AI assistant
Sending…
Destra Multi-Alternative Fund — Interim / Quarterly Report 2015
Jan 29, 2015
34347_rns_2015-01-29_7c508aee-70d9-4153-8503-6f0f4722fbbd.zip
Interim / Quarterly Report
Open in viewerOpens in your device viewer
N-Q 1 msnq.htm N-Q GemCom, LLC
united states securities and exchange commission washington, d.c. 20549 form n-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22572
Multi-Strategy Growth & Income Fund
(Exact name of registrant as specified in charter)
80 Arkay Drive Suite 110, Hauppauge, NY 11788
(Address of principal executive offices) (Zip code)
James Ash
Gemini Fund Services, LLC, 80 Arkay Drive Suite 110, Hauppauge, NY 11788
(Name and address of agent for service)
Registrant's telephone number, including area code: 631-470-2619
Date of fiscal year end: 2/28
Date of reporting period : 11/30/14
Item 1. Schedule of Investments.
| Multi-Strategy Growth & Income Fund | ||
|---|---|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) | ||
| November 30, 2014 | ||
| Shares | Security | Value |
| COMMON STOCK - 13.62 % | ||
| BANKS - 0.66 % | ||
| 11,000 | Bank of Hawaii Corp. ^ | $ 633,930 |
| 8,500 | Bank of Montreal ^ | 626,365 |
| 1,260,295 | ||
| CHEMICALS - 0.36 % | ||
| 2,000 | Potash Corp. of Saskatchewan, Inc. ^ | 695,200 |
| ELECTRIC - 0.37 % | ||
| 20,000 | PPL Corp. ^ | 710,600 |
| FOOD - 0.82 % | ||
| 17,000 | Kraft Foods Group, Inc. ^ | 1,022,890 |
| 13,000 | Unilever PLC - ADR | 547,820 |
| 1,570,710 | ||
| GAS - 0.99 % | ||
| 15,000 | AGL Resources, Inc. ^ | 784,650 |
| 32,000 | NGL Energy Partners LP ^ | 1,116,800 |
| 1,901,450 | ||
| HOUSEWARES - 0.26 % | ||
| 7,500 | Tupperware Brands Corp. | 504,375 |
| INVESTMENT FIRMS - 0.19 % | ||
| 22,620 | Ares Capital Corp. | 372,099 |
| OIL & GAS - 1.30 % | ||
| 55,000 | Crestwood Equity Partners LP ^ | 495,000 |
| 40,000 | CVR Refining LP ^ | 891,600 |
| 10,000 | Diamond Offshore Drilling, Inc. ^ | 293,700 |
| 18,000 | Summit Midstream Partners LP ^ | 817,200 |
| 2,497,500 | ||
| OIL & GAS SERVICES - 0.19 % | ||
| 19,000 | World Point Terminals LP | 360,430 |
| PHARMACEUTICALS - 1.07 % | ||
| 21,000 | GlaxoSmithKline PLC - ADR | 975,450 |
| 2,200 | Merck & Co., Inc. ^ | 132,880 |
| 30,000 | Pfizer, Inc. ^ | 934,500 |
| 2,042,830 | ||
| PIPELINES - 4.20 % | ||
| 45,000 | Crestwood Midstream Partners LP ^ | 903,600 |
| 26,500 | Enable Midstream Partners LP ^ | 533,180 |
| 30,000 | Enbridge Energy Partners LP ^ | 1,125,000 |
| 16,000 | Energy Transfer Partners LP ^ | 1,042,720 |
| 26,000 | Holly Energy Partners LP ^ | 874,900 |
| 189 | Kinder Morgan, Inc. ^ | 7,816 |
| 96,570 | Niska Gas Storage Partners LLC | 449,050 |
| 17,000 | Plains All American Pipeline LP ^ | 874,650 |
| 7,000 | Spectra Energy Partners LP | 377,790 |
| 21,000 | TransMontaigne Partners LP | 775,110 |
| 21,000 | Williams Partners LP | 1,086,540 |
| 8,050,356 | ||
| RETAIL - 0.26 % | ||
| 35,000 | Staples, Inc. ^ | 492,100 |
| SOFTWARE - 0.37 % | ||
| 23,000 | CA, Inc. ^ | 716,450 |
| TELECOMMUNICATIONS - 0.94 % | ||
| 25,000 | AT&T, Inc. ^ | 884,500 |
| 18,000 | Verizon Communications, Inc. ^ | 910,620 |
| 1,795,120 |
| Multi-Strategy Growth & Income Fund | ||
|---|---|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||
| November 30, 2014 | ||
| Shares | Security | Value |
| TOYS/GAMES - 0.41 % | ||
| 25,000 | Mattel, Inc. ^ | $ 788,750 |
| TRANSPORTATION - 1.23 % | ||
| 20,000 | Martin Midstream Partners LP ^ | 700,600 |
| 28,000 | Golar LNG Partners LP ^ | 921,200 |
| 20,500 | Teekay LNG Partners LP ^ | 738,410 |
| 2,360,210 | ||
| TOTAL COMMON STOCK | 26,118,475 | |
| (Cost - $26,837,184) | ||
| EXCHANGE TRADED FUND - 0.82 % | ||
| DEBT FUND - 0.39 % | ||
| 15,000 | ProShares UltraShort 20+ Year Treasury * | 747,000 |
| EQUITY FUND - 0.43 % | ||
| 37,500 | ProShares UltraShort S&P 500 * | 827,250 |
| TOTAL EXCHANGED TRADED FUND | ||
| (Cost - $ 1,755,703) | 1,574,250 | |
| REAL ESTATE INVESTMENT TRUSTS - 43.89 % | ||
| LISTED REAL ESTATE INVESTMENT TRUSTS - 5.99 % | ||
| 605,254 | American Realty Capital Properties, Inc. | 5,689,389 |
| 7,500 | Corrections Corp. Of America | 271,875 |
| 5,500 | EPR Properties | 307,945 |
| 16,000 | Hospitality Properties Trust | 489,600 |
| 22,000 | Senior Housing Properties Trust | 495,660 |
| 218,219 | United Development Funding | 4,229,083 |
| TOTAL LISTED REAL ESTATE INVESTMENT TRUSTS | 11,483,552 | |
| NON-LISTED REAL ESTATE INVESTMENT TRUSTS - 37.90 % | ||
| 397,838 | American Realty Capital Healthcare Trust II, Inc. # | 9,686,341 |
| 707,027 | American Realty Capital Retail Centers of America, Inc. # | 7,212,227 |
| 432,432 | American Realty Capital Trust Global, Inc. # | 4,226,495 |
| 188,108 | American Realty Capital Trust V, Inc. # | 4,316,637 |
| 228,122 | Carey Watermark Investors, Inc. # | 2,110,130 |
| 584,288 | Cottonwood Residential, Inc. # | 7,525,633 |
| 738,378 | CV Mission Critical REIT, Inc. # | 7,383,263 |
| 198,378 | Hines Global REIT, Inc. # | 2,274,194 |
| 432,432 | NorthStar Health Care, Inc. # | 4,000,000 |
| 432,432 | NorthStar Real Estate II # | 4,000,000 |
| 764,346 | NorthStar Real Estate Income Trust, Inc. # | 8,681,969 |
| 593,514 | Phillips Edison ARC Shopping Center REIT, Inc. # | 6,560,633 |
| 388,931 | Steadfast Income REIT, Inc. # | 4,648,158 |
| TOTAL NON-LISTED REAL ESTATE INVESTMENT TRUSTS | 72,625,680 | |
| TOTAL REAL ESTATE INVESTMENT TRUSTS | 84,109,232 | |
| (Cost - $76,165,835) | ||
| NON-LISTED BUSINESS DEVELOPMENT COMPANIES - 20.89 % | ||
| 1,215,151 | Business Development Corporation of America # | 12,588,968 |
| 590,554 | Cion Investment Corp. # | 5,704,750 |
| 1,188,069 | Corporate Capital Trust # | 12,418,887 |
| 978,323 | Sierra Income Corp. # | 9,321,463 |
| TOTAL NON-LISTED BUSINESS DEVELOPMENT COMPANIES | 40,034,068 | |
| (Cost - $39,491,150) |
| Multi-Strategy Growth & Income Fund | |||
|---|---|---|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | |||
| November 30, 2014 | |||
| Shares | Security | Value | |
| PRIVATE INVESTMENTS FUNDS - 12.00 % | |||
| 3 | Aim Infrastucture MLP Fund II LP # | $ 1,576,130 | |
| 7,869 | Clarion Lion Properties Fund # | 8,876,620 | |
| 2 | Ovation Alternative Income Fund # | 5,044,092 | |
| 818,599 | TriLinc Global Impact Fund Class I # | 7,500,000 | |
| TOTAL PRIVATE INVESTMENTS FUNDS | 22,996,842 | ||
| (Cost - $22,912,500) | |||
| Interest Rate (%) | |||
| PREFERRED STOCK - 6.99 % | |||
| BANKS - 2.35 % | |||
| 17,000 | Cullen/Frost Bankers, Inc. | 5.3750 | 412,250 |
| 39,000 | Deutsche Bank Contingent Capital Trust V | 8.0500 | 1,110,720 |
| 29,500 | First Republic Bank | 6.7000 | 789,715 |
| 46,000 | JP Morgan Chase Capital XXIX | 6.7000 | 1,189,560 |
| 38,543 | SVB Capital II | 7.0000 | 996,098 |
| 4,498,343 | |||
| CLOSED-END FUNDS - 0.27 % | |||
| 20,000 | General American Investors Co., Inc. | 5.9500 | 521,800 |
| DIVERSIFIED FINANCIAL SERVICES - 1.05 % | |||
| 42,000 | Morgan Stanley Capital Trust VI | 1,075,200 | |
| 19,100 | SLM Corp. | 6.6000 | 935,900 |
| 6.9700 | 2,011,100 | ||
| ELECTRIC - 0.58 % | |||
| 7,335 | Duquesne Light Co. | 6.5000 | 374,085 |
| 30,000 | SCE Trust I | 5.6250 | 747,000 |
| 1,121,085 | |||
| INSURANCE - 0.50 % | |||
| 35,000 | Partnerre, Ltd. | 7.2500 | 950,250 |
| OFFICE/BUSINESS EQUIPMENT - 0.03 % | |||
| 2,000 | Pitney Bowes, Inc. | 6.7000 | 53,620 |
| REITS - 2.21 % | |||
| 30,231 | Digital Realty Trust, Inc. | 7.0000 | 783,587 |
| 35,000 | Equity Commonwealth | 7.2500 | 896,350 |
| 28,500 | Health Care REIT, Inc. | 6.5000 | 745,275 |
| 40,000 | Public Storage | 6.8750 | 1,056,400 |
| 29,000 | Vornado Realty Trust | 6.6250 | 745,010 |
| 4,226,622 | |||
| TOTAL PREFERRED STOCK | 13,382,820 | ||
| (Cost - $12,998,404) | |||
| SHORT-TERM INVESTMENTS - 1.91 % | |||
| MONEY MARKET FUND - 1.91 % | |||
| 3,655,510 | AIM STIT-Government & Agency Portfolio, 0.00% + | 3,655,510 | |
| TOTAL SHORT-TERM INVESTMENTS | |||
| (Cost - $3,655,510) | |||
| TOTAL INVESTMENTS - 100.12 % | |||
| (Cost - $183,816,286) (a) | $ 191,871,197 | ||
| CALL OPTIONS WRITTEN - (0.37) % | (716,594) | ||
| OTHER ASSETS LESS LIABILITIES - 0.25 % | 484,425 | ||
| NET ASSETS - 100.00 % | $ 191,639,028 | ||
| * Non-income producing. | |||
| # Fair Value estimated using Fair Valuation Procedures adopted by the Board of Trustees. Total value of such securities is $135,655,590 or 70.79% of net assets. | |||
| + Money market fund; interest rate reflects the seven-day effective yield on November 30, 2014. | |||
| ^ Each stock position is subject to written call options. | |||
| ADR - American Depository Receipt | |||
| REIT - Real Estate Investment Trust |
| Multi-Strategy Growth & Income Fund | ||
|---|---|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||
| November 30, 2014 | ||
| Value | ||
| (a) Represents cost for financial reporting purposes. Aggregate cost for federal tax purposes including call options written is $183,498,338 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows: | ||
| Unrealized appreciation: | $ 10,040,148 | |
| Unrealized depreciation: | (1,667,289) | |
| Net unrealized appreciation: | $ 8,372,859 | |
| Contracts (1) | Security | |
| SCHEDULE OF CALL OPTIONS WRITTEN - (0.37) % | ||
| 150 | AGL Resources, Inc. | 12,000 |
| Expiration April 2015, Exercise Price $55.00 | ||
| 250 | AT&T, Inc. | 31,250 |
| Expiration April 2015, Exercise Price $35.00 | ||
| 110 | Bank of Hawaii Corp. | 15,400 |
| Expiration April 2015, Exercise Price $60.00 | ||
| 85 | Bank of Montreal | 12,750 |
| Expiration March 2015, Exercise Price $75.00 | ||
| 150 | CA, Inc. | 375 |
| Expiration January 2015, Exercise Price $35.00 | ||
| 550 | Crestwood Equity Partners LP | 30,250 |
| Expiration April 2015, Exercise Price $10.00 | ||
| 450 | Crestwood Midstream Partners LP | 18,000 |
| Expiration April 2015, Exercise Price $22.50 | ||
| 330 | CVR Refining LP | 825 |
| Expiration December 2014, Exercise Price $27.50 | ||
| 100 | Diamond Offshore Drilling, Inc. | 1,000 |
| Expiration March 2014, Exercise Price $43.50 | ||
| 265 | Enable Midstream Partners, LP | 2,650 |
| Expiration January 2015, Exercise Price $25.00 | ||
| 300 | Enbridge Energy Partners LP | 36,000 |
| Expiration January 2015, Exercise Price $37.50 | ||
| 160 | Energy Transfer Equity LP | 134,400 |
| Expiration January 2015, Exercise Price $57.50 | ||
| 280 | Golar LNG Partners LP | 28,000 |
| Expiration May 2015, Exercise Price $35.00 | ||
| 260 | Holly Energy Partners LP | 29,900 |
| Expiration May 2015, Exercise Price $35.00 | ||
| 2 | Kinder Morgan, Inc. | 1,320 |
| Expiration December 2014, Exercise Price $37.50 | ||
| 170 | Kraft Foods Group, Inc. | 54,060 |
| Expiration March 2015, Exercise Price $57.50 | ||
| 200 | Martin Midstream Partners LP | 1,000 |
| Expiration January 2015, Exercise Price $40.00 | ||
| 250 | Mattel, Inc. | 27,500 |
| Expiration April 2015, Exercise Price $33.00 | ||
| 22 | Merck & Co., Inc. | 16,214 |
| Expiration January 2015, Exercise Price $52.50 | ||
| 500 | NGL Energy Part LP | 67,200 |
| Expiration April 2015, Exercise Price $35.00 | ||
| 300 | Pfizer, Inc. | 58,200 |
| Expiration March 2015, Exercise Price $30.00 | ||
| 150 | Plains All Amerrican Pipeline LP | 2,250 |
| Expiration February 2015, Exercise Price $60.00 | ||
| 200 | Potash Corp. of Saskatchewan, Inc. | 16,600 |
| Expiration March 2015, Exercise Price $37.00 | ||
| 200 | PPL Corp. | 17,000 |
| Expiration January 2015, Exercise Price $35.00 | ||
| 350 | Staples, Inc. | 49,000 |
| Expiration March 2015, Exercise Price $13.00 | ||
| 180 | Summit Midstream Partners LP | 13,050 |
| Expiration March 2015, Exercise Price $50.00 | ||
| 200 | Teekay LNG Partners LP | 8,000 |
| Expiration May 2015, Exercise Price $42.50 |
| Multi-Strategy Growth & Income Fund | ||
|---|---|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||
| November 30, 2014 | ||
| Contracts (1) | Security | Value |
| SCHEDULE OF CALL OPTIONS WRITTEN (Continued) - (0.37) % | ||
| 180 | Verizon Communications, Inc. | $ 32,400 |
| Expiration April 2015, Exercise Price $50.00 | ||
| TOTAL CALL OPTIONS WRITTEN | 716,594 | |
| (Proceeds - $718,747) | ||
| (1) Each option contract allows the holder of the option to purchase 100 shares of the underlying stock. | ||
| Security Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean of the closing bid and asked prices on the day of valuation. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value. | ||
| Valuation of Fund of Funds - The Fund may invest in funds of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value using the methods established by the board of directors of the Underlying Funds. | ||
| When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Advisor, those securities will be valued at “fair value” as determined in good faith by the Fair Valuation Committee using procedures adopted by and under the supervision of the Fund’s Board of Trustees (the “Board”). There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s Net Asset Value (“NAV”). | ||
| Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Advisor determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. | ||
| The “fair value” of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. | ||
| The values assigned to fair valued investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Changes in the fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Imprecision in estimating fair value can also impact the amount of unrealized appreciation or depreciation recorded for a particular portfolio security and differences in the assumptions used could result in a different determination of fair value, and those differences could be material. | ||
| The Fund invests in some securities which are not traded and the Board’s Valuation Committee has established a methodology for fair value of each type of security. Non-traded Real Estate Investment Trusts (“REITs”) that are in the public offering period (or start-up phase) are valued at cost according to management’s fair valuation methodology unless the REIT issues an updated valuation. The Fund generally purchases REITs at NAV or without a commission. However, start-up REITs amortize a significant portion of their start-up costs and therefore potentially carry additional risks that may impact valuation should the REIT be unable to raise sufficient capital and execute their business plan. As such, start-up REITs pose a greater risk than seasoned REITs because if they encounter going concern issues, they may see significant deviation in value from the fair value, cost basis approach as represented. Management is not aware of any information which would cause a change in cost basis valuation methodology currently being utilized for non-traded REITs in their offering period. Non-traded REITs that are in their offering period are generally categorized as Level 3 in the fair value hierarchy. Once a REIT closes to new investors, the Fund values the security based on the movement of an appropriate market index or a similar security that is publicly traded until the REIT issues an updated market valuation. Non-traded REITs that have closed to new investors are generally categorized in Level 2 of the fair value hierarchy, due to the significance of the effect of the application of the movement of the market index on the overall fair valuation of the REIT. Other non-traded private investments are monitored for any independent audits of the security or impairments reported on the potential value of the security. The Valuation Committee meets frequently to discuss the valuation methodology and will adjust the value of a security if there is a public update to such valuation. | ||
| The non-traded Business Development Corporations provide weekly and monthly fair value pricing which is used as an indicator of the valuation for the fund. If the value fluctuates, the Advisor will provide an updated price. If a significant event occurs that causes a large change in price, the Fair Valuation Committee will call a meeting to evaluate the fair value. Non-traded Business Development Corporations are categorized as Level 2 in the fair value hierarchy. |
| Multi-Strategy Growth & Income Fund | ||||
|---|---|---|---|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) | ||||
| November 30, 2014 | ||||
| The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are: | ||||
| Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access. | ||||
| Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | ||||
| Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | ||||
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | ||||
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||||
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2014 for the Fund’s assets and liabilities measured at fair value: | ||||
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $ 26,118,475 | $ - | $ - | $ 26,118,475 |
| Real Estate Investment Trusts | 11,483,552 | 40,201,479 | 32,424,201 | 84,109,232 |
| Non-Traded Business Development Corporations | - | 34,329,318 | 5,704,750 | 40,034,068 |
| Exchange Traded Fund | 1,574,250 | - | - | 1,574,250 |
| Private Investment Funds | - | 7,500,000 | 15,496,842 | 22,996,842 |
| Preferred Stock | 13,382,820 | - | - | 13,382,820 |
| Short-Term Investment | 3,655,510 | - | - | 3,655,510 |
| Total | $ 56,214,607 | $ 82,030,797 | $ 53,625,793 | $ 191,871,197 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Written Options | $ 716,594 | $ - | $ - | $ 716,594 |
| Total | $ 716,594 | $ - | $ - | $ 716,594 |
| There were no transfers between Level 1 and Level 2 during the period ended November 30, 2014. Transfers reflected in the table below represent transfers from Level 3 to Level 2 due to non-traded REITs that closed their offering period during the period ended November 30,2014 and are thereafter being valued based upon changes in the value of an appropriate market index. | ||||
| It is the Fund’s policy to record transfers into or out of any Level at the end of the reporting period. | ||||
| The following is a reconciliation of assets in which Level 3 inputs were used in determining value: | ||||
| Real Estate Investment Trusts | Private Investment Funds | Non-Traded Business Develpoment Companies | ||
| Beginning Balance | $ 21,455,874 | $ 487,660 | $ - | |
| Total Realized Gain (loss) | - | - | - | |
| Change in Appreciation (Depreciation) | 1,598,327 | 646,682 | 4,750 | |
| Cost of Purchases | 17,300,000 | 14,362,500 | 5,700,000 | |
| Proceeds from Sales and Return of Capital | - | - | - | |
| Accrued Interest | - | - | - | |
| Net transfers in/out of Level 3 | (7,930,000) | - | - | |
| Ending Balance | $ 32,424,201 | $ 15,496,842 | $ 5,704,750 |
| Multi-Strategy Growth & Income Fund |
|---|
| PORTFOLIO OF INVESTMENTS (Unaudited) (Continued) |
| November 30, 2014 |
| Exchange Traded Securities - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. |
| Option Transactions – The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option. |
| The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund’s portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to the Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default. |
Item 2. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Multi-Strategy Growth & Income Fund
By (Signature and Title)
*/s/ Raymond J. Lucia, Jr.
Raymond J. Lucia, Jr., President
Date 1/29/15
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
*/s/ Raymond J. Lucia, Jr.
Raymond J. Lucia, Jr., President
Date 1/29/15
By (Signature and Title)
*/s/Stephanie Pimentel
Stephanie Pimentel Holly, Treasurer
Date 1/29/15
More from Destra Multi-Alternative Fund
Director's Dealing
2026
Mar 2
Board/Management Information
2026
Feb 19
Declaration of Voting Results & Voting Rights Announcements
2025
Dec 19
Interim / Quarterly Report
2025
Dec 9
Director's Dealing
2025
Dec 2
Fund Information / Factsheet
2025
Dec 1
Proxy Solicitation & Information Statement
2025
Nov 17
Proxy Solicitation & Information Statement
2025
Nov 13
Director's Dealing
2025
Nov 4
Proxy Solicitation & Information Statement
2025
Oct 24