NPORT-EX 2 dmaf_nport-ex.htm DMAF NPORTEX 53121

Destra Multi-Alternative Fund

Schedule of Investments

As of May 31, 2021 (unaudited)

Shares/ Contracts		Security		Value
		COMMON STOCK – 6.2%
		LISTED BUSINESS DEVELOPMENT COMPANIES – 6.2%
470,155		Owl Rock Capital Corp.		$6,770,232
		TOTAL COMMON STOCK (Cost $7,134,457)		6,770,232
		PRIVATE COMPANIES – 6.0%
254,113		Always AI, Inc., Preferred Stock(1)(2)(3)		399,999
542,467		GOSITE, Inc., Preferred Stock(1)(2)(3)		4,723,152
497,216		Iridia, Inc., Preferred Stock(1)(2)(3)		750,000
750,000		Long Game Savings, Inc., Convertible Debt, 7.00%, 09/30/22(1)(2)(3)		750,000
		TOTAL PRIVATE COMPANIES (Cost $3,999,998)		6,623,151
		PURCHASED OPTIONS CONTRACTS – 2.1%
		CALL OPTIONS – 1.9%
200		Advanced Micro Devices, Inc. Exercise Price: $85, Notional Amount: $1,700,000, Expiration Date: 06/18/2021(2)		15,800
250		Advanced Micro Devices, Inc. Exercise Price: $80, Notional Amount: $2,000,000, Expiration Date: 06/18/2021(2)		59,750
10		Amazon.com, Inc. Exercise Price: $3,500, Notional Amount: $3,500,000, Expiration Date: 08/20/2021(2)		58,000
15		Amazon.com, Inc. Exercise Price: $3,300, Notional Amount: $4,950,000, Expiration Date: 06/18/2021(2)		47,025
155		Applied Materials, Inc. Exercise Price: $140, Notional Amount: $2,170,000, Expiration Date: 07/16/2021(2)		94,550
75		Applied Materials, Inc. Exercise Price: $140, Notional Amount: $1,050,000, Expiration Date: 10/15/2021(2)		89,250
300		Applied Materials, Inc. Exercise Price: $160, Notional Amount: $4,800,000, Expiration Date: 08/20/2021(2)		86,400
100		Axon Enterprise, Inc. Exercise Price: $160, Notional Amount: $1,600,000, Expiration Date: 06/18/2021(2)		7,000

Shares/ Contracts		Security		Value
		PURCHASED OPTIONS CONTRACTS (continued)
		CALL OPTIONS (continued)
120		Canoo, Inc. Exercise Price: $15, Notional Amount: $180,000, Expiration Date: 08/20/2021(2)		$	1,320
400		ChargePoint Holdings, Inc. Exercise Price: $25, Notional Amount: $1,000,000, Expiration Date: 06/18/2021(2)			51,200
25		Coinbase Global, Inc. Exercise Price: $275, Notional Amount: $687,500, Expiration Date: 06/18/2021(2)			6,650
50		Coinbase Global, Inc. Exercise Price: $300, Notional Amount: $1,500,000, Expiration Date: 06/18/2021(2)			5,800
100		DraftKings, Inc. Exercise Price: $55, Notional Amount: $550,000, Expiration Date: 10/15/2021(2)			50,100
60		Facebook, Inc. Exercise Price: $320, Notional Amount: $1,920,000, Expiration Date: 06/18/2021(2)			76,800
300		Invitation Homes, Inc. Exercise Price: $38, Notional Amount: $1,125,000, Expiration Date: 07/16/2021(2)			16,500
400		Lions Gate Entertainment Corp. Exercise Price: $25, Notional Amount: $1,000,000, Expiration Date: 12/17/2021(2)			52,000
300		Newmont Corp. Exercise Price: $75, Notional Amount: $2,250,000, Expiration Date: 06/18/2021(2)			32,100
100		Paypal Holdings, Inc. Exercise Price: $300, Notional Amount: $3,000,000, Expiration Date: 09/17/2021(2)			49,500
80		Paypal Holdings, Inc. Exercise Price: $300, Notional Amount: $2,400,000, Expiration Date: 01/21/2022(2)			99,600
200		Peloton Interactive Inc. Exercise Price: $125, Notional Amount: $2,500,000, Expiration Date: 06/18/2021(2)			25,600
130		Peloton Interactive Inc. Exercise Price: $120, Notional Amount: $1,560,000, Expiration Date: 09/17/2021(2)			129,480

1

Destra Multi-Alternative Fund

Schedule of Investments (continued)

As of May 31, 2021 (unaudited)

Shares/ Contracts		Security		Value
		PURCHASED OPTIONS CONTRACTS (continued)
		CALL OPTIONS (continued)
200		Peloton Interactive Inc. Exercise Price: $140, Notional Amount: $2,800,000, Expiration Date: 07/16/2021(2)		$	28,800
100		Roblox Corporation Exercise Price: $100, Notional Amount: $1,000,000, Expiration Date: 10/15/2021(2)			150,000
110		Roblox Corporation Exercise Price: $110, Notional Amount: $1,210,000, Expiration Date: 07/16/2021(2)			55,000
200		Roblox Corporation Exercise Price: $100, Notional Amount: $2,000,000, Expiration Date: 06/18/2021(2)			84,800
50		Skyworks Solutions, Inc. Exercise Price: $200, Notional Amount: $1,000,000, Expiration Date: 08/20/2021(2)			10,000
55		Ulta Beauty, Inc. Exercise Price: $300, Notional Amount: $1,650,000, Expiration Date: 06/18/2021(2)			267,685
120		Ulta Beauty, Inc. Exercise Price: $400, Notional Amount: $4,800,000, Expiration Date: 06/18/2021(2)			7,080
125		Unity Software, Inc. Exercise Price: $100, Notional Amount: $1,250,000, Expiration Date: 08/20/2021(2)			82,750
140		Unity Software, Inc. Exercise Price: $120, Notional Amount: $1,680,000, Expiration Date: 11/19/2021(2)			78,400
100		Virgin Galactic Holdings, Inc. Exercise Price: $60, Notional Amount: $600,000, Expiration Date: 07/16/2021(2)			10,100
200		Virgin Galactic Holdings, Inc. Exercise Price: $50, Notional Amount: $1,000,000, Expiration Date: 10/15/2021(2)			90,000
325		Virgin Galactic Holdings, Inc. Exercise Price: $30, Notional Amount: $975,000, Expiration Date: 06/18/2021(2)			130,975

Shares/ Contracts		Security		Value
		PURCHASED OPTIONS CONTRACTS (continued)
		CALL OPTIONS (continued)
300		Virgin Galactic Holdings, Inc. Exercise Price: $45, Notional Amount: $1,350,000, Expiration Date: 06/18/2021(2)		$	24,300
55		YETI Holdings, Inc. Exercise Price: $100, Notional Amount: $550,000, Expiration Date: 08/20/2021(2)			16,500
		TOTAL CALL OPTIONS			2,090,815
		PUT OPTIONS – 0.2%
80		Darden Restaurants, Inc. Exercise Price: $125, Notional Amount: $1,000,000, Expiration Date: 01/21/2022(2)			61,600
100		Deere & Co. Exercise Price: $300, Notional Amount: $3,000,000, Expiration Date: 06/18/2021(2)			2,800
110		Deere & Co. Exercise Price: $300, Notional Amount: $3,300,000, Expiration Date: 01/21/2022(2)			127,600
150		Deere & Co. Exercise Price: $230, Notional Amount: $3,450,000, Expiration Date: 01/21/2022(2)			53,250
		TOTAL PUT OPTIONS			245,250
		TOTAL PURCHASED OPTIONS CONTRACTS (Cost $2,461,708)			2,336,065
		RIGHTS – 0.0%
		PHARMACEUTICALS – 0.0%
142,000		Bristol-Myers Squibb Co. CVR(1)(2)			—
		TOTAL RIGHTS (Cost $159,212)			—
		REAL ESTATE INVESTMENT TRUSTS – 35.3%
		LISTED REAL ESTATE INVESTMENT TRUSTS – 3.1%
40,000		American Campus Communities, Inc.(4)			1,886,400
23,000		QTS Realty Trust, Inc.(4)			1,457,740
		TOTAL LISTED REAL ESTATE INVESTMENT TRUSTS			3,344,140

2

Destra Multi-Alternative Fund

Schedule of Investments (continued)

As of May 31, 2021 (unaudited)

Shares/ Contracts		Security		Value
		REAL ESTATE INVESTMENT TRUSTS (continued)
		NON-LISTED REAL ESTATE INVESTMENT TRUSTS – 11.3%
293,778		Healthcare Trust, Inc.(1)(3)		$	4,249,856
456,540		Hospitality Investor Trust, Inc.(1)(2)(3)			899,385
1,061,081		NorthStar Healthcare Income, Inc.(1)(2)(3)			4,559,689
158,330		Steadfast Apartment REIT, Inc.(1)(3)			2,692,808
		TOTAL NON-LISTED REAL ESTATE INVESTMENT TRUSTS			12,401,738
		PRIVATE REAL ESTATE INVESTMENT TRUSTS – 20.9%
715,000		Aventine Property Group, Inc.(1)(2)(3)			6,578,000
275,000		Newlake Capital Partners(1)(3)			5,816,250
715,000		Treehouse Real Estate Investment Trust, Inc.(1)(3)			10,582,000
		TOTAL PRIVATE REAL ESTATE INVESTMENT TRUSTS			22,976,250
		TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $44,918,922)			38,722,128
		ALTERNATIVE INVESTMENT FUNDS(5) – 62.4%
—		AIM Infrastructure MLP Fund II, LP(3)(6)			2,236,069
250		Arboretum Core Asset Fund, LP(3)(7)			2,362,475
—		Canyon CLO Fund II LP(3)(6)			9,290,104
76 ,223		Cion Investment Corp.(3)			614,360
4,112		Clarion Lion Industrial Trust(3)			10,055,233
1,868		Clarion Lion Properties Fund(3)			2,888,280
—		Collins Master Access Fund, LLC(2)(3)(6)			276,415
—		Longley Partners Ventures, LP(2)(3)(6)(8)			10,308,730
—		Mosaic Real Estate Credit, LLC(3)(6)			10,443,233
—		Ovation Alternative Income Fund(3)(6)			2,954,210
159		Preservation REIT 1, Inc.(3)(8)			7,035,694
—		Stepstone Capital Partners IV, LP(2)(3)(6)			10,055,177
		TOTAL ALTERNATIVE INVESTMENT FUNDS (Cost $54,616,746)			68,519,980

Shares/ Contracts			Security		Value
			SHORT-TERM INVESTMENTS – 7.0%
			MONEY MARKET FUND – 7.0%
7,683,057			Fidelity Investments Money Market Funds – Government Portfolio, Class I, 0.01%(4)(9)		$	7,683,057
			TOTAL SHORT-TERM INVESTMENTS (Cost $7,683,057)			7,683,057
			TOTAL INVESTMENTS – 119.0% (Cost $120,974,100)			130,654,613
			Liabilities in Excess of Other Assets – (19.0)%			(20,829,778	)
			TOTAL NET ASSETS – 100.0%		$	109,824,835
			COMMON STOCK SOLD SHORT – (0.4)%
			MEDIA – (0.4)%
(10,750	)		New York Times Co., Class A		(460,315		)
			TOTAL COMMON STOCK SOLD SHORT (Proceeds $(498,692))		(460,315		)
			WRITTEN OPTIONS CONTRACTS – (1.3)%
			CALL OPTIONS – (1.1)%
(100	)		Advanced Micro Devices, Inc. Exercise Price: $100, Notional Amount: $(1,000,000), Expiration Date: 06/18/2021			(700	)
(400	)		Advanced Micro Devices, Inc. Exercise Price: $84, Notional Amount: $(3,360,000), Expiration Date: 06/18/2021			(39,600	)
(20	)		Amazon.com, Inc. Exercise Price: $3,800, Notional Amount: $(7,600,000), Expiration Date: 08/20/2021			(34,320	)
(30	)		Amazon.com, Inc. Exercise Price: $3,400, Notional Amount: $(10,200,000), Expiration Date: 06/18/2021			(32,700	)
(300	)		Applied Materials, Inc. Exercise Price: $155, Notional Amount: $(4,650,000), Expiration Date: 07/16/2021			(52,200	)
(150	)		Applied Materials, Inc. Exercise Price: $170, Notional Amount: $(2,550,000), Expiration Date: 10/15/2021			(48,750	)
(600	)		Applied Materials, Inc. Exercise Price: $170, Notional Amount: $(10,200,000), Expiration Date: 08/20/2021			(92,400	)

3

Destra Multi-Alternative Fund

Schedule of Investments (continued)

As of May 31, 2021 (unaudited)

Shares/ Contracts			Security		Value
			WRITTEN OPTIONS CONTRACTS (continued)
			CALL OPTIONS (continued)
(103	)		Canoo, Inc. Exercise Price: $35, Notional Amount: $(360,500), Expiration Date: 08/20/2021		$	—
(250	)		ChargePoint Holdings, Inc. Exercise Price: $30, Notional Amount: $(750,000), Expiration Date: 06/18/2021			(6,750	)
(200	)		ChargePoint Holdings, Inc. Exercise Price: $35, Notional Amount: $(700,000), Expiration Date: 06/18/2021			(1,600	)
(40	)		Coinbase Global, Inc. Exercise Price: $325, Notional Amount: $(1,300,000), Expiration Date: 06/18/2021			(2,600	)
(90	)		Coinbase Global, Inc. Exercise Price: $350, Notional Amount: $(3,150,000), Expiration Date: 06/18/2021			(3,960	)
(200	)		DraftKings, Inc. Exercise Price: $80, Notional Amount: $(1,600,000), Expiration Date: 10/15/2021			(21,600	)
(95	)		Facebook, Inc. Exercise Price: $350, Notional Amount: $(3,325,000), Expiration Date: 06/18/2021			(13,015	)
(301	)		Invitation Homes, Inc. Exercise Price: $40, Notional Amount: $(1,204,000), Expiration Date: 07/16/2021			(3,010	)
(700	)		Lions Gate Entertainment Corp. Exercise Price: $30, Notional Amount: $(2,100,000), Expiration Date: 12/17/2021			(35,000	)
(550	)		Newmont Corp. Exercise Price: $80, Notional Amount: $(4,400,000), Expiration Date: 06/18/2021			(14,850	)
(150	)		Paypal Holdings, Inc. Exercise Price: $350, Notional Amount: $(5,250,000), Expiration Date: 01/21/2022			(65,250	)
(200	)		Paypal Holdings, Inc. Exercise Price: $350, Notional Amount: $(7,000,000), Expiration Date: 09/17/2021			(20,000	)
(400	)		Peloton Interactive Inc. Exercise Price: $140, Notional Amount: $(5,600,000), Expiration Date: 06/18/2021			(11,600	)

Shares/ Contracts			Security		Value
			WRITTEN OPTIONS CONTRACTS (continued)
			CALL OPTIONS (continued)
(250	)		Peloton Interactive Inc. Exercise Price: $150, Notional Amount: $(3,750,000), Expiration Date: 09/17/2021		$	(90,750	)
(370	)		Peloton Interactive Inc. Exercise Price: $150, Notional Amount: $(5,550,000), Expiration Date: 07/16/2021			(27,750	)
(200	)		Roblox Corporation Exercise Price: $125, Notional Amount: $(2,500,000), Expiration Date: 10/15/2021			(162,000	)
(400	)		Roblox Corporation Exercise Price: $125, Notional Amount: $(5,000,000), Expiration Date: 06/18/2021			(37,600	)
(200	)		Roblox Corporation Exercise Price: $135, Notional Amount: $(2,700,000), Expiration Date: 07/16/2021			(37,600	)
(50	)		Skyworks Solutions, Inc. Exercise Price: $240, Notional Amount: $(1,200,000), Expiration Date: 08/20/2021			(1,800	)
(100	)		Ulta Beauty, Inc. Exercise Price: $350, Notional Amount: $(3,500,000), Expiration Date: 06/18/2021			(73,000	)
(240	)		Ulta Beauty, Inc. Exercise Price: $450, Notional Amount: $(10,800,000), Expiration Date: 06/18/2021			(53,400	)
(225	)		Unity Software, Inc. Exercise Price: $130, Notional Amount: $(2,925,000), Expiration Date: 08/20/2021			(27,000	)
(140	)		Unity Software, Inc. Exercise Price: $150, Notional Amount: $(2,100,000), Expiration Date: 11/19/2021			(20,300	)
(200	)		Virgin Galactic Holdings, Inc. Exercise Price: $110, Notional Amount: $(2,200,000), Expiration Date: 07/16/2021			(7,000	)
(350	)		Virgin Galactic Holdings, Inc. Exercise Price: $80, Notional Amount: $(2,800,000), Expiration Date: 10/15/2021			(89,250	)
(300	)		Virgin Galactic Holdings, Inc. Exercise Price: $60, Notional Amount: $(1,800,000), Expiration Date: 06/18/2021			(7,800	)

4

Destra Multi-Alternative Fund

Schedule of Investments (continued)

As of May 31, 2021 (unaudited)

Shares/ Contracts			Security		Value
			WRITTEN OPTIONS CONTRACTS (continued)
			CALL OPTIONS (continued)
(600	)		Virgin Galactic Holdings, Inc. Exercise Price: $40, Notional Amount: $(2,400,000), Expiration Date: 06/18/2021		$	(78,000	)
(100	)		YETI Holdings, Inc. Exercise Price: $125, Notional Amount: $(1,250,000), Expiration Date: 08/20/2021			(4,500	)
			TOTAL CALL OPTIONS			(1,217,655	)
			PUT OPTIONS – (0.2)%
(150	)		Darden Restaurants, Inc. Exercise Price: $100, Notional Amount: $(1,500,000), Expiration Date: 01/21/2022			(40,500	)
(200	)		Deere & Co. Exercise Price: $250, Notional Amount: $(5,000,000), Expiration Date: 06/18/2021			—
(250	)		Deere & Co. Exercise Price: $180, Notional Amount: $(4,500,000), Expiration Date: 01/21/2022			(43,750	)
(220	)		Deere & Co. Exercise Price: $250, Notional Amount: $(5,500,000), Expiration Date: 01/21/2022			(111,100	)
			TOTAL PUT OPTIONS			(195,350	)
			TOTAL WRITTEN OPTIONS CONTRACTS (Proceeds $(1,521,010))			(1,413,005	)

Shares/ Contracts			Security		Value
			EXCHANGE-TRADED FUNDS SOLD SHORT – (2.5)%
(11,975	)		Direxion Daily S&P 500 Bull 3X		$	(1,198,099	)
(3,000	)		iShares Transportation Average ETF			(825,960	)
(7,240	)		ProShares UltraPro QQQ			(742,751	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $(1,259,076))			(2,766,810	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $(3,278,778))		$	(4,640,130	)

1      Fair valued using significant unobservable inputs.

​2      Non-income producing security.

​3      Restricted investments as to resale.

​4      All or a portion of this security is segregated as collateral for securities sold short.

​5      Investments in Alternative Investment Funds are valued using net asset value per share (or it’s equivalent) as practical expedient.

​6      Alternative investment fund does not issue shares.

​7      Affiliated investment for which ownership exceeds 5% of the investment’s capital.

​8      Affiliated investment for which ownership exceeds 25% of the investment’s capital.

​9      The rate is the annualized seven-day yield as of May 31, 2021.

CVR — Contingent Value Right

REIT — Real Estate Investment Trusts

LP — Limited Partnership

MLP — Master Limited Partnership

LLC — Limited Liability Company

ETF — Exchange-Traded Fund

5

Destra Multi-Alternative Fund

Schedule of Investments (continued)

As of May 31, 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 May 31, 2021 is as follows:

Security Description		Acquisition Date		Cost			Value			% of Net Assets
AIM Infrastructure MLP Fund II, LP		3/12/2014		$	3,234,932		$	2,236,069		2.0	%
Always AI, Inc.		1/5/2021			399,999			399,999		0.4
Arboretum Core Asset Fund, LP		8/2/2018			2,500,000			2,362,475		2.2
Aventine Property Group, Inc.		1/13/2021			5,692,400			6,578,000		6.0
Canyon CLO Fund II LP		2/25/2019			8,766,456			9,290,104		8.5
Cion Investment Corp.		4/21/2014			735,250			614,360		0.6
Clarion Lion Industrial Trust		6/29/2015			5,589,853			10,055,233		9.2
Clarion Lion Properties Fund		4/1/2014			2,008,765			2,888,280		2.6
Collins Master Access Fund, LLC		6/2/2015			—			276,415		0.3
GOSITE, Inc.		7/31/2020			2,099,998			4,723,152		4.3
Newlake Capital Partners		8/7/2019			5,500,000			5,816,250		5.3
Healthcare Trust, Inc.		3/30/2012			4,371,389			4,249,856		3.9
Hospitality Investor Trust, Inc.		2/17/2015			9,236,371			899,385		0.8
Iridia, Inc.		2/25/2021			750,000			750,000		0.7
Long Game Savings, Inc.		3/29/2021			750,000			750,000		0.7
Longley Partners Ventures, LP		2/28/2020			6,459,701			10,308,730		9.4
Mosaic Real Estate Credit, LLC		7/6/2017			9,999,997			10,443,233		9.5
NorthStar Healthcare Income, Inc.		3/29/2012			7,237,071			4,559,689		4.2
Ovation Alternative Income Fund		7/25/2014			3,028,622			2,954,210		2.7
Preservation REIT 1, Inc.		10/22/2019			4,954,009			7,035,694		6.4
Steadfast Apartment REIT, Inc.		4/12/2012			1,296,930			2,692,808		2.5
Stepstone Capital Partners IV, LP		7/30/2018			7,339,160			10,055,177		9.2
Treehouse Real Estate Investment Trust, Inc.		12/31/2018			9,169,276			10,582,000		9.6
Total				$	101,120,179		$	110,521,119

6