|
Shares/ |
Security |
Value |
|||
|
COMMON STOCKS – 7.6% |
|
||||
|
INTERNET – 0.8% |
|
||||
|
225 |
Alphabet, Inc., Class C(1) |
$ |
321,507 |
||
|
2,500 |
Facebook, Inc., Class A(1) |
|
562,725 |
||
|
|
884,232 |
||||
|
|
|||||
|
LISTED BUSINESS DEVELOPMENT COMPANIES – 5.7% |
|
||||
|
522,155 |
Owl Rock Capital Corp.(2) |
|
6,443,393 |
||
|
|
|||||
|
RETAIL – 1.1% |
|
||||
|
9,050 |
Lowe’s Companies, Inc. |
|
1,179,667 |
||
|
TOTAL COMMON STOCKS |
|
8,507,292 |
|||
|
|
|||||
|
PURCHASED OPTIONS CONTRACTS – 0.7% |
|
||||
|
PUT OPTIONS – 0.2% |
|
||||
|
350 |
Gilead Sciences, Inc. Exercise Price: $80, Notional Amount: $2,800,000, Expiration Date: 08/21/2020(1) |
|
273,000 |
||
|
|
|||||
|
CALL OPTIONS – 0.5% |
|
||||
|
300 |
DraftKings, Inc. Exercise Price: $35, Notional Amount: $1,050,000, Expiration Date: 08/21/2020(1) |
|
279,000 |
||
|
225 |
DraftKings, Inc. Exercise Price: $35, Notional Amount: $787,500, Expiration Date: 01/15/2021(1) |
|
265,500 |
||
|
TOTAL PURCHASED OPTIONS CONTRACTS |
|
817,500 |
|||
|
|
|||||
|
RIGHTS – 0.9% |
|
||||
|
PHARMACEUTICALS – 0.9% |
|
||||
|
305,000 |
Bristol-Myers Squibb Co. CVR(1) |
|
1,003,450 |
||
|
TOTAL RIGHTS |
|
1,003,450 |
|||
|
|
|||||
|
REAL ESTATE INVESTMENT TRUSTS – 54.2% |
|
||||
|
LISTED REAL ESTATE INVESTMENT TRUSTS – 2.6% |
|
||||
|
40,000 |
American Campus Communities, Inc.(3) |
|
1,292,000 |
||
|
25,000 |
QTS Realty Trust, Inc.(3) |
|
1,715,000 |
||
|
TOTAL LISTED REAL ESTATE INVESTMENT TRUSTS |
|
3,007,000 |
|||
|
|
|||||
|
NON-LISTED REAL ESTATE INVESTMENT TRUSTS – 14.0% |
|
||||
|
281,878 |
Healthcare Trust, Inc.(2) |
|
4,017,273 |
||
|
456,540 |
Hospitality Investor Trust, Inc.(1)(2) |
|
3,127,513 |
||
|
764,346 |
N1 Liquidating Trust(1)(2) |
|
183,443 |
||
|
Shares/ |
Security |
Value |
|||
|
REAL ESTATE INVESTMENT TRUSTS (continued) |
|
||||
|
NON-LISTED REAL ESTATE INVESTMENT TRUSTS (continued) |
|
||||
|
1,061,081 |
NorthStar Healthcare Income, |
$ |
6,052,038 |
||
|
167,951 |
Steadfast Apartment REIT, Inc.(2) |
|
2,365,773 |
||
|
TOTAL NON-LISTED REAL ESTATE INVESTMENT TRUSTS |
|
15,746,040 |
|||
|
|
|||||
|
PRIVATE REAL ESTATE INVESTMENT TRUSTS – 37.6% |
|
||||
|
5,924 |
Clarion Lion Industrial Trust(2) |
|
12,954,502 |
||
|
275,000 |
GreenAcreage Real Estate Corp.(2) |
|
5,500,000 |
||
|
159 |
Preservation REIT 1, Inc.(2) |
|
6,742,531 |
||
|
715,000 |
Treehouse Real Estate Investment Trust, Inc.(2) |
|
17,160,000 |
||
|
TOTAL PRIVATE REAL ESTATE INVESTMENT TRUSTS |
|
42,357,033 |
|||
|
|
|||||
|
TOTAL REAL ESTATE INVESTMENT TRUSTS |
|
61,110,073 |
|||
|
|
|||||
|
NON-LISTED BUSINESS DEVELOPMENT |
|
||||
|
101,405 |
Cion Investment Corp.(2) |
|
739,245 |
||
|
TOTAL NON-LISTED BUSINESS DEVELOPMENT COMPANIES |
|
739,245 |
|||
|
|
|||||
|
PRIVATE INVESTMENT |
|
||||
|
AIM Infrastructure MLP |
|
4,766,561 |
|||
|
Arboretum Core Asset Fund, L.P.(2) |
|
2,508,900 |
|||
|
Canyon CLO Fund II L.P.(2) |
|
5,588,064 |
|||
|
Clarion Lion Properties Fund(2) |
|
6,968,385 |
|||
|
Levine Leichtman Capital Partners VI, LP(2) |
|
3,493,152 |
|||
|
Longley Partners Ventures, L.P.(1)(2) |
|
4,692,178 |
|||
|
Mosaic Real Estate Credit, LLC(2) |
|
10,270,167 |
|||
|
Ovation Alternative Income Fund(2) |
|
6,362,874 |
|||
|
Stepstone Capital |
|
6,568,344 |
|||
|
TOTAL PRIVATE INVESTMENT FUNDS |
|
51,218,625 |
|||
|
|
|||||
|
HEDGE FUND – 9.8% |
|
||||
|
Collins Master Access Fund, LLC(1)(2) |
|
11,098,451 |
|||
|
TOTAL HEDGE FUND |
|
11,098,451 |
|||
See accompanying Notes to the Schedule of Investments.
1
|
Destra Multi-Alternative Fund |
|
Schedule of Investments (continued) |
|
As of May 31, 2020 (unaudited) |
|
Shares/ |
Security |
Value |
||||
|
SHORT-TERM INVESTMENTS – 3.1% |
|
|
||||
|
MONEY MARKET FUND – 3.1% |
|
|
||||
|
3,541,670 |
Fidelity Investments Money Market Funds – Government Portfolio, Class I, 0.08%(3)(4) |
$ |
3,541,670 |
|
||
|
TOTAL SHORT-TERM INVESTMENTS |
|
3,541,670 |
|
|||
|
TOTAL INVESTMENTS – 122.4% |
|
138,036,306 |
|
|||
|
Liabilities in Excess of Other Assets – (22.4)% |
|
(25,302,136 |
) |
|||
|
TOTAL NET ASSETS – 100.0% |
$ |
112,734,170 |
|
|||
|
|
|
|||||
|
COMMON STOCKS SOLD |
|
|
||||
|
CHEMICALS – (0.5)% |
|
|
||||
|
(3,800) |
International Flavors & |
|
(506,122 |
) |
||
|
|
|
|||||
|
INTERNET – (0.5)% |
|
|
||||
|
(30,000) |
Snap, Inc. – Class A |
|
(568,200 |
) |
||
|
|
|
|||||
|
MEDIA – (0.0)% |
|
|
||||
|
(541) |
Madison Square Garden Entertainment Corp. |
|
(42,863 |
) |
||
|
|
|
|||||
|
REITS – (0.4)% |
|
|
||||
|
(36,000) |
Outfront Media, Inc., REIT |
|
(505,440 |
) |
||
|
Shares/ |
Security |
Value |
||||
|
COMMON STOCKS SOLD |
|
|
||||
|
RETAIL – (0.5)% |
|
|
||||
|
(15,000) |
Dick’s Sporting Goods, Inc. |
$ |
(540,900 |
) |
||
|
TOTAL COMMON STOCKS SOLD SHORT |
|
(2,163,525 |
) |
|||
|
|
|
|||||
|
EXCHANGE-TRADED FUNDS SOLD SHORT – (2.7)% |
|
|
||||
|
(10,000) |
ProShares UltraPro QQQ |
|
(827,700 |
) |
||
|
(6,500) |
Direxion Daily S&P 500 Bull 3X |
|
(263,445 |
) |
||
|
(36,000) |
KraneShares CSI China Internet ETF |
|
(1,893,960 |
) |
||
|
TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT |
|
(2,985,105 |
) |
|||
|
TOTAL SECURITIES SOLD SHORT |
$ |
(5,148,630 |
) |
|||
1 Non-income producing security.
2 Restricted investments as to resale.
3 All or a portion of this security is segregated as collateral for securities sold short.
4 The rate is the annualized seven-day yield as of May 31, 2020.
CVR — Contingent Value Right
REIT — Real Estate Investment Trusts
LP — Limited Partnership
LLC — Limited Liability Company
ETF — Exchange-Traded Fund
See accompanying Notes to the Schedule of Investments.
2
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 May 31, 2020 is as follows:
|
Security Description |
Acquisition |
Cost |
Value |
% of Net |
|||||||
|
AIM Infrastructure MLP Fund II, LP. |
3/12/2014 |
$ |
6,333,750 |
$ |
4,766,561 |
4.2 |
% |
||||
|
Arboretum Core Asset Fund, L.P. |
8/2/2018 |
|
2,500,000 |
|
2,508,900 |
2.2 |
% |
||||
|
Canyon CLO Fund II L.P. |
2/25/2019 |
|
7,000,000 |
|
5,588,064 |
5.0 |
% |
||||
|
Cion Investment Corp. |
4/21/2014 |
|
978,155 |
|
739,245 |
0.7 |
% |
||||
|
Clarion Lion Industrial Trust |
6/29/2015 |
|
7,824,590 |
|
12,954,502 |
11.5 |
% |
||||
|
Clarion Lion Properties Fund |
4/1/2014 |
|
4,836,089 |
|
6,968,385 |
6.2 |
% |
||||
|
Collins Master Access Fund Ltd. |
6/2/2015 |
|
8,143,900 |
|
11,098,451 |
9.8 |
% |
||||
|
GreenAcreage Real Estate Corp. |
8/7/2019 |
|
5,500,000 |
|
5,500,000 |
4.9 |
% |
||||
|
Healthcare Trust, Inc. |
3/30/2012 |
|
4,440,958 |
|
4,017,273 |
3.6 |
% |
||||
|
Hospitality Investor Trust, Inc. |
2/17/2015 |
|
9,236,371 |
|
3,127,513 |
2.8 |
% |
||||
|
Levine Leichtman Capital Partners VI, LP |
11/22/2017 |
|
3,324,685 |
|
3,493,152 |
3.1 |
% |
||||
|
Longley Partners Ventures, L.P. |
2/28/2020 |
|
4,692,178 |
|
4,692,178 |
4.2 |
% |
||||
|
Mosaic Real Estate Credit, LLC |
7/6/2017 |
|
9,999,997 |
|
10,270,167 |
9.1 |
% |
||||
|
N1 Liquidating Trust |
1/31/2018 |
|
650,416 |
|
183,443 |
0.2 |
% |
||||
|
NorthStar Healthcare Income, Inc. |
3/29/2012 |
|
7,188,480 |
|
6,052,038 |
5.4 |
% |
||||
|
Ovation Alternative Income Fund |
7/25/2014 |
|
6,474,306 |
|
6,362,874 |
5.6 |
% |
||||
|
Owl Rock Capital Corp. |
9/1/2017 |
|
7,931,143 |
|
6,443,393 |
5.7 |
% |
||||
|
Preservation REIT 1, Inc. |
10/22/2019 |
|
5,079,538 |
|
6,742,531 |
6.0 |
% |
||||
|
Steadfast Apartment REIT, Inc. |
4/12/2012 |
|
1,120,397 |
|
2,365,773 |
2.1 |
% |
||||
|
Stepstone Capital Partners IV, L.P. |
7/30/2018 |
|
5,935,396 |
|
6,568,344 |
5.8 |
% |
||||
|
Treehouse Real Estate Investment Trust, Inc. |
12/31/2018 |
|
14,893,670 |
|
17,160,000 |
15.2 |
% |
||||
|
Total |
$ |
124,084,019 |
$ |
127,602,787 |
|
||||||
See accompanying Notes to the Schedule of Investments.
3