Shares | Security | Value | |||
COMMON STOCKS – 20.9% |
| ||||
AEROSPACE/DEFENSE – 1.2% |
| ||||
2,248 | L3Harris Technologies, Inc. | $ | 543,342 | ||
1,316 | Northrop Grumman Corp. |
| 629,798 | ||
| 1,173,140 | ||||
| |||||
AUTO MANUFACTURERS – 0.7% |
| ||||
3,490 | Cummins, Inc. |
| 675,420 | ||
| |||||
BANKS – 1.1% |
| ||||
47,558 | Huntington Bancshares, Inc. |
| 572,123 | ||
7,315 | Morgan Stanley |
| 556,379 | ||
| 1,128,502 | ||||
| |||||
BIOTECHNOLOGY – 0.7% |
| ||||
12,404 | Corteva, Inc. |
| 671,553 | ||
| |||||
CHEMICALS – 0.6% |
| ||||
4,847 | International Flavors & Fragrances, Inc. |
| 577,375 | ||
| |||||
CONSUMER – 0.5% |
| ||||
2,090 | McDonald’s Corp |
| 515,979 | ||
| |||||
ELECTRIC – 0.5% |
| ||||
7,227 | NextEra Energy, Inc. |
| 559,803 | ||
| |||||
FINANCIAL SERVICES – 0.5% |
| ||||
5,099 | Blackstone Group, Inc. |
| 465,182 | ||
| |||||
HEALTHCARE-SERVICES – 0.8% |
| ||||
1,630 | UnitedHealth Group, Inc. |
| 837,217 | ||
| |||||
INSURANCE – 0.5% |
| ||||
7,550 | Principal Financial Group, Inc. |
| 504,265 | ||
| |||||
INVESTMENT COMPANIES – 0.3% | |||||
18,391 | CION Investment Corp. |
| 159,999 | ||
12,704 | CION Investment Corp., Tranche C(4) |
| 110,523 | ||
| 270,522 | ||||
| |||||
LISTED BUSINESS DEVELOPMENT | |||||
327,500 | Owl Rock Capital Corp.(1) |
| 4,038,075 | ||
| |||||
MACHINERY-DIVERSIFIED – 0.3% | |||||
1,695 | Rockwell Automation, Inc. |
| 337,830 | ||
| |||||
MEDIA – 0.5% |
| ||||
12,254 | Comcast Corp., Class A |
| 480,847 | ||
| |||||
MINING – 0.7% |
| ||||
12,163 | Newmont Mining Corp. |
| 725,766 | ||
| |||||
MISCELLANEOUS MANUFACTURING – 0.9% |
| ||||
2,618 | Illinois Tool Works, Inc. |
| 477,130 | ||
1,839 | Parker-Hannifin Corp. |
| 452,486 | ||
| 929,616 |
Shares | Security | Value | |||
COMMON STOCKS (continued) |
| ||||
OIL & GAS – 1.5% |
| ||||
6,284 | EOG Resources, Inc. | $ | 694,005 | ||
3,469 | Pioneer Natural Resources Co. |
| 773,864 | ||
| 1,467,869 | ||||
| |||||
OIL & GAS SERVICES – 0.6% |
| ||||
21,059 | Baker Hughes Co |
| 607,973 | ||
| |||||
PHARMACEUTICALS – 0.9% |
| ||||
5,860 | AbbVie, Inc. |
| 897,518 | ||
| |||||
RETAIL – 0.9% |
| ||||
2,534 | Target Corp. |
| 357,877 | ||
9,092 | The TJX Cos., Inc. |
| 507,788 | ||
| 865,665 | ||||
| |||||
SEMICONDUCTORS – 1.0% |
| ||||
3,497 | Analog Devices, Inc. |
| 510,877 | ||
1,135 | Broadcom Ltd. |
| 551,394 | ||
| 1,062,271 | ||||
| |||||
SOFTWARE – 0.6% |
| ||||
2,268 | Microsoft Corp. |
| 582,490 | ||
| |||||
TELECOMMUNICATIONS – 0.6% |
| ||||
20,034 | Corning, Inc. |
| 631,271 | ||
| |||||
TRANSPORTATION – 1.0% |
| ||||
2,193 | Union Pacific Corp. |
| 467,723 | ||
3,067 | United Parcel Service, Inc., |
| 559,850 | ||
| 1,027,573 | ||||
TOTAL COMMON STOCKS |
| 21,033,722 | |||
| |||||
EXCHANGE-TRADED FUND – 1.1% | |||||
22,951 | KraneShares Global Carbon |
| 1,129,878 | ||
TOTAL EXCHANGE-TRADED FUND |
| 1,129,878 | |||
| |||||
PRIVATE COMPANIES – 9.8% |
| ||||
254,113 | Always AI, Inc., Series A-1 Preferred Stock(2)(3)(4) |
| 828,459 | ||
490,767 | Always AI, Inc., Series B Preferred Stock(2)(3)(4) |
| 1,599,999 | ||
179,641 | Clear Street Group Inc., Series B Preferred Stock(2)(3)(4) |
| 1,500,000 | ||
23,723 | Eat Just, Inc., Series F Common Stock(2)(3)(4) |
| 450,000 | ||
542,467 | GOSITE, Inc., Series A-1 Preferred Stock(2)(3)(4) |
| 4,680,000 | ||
497,216 | Iridia, Inc., Series A-3 Preferred |
| 828,312 | ||
TOTAL PRIVATE COMPANIES (Cost $6,865,497) |
| 9,886,770 |
1
Destra Multi-Alternative Fund |
Schedule of Investments (continued) |
As of June 30, 2022 (unaudited) |
Shares | Security | Value | |||
CONTINGENT VALUE RIGHTS – 1.9% | |||||
PHARMACEUTICALS – 0.0% |
| ||||
142,000 | Bristol-Myers Squibb Co.(2)(3) | $ | — | ||
| |||||
REAL ESTATE – 1.9% |
| ||||
456,540 | Hospitality Investors |
| 241,226 | ||
579,536 | Ready Capital Corp.(2)(3)(4) |
| 1,616,905 | ||
| 1,858,131 | ||||
TOTAL CONTINGENT VALUE RIGHTS |
| 1,858,131 | |||
| |||||
REAL ESTATE INVESTMENT TRUSTS – 35.1% |
| ||||
LISTED REAL ESTATE INVESTMENT TRUSTS – 15.0% |
| ||||
40,000 | American Campus Communities, Inc. |
| 2,578,800 | ||
275,000 | Newlake Capital Partners, Inc. |
| 5,087,500 | ||
4,175 | Prologis, Inc., REIT |
| 491,189 | ||
579,536 | Ready Capital Corp. |
| 6,908,069 | ||
TOTAL LISTED REAL ESTATE INVESTMENT TRUSTS |
| 15,065,558 | |||
| |||||
NON-LISTED REAL ESTATE INVESTMENT TRUSTS – 7.9% |
| ||||
311,231 | Healthcare Trust, Inc., 7.375% Series A Preferred Stock(3)(4) |
| 4,454,389 | ||
1,061,081 | NorthStar Healthcare Income, Inc., Common Stock(2)(3)(4) |
| 3,454,559 | ||
TOTAL NON-LISTED REAL ESTATE INVESTMENT |
| 7,908,948 | |||
| |||||
PRIVATE REAL ESTATE INVESTMENT TRUSTS – 12.2% |
| ||||
715,000 | Aventine Property Group, Inc., Common Stock(3)(4) |
| 4,804,800 | ||
715,000 | Treehouse Real Estate Investment Trust, Inc., Common Stock(3)(4)(5) |
| 7,475,000 | ||
TOTAL PRIVATE REAL ESTATE INVESTMENT TRUSTS |
| 12,279,800 | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS |
| 35,254,306 | |||
| |||||
ALTERNATIVE INVESTMENT FUNDS – 39.7% |
| ||||
250 | Arboretum Core Asset |
| 2,370,495 | ||
— | Canyon CLO Fund II LP(3)(4)(7) |
| 9,673,491 | ||
— | Canyon CLO Fund III LP(3)(4)(5)(7) |
| 3,488,092 | ||
4,113 | Clarion Lion Industrial Trust(4)(6) |
| 15,395,342 |
Shares | Security | Value | ||||
ALTERNATIVE INVESTMENT FUNDS (continued) |
|
| ||||
— | Ovation Alternative Income | $ | 1,457,632 |
| ||
159 | Preservation REIT 1, Inc.(4)(6)(8) |
| 7,337,392 |
| ||
153 | SGOF Liquidating |
| 196,346 |
| ||
TOTAL ALTERNATIVE INVESTMENT FUNDS |
| 39,918,790 |
| |||
| ||||||
SHORT-TERM INVESTMENTS – 9.8% |
| |||||
MONEY MARKET FUND – 9.8% |
|
| ||||
9,872,808 | Fidelity Investments Money Market Funds - Government Portfolio, Class I, 1.21%(1)(9) |
| 9,872,808 |
| ||
TOTAL SHORT-TERM INVESTMENTS |
| 9,872,808 |
| |||
TOTAL INVESTMENTS – 118.3% |
| 118,954,405 |
| |||
Liabilities in Excess of Other Assets – (18.3)% |
| (18,393,277 | ) | |||
TOTAL NET ASSETS – 100.0% | $ | 100,561,128 |
| |||
|
| |||||
EXCHANGE-TRADED FUNDS SOLD SHORT – (1.2)% |
|
| ||||
(9,900) | Direxion Daily S&P 500 Bull 3X |
| (649,341 | ) | ||
(1,290) | iShares Transportation Average ETF |
| (274,641 | ) | ||
(9,800) | ProShares UltraPro QQQ |
| (235,200 | ) | ||
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT | $ | (1,159,182 | ) |
(1) All or a portion of this security is segregated as collateral for securities sold short.
(2) Non-income producing security.
(3) Fair valued using significant unobservable inputs.
(4) Restricted investments as to resale.
(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.
(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 June 30, 2022.
ETF — Exchange-Traded Fund
LP — Limited Partnership
REIT — Real Estate Investment Trusts
2
Destra Multi-Alternative Fund |
Schedule of Investments (continued) |
As of June 30, 2022 (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 June 30, 2022 is as follows:
Security Description | Acquisition Date | Cost | Value | % of Net | ||||||||
Always AI, Inc. | 1/5/2021 | $ | 1,999,998 |
| $ | 2,428,458 | 2.4 | % | ||||
Arboretum Core Asset Fund, LP | 8/2/2018 |
| 2,500,000 |
|
| 2,370,495 | 2.4 |
| ||||
Aventine Property Group, Inc. | 1/13/2021 |
| 5,492,200 |
|
| 4,804,800 | 4.8 |
| ||||
Canyon CLO Fund II LP | 2/25/2019 |
| 8,947,609 |
|
| 9,673,491 | 9.6 |
| ||||
Canyon CLO Fund III LP | 3/1/2022 |
| 3,592,231 |
|
| 3,488,092 | 3.5 |
| ||||
Cion Investment Corp., Tranche C | 4/21/2014 |
| 244,349 |
|
| 110,523 | 0.1 |
| ||||
Clarion Lion Industrial Trust | 6/29/2015 |
| 5,570,216 |
|
| 15,395,342 | 15.3 |
| ||||
Clear Street Group Inc. | 5/18/2022 |
| 1,500,000 |
|
| 1,500,000 | 1.5 |
| ||||
Eat Just, Inc. | 6/11/2021 |
| 515,501 |
|
| 450,000 | 0.4 |
| ||||
GOSITE, Inc. | �� | 7/31/2020 |
| 2,099,998 |
|
| 4,680,000 | 4.6 |
| |||
Healthcare Trust, Inc. | 3/30/2012 |
| 4,350,489 |
|
| 4,454,389 | 4.3 |
| ||||
Hospitality Investors Trust, Inc. | 2/17/2015 |
| 9,236,371 |
|
| 241,226 | 0.2 |
| ||||
Iridia, Inc. | 2/25/2021 |
| 750,000 |
|
| 828,312 | 0.8 |
| ||||
NorthStar Healthcare Income, Inc. | 3/29/2012 |
| 6,706,530 |
|
| 3,454,559 | 3.4 |
| ||||
Ovation Alternative Income Fund | 7/25/2014 |
| 1,373,715 |
|
| 1,457,632 | 1.4 |
| ||||
Preservation REIT 1, Inc. | 10/22/2019 |
| 3,377,166 |
|
| 7,337,392 | 7.3 |
| ||||
Ready Capital Corp., Contingent Value Rights | 7/6/2017 |
| — | (1) |
| 1,616,905 | 1.6 |
| ||||
SGOF Liquidating Master, Ltd. | 6/2/2015 |
| — | (1) |
| 196,346 | 0.2 |
| ||||
Treehouse Real Estate Investment Trust, Inc. | 12/31/2018 |
| 8,792,962 |
|
| 7,475,000 | 7.4 |
| ||||
Total | $ | 67,049,335 |
| $ | 71,962,962 |
|
(1) Transferred at no cost as a result of a corporate action.
3