Shares/Contracts | Security | Value | |||
COMMON STOCKS – 16.5% |
| ||||
AEROSPACE/DEFENSE – 0.5% |
| ||||
1,288 | L3Harris Technologies, Inc. | $ | 269,295 | ||
808 | Northrop Grumman Corp. |
| 281,830 | ||
| 551,125 | ||||
| |||||
AUTO MANUFACTURERS – 0.5% |
| ||||
2,550 | Cummins, Inc. |
| 534,863 | ||
| |||||
BANKS – 0.5% |
| ||||
5,465 | Morgan Stanley |
| 518,191 | ||
| |||||
BIOTECHNOLOGY – 0.3% |
| ||||
6,257 | Corteva, Inc. |
| 281,565 | ||
| |||||
CHEMICALS – 0.3% |
| ||||
2,406 | International Flavors & Fragrances, Inc. |
| 342,061 | ||
| |||||
ELECTRIC – 0.3% |
| ||||
3,692 | NextEra Energy, Inc. |
| 320,392 | ||
| |||||
FINANCIAL SERVICES – 0.3% |
| ||||
2,499 | Blackstone Group, Inc. |
| 353,484 | ||
| |||||
HEALTHCARE-SERVICES – 0.5% |
| ||||
1,233 | UnitedHealth Group, Inc. |
| 547,723 | ||
| |||||
INSURANCE – 0.3% |
| ||||
3,780 | Principal Financial Group, Inc. |
| 259,232 | ||
| |||||
INVESTMENT COMPANIES – 0.5% |
| ||||
38,112 | CION Investment Corp. |
| 543,472 | ||
| |||||
LISTED BUSINESS DEVELOPMENT COMPANIES – 6.2% |
| ||||
470,155 | Owl Rock Capital Corp. |
| 6,553,961 | ||
| |||||
MACHINERY-DIVERSIFIED – 0.3% |
| ||||
861 | Rockwell Automation, Inc. |
| 289,468 | ||
| |||||
MEDIA – 0.3% |
| ||||
5,895 | Comcast Corp., Class A |
| 294,632 | ||
| |||||
MINING – 0.7% |
| ||||
14,264 | Newmont Mining Corp. |
| 783,379 | ||
| |||||
MISCELLANEOUS MANUFACTURING – 0.5% |
| ||||
1,308 | Illinois Tool Works, Inc. |
| 303,652 | ||
901 | Parker-Hannifin Corp. |
| 272,156 | ||
| 575,808 | ||||
| |||||
PHARMACEUTICALS – 0.6% |
| ||||
5,713 | AbbVie, Inc. |
| 658,595 |
Shares/Contracts | Security | Value | |||
COMMON STOCKS (continued) |
| ||||
RETAIL – 1.5% |
| ||||
1,414 | Advance Auto Parts, Inc. | $ | 312,098 | ||
1,050 | McDonald’s Corp. |
| 256,830 | ||
3,258 | Starbucks Corp. |
| 357,207 | ||
1,216 | Target Corp. |
| 296,510 | ||
4,671 | The TJX Cos., Inc. |
| 324,167 | ||
| 1,546,812 | ||||
| |||||
SEMICONDUCTORS – 0.6% |
| ||||
1,753 | Analog Devices, Inc. |
| 315,978 | ||
586 | Broadcom Ltd. |
| 324,457 | ||
| 640,435 | ||||
| |||||
SOFTWARE – 0.9% |
| ||||
877 | Intuit, Inc. |
| 572,067 | ||
1,143 | Microsoft Corp. |
| 377,865 | ||
| 949,932 | ||||
| |||||
TELECOMMUNICATIONS – 0.4% |
| ||||
10,116 | Corning, Inc. |
| 375,202 | ||
| |||||
TRANSPORTATION – 0.5% |
| ||||
1,095 | Union Pacific Corp. |
| 258,026 | ||
1,490 | United Parcel Service, Inc., |
| 295,571 | ||
| 553,597 | ||||
| |||||
TOTAL COMMON STOCKS |
| 17,473,929 | |||
| |||||
EXCHANGE-TRADED FUND – 1.2% | |||||
26,051 | KraneShares Global Carbon |
| 1,246,019 | ||
| |||||
TOTAL EXCHANGE-TRADED FUND (Cost $1,005,891) |
| 1,246,019 | |||
| |||||
PRIVATE COMPANIES – 7.3% |
| ||||
254,113 | Always AI, Inc., Preferred |
| 399,999 | ||
23,723 | East Just, Inc., Common |
| 557,965 | ||
542,467 | GOSITE, Inc., Preferred |
| 4,723,152 | ||
497,216 | Iridia, Inc., Preferred Stock(1)(2)(3) |
| 750,000 | ||
1,250,000 | Long Game Savings, Inc., Convertible Debt, 7.00% 09/30/2022(2)(3) |
| 1,250,000 | ||
| |||||
TOTAL PRIVATE COMPANIES |
| 7,681,116 |
1
Destra Multi-Alternative Fund |
Schedule of Investments (continued) |
As of November 30, 2021 (unaudited) |
Shares/Contracts | Security | Value | |||
PURCHASED OPTIONS CONTRACTS – 0.0% |
| ||||
PUT OPTIONS – 0.0% |
| ||||
150 | Deere & Co. | $ | 14,100 | ||
| |||||
CALL OPTIONS – 0.0% |
| ||||
300 | Invitation Homes, Inc. |
| 27,000 | ||
230 | KraneShares CSI China Internet ETF |
| 1,150 | ||
500 | Lions Gate Entertainment Corp. |
| —- | ||
| |||||
TOTAL CALL OPTIONS |
| 28,150 | |||
| |||||
TOTAL PURCHASED OPTIONS CONTRACTS |
| 42,250 | |||
| |||||
RIGHTS – 0.2% |
| ||||
PHARMACEUTICALS – 0.0% |
| ||||
142,000 | Bristol-Myers Squibb Co. CVR(1)(2) |
| — | ||
| |||||
REAL ESTATE – 0.2% |
| ||||
456,540 | Hospitality Investor CVR(1)(2)(3) |
| 241,226 | ||
| |||||
TOTAL RIGHTS |
| 241,226 | |||
| |||||
REAL ESTATE INVESTMENT TRUSTS – 35.9% |
| ||||
LISTED REAL ESTATE INVESTMENT TRUSTS – 10.1% |
| ||||
40,000 | American Campus Communities, Inc.(4) |
| 2,069,600 | ||
2,216 | Digital Realty Trust, Inc. |
| 371,712 | ||
275,000 | Newlake Capital Partners, Inc. |
| 7,933,750 | ||
2,147 | Prologis, Inc., REIT |
| 323,660 | ||
| |||||
TOTAL LISTED REAL ESTATE INVESTMENT TRUSTS |
| 10,698,722 | |||
| |||||
NON-LISTED REAL ESTATE INVESTMENT TRUSTS – 11.3% |
| ||||
302,451 | Healthcare Trust, Inc.(2)(3) |
| 4,321,633 | ||
1,061,081 | NorthStar Healthcare Income, |
| 4,100,291 | ||
158,330 | Steadfast Apartment REIT, Inc.(3) |
| 3,510,573 | ||
| |||||
TOTAL NON-LISTED REAL ESTATE INVESTMENT TRUSTS |
| 11,932,497 |
Shares/Contracts | Security | Value | |||||
| REAL ESTATE INVESTMENT TRUSTS (continued) |
|
| ||||
| PRIVATE REAL ESTATE INVESTMENT TRUSTS – 14.5% |
|
| ||||
715,000 |
| Aventine Property Group, | $ | 4,804,800 |
| ||
715,000 |
| Treehouse Real Estate Investment Trust, Inc.(2)(3)(5) |
| 10,582,000 |
| ||
|
|
| |||||
| TOTAL PRIVATE REAL ESTATE INVESTMENT TRUSTS |
| 15,386,800 |
| |||
| TOTAL REAL ESTATE INVESTMENT TRUSTS |
| 38,018,019 |
| |||
|
|
| |||||
| ALTERNATIVE INVESTMENT FUNDS(6) – 42.4% |
|
| ||||
250 |
| Arboretum Core Asset Fund, |
| 2,392,703 |
| ||
— |
| Canyon CLO Fund II LP(3)(7) |
| 10,433,655 |
| ||
4,113 |
| Clarion Lion Industrial Trust(3) |
| 12,325,856 |
| ||
— |
| Collins Master Access Fund, |
| 105,740 |
| ||
— |
| Mosaic Real Estate Credit, |
| 10,068,695 |
| ||
— |
| Ovation Alternative Income |
| 2,043,229 |
| ||
159 |
| Preservation REIT 1, Inc.(3)(8) |
| 7,034,578 |
| ||
173 |
| SGOF Liquidating Master, Ltd.(3) |
| 461,174 |
| ||
|
|
| |||||
| TOTAL ALTERNATIVE INVESTMENT FUNDS |
| 44,865,630 |
| |||
|
|
| |||||
| SHORT-TERM INVESTMENTS – 15.3% |
| |||||
| MONEY MARKET FUND – 15.3% |
|
| ||||
16,231,610 |
| Fidelity Investments Money Market Funds - Government Portfolio, Class I, 0.01%(4)(9) |
| 16,231,610 |
| ||
|
|
| |||||
| TOTAL SHORT-TERM INVESTMENTS |
| 16,231,610 |
| |||
|
|
| |||||
| TOTAL INVESTMENTS – 118.8% |
| 125,799,799 |
| |||
| Liabilities in Excess of Other Assets – (18.8)% |
| (19,894,842 | ) | |||
| TOTAL NET ASSETS – 100.0% | $ | 105,904,957 |
| |||
|
|
| |||||
| WRITTEN OPTIONS CONTRACTS – (0.0)% |
| |||||
| PUT OPTIONS – (0.0)% |
|
| ||||
(250 | ) | Deere & Co. |
| (9,750 | ) |
2
Destra Multi-Alternative Fund |
Schedule of Investments (continued) |
As of November 30, 2021 (unaudited) |
Shares/Contracts | Security | Value | |||||
| WRITTEN OPTIONS |
|
| ||||
| CALL OPTIONS – (0.0)% |
|
| ||||
(300 | ) | Invitation Homes, Inc. | $ | (13,500 | ) | ||
(400 | ) | Lions Gate Entertainment Corp. |
| — |
| ||
|
|
| |||||
| TOTAL CALL OPTIONS |
| (13,500 | ) | |||
| TOTAL WRITTEN OPTIONS CONTRACTS |
| (23,250 | ) | |||
|
|
| |||||
| EXCHANGE-TRADED FUNDS SOLD SHORT – (2.3)% |
|
| ||||
(9,900 | ) | Direxion Daily S&P 500 Bull 3X |
| (1,255,023 | ) | ||
(1,290 | ) | iShares Transportation Average |
| (335,387 | ) | ||
(4,900 | ) | ProShares UltraPro QQQ |
| (801,101 | ) | ||
|
|
| |||||
| TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT |
| (2,391,511 | ) | |||
|
|
| |||||
| TOTAL SECURITIES SOLD SHORT | $ | (2,414,761 | ) |
(1) Non-income producing security.
(2) Fair valued using significant unobservable inputs.
(3) Restricted investments as to resale.
(4) All or a portion of this security is segregated as collateral for securities sold short.
(5) Affiliated investment for which ownership exceeds 5% of the investment’s capital.
(6) Investments in Alternative Investment Funds are valued using net asset value per share (or it’s equivalent) as practical expedient. See Note 2 for respective investment strategies, unfunded commitments and redemptive restrictions.
(7) Alternative investment fund does not issue shares.
(8) Affiliated investment for which ownership exceeds 25% of the investment’s capital.
(9) The rate is the annualized seven-day yield as of November 30, 2021.
CVR — Contingent Value Right
ETF — Exchange-Traded Fund
LLC — Limited Liability Company
LP — Limited Partnership
REIT — Real Estate Investment Trusts
3
Destra Multi-Alternative Fund |
Schedule of Investments (continued) |
As of November 30, 2021 (unaudited) |
Restricted securities — Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board. The restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board.
Additional information on each restricted investment held by the Fund at November 30, 2021 is as follows:
Security Description | Acquisition | Cost | Value | % of Net | ||||||
Always AI, Inc. | 1/5/2021 | $ | 399,999 | $ | 399,999 | 0.4% | ||||
Arboretum Core Asset Fund, LP | 8/2/2018 |
| 2,500,000 |
| 2,392,703 | 2.3 | ||||
Aventine Property Group, Inc. | 1/13/2021 |
| 5,692,400 |
| 4,804,800 | 4.5 | ||||
Canyon CLO Fund II LP | 2/25/2019 |
| 9,630,261 |
| 10,433,655 | 9.9 | ||||
Clarion Lion Industrial Trust | 6/29/2015 |
| 5,554,169 |
| 12,325,856 | 11.7 | ||||
Collins Master Access Fund, LLC | 6/2/2015 |
| — |
| 105,740 | 0.1 | ||||
East Just, Inc. | 6/11/2021 |
| 515,501 |
| 557,965 | 0.5 | ||||
GOSITE, Inc. | 7/31/2020 |
| 2,099,998 |
| 4,723,152 | 4.5 | ||||
Healthcare Trust, Inc. | 3/30/2012 |
| 4,371,313 |
| 4,321,633 | 4.1 | ||||
Hospitality Investor CVR | 2/17/2015 |
| 9,236,371 |
| 241,226 | 0.2 | ||||
Iridia, Inc. | 2/25/2021 |
| 750,000 |
| 750,000 | 0.7 | ||||
Long Game Savings, Inc. | 3/29/2021 |
| 1,250,000 |
| 1,250,000 | 1.2 | ||||
Mosaic Real Estate Credit, LLC | 7/6/2017 |
| 9,999,997 |
| 10,068,695 | 9.5 | ||||
NorthStar Healthcare Income, Inc. | 3/29/2012 |
| 7,237,071 |
| 4,100,291 | 3.9 | ||||
Ovation Alternative Income Fund | 7/25/2014 |
| 2,162,679 |
| 2,043,229 | 1.9 | ||||
Preservation REIT 1, Inc. | 10/22/2019 |
| 4,954,009 |
| 7,034,578 | 6.6 | ||||
SGOF Liquidating Master, Ltd. | 6/2/2015 |
| — |
| 461,174 | 0.4 | ||||
Steadfast Apartment REIT, Inc. | 4/12/2012 |
| 1,264,738 |
| 3,510,573 | 3.3 | ||||
Treehouse Real Estate Investment Trust, Inc. | 12/31/2018 |
| 9,169,276 |
| 10,582,000 | 10.0 | ||||
Total | $ | 76,787,782 | $ | 80,107,269 |
4