Destra International & Event-Driven Credit Fund |
Schedule of Investments |
As of June 30, 2020 (unaudited) |
Shares or | Description | Value | |||
BANK LOANS – 3.5% |
| ||||
NETHERLANDS – 0.7% |
| ||||
394,764 | MediArena Acquisition BV, | $ | 389,337 | ||
| |||||
SWEDEN – 0.4% |
| ||||
180,000 | Verisure Holding AB, |
| 198,411 | ||
| |||||
UNITED STATES – 2.4% |
| ||||
110,047 | Dealer Tire LLC, |
| 105,461 | ||
379,793 | Doncasters Finance Alloy PIK, |
| 168,059 | ||
368,819 | Doncasters Finance TL, |
| 319,028 | ||
249,350 | Rockwood Service Corp., |
| 241,870 | ||
469,823 | Zayo Group Holdings, Inc., |
| 447,482 | ||
| 1,281,900 | ||||
TOTAL BANK LOANS |
| 1,869,648 | |||
| |||||
COMMON STOCKS – 0.1% |
| ||||
AUSTRALIA – 0.1% |
| ||||
65,000 | Quintis Equity(2) |
| 46,150 | ||
| |||||
MARSHALL ISLANDS – 0.0% |
| ||||
2,501 | Scorpio Tankers, Inc. |
| 32,041 | ||
TOTAL COMMON STOCKS |
| 78,191 | |||
| |||||
CORPORATE DEBT |
| ||||
AUSTRALIA – 0.1% |
| ||||
Quintis Australia Pty, Ltd.: |
| ||||
7,300 | 7.500%, 10/01/2026(2)(3) |
| 6,899 | ||
117,000 | 0.000%, 10/01/2028(2)(3) |
| 66,807 | ||
| 73,706 | ||||
| |||||
AUSTRIA – 0.9% |
| ||||
241,000 | Eldorado Intl. Finance GmbH, |
| 244,286 | ||
200,000 | Erste Group Bank AG, |
| 234,726 | ||
| 479,012 |
Shares or | Description | Value | |||
CORPORATE DEBT SECURITIES (continued) |
| ||||
CAYMAN ISLANDS – 4.7% |
| ||||
594,000 | Global Aircraft Leasing Co., Ltd., | $ | 399,465 | ||
740,000 | Momo, Inc., |
| 573,772 | ||
Tencent Holdings, Ltd.: |
| ||||
800,000 | 2.390%, 06/03/2030(3) |
| 802,059 | ||
400,000 | 3.240%, 06/03/2050(3) |
| 402,131 | ||
300,000 | 3.290%, 06/03/2060(3) |
| 304,060 | ||
| 2,481,487 | ||||
| |||||
CHILE – 0.4% |
| ||||
200,000 | VTR Comunicaciones SpA, |
| 205,100 | ||
| |||||
FRANCE – 1.1% |
| ||||
200,000 | Altice France SA, |
| 208,770 | ||
332,000 | Banijay Entertainment SASU, |
| 357,436 | ||
| 566,206 | ||||
| |||||
LUXEMBOURG – 1.5% |
| ||||
742,000 | Altice France Holding SA, |
| 820,596 | ||
| |||||
MAURITIUS – 1.1% |
| ||||
600,000 | HTA Group, Ltd./Mauritius, |
| 608,973 | ||
| |||||
MEXICO – 0.5% |
| ||||
370,000 | Petroleos Mexicanos, |
| 284,944 | ||
| |||||
NETHERLANDS – 3.2% |
| ||||
1,430,000 | Petrobras Global Finance BV, |
| 1,474,330 | ||
200,000 | VTR Finance, |
| 206,254 | ||
| 1,680,584 | ||||
| |||||
UNITED KINGDOM – 1.9% |
| ||||
400,000 | Lloyds Banking Group PLC, |
| 415,260 | ||
670,000 | Petra Diamonds U.S. Treasury PLC, |
| 264,650 | ||
320,000 | Royal Bank of Scotland Group PLC, |
| 324,960 | ||
| 1,004,870 |
1
Destra International & Event-Driven Credit Fund |
Schedule of Investments (continued) |
As of June 30, 2020 (unaudited) |
Shares or | Description | Value | |||
CORPORATE DEBT SECURITIES (continued) |
| ||||
UNITED STATES – 9.9% |
| ||||
536,000 | Bruin E&P Partners LLC, | $ | 18,760 | ||
128,000 | Cleveland-Cliffs, Inc., |
| 134,506 | ||
646,000 | CSC Holdings LLC, |
| 695,965 | ||
154,000 | Dealer Tire LLC, |
| 143,028 | ||
Expedia Group, Inc.: |
| ||||
215,000 | �� | 6.250%, 05/01/2025(3) |
| 229,490 | |
150,000 | 7.000%, 05/01/2025(3) |
| 156,309 | ||
173,000 | Frontier Communications Corp., |
| 163,658 | ||
740,000 | General Electric Co., |
| 737,828 | ||
Howmet Aerospace, Inc.: |
| ||||
202,000 | 6.875%, 05/01/2025 |
| 219,365 | ||
80,000 | 5.950%, 02/01/2037 |
| 83,096 | ||
200,000 | Nationstar Mortgage Holdings, Inc., |
| 211,687 | ||
450,000 | Pioneer Natural Resources Co., |
| 533,154 | ||
500,000 | RegionalCare Hospital Partners Holdings, Inc., |
| 516,577 | ||
645,000 | Talen Energy Supply LLC, |
| 646,209 | ||
64,000 | Tenet Healthcare Corp., |
| 68,360 | ||
446,000 | Terrier Media Buyer, Inc., |
| 428,717 | ||
361,000 | Voyager Aviation Holdings LLC, |
| 264,839 | ||
| 5,251,548 | ||||
TOTAL CORPORATE DEBT SECURITIES |
| 13,457,026 | |||
| |||||
INTERNATIONAL DEBT SECURITIES – 50.6% |
| ||||
BELGIUM – 1.8% |
| ||||
700,000 | Anheuser-Busch InBev SA, |
| 956,193 | ||
| |||||
BERMUDA – 0.9% |
| ||||
500,000 | SFL Corp., Ltd., |
| 476,756 | ||
| |||||
BRAZIL – 1.0% |
| ||||
1,020,000 | Samarco Mineracao SA, |
| 535,510 |
Shares or | Description | Value | |||
INTERNATIONAL DEBT SECURITIES (continued) |
| ||||
CAYMAN ISLANDS – 3.3% |
| ||||
4,000,000 | China Education Group Holdings, Ltd., 2.000%, 03/28/2024 | $ | 551,005 | ||
10,000,000 | China Evergrande Group, |
| 1,218,631 | ||
| 1,769,636 | ||||
| |||||
FRANCE – 4.0% |
| ||||
BNP Paribas SA: |
| ||||
200,000 | 7.000%(4)(5) |
| 217,287 | ||
810,000 | 6.625%(3)(4)(5) |
| 829,238 | ||
Electricite de France SA: |
| ||||
200,000 | 5.375%(4)(5) |
| 242,896 | ||
700,000 | 5.000%(4)(5) |
| 841,153 | ||
| 2,130,574 | ||||
| |||||
ISRAEL – 1.0% |
| ||||
520,000 | Delek & Avner Tamar Bond, Ltd., |
| 511,388 | ||
| |||||
ITALY – 7.7% |
| ||||
Intesa Sanpaolo SpA: |
| ||||
247,000 | 7.750%(4)(5) |
| 303,930 | ||
800,000 | 6.250%(4)(5) |
| 901,753 | ||
800,000 | Italy Buoni Poliennali Del Tesoro, |
| 1,346,706 | ||
1,503,000 | Moby SpA, |
| 270,081 | ||
600,000 | Saxa Gres SpA, |
| 592,992 | ||
600,000 | UniCredit SpA, 6.625%(4)(5) |
| 662,619 | ||
| 4,078,081 | ||||
| |||||
JERSEY – 0.8% |
| ||||
400,000 | AA Bond Co., Ltd., |
| 426,171 | ||
| |||||
LEBANON – 0.1% |
| ||||
Lebanon Government International Bond: |
| ||||
83,000 | 6.375%, 07/02/2020(8) |
| 16,514 | ||
195,000 | 6.150%, 07/02/2020(8) |
| 38,512 | ||
| 55,026 | ||||
| |||||
LUXEMBOURG – 4.6% |
| ||||
203,000 | Altice France Holding SA, |
| 241,253 | ||
200,000 | Avation Capital SA, |
| 148,725 | ||
136,040 | LSF10 Wolverine Investments SCA, |
| 151,675 |
2
Destra International & Event-Driven Credit Fund |
Schedule of Investments (continued) |
As of June 30, 2020 (unaudited) |
Shares or | Description | Value | |||
INTERNATIONAL DEBT SECURITIES (continued) |
| ||||
LUXEMBOURG (continued) |
| ||||
407,112 | Paper Industries Financing SARL, | $ | 16,048 | ||
328,000 | Paper Industries Intermediate Financing Sarl, |
| 275,666 | ||
810,666 | Paper Industries Intermediate Financing SARL, |
| 681,321 | ||
1,239,000 | Takko Luxembourg 2 SCA, |
| 754,894 | ||
100,000 | Telecom Italia Finance SA, |
| 157,460 | ||
| 2,427,042 | ||||
| |||||
MALAYSIA – 2.9% |
| ||||
1,000,000 | 1MDB Energy, Ltd., |
| 1,042,469 | ||
2,000,000 | Malaysia Government Bond, |
| 503,745 | ||
| 1,546,214 | ||||
| |||||
NETHERLANDS – 4.3% |
| ||||
800,000 | Cooperatieve Rabobank UA, |
| 910,826 | ||
434,000 | EA Partners II BV, |
| 212,660 | ||
526,576 | MV24 Capital BV, |
| 501,400 | ||
600,000 | Yandex, |
| 642,691 | ||
| 2,267,577 | ||||
| |||||
PERU – 1.4% |
| ||||
2,100,000 | Peruvian Government International Bond, |
| 714,630 | ||
| |||||
PORTUGAL – 0.9% |
| ||||
400,000 | Caixa Geral de Depositos SA, |
| 492,419 | ||
| |||||
SINGAPORE – 1.2% |
| ||||
1,264,090 | Mulhacen Pte, Ltd., |
| 658,109 | ||
| |||||
SPAIN – 1.8% |
| ||||
200,000 | Autonomous Community of Catalonia, |
| 282,090 |
Shares or | Description | Value | |||
INTERNATIONAL DEBT SECURITIES (continued) |
| ||||
SPAIN (continued) |
| ||||
CaixaBank SA: |
| ||||
400,000 | 6.750%(4)(5) | $ | 451,659 | ||
200,000 | 5.250%(4)(5) |
| 200,517 | ||
| 934,266 | ||||
| |||||
SWEDEN – 0.6% |
| ||||
300,000 | Fastighets AB Balder, |
| 323,186 | ||
| |||||
SWITZERLAND – 1.2% |
| ||||
600,000 | Credit Suisse Group AG, |
| 616,917 | ||
| |||||
UNITED ARAB EMIRATES – 1.0% |
| ||||
460,000 | Abu Dhabi Government International Bond, 3.875%, 04/16/2050 |
| 545,445 | ||
| |||||
UNITED KINGDOM – 8.2% |
| ||||
570,000 | Barclays PLC, 8.000%(4)(5) |
| 590,962 | ||
BP Capital Markets PLC: |
| ||||
750,000 | 4.375%(4)(5) |
| 763,125 | ||
500,000 | 4.875%(4)(5) |
| 517,500 | ||
3,150,000 | House of Fraser Funding PLC, |
| 58,384 | ||
500,000 | Lloyds Banking Group PLC, |
| 547,042 | ||
220,000 | Matalan Finance PLC, |
| 194,727 | ||
100,000 | Miller Homes Group Holdings PLC, |
| 125,973 | ||
420,000 | Virgin Media Finance PLC, |
| 462,830 | ||
906,000 | Voyage Care BondCo PLC, |
| 980,032 | ||
100,000 | William Hill PLC, |
| 126,800 | ||
| 4,367,375 | ||||
| |||||
VIETNAM – 0.9% |
| ||||
500,000 | No Va Land Investment Group Corp., |
| 499,501 | ||
| |||||
VIRGIN ISLANDS |
| ||||
660,000 | PB Issuer No. 5, Ltd., |
| 548,454 | ||
TOTAL INTERNATIONAL DEBT SECURITIES |
| 26,880,470 |
3
Destra International & Event-Driven Credit Fund |
Schedule of Investments (continued) |
As of June 30, 2020 (unaudited) |
Shares or | Description | Value | |||
INTERNATIONAL EQUITIES – 0.5% |
| ||||
CAYMAN ISLANDS – 0.0% |
| ||||
52,758 | Shelf Drilling, Ltd.(3)(7) | $ | 16,680 | ||
| |||||
GERMANY – 0.4% |
| ||||
55,671 | Tele Columbus AG(3)(7) |
| 192,885 | ||
| |||||
UNITED KINGDOM – 0.1% |
| ||||
94,740 | AA PLC |
| 26,749 | ||
363,443 | Alloy Topco Equity(2) |
| 45 | ||
83,185 | Amigo Holdings PLC(3) |
| 5,972 | ||
| 32,766 | ||||
TOTAL INTERNATIONAL EQUITIES |
| 242,331 | |||
| |||||
PRIVATE COMPANIES – 3.9% |
| ||||
LUXEMBOURG – 0.0% |
| ||||
1,221,339 | Lecta Equity(2) |
| 137 | ||
| |||||
UNITED STATES – 3.9% |
| ||||
1,248,331 | V Global Holdings LLC, Common Shares(2) |
| 2,059,746 | ||
TOTAL PRIVATE COMPANIES |
| 2,059,883 | |||
| |||||
PURCHASED OPTIONS CONTRACTS – 0.0% |
| ||||
PUT OPTIONS – 0.0% |
| ||||
27 | S&P 500 Index Excercise Price: $2,400, Notional Amount: $6,480,000, Expiration Date: 07/17/2020(7) |
| 5,670 | ||
TOTAL PURCHASED OPTIONS CONTRACTS |
| 5,670 |
Shares | Description | Value | |||
SHORT-TERM |
| ||||
UNITED STATES – 5.7% |
| ||||
3,018,867 | BlackRock Liquidity Funds FedFund Portfolio - Institutional Class, 0.100%(9) | $ | 3,018,867 | ||
TOTAL SHORT-TERM INVESTMENTS |
| 3,018,867 | |||
TOTAL INVESTMENTS – 89.6% |
| 47,612,086 | |||
Other Assets in Excess of Liabilities – 10.4% |
| 5,525,051 | |||
TOTAL NET ASSETS – 100.0% | $ | 53,137,137 |
(1) Floating rate security. Rate as of June 30, 2020 is disclosed.
(2) Fair valued, illiquid and restricted under direction of the Board of Trustees.
(3) 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. At June 30, 2020 the total value of these securities is $13,605,482 representing 25.6% of net assets.
(4) Security is perpetual in nature with no stated maturity date.
(5) Variable rate security. Rate as of June 30, 2020 is disclosed.
(6) When-issued security that has not settled as of June 30, 2020. Rate is not in effect at June 30, 2020.
(7) Non-income producing security.
(8) Security is in default.
(9) The rate is the annualized seven-day yield as of June 30, 2020.
4
Destra International & Event-Driven Credit Fund |
Schedule of Investments (continued) |
As of June 30, 2020 (unaudited) |
At June 30, 2020, the Destra International & Event-Driven Credit Fund had outstanding forward foreign exchange contracts as set forth below:
Settlement | Counterparty | Currency Purchased | Currency |
| Value | Unrealized Appreciation (Depreciation) | |||||||||||
Buy | Sell | ||||||||||||||||
September 15, 2020 | Brown Brothers Harriman | Euro Currency | U.S. Dollar | EUR 58,000 | $ 65,083 | $ | 65,273 | $ | 190 |
| |||||||
September 15, 2020 | Brown Brothers Harriman | Euro Currency | U.S. Dollar | EUR 1,000,000 | $ 1,122,412 |
| 1,125,394 |
| 2,982 |
| |||||||
September 15, 2020 | Brown Brothers Harriman | U.S. Dollar | Euro Currency | $ 5,906,338 | EUR 5,184,900 |
| 5,835,056 |
| 71,282 |
| |||||||
September 15, 2020 | Brown Brothers Harriman | U.S. Dollar | Euro Currency | $ 84,898 | EUR 74,500 |
| 83,842 |
| 1,056 |
| |||||||
September 15, 2020 | Brown Brothers Harriman | U.S. Dollar | Euro Currency | $ 158,481 | EUR 141,000 |
| 158,681 |
| (200 | ) | |||||||
September 15, 2020 | Brown Brothers Harriman | U.S. Dollar | Euro Currency | $ 56,618 | EUR 50,000 |
| 56,270 |
| 348 |
| |||||||
September 15, 2020 | Brown Brothers Harriman | U.S. Dollar | Hong Kong Dollar | $ 1,760,919 | HKD 13,658,000 |
| 1,761,328 |
| (409 | ) | |||||||
September 15, 2020 | Citibank, N.A. | Peru Nuevo Sol | U.S. Dollar | PEN 1,739,362 | $ 504,646 |
| 490,528 |
| (14,118 | ) | |||||||
September 15, 2020 | Citibank, N.A. | U.S. Dollar | Peru Nuevo Sol | $ 291,036 | PEN 1,000,000 |
| 282,016 |
| 9,020 |
| |||||||
September 15, 2020 | Citibank, N.A. | U.S. Dollar | Peru Nuevo Sol | $ 214,775 | PEN 739,362 |
| 208,512 |
| 6,263 |
| |||||||
September 15, 2020 | Citibank, N.A. | U.S. Dollar | Pound Sterling | $ 2,040,526 | GBP 1,598,000 |
| 1,980,177 |
| 60,349 |
| |||||||
September 15, 2020 | Citibank, N.A. | U.S. Dollar | Pound Sterling | $ 448,201 | GBP 351,000 |
| 434,945 |
| 13,256 |
| |||||||
September 15, 2020 | Credit Agricole | Euro Currency | U.S. Dollar | EUR 117,000 | $ 133,430 |
| 131,671 |
| (1,759 | ) | |||||||
September 15, 2020 | Morgan Stanley & Co. LLC | U.S. Dollar | Norwegian Krone | $ 48,077 | NOK 443,701 |
| 46,096 |
| 1,981 |
| |||||||
September 15, 2020 | Royal Bank of Scotland | U.S. Dollar | Euro Currency | $ 11,100,656 | EUR 9,745,000 |
| 10,966,965 |
| 133,691 |
| |||||||
September 15, 2020 | Royal Bank of Scotland | U.S. Dollar | Euro Currency | $ 113,802 | EUR 100,000 |
| 112,539 |
| 1,263 |
| |||||||
September 15, 2020 | Royal Bank of Scotland | U.S. Dollar | Euro Currency | $ 449,112 | EUR 400,000 |
| 450,158 |
| (1,046 | ) | |||||||
September 15, 2020 | Royal Bank of Scotland | U.S. Dollar | Euro Currency | $ 57,258 | EUR 51,000 |
| 57,395 |
| (137 | ) | |||||||
September 15, 2020 | Royal Bank of Scotland | U.S. Dollar | Euro Currency | $ 99,082 | EUR 88,000 |
| 99,035 |
| 47 |
| |||||||
September 15, 2020 | Societe Generale | Euro Currency | U.S. Dollar | EUR 77,000 | $ 86,502 |
| 86,655 |
| 153 |
| |||||||
September 15, 2020 | Societe Generale | U.S. Dollar | Euro Currency | $ 88,897 | EUR 79,000 |
| 88,906 |
| (9 | ) | |||||||
September 15, 2020 | Standard Chartered | Euro Currency | U.S. Dollar | EUR 76,000 | $ 85,964 |
| 85,530 |
| (434 | ) | |||||||
September 15, 2020 | Standard Chartered | Euro Currency | U.S. Dollar | EUR 62,000 | $ 69,933 |
| 69,774 |
| (159 | ) | |||||||
| $ | 283,610 |
|
5
Destra International & Event-Driven Credit Fund |
Schedule of Investments (continued) |
As of June 30, 2020 (unaudited) |
At June 30, 2020, the Destra International & Event-Driven Credit Fund had swap contracts as set forth below:
Credit Default Swap Contracts:
Underlying Instrument | Counterparty | Pay Rate / | Maturity | Notional | Premium | Unrealized | Value | ||||||||||||||
Markit iTrax Europe Crossover Index Swap(2) | Deutsche Bank | 5.000% / Quarterly | 6/20/2025 | $ | 905,000 | $ | (33,069 | ) | $ | (20,687 | ) | $ | (53,756 | ) | |||||||
|
|
|
|
|
|
| |||||||||||||||
Next PLC Swap(3) | Citibank, N.A. | 1.000% / Quarterly | 6/20/2025 |
| 380,000 |
| 23,786 |
|
| (4,120 | ) |
| 19,666 |
| |||||||
|
|
| $ | (24,807 | ) | $ | (34,090 | ) |
Interest Rate Swap Contracts:
Counterparty | Payments Made / | Payments | Maturity | Notional | Premium | Unrealized | Value | ||||||||||||
Goldman Sachs & Co. | BRL-CDI / Once at Maturity | 4.078% Fixed / Once at Maturity | 1/2/2023 | BRL 10,527,521 | $ | — | $ | 5,937 |
| $ | 5,937 |
| |||||||
|
|
|
|
| |||||||||||||||
HSBC Securities | 7-day Reverse Repo / Quarterly | 2.278% Fixed / Quarterly | 8/13/2025 | CNY 9,731,843 |
| — |
| (4,285 | ) |
| (4,285 | ) | |||||||
|
|
|
|
| |||||||||||||||
Merrill Lynch | 7-day Reverse Repo / Quarterly | 2.285% Fixed / Quarterly | 8/13/2025 | CNY 9,768,157 |
| — |
| (3,814 | ) |
| (3,814 | ) | |||||||
| $ | (2,161 | ) | $ | (2,161 | ) |
(1) The maximum potential amount the Fund may receive should a credit event take place as defined under the terms of the contract.
(2) The underlying issuer is ITRX XOVER CDSI S33 5Y Corp.
(3) The underlying issuer is NXTLN CDS EUR SR 5Y D14.
At June 30, 2020, the Destra International & Event-Driven Credit Fund had futures contracts as set forth below:
Interest Rate Futures Contracts:
Expiration Date | Number of | Description | Notional | Value | Unrealized | |||||||||||
Short Futures Contracts: |
|
|
|
|
|
| ||||||||||
September 2020 | 6 | 10-Year U.S. Treasury Note | $ | (831,726 | ) | $ | (835,031 | ) | $ | (3,305 | ) | |||||
September 2020 | 7 | Ultra Long U.S. Treasury Bond |
| (1,518,769 | ) |
| (1,527,094 | ) |
| (8,325 | ) | |||||
$ | (2,350,495 | ) | $ | (2,362,125 | ) | $ | (11,630 | ) |
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 illiquid and restricted investment held by the Fund at June 30, 2020 is as follows:
Description | Acquisition Date | Cost | Value | Percentage of | |||||||
Alloy Topco Equity | 3/10/2020 | $ | — | $ | 45 | 0.00 | % | ||||
Lecta Equity | 2/7/2020 |
| — |
| 137 | 0.00 |
| ||||
Quintis Australia PTY, Ltd., 7.500% | 9/11/2019 |
| 5,402 |
| 6,899 | 0.01 |
| ||||
Quintis Australia PTY, Ltd., 0.000% | 9/11/2019 |
| 44,657 |
| 66,807 | 0.13 |
| ||||
Quintis Equity | 10/30/2019 |
| — |
| 46,150 | 0.09 |
| ||||
Saxa Gres SpA | 11/27/2018 |
| 678,428 |
| 592,992 | 1.12 |
| ||||
V Global Holdings LLC – Common Shares | 8/6/2018 |
| 1,310,748 |
| 2,059,746 | 3.88 |
|
6