add value to an investor’s existing investment portfolio across a variety of market cycles.

There is no guarantee that the Fund will achieve its objectives, generate profits, or avoid losses. Alternative investments typically have a different return profile and different risks than traditional investments.



as of 7/31/21

ticker 3 MO YTD 1YR 3YR 5 YR from
MSFDX1 A at NAV 3.80 6.52 11.76 1.02 0.96 3.51 monthly
MSFDX A -2.15 0.39 5.35 -0.96 -0.24 2.89 monthly
MSFYX T at NAV 3.70 6.26 11.16 0.52 0.45 0.95 monthly
MSFYX T 0.58 3.06 7.84 -0.16 0.05 0.40 monthly
MCFDX C 3.56 6.03 10.86 0.24 0.19 0.68 monthly
MSFIX I 3.83 6.72 12.00 1.28 1.20 1.72 monthly
S&P 500 Total Return2* 5.50 17.99 36.45 18.16 17.35 15.25
Barclays Aggregate Bond Index
Total Return2*
2.16 -0.50 -0.70 5.73 3.13 3.21


as of 6/30/21

ticker 3 MO YTD 1YR 3YR 5 YR from
MSFDX1 A at NAV 6.11 5.65 11.01 0.25 1.16 3.45 monthly
MSFDX A 0.04 -0.44 4.66 -1.71 -0.03 2.83 monthly
MSFYX T at NAV 5.99 5.46 10.49 -0.22 0.66 0.85 monthly
MSFYX T 2.82 2.28 7.20 -0.89 -0.10 0.30 monthly
MCFDX C 5.97 5.32 10.27 -0.48 0.41 0.59 monthly
MSFIX I 6.18 5.85 11.36 0.53 1.51 1.62 monthly
S&P 500 Total Return2* 8.55 15.25 40.79 18.67 17.65 15.11
Barclays Aggregate Bond Index
Total Return2*
1.83 -1.60 -0.33 5.34 3.03 3.12

Data presented reflects past performance, which is no guarantee of future results. Investment results and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.855.3434 or access our website at for performance current to the most recent month end. Performance shown for Class A Shares with load and Class T Shares with load includes the Fund’s maximum sales charge of 5.75% and 3.00%, respectively. Returns for period of less than one year are not annualized, and include reinvestment of all distributions. The Fund’s Gross/Net Expense ratios are as follows: I Shares 2.11%/1.70%, A Shares 2.36%/1.95%, C Shares 3.11%/2.70%, and T Shares 2.86%/2.45%.

The Fund’s Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least November 30, 2021, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses) will not exceed 1.95% for Class A Shares, 2.45% for Class T Shares, 2.70% for Class C Shares and 1.70% for Class I Shares of each class’s net assets, respectively (the “Expense Limitation”). In consideration of Destra’s agreement to limit the Fund’s expenses, the Fund has agreed to repay Destra pro rata in the amount of any Fund expense paid or waived by Destra, subject to the limitations that: (1) the reimbursement for expenses will be made only if payable not more than three years following the date such payment or waiver was made; and (2) the reimbursement may not be made if it would cause the Fund’s then-current Expense Limitation, if any, and the Expense Limitation that was in effect at the time when Destra reimbursed, paid or absorbed the operating expenses that are the subject of the repayment, to be exceeded. The Expense Limitation agreement may be terminated before November 30, 2021 only by the Fund’s Board of Trustees, on 60 days’ written notice to the Adviser. Class C and T shares have a distribution fee of up to 0.50% and 0.75%, respectively.

Current Distribution

as of 6/30/2021

Ticker Amount Record Date Ex-Date Payable Date
MSFDX 0.0616 6/28/21 6/29/21 6/30/21
MSFIX 0.0629 6/28/21 6/29/21 6/30/21
MCFDX 0.0587 6/28/21 6/29/21 6/30/21
MSFYX 0.0596 6/29/21 6/29/21 6/30/21

Past performance is no guarantee of future results.

Portfolio Characteristics

Asset Allocation

as of 6/30/21

Top 10 Holdings (% of total assets)

as of 6/30/21

Stepstone Capital9.62%
Treehouse Real Estate Investment Trust, Inc.8.26%
Mosaic Real Estate Credit, LLC8.15%
Longley Partners Ventures L.P.7.95%
Clarion Lion Industrial Trust7.84%
Canyon CLO Fund II L.P.7.58%
Preservation REIT5.46%
Owl Rock Capital Corp5.23%
Aventine Property Group5.13%
NewLake Capital Partners4.54%

Holdings are subject to change without notice. There is no assurance that the investment process will lead to successful investing.

All compositions are subject to daily changes with market actions.


Section 19(a) Notices


CHICAGO--(BUSINESS WIRE)--Destra Capital Investments LLC (“Destra”) and LCM Investment Management LLC (“LCM”) today announced an agreement for Destra to sub-distribute the Multi-Strategy Growth & Income Fund (the “Fund”) to the wholesale channel effective immediately.
The Destra Flaherty & Crumrine Preferred and Income Fund and the Destra Multi-Alternative Fund, all distributed by Destra Capital Investments LLC, are pleased to announce their December 2019 distributions.
The Destra Flaherty & Crumrine Preferred and Income Fund and the Destra Multi-Alternative Fund, all distributed by Destra Capital Investments LLC, are pleased to announce their February 2020 distributions.


Interval Fund: A type of investment company that periodically offers to repurchase its shares from shareholders.

Alternative Investment: An investment that is not one of the three traditional asset types (stocks, bonds, or cash). Most alternative investment assets are held by institutional investors or accredited, highnet-worth individuals because of their complex nature, limited regulations, and relative lack of liquidity. Alternative investments include hedge funds, managed futures, real estate, commodities, and derivatives contracts.

Barclays Aggregate Bond Index: An index commonly used as a benchmark by both passive and active investors to measure portfolio performance relative to the U.S. dollar-denominated, investment-grade, fixed-rate, taxable bond market. It is also an informational measure of broad market returns commonly applied to fixed-income instruments.

S&P 500: An index of 500 stocks chosen for market size, liquidity, and industry grouping (among other factors). It is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses, or sales charges.

Standard Deviation: A statistical measurement of the variation of returns from an average historical return as a percentage. A high standard deviation generally indicates higher volatility of returns.

Income Distribution: Net earnings of the Fund distributed to its shareholders. These earnings are usually paid monthly as cash or reinvested at the choice of the shareholder. Income distributions are taxable income.

Return of Capital: A return from an investment that is not considered income. A return of capital is when some or all of the money an investor has in an investment is paid back to him or her, thus decreasing the value of the investment.


Limited liquidity is provided to shareholders only through the Fund’s annual repurchase offers for up to 5% of the shares outstanding at net asset value.

Volatility is a statistical measure of the dispersion of returns for a given security or market index. Commonly, the higher the volatility, the riskier the security. Volatility is unpredictable, and as a result the investments listed above are subject to market fluctuations and risks.

Closed-end funds involve risk, including the possible loss of principal. Alternative investment funds, ETFs, mutual funds, and closed-end funds are subject to management and other expenses, which will be indirectly paid by the Fund. Issuers of debt securities may not make scheduled interest and principal payments, resulting in losses to the Fund. Typically, a rise in interest rates causes a decline in the value of fixed-income securities. Lower-quality debt securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including increased default risk and non-diversification risk, as the funds are more vulnerable to events affecting a single issuer. The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.

There currently is no secondary market for the Fund’s shares, and the Fund expects that no secondary market will develop. Very limited liquidity is provided to shareholders only through the Fund’s annual repurchase offers. Investments in lesser-known, small- and medium-capitalization companies may be more vulnerable than those in larger, more established organizations. The Fund will not invest in real estate directly, but, because the Fund will concentrate its investments in securities of REITs, its portfolio will be significantly impacted by the performance of the real estate market. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s NAV.

Investments in companies that are the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower the portfolio’s performance.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Multi-Alternative Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 844.9DESTRA (933-7872). The prospectus should be read carefully before investing.