Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
PREFERRED SECURITIES – 71.1% | |||||||||||
BANKS – 26.6% | |||||||||||
575,000 | American AgCredit Corp., 5.250% to 06/15/26 then USD 5 Year Tsy + 4.500%, Series A(1)(2) | BB+(3) | $ | 537,625 | |||||||
2,100,000 | Bank of America Corp., 6.125% to 04/27/27 then USD 5 Year Tsy + 3.231%, Series TT(2) | Baa2 | 2,083,901 | ||||||||
1,030,000 | Capital One Financial Corp., 3.950% to 09/01/26 then USD 5 Year Tsy + 3.157%, Series M(2) | Baa3 | 827,862 | ||||||||
Citigroup, Inc. | |||||||||||
300,000 | 4.000% to 12/10/25 then USD 5 Year Tsy + 3.597%, Series W(2) | Ba1 | 277,592 | ||||||||
1,575,000 | 4.150% to 11/15/26 then USD 5 Year Tsy + 3.000%, Series Y(2) | Ba1 | 1,355,752 | ||||||||
1,125,000 | 4.700% to 01/30/25 then 3-Month CME Term SOFR + 3.496%, Series V(2) | Ba1 | 1,049,021 | ||||||||
1,230,000 | 7.375% to 05/15/28 then USD 5 Year Tsy + 3.209%, Series Z(2) | Ba1 | 1,247,996 | ||||||||
137,754 | Citizens Financial Group, Inc., 6.350% to 04/06/24 then 3-Month CME Term SOFR + 3.904%, Series D(2) | Baa3 | 3,306,096 | ||||||||
CoBank ACB | |||||||||||
11,790 | 6.200% to 01/01/25 then 3-Month CME Term SOFR + 4.006%, Series H(1)(2) | BBB+(3) | 1,146,577 | ||||||||
500,000 | 6.250% to 10/01/26 then 3-Month CME Term SOFR + 4.922%, Series I(1)(2) | BBB+(3) | 482,484 | ||||||||
250,000 | Compeer Financial ACA, 4.875% to 08/15/26 then USD 5 Year Tsy + 4.100%, Series B-1(1)(2) | BB+(3) | 237,500 | ||||||||
42,300 | ConnectOne Bancorp, Inc., 5.250% to 09/01/26 then USD 5 Year Tsy + 4.420%, Series A(2) | NR(4) | 782,550 | ||||||||
36,000 | Dime Community Bancshares, Inc., 5.500%, Series A(2) | NR(4) | 635,040 | ||||||||
17,822 | First Horizon Corp., 6.500%, Series E(2) | Ba2 | 418,104 | ||||||||
Goldman Sachs Group, Inc. | |||||||||||
1,600,000 | 4.125% to 11/10/26 then USD 5 Year Tsy + 2.949%, Series V(2) | Ba1 | 1,426,802 | ||||||||
925,000 | 4.400% to 02/10/25 then USD 5 Year Tsy + 2.850%, Series S(2) | Ba1 | 858,910 | ||||||||
2,500,000 | 4.950% to 02/10/25 then USD 5 Year Tsy + 3.224%, Series R(2) | Ba1 | 2,393,360 | ||||||||
435,000 | 7.500% to 02/10/29 then USD 5 Year Tsy + 3.156%, Series W(2) | Ba1 | 455,805 | ||||||||
Huntington Bancshares, Inc. | |||||||||||
355,000 | 4.450% to 10/15/27 then USD 7 Year Tsy + 4.045%, Series G(2) | Baa3 | 312,505 | ||||||||
1,050,000 | 5.625% to 07/15/30 then USD 10 Year Tsy + 4.945%, Series F(2) | Baa3 | 953,480 | ||||||||
34,400 | 6.875% to 04/15/28 then USD 5 Year Tsy + 2.704%, Series J(2) | Baa3 | 815,280 | ||||||||
500,000 | JPMorgan Chase & Co., 3.650% to 06/01/26 then USD 5 Year Tsy + 2.850%, Series KK(2) | Baa2 | 459,576 | ||||||||
KeyCorp | |||||||||||
3,740,000 | 5.000% to 09/15/26 then 3-Month CME Term SOFR + 3.868%, Series D(2) | Ba1 | 3,012,196 | ||||||||
24,728 | 6.125% to 12/15/26 then 3-Month CME Term SOFR + 4.154%, Series E(2) | Ba1 | 530,168 | ||||||||
25,800 | 6.200% to 12/15/27 then USD 5 Year Tsy + 3.132%, Series H(2) | Ba1 | 553,668 | ||||||||
M&T Bank Corp. | |||||||||||
650,000 | 3.500% to 09/01/26 then USD 5 Year Tsy + 2.679%, Series I(2) | Baa3 | 478,567 | ||||||||
96,311 | 5.625% to 12/15/26 then 3-Month CME Term SOFR + 4.282%, Series H(2) | Baa3 | 2,340,357 | ||||||||
700,000 | 6.450% to 02/15/24 then 3-Month CME Term SOFR + 3.872%, Series E(2) | Baa3 | 695,518 | ||||||||
18,791 | Merchants Bancorp, 6.000% to 10/01/24 then 3-Month USD Libor + 4.569%, Series B(2) | Ba3 | 447,602 | ||||||||
89,834 | Morgan Stanley, 5.850%, Series K(2) | Baa3 | 2,175,779 | ||||||||
165,623 | New York Community Bancorp, Inc., 6.375% to 03/17/27 then 3-Month USD Libor + 3.821%, Series A(2) | Ba2 | 3,711,611 |
1
Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments (continued) |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
PREFERRED SECURITIES (continued) | |||||||||||
BANKS (continued) | |||||||||||
PNC Financial Services Group, Inc. | |||||||||||
476,000 | 3.400% to 09/15/26 then USD 5 Year Tsy + 2.595%, Series T(2) | Baa2 | $ | 382,362 | |||||||
1,330,000 | 6.000% to 05/15/27 then USD 5 Year Tsy + 3.000%, Series U(2) | Baa2 | 1,262,757 | ||||||||
610,000 | 6.200% to 09/15/27 then USD 5 Year Tsy + 3.238%, Series V(2) | Baa2 | 593,803 | ||||||||
1,800,000 | 6.250% to 03/15/30 then USD 7 Year Tsy + 2.808%, Series W(2) | Baa2 | 1,682,579 | ||||||||
90,500 | Regions Financial Corp., 5.700% to 08/15/29 then 3-Month CME Term SOFR + 3.410%, Series C(2) | Baa3 | 1,928,555 | ||||||||
46,000 | Synchrony Financial, 5.625%, Series A(2) | BB-(3) | 793,500 | ||||||||
127,922 | Synovus Financial Corp., 5.875% to 07/01/24 then USD 5 Year Tsy + 4.127%, Series E(2) | BB-(3) | 2,986,979 | ||||||||
32,043 | Texas Capital Bancshares, Inc., 5.750%, Series B(2) | Ba2 | 591,193 | ||||||||
1,098,000 | Truist Financial Corp., 4.800% to 09/01/24 then USD 5 Year Tsy + 3.003%, Series N(2) | Baa2 | 1,013,049 | ||||||||
Valley National Bancorp | |||||||||||
30,345 | 6.250% to 06/30/25 then 3-Month USD Libor + 3.850%, Series A(2) | BB-(3) | 595,976 | ||||||||
2,022 | 9.188% to 09/30/22 then 3-Month CME Term SOFR + 3.840%, Series B(2)(7) | BB-(3) | 47,315 | ||||||||
20,300 | Washington Federal, Inc., 4.875%, Series A(2) | Ba1 | 305,921 | ||||||||
Wells Fargo & Co. | |||||||||||
825,000 | 3.900% to 03/15/26 then USD 5 Year Tsy + 3.453%, Series BB(2) | Baa2 | 762,717 | ||||||||
750,000 | 5.875% to 06/15/25 then 9.865%, Series U(2) | Baa2 | 744,781 | ||||||||
267 | 7.500%, Series L(2)(5) | Baa2 | 319,231 | ||||||||
1,790,000 | 7.625% to 09/15/28 then USD 5 Year Tsy + 3.606%, Series EE(2) | Baa2 | 1,877,791 | ||||||||
43,200 | WesBanco, Inc., 6.750% to 11/15/25 then USD 5 Year Tsy + 6.557%, Series A(2) | NR(4) | 1,034,640 | ||||||||
12,900 | Western Alliance Bancorp, 4.250% to 09/30/26 then USD 5 Year Tsy + 3.452%, Series A(2) | Ba3 | 222,525 | ||||||||
44,000 | Wintrust Financial Corp., 6.875% to 07/15/25 then USD 5 Year Tsy + 6.507%, Series E(2) | BB(6) | 1,070,960 | ||||||||
43,000 | Zions Bancorp NA, 9.446% to 06/15/23 then 3-Month CME Term SOFR + 4.062%, Series I(2)(7) | BB+(3) | 39,053 | ||||||||
54,264,971 | |||||||||||
FINANCIAL SERVICES – 3.2% | |||||||||||
450,000 | AerCap Global Aviation Trust, 6.500% to 06/15/25 then 3-Month CME Term SOFR + 4.562%, 06/15/45(1) | Baa3 | 451,210 | ||||||||
1,545,000 | AerCap Holdings, 5.875% to 10/10/24 then USD 5 Year Tsy + 4.535%, 10/10/79 | Ba1 | 1,527,656 | ||||||||
Ally Financial, Inc. | |||||||||||
1,220,000 | 4.700% to 05/15/26 then USD 5 Year Tsy + 3.868%, Series B(2) | Ba2 | 918,130 | ||||||||
800,000 | 4.700% to 05/15/28 then USD 7 Year Tsy + 3.481%, Series C(2) | Ba2 | 544,903 | ||||||||
13,400 | Carlyle Finance LLC, 4.625%, 05/15/61 | BBB(3) | 275,906 | ||||||||
800,000 | Discover Financial Services, 6.125% to 09/23/25 then USD 5 Year Tsy + 5.783%, Series D(2) | Ba1 | 773,410 | ||||||||
General Motors Financial Co., Inc. | |||||||||||
725,000 | 5.700% to 09/30/30 then USD 5 Year Tsy + 4.997%, Series C(2) | Ba1 | 672,404 | ||||||||
560,000 | 5.750% to 09/30/27 then 3-Month USD Libor + 3.598%, Series A(2) | Ba1 | 498,120 | ||||||||
600,000 | 6.500% to 09/30/28 then 3-Month USD Libor + 3.436%, Series B(2) | Ba1 | 548,227 | ||||||||
20,000 | Stifel Financial Corp., 4.500%, Series D(2) | BB-(3) | 343,400 | ||||||||
6,553,366 |
2
Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments (continued) |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
PREFERRED SECURITIES (continued) | |||||||||||
INSURANCE – 19.9% | |||||||||||
1,151,000 | ACE Capital Trust II, 9.700%, 04/01/30 | Baa1 | $ | 1,353,741 | |||||||
92,000 | American Equity Investment Life Holding Co., 5.950% to 12/01/24 then USD 5 Year Tsy + 4.322%, Series A(2) | BB(3) | 1,990,880 | ||||||||
1,387,000 | American International Group, Inc., 8.175% to 05/15/38 then 3-Month USD Libor + 4.195%, 05/15/58, Series A-6 | Baa3 | 1,525,976 | ||||||||
Aspen Insurance Holdings, Ltd. | |||||||||||
25,000 | 5.625%(2) | Ba1 | 519,750 | ||||||||
18,630 | 9.593%(2) | Ba1 | 469,103 | ||||||||
18,003 | Assurant, Inc., 5.250%, 01/15/61 | Baa3 | 358,980 | ||||||||
Athene Holding, Ltd. | |||||||||||
25,200 | 4.875%, Series D(2) | Baa3 | 448,560 | ||||||||
88,000 | 6.350% to 06/30/29 then 3-Month USD Libor + 4.253%, Series A(2) | Baa3 | 1,978,240 | ||||||||
735,000 | Axis Specialty Finance LLC, 4.900% to 01/15/30 then USD 5 Year Tsy + 3.186%, 01/15/40 | Baa2 | 613,139 | ||||||||
15,000 | CNO Financial Group, Inc., 5.125%, 11/25/60 | Ba1 | 261,300 | ||||||||
131,885 | Delphi Financial Group, Inc., 8.831%, 3-Month CME Term SOFR + 3.452%, 05/15/37(7) | BBB(3) | 3,131,609 | ||||||||
Enstar Finance LLC | |||||||||||
670,000 | 5.500% to 01/15/27 then USD 5 Year Tsy + 4.006%, 01/15/42 | BBB-(3) | 568,733 | ||||||||
825,000 | 5.750% to 09/01/25 then USD 5 Year Tsy + 5.468%, 09/01/40 | BBB-(3) | 773,488 | ||||||||
45,400 | Enstar Group, Ltd., 7.000% to 09/01/28 then 3-Month USD Libor + 4.015%, Series D(2) | BBB-(3) | 1,138,632 | ||||||||
125,000 | Equitable Holdings, Inc., 4.950% to 12/15/25 then USD 5 Year Tsy + 4.736%, Series B(2) | Baa3 | 119,260 | ||||||||
196,000 | Everest Reinsurance Holdings, Inc., 8.026%, 3-Month CME Term SOFR + 2.647%, 05/15/37(7) | Baa2 | 168,430 | ||||||||
1,370,000 | Global Atlantic Fin Co., 4.700% to 10/15/26 then USD 5 Year Tsy + 3.796%, 10/15/51(1) | Baa3 | 1,175,213 | ||||||||
12,500 | Jackson Financial, Inc., 8.000% to 03/30/28 then USD 5 Year Tsy + 3.728%, Series A(2) | Ba2 | 315,500 | ||||||||
875,000 | Kuvare U.S. Holdings, Inc., 7.000% to 05/01/26 then USD 5 Year Tsy + 6.541%, 02/17/51, Series A(1) | NR(4) | 885,937 | ||||||||
Liberty Mutual Group, Inc. | |||||||||||
830,000 | 4.125% to 12/15/26 then USD 5 Year Tsy + 3.315%, 12/15/51(1) | Baa3 | 697,338 | ||||||||
7,103,000 | 7.800% to 03/15/37 then 3-Month CME Term SOFR + 3.838%, 03/15/37(1) | Baa3 | 7,125,552 | ||||||||
Lincoln National Corp. | |||||||||||
15,900 | 9.000%, Series D(2) | Ba1 | 433,911 | ||||||||
400,000 | 9.250% to 03/01/28 then USD 5 Year Tsy + 5.318%, Series C(2) | Ba1 | 437,815 | ||||||||
MetLife, Inc. | |||||||||||
1,605,000 | 9.250% to 04/08/38 then 3-Month CME Term SOFR + 5.802%, 04/08/38(1) | Baa2 | 1,804,678 | ||||||||
1,591,000 | 10.750% to 08/01/39 then 3-Month CME Term SOFR + 7.810%, 08/01/39 | Baa2 | 2,133,022 | ||||||||
4,500,000 | Provident Financing Trust I, 7.405%, 03/15/38 | Ba1 | 4,792,567 | ||||||||
3,610,000 | Prudential Financial, Inc., 6.750% to 03/01/33 then USD 5 Year Tsy + 2.848%, 03/01/53 | Baa1 | 3,770,324 | ||||||||
SBL Holdings, Inc. | |||||||||||
1,275,000 | 6.500% to 11/13/26 then USD 5 Year Tsy + 5.620%, Series B(1)(2) | BB(3) | 787,312 | ||||||||
1,175,000 | 7.000% to 05/13/25 then USD 5 Year Tsy + 5.580%, Series A(1)(2) | BB(3) | 782,366 | ||||||||
4,625 | Voya Financial, Inc., 5.350% to 09/15/29 then USD 5 Year Tsy + 3.210%, Series B(2) | Ba2 | 107,439 | ||||||||
40,668,795 |
3
Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments (continued) |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
PREFERRED SECURITIES (continued) | |||||||||||
UTILITIES – 9.1% | |||||||||||
Algonquin Power & Utilities Corp. | |||||||||||
1,500,000 | 4.750% to 04/18/27 then USD 5 Year Tsy + 3.249%, 01/18/82, Series 2022-B | BB+(3) | $ | 1,269,202 | |||||||
40,895 | 6.200% to 07/01/24 then 3-Month USD Libor + 4.010%, 07/01/79, Series 2019-A | BB+(3) | 986,796 | ||||||||
1,070,000 | American Electric Power Co., Inc., 3.875% to 02/15/27 then USD 5 Year Tsy + 2.675%, 02/15/62 | Baa3 | 903,376 | ||||||||
1,344,000 | ComEd Financing III, 6.350%, 03/15/33 | Baa2 | 1,357,292 | ||||||||
725,000 | Dominion Energy, Inc., 4.350% to 04/15/27 then USD 5 Year Tsy + 3.195%, Series C(2) | Ba1 | 647,035 | ||||||||
Edison International | |||||||||||
1,775,000 | 5.000% to 03/15/27 then USD 5 Year Tsy + 3.901%, Series B(2) | Ba1 | 1,657,147 | ||||||||
490,000 | 5.375% to 03/15/26 then USD 5 Year Tsy + 4.698%, Series A(2) | Ba1 | 464,667 | ||||||||
2,806,000 | Emera, Inc., 6.750% to 06/15/26 then 3-Month USD Libor + 5.440%, 06/15/76, Series 2016-A | Ba2 | 2,758,034 | ||||||||
121,730 | SCE Trust V, 5.450% to 03/15/26 then 3-Month CME Term SOFR + 4.052%, Series K(2) | Baa3 | 2,962,908 | ||||||||
52,010 | SCE Trust VI, 5.000%, Series L(2) | Baa3 | 1,064,645 | ||||||||
19,500 | SCE Trust VII, 7.500%, Series M(2) | Baa3 | 508,560 | ||||||||
Sempra Energy | |||||||||||
1,450,000 | 4.125% to 04/01/27 then USD 5 Year Tsy + 2.868%, 04/01/52 | Baa3 | 1,251,595 | ||||||||
1,300,000 | 4.875% to 10/15/25 then USD 5 Year Tsy + 4.550%, Series C(2) | Ba1 | 1,275,225 | ||||||||
1,350,000 | Southern California Edison Co., 9.838% to 02/01/22 then 3-Month CME Term SOFR + 4.461%, Series E(2)(7) | Baa3 | 1,358,748 | ||||||||
175,000 | Vistra Corp., 7.000% to 12/15/26 then USD 5 Year Tsy + 5.740%, Series B(1)(2) | Ba3 | 172,615 | ||||||||
18,637,845 | |||||||||||
ENERGY – 7.5% | |||||||||||
Enbridge, Inc. | |||||||||||
340,000 | 5.750% to 07/15/30 then USD 5 Year Tsy + 5.314%, 07/15/80, Series 2020-A | Baa3 | 314,271 | ||||||||
1,252,000 | 6.000% to 01/15/27 then 3-Month CME Term SOFR + 4.152%, 01/15/77, Series 2016-A | Baa3 | 1,191,050 | ||||||||
725,000 | 8.500% to 01/15/34 then USD 5 Year Tsy + 4.431%, 01/15/84, Series 2023-B | Baa3 | 772,999 | ||||||||
Energy Transfer LP | |||||||||||
1,387,000 | 7.125% to 05/15/30 then USD 5 Year Tsy + 5.306%, Series G(2) | Ba2 | 1,281,559 | ||||||||
160,236 | 7.600% to 05/15/24 then 3-Month CME Term SOFR + 5.423%, Series E(2) | Ba2 | 3,973,853 | ||||||||
180,186 | 10.171% to 11/15/23 then 3-Month CME Term SOFR + 4.792%, Series C(2)(7) | Ba2 | 4,547,895 | ||||||||
1,600 | 10.379% to 11/15/23 then 3-Month CME Term SOFR + 5.000%, Series D(2)(7) | Ba2 | 40,480 | ||||||||
Transcanada Trust | |||||||||||
2,065,000 | 5.500% to 09/15/29 then 3-Month CME Term SOFR + 4.416%, 09/15/79 | Ba1 | 1,772,856 | ||||||||
1,350,000 | 5.875% to 08/15/26 then 3-Month USD Libor + 4.640%, 08/15/76, Series 2016-A | Ba1 | 1,279,500 | ||||||||
15,174,463 | |||||||||||
COMMUNICATIONS – 1.1% | |||||||||||
1,720,000 | Paramount Global, 6.375% to 03/30/27 then USD 5 Year Tsy + 3.999%, 03/30/62 | Ba1 | 1,550,064 | ||||||||
700,000 | Vodafone Group PLC, 7.000% to 04/04/29 then USD 5 Year Swap + 4.873%, 04/04/79 | Ba1 | 723,477 | ||||||||
2,273,541 |
4
Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments (continued) |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
PREFERRED SECURITIES (continued) | |||||||||||
MISCELLANEOUS – 1.8% | |||||||||||
370,000 | Apollo Management Holdings LP, 4.950% to 12/17/24 then USD 5 Year Tsy + 3.266%, 01/14/50(1) | BBB+(3) | $ | 350,394 | |||||||
Land O’ Lakes, Inc. | |||||||||||
700,000 | 7.250%, Series B(1)(2) | BB(3) | 549,500 | ||||||||
3,115,000 | 8.000%, Series A(1)(2) | BB(3) | 2,741,200 | ||||||||
3,641,094 | |||||||||||
REITS – 1.9% | |||||||||||
Arbor Realty Trust, Inc. | |||||||||||
68,190 | 6.250% to 10/30/26 then 3-Month CME Term SOFR + 5.440%, Series F(2) | NR(4) | 1,281,972 | ||||||||
10,859 | 6.375%, Series D(2) | NR(4) | 191,661 | ||||||||
87,394 | KKR Real Estate Finance Trust, Inc., 6.500%, Series A(2) | NR(4) | 1,586,201 | ||||||||
26,000 | New York Mortgage Trust, Inc., 6.875% to 10/15/26 then 3-Month CME Term SOFR + 6.130%, Series F(2) | NR(4) | 497,900 | ||||||||
20,598 | TPG RE Finance Trust, Inc., 6.250%, Series C(2) | NR(4) | 315,150 | ||||||||
3,872,884 | |||||||||||
TOTAL PREFERRED SECURITIES | |||||||||||
(Cost $158,631,986) | 145,086,959 | ||||||||||
CONTINGENT CAPITAL SECURITIES – 27.5% | |||||||||||
BANKS – 27.5% | |||||||||||
4,207,000 | Australia & New Zealand Banking Group, Ltd., 6.750% to 06/15/26 then USD 5 Year Swap + 5.168%(1)(2) | Baa2 | 4,237,905 | ||||||||
Banco Bilbao Vizcaya Argentaria SA | |||||||||||
2,600,000 | 6.125% to 11/16/27 then USD 5 Year Swap + 3.870%(2) | Ba2 | 2,372,926 | ||||||||
800,000 | 6.500% to 03/05/25 then USD 5 Year Tsy + 5.192%, Series 9(2) | Ba2 | 787,398 | ||||||||
1,000,000 | 9.375% to 09/19/29 then USD 5 Year Tsy + 5.099%, Series 12(2) | Ba2 | 1,072,085 | ||||||||
Banco Mercantil del Norte SA | |||||||||||
750,000 | 6.625% to 01/24/32 then USD 10 Year Tsy + 5.034%(1)(2) | Ba2 | 639,000 | ||||||||
900,000 | 7.500% to 06/27/29 then USD 10 Year Tsy + 5.470%(1)(2) | Ba2 | 850,240 | ||||||||
640,000 | 7.625% to 01/10/28 then USD 10 Year Tsy + 5.353%(1)(2) | Ba2 | 615,764 | ||||||||
10,400,000 | Banco Santander SA, 4.750% to 05/12/27 then USD 5 Year Tsy + 3.753%(1)(2) | Ba1 | 8,789,685 | ||||||||
Barclays PLC | |||||||||||
400,000 | 4.375% to 09/15/28 then USD 5 Year Tsy + 3.410%(2) | Ba1 | 311,927 | ||||||||
1,270,000 | 6.125% to 06/15/26 then USD 5 Year Tsy + 5.867%(2) | Ba1 | 1,216,466 | ||||||||
700,000 | 8.000% to 06/15/24 then USD 5 Year Tsy + 5.672%(2) | Ba1 | 696,982 | ||||||||
380,000 | 8.000% to 09/15/29 then USD 5 Year Tsy + 5.431%(2) | Ba1 | 373,857 | ||||||||
545,000 | 9.625% to 06/15/30 then SOFR 5 Year Swap + 5.775%(2) | Ba1 | 569,743 | ||||||||
600,000 | BBVA Bancomer SA Texas, 5.875% to 09/13/29 then USD 5 Year Tsy + 4.308%, 09/13/34(1) | Baa3 | 565,952 | ||||||||
BNP Paribas SA | |||||||||||
425,000 | 4.625% to 02/25/31 then USD 5 Year Tsy + 3.340%(1)(2) | Ba1 | 343,387 | ||||||||
3,000,000 | 7.375% to 08/19/25 then USD 5 Year Swap + 5.150%(1)(2) | Ba1 | 3,011,667 | ||||||||
765,000 | 7.750% to 08/16/29 then USD 5 Year Tsy + 4.899%(1)(2) | Ba1 | 782,814 | ||||||||
2,829,000 | 8.500% to 08/14/28 then USD 5 Year Tsy + 4.354%(1)(2) | Ba1 | 2,969,833 |
5
Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments (continued) |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
CONTINGENT CAPITAL SECURITIES (continued) | |||||||||||
BANKS (continued) | |||||||||||
Credit Agricole SA | |||||||||||
450,000 | 4.750% to 09/23/29 then USD 5 Year Tsy + 3.237%(1)(2) | BBB-(3) | $ | 382,883 | |||||||
500,000 | 8.125% to 12/23/25 then USD 5 Year Swap + 6.185%(1)(2) | Baa3 | 511,131 | ||||||||
400,000 | Deutsche Bank AG, 6.000% to 04/30/26 then USD 5 Year Tsy + 4.524%(2) | Ba2 | 363,995 | ||||||||
HSBC Holdings PLC | |||||||||||
1,500,000 | 4.700% to 09/09/31 then USD 5 Year Tsy + 3.250%(2) | Baa3 | 1,225,458 | ||||||||
325,000 | 6.000% to 05/22/27 then USD 5 Year Swap + 3.746%(2) | Baa3 | 311,207 | ||||||||
850,000 | 6.500% to 03/23/28 then USD 5 Year Swap + 3.606%(2) | Baa3 | 821,710 | ||||||||
3,000,000 | 8.000% to 09/07/28 then USD 5 Year Tsy + 3.858%(2) | Baa3 | 3,092,874 | ||||||||
ING Groep | |||||||||||
2,550,000 | 3.875% to 11/16/27 then USD 5 Year Tsy + 2.862%(2) | Ba1 | 2,077,034 | ||||||||
2,885,000 | 6.750% to 04/16/24 then USD 5 Year Swap + 4.204%(2) | Ba1 | 2,874,750 | ||||||||
Lloyds Banking Group PLC | |||||||||||
1,900,000 | 7.500% to 09/27/25 then USD 5 Year Swap + 4.496%(2) | Baa3 | 1,865,329 | ||||||||
2,320,000 | 8.000% to 03/27/30 then USD 5 Year Tsy + 3.913%(2) | Baa3 | 2,330,874 | ||||||||
1,530,000 | Macquarie Bank, Ltd., 6.125% to 03/08/27 then USD 5 Year Swap + 3.703%(1)(2) | Baa3 | 1,422,730 | ||||||||
350,000 | NatWest Group PLC, 4.600% to 12/28/31 then USD 5 Year Tsy + 3.100%(2) | Baa3 | 263,420 | ||||||||
Societe Generale SA | |||||||||||
900,000 | 4.750% to 05/26/26 then USD 5 Year Tsy + 3.931%(1)(2) | Ba2 | 792,843 | ||||||||
900,000 | 5.375% to 11/18/30 then USD 5 Year Tsy + 4.514%(1)(2) | Ba2 | 738,353 | ||||||||
250,000 | 6.750% to 04/06/28 then USD 5 Year Swap + 3.929%(1)(2) | Ba2 | 223,949 | ||||||||
750,000 | 8.000% to 09/29/25 then USD 5 Year Swap + 5.873%(1)(2) | Ba2 | 749,857 | ||||||||
700,000 | 9.375% to 05/22/28 then USD 5 Year Tsy + 5.385%(1)(2) | Ba2 | 734,060 | ||||||||
Standard Chartered PLC | |||||||||||
400,000 | 4.750% to 07/14/31 then USD 5 Year Tsy + 3.805%(1)(2) | Ba1 | 326,435 | ||||||||
1,910,000 | 7.750% to 02/15/28 then USD 5 Year Tsy + 4.976%(1)(2) | Ba1 | 1,955,288 | ||||||||
UBS Group AG | |||||||||||
600,000 | 4.375% to 02/10/31 then USD 5 Year Tsy + 3.313%(1)(2) | Baa3 | 475,383 | ||||||||
800,000 | 4.875% to 02/12/27 then USD 5 Year Tsy + 3.404%(1)(2) | BB(3) | 722,522 | ||||||||
1,600,000 | 7.000% to 01/31/24 then USD 5 Year Swap + 4.344%(1)(2) | Baa3 | 1,600,528 | ||||||||
56,070,244 | |||||||||||
TOTAL CONTINGENT CAPITAL SECURITIES | |||||||||||
(Cost $59,935,815) | 56,070,244 | ||||||||||
CORPORATE DEBT SECURITIES – 0.7% | |||||||||||
BANKS – 0.3% | |||||||||||
575,000 | Texas Capital Bancshares, Inc., 4.000% to 05/06/26 then USD 5 Year Tsy + 3.150%, 05/06/31 | Baa3 | 499,488 | ||||||||
COMMUNICATIONS – 0.2% | |||||||||||
Qwest Corp. | |||||||||||
12,347 | 6.500%, 09/01/56 | B3 | 122,976 | ||||||||
36,585 | 6.750%, 06/15/57 | B3 | 372,069 | ||||||||
495,045 | |||||||||||
INSURANCE – 0.2% | |||||||||||
460,000 | Universal Insurance Holdings, Inc., 5.625%, 11/30/26 | NR(4) | 416,649 | ||||||||
TOTAL CORPORATE DEBT SECURITIES | |||||||||||
(Cost $2,242,952) | 1,411,182 |
6
Destra Flaherty & Crumrine Preferred and Income Fund |
Schedule of Investments (continued) |
As of December 31, 2023 (unaudited) |
Shares or | |||||||||||
Principal | Moody’s | ||||||||||
Amount | Ratings | Value | |||||||||
SHORT-TERM INVESTMENTS – 0.1% | |||||||||||
MONEY MARKET FUND – 0.1% | |||||||||||
245,868 | Fidelity Investments Money Market Treasury Portfolio - Class I, 5.220%(8) | $ | 245,868 | ||||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||||
(Cost $245,868) | 245,868 | ||||||||||
TOTAL INVESTMENTS – 99.4% | |||||||||||
(Cost $221,056,621) | 202,814,253 | ||||||||||
Other Assets In Excess Of Liabilities – 0.6% | 1,224,055 | ||||||||||
TOTAL NET ASSETS – 100.0% | $ | 204,038,308 |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by management. At December 31, 2023, the total value of these securities is $53,369,710, representing 26.2% of net assets. | |
(2) | Security is perpetual in nature with no stated maturity date. | |
(3) | Standard & Poor’s Rating, unaudited. | |
(4) | Security is unrated by Moody’s, S&P and Fitch. | |
(5) | Convertible security. | |
(6) | Fitch’s Rating. | |
(7) | The interest rate shown reflects the rate in effect as of December 31, 2023. | |
(8) | The rate is the annualized seven-day yield as of December 31, 2023. |
Libor – London Interbank Offered Rate
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
SA – Corporation
SOFR – Secured Overnight Financing Rate
Tsy – United States Government Treasury Yield
The administrator of U.S. dollar LIBOR, ICE, ceased publication of daily U.S. dollar LIBOR panels after June 30, 2023. For securities where (i) issuers have announced replacement reference rates or (ii) the Adjustable Interest Rate (LIBOR) Act of 2022 was determined by the Adviser to apply, the new reference rate (usually Term SOFR) has been listed as the benchmark. The spread over that benchmark includes any tenor spread adjustment applicable upon benchmark transition. For all other securities, the original reference rate and spread continue to be listed.
7