Table of Contents
|
|
Shareholder Letter
|
3
|
Discussion of Fund Performance – Destra Preferred and Income Securities Fund
|
4
|
Fund Risk Disclosures – Destra Preferred and Income Securities Fund
|
8
|
Discussion of Fund Performance – Destra Focused Equity Fund
|
10
|
Fund Risk Disclosures – Destra Focused Equity Fund
|
14
|
Overview of Fund Expenses
|
15
|
Portfolio of Investments
|
|
Destra Preferred and Income Securities Fund
|
16
|
Destra Focused Equity Fund
|
18
|
Statements of Assets and Liabilities
|
19
|
Statements of Operations
|
20
|
Statements of Changes in Net Assets
|
21
|
Financial Highlights
|
23
|
Notes to Financial Statements
|
25
|
Report of Independent Registered Public Accounting Firm
|
30
|
Supplemental Information
|
31
|
Trustees and Officers
|
32
|
General Information
|
35
|
Destra Preferred and Income Securities Fund | ||
Discussion of Fund Performance
|
Destra Preferred and Income Securities Fund
|
|||||
Inception Date: April 12, 2011
|
Inception Date: November 1, 2011
|
||||
Share Class
|
1 year
|
Life of Fund
|
Share Class
|
6 months
|
Life of Fund
|
A at NAV
|
17.71%
|
17.88%
|
C at NAV
|
7.45%
|
14.49%
|
A with Load
|
12.40%
|
12.55%
|
C with Load
|
6.45%
|
13.49%
|
I at NAV
|
18.15%
|
18.42%
|
|||
Preferred Benchmark
|
15.66%
|
12.69%
|
Preferred Benchmark
|
6.08%
|
12.17%
|
Destra Preferred and Income Securities Fund | ||
Discussion of Fund Performance, Continued
|
Industry Sectors
|
Weight
|
|||
Bank
|
48.0%
|
|||
Insurance
|
23.3%
|
|||
Utility
|
7.8%
|
|||
Finance
|
6.4%
|
|||
REIT
|
6.2%
|
|||
Cash
|
4.6%
|
|||
Energy
|
3.0%
|
|||
Misc.
|
0.7%
|
Security Types
|
Weight
|
|||
Taxable (Flat) - Preferred
|
34.1%
|
|||
Perpetual
|
22.6%
|
|||
Taxable Hybrid
|
20.0%
|
|||
Convertible Preferred
|
5.0%
|
|||
Corporate Bond
|
5.0%
|
|||
Taxable (Flat) Debt
|
4.7%
|
|||
Cash
|
4.6%
|
|||
DRD Capital Security
|
4.0%
|
Credit Quality |
Moody’s | Standard & Poors | ||
Baa1 |
8%
|
AA-
|
1%
|
Baa2 |
21%
|
A-
|
2%
|
Baa3 |
27%
|
BBB+
|
16%
|
Ba1
|
24%
|
BBB
|
25%
|
Ba2
|
9%
|
BBB-
|
18%
|
Ba3
|
1%
|
BB+
|
24%
|
<Ba
|
2%
|
BB
|
9%
|
NR
|
4%
|
NR
|
1%
|
Cash |
4%
|
Cash
|
4%
|
Top 10 Issuers
|
% of Total Investments
|
|||
Morgan Stanley
|
4.6%
|
|||
HSBC PLC
|
4.3%
|
|||
Wells Fargo
|
4.2%
|
|||
Goldman Sachs Group
|
4.0%
|
|||
Bank of America
|
4.0%
|
|||
JPMorgan Chase
|
3.9%
|
|||
ING Groep NV
|
3.8%
|
|||
Metlife
|
3.7%
|
|||
XL Group PLC
|
3.4%
|
|||
Citigroup
|
3.3%
|
Destra Focused Equity Fund
|
||
Discussion of Fund Performance
|
Destra Focused Equity Fund
|
|||||
Inception Date: April 12, 2011 |
Inception Date: November 1, 2011
|
||||
Share Class
|
1 year
|
Life of Fund
|
Share Class
|
6 months
|
Life of Fund
|
A at NAV
|
22.00%
|
11.76%
|
C at NAV
|
-2.60%
|
9.73%
|
A with Load
|
14.98%
|
5.30%
|
C with Load
|
-3.58%
|
8.73%
|
I at NAV
|
22.53%
|
12.40%
|
|||
S&P 500 Index
|
30.20%
|
12.26%
|
S & P 500 Index
|
3.43%
|
17.37%
|
Destra Focused Equity Fund
|
||
Discussion of Fund Performance, Continued
|
% of Total
|
||
Top Five Holdings:
|
Ticker
|
Investment
|
Coach, Inc.
|
COH
|
5.0%
|
Autodesk, Inc.
|
ADSK
|
4.9%
|
IBM
|
IBM
|
4.8%
|
Oracle Corp.
|
ORCL
|
4.8%
|
Target Corp.
|
TGT
|
4.8%
|
Industry Sectors
|
Weight
|
|
Consumer Discretionary
|
33.8%
|
|
Information Technology
|
33.6%
|
|
Consumer Staples
|
14.4%
|
|
Health Care
|
9.6%
|
|
Telecom
|
4.8%
|
|
Cash
|
3.8%
|
Destra Focused Equity Fund
|
S&P 500
|
|
# of Holdings
|
20
|
500
|
Wtd. Avg. Market Cap
|
57.5 bil
|
27.3 bil
|
Price to Earnings;Trailing Operating
|
19.3x
|
15.3x
|
Price to Book
|
3.7x
|
2.2x
|
Annualized
|
|||||||||||||||
Expense
|
|||||||||||||||
Ratios
|
|||||||||||||||
Beginning
|
Ending
|
During the
|
Expenses
|
||||||||||||
Account
|
Account
|
Period
|
Paid
|
||||||||||||
Value
|
Value
|
4/1/12
|
through
|
||||||||||||
3/31/12
|
9/30/2012
|
to 9/30/12
|
to 9/30/12†
|
||||||||||||
Destra Preferred and Income Securities Fund Class A
|
|||||||||||||||
Actual
|
$ | 1,000.00 | $ | 1,078.01 | 1.50 | % | $ | 7.79 | |||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,017.50 | 1.50 | % | 7.57 | ||||||||||
Destra Preferred and Income Securities Fund Class C
|
|||||||||||||||
Actual
|
1,000.00 | 1,074.53 | 2.25 | % | 11.67 | ||||||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,013.75 | 2.25 | % | 11.33 | ||||||||||
Destra Preferred and Income Securities Fund Class I
|
|||||||||||||||
Actual
|
1,000.00 | 1,080.53 | 1.22 | % | 6.35 | ||||||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,018.90 | 1.22 | % | 6.16 | ||||||||||
Destra Focused Equity Fund Class A
|
|||||||||||||||
Actual
|
1,000.00 | 977.83 | 1.60 | % | 7.91 | ||||||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,017.00 | 1.60 | % | 8.07 | ||||||||||
Destra Focused Equity Fund Class C
|
|||||||||||||||
Actual
|
1,000.00 | 973,96 | 2.35 | % | 11.60 | ||||||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,013.25 | 2.35 | % | 11.83 | ||||||||||
Destra Focused Equity Fund Class I
|
|||||||||||||||
Actual
|
1,000.00 | 979.60 | 1.32 | % | 6.53 | ||||||||||
Hypothetical (5% return before expenses)
|
1,000.00 | 1,018.40 | 1.32 | % | 6.66 |
†
|
Expenses are calculated using the Fund’s annualized expense ratio, which includes waived fees or reimbursed expenses, multiplied by the average account value for the period, multiplied by 183/366 (to reflect the six-month period). Hypothetical expenses assume the Fund was outstanding for a full six-month period and not the shorter actual period shown above.
|
Number
|
||||
of
|
Moody's | |||
Shares
|
Ratings | Fair Value | ||
Long Term Investments - 95.6%
|
||||
Preferred Stocks - 66.6%
|
||||
Banks - 36.2%
|
||||
21,360
|
Bank of America Corp., PFD
|
|||
8.625%, Series 8 (a)
|
B1
|
$554,292
|
||
Barclays Bank PLC, PFD
|
||||
4,169
|
7.750%, Series 4 (a)
|
Ba2
|
106,768
|
|
2,000
|
8.125%, Series 5 (a)
|
Ba2
|
51,840
|
|
22,050
|
BB&T Corp., PFD 5.625%,
|
|||
Series E (a)
|
Baa2
|
563,819
|
||
5,000
|
Capital One Financial Corp., PFD
|
|||
6.000%, Series B (a)
|
Ba1
|
125,100
|
||
5,000
|
Citigroup Capital VII, PFD 7.125%
|
|||
07/31/31
|
Ba2
|
126,650
|
||
22,255
|
Citigroup Capital VIII, PFD 6.950%
|
|||
09/15/31
|
Ba2
|
559,936
|
||
7,542
|
Citigroup Capital XIII, PFD 7.875%
|
|||
10/30/40
|
Ba2
|
210,045
|
||
19,805
|
Countrywide Capital V, PFD
|
|||
7.000% 11/01/36
|
Ba2
|
498,888
|
||
22,750
|
First Niagara Financial Group, Inc.,
|
|||
PFD 8.625%, Series B (a)
|
Ba2
|
665,438
|
||
17,925
|
First Republic Bank, PFD 6.700%,
|
|||
Series A (a)
|
Baa3
|
486,484
|
||
6,000
|
Goldman Sachs Group, Inc., PFD
|
|||
6.200%, Series B (a)
|
Ba2
|
151,860
|
||
21,364
|
HSBC Holdings PLC, PFD 8.000%,
|
|||
Series 2 (a)
|
Baa2
|
603,533
|
||
3,900
|
HSBC USA, Inc., PFD 6.500%,
|
|||
Series H (a)
|
Baa2
|
98,943
|
||
ING Groep NV,
|
||||
4,223
|
PFD 7.050% (a)
|
Ba1
|
105,659
|
|
28,634
|
PFD 7.375% (a)
|
Ba1
|
713,846
|
|
8,410
|
PFD 8.500% (a)
|
Ba1
|
220,342
|
|
4,000
|
JPMorgan Chase & Co., PFD
|
|||
8.625%, Series J (a)
|
Ba1
|
106,000
|
||
6,651
|
KeyCorp, PFD 7.750%,
|
|||
Series A (a)(b)
|
Ba1
|
823,061
|
||
12,000
|
M&T Capital Trust IV, PFD 8.500%
|
|||
01/31/68
|
Baa2
|
308,280
|
||
5,473
|
Morgan Stanley Capital Trust III,
|
|||
PFD 6.250% 03/01/33
|
Ba1
|
136,114
|
||
11,280
|
Morgan Stanley Capital Trust VI,
|
|||
PFD 6.600% 02/01/46
|
Ba1
|
283,466
|
||
11,290
|
Morgan Stanley Capital Trust VII,
|
|||
PFD 6.600% 10/15/66
|
Ba1
|
281,121
|
||
8,185
|
PNC Financial Services Group, Inc.,
|
|||
PFD 6.125%, Series P (a)
|
Baa3
|
224,842
|
||
5,523
|
Santander Finance Preferred SA
|
|||
Unipersonal, PFD 10.500%,
|
||||
Series 10 (a)
|
Ba3
|
149,121
|
||
6,000
|
Texas Capital Bancshares, Inc., PFD
|
|||
6.500% 09/21/42
|
Ba1
|
154,500
|
||
1,715
|
US Bancorp, PFD 6.000%,
|
|||
Series G (a)
|
A3
|
47,986
|
||
Wells Fargo & Co., PFD
|
||||
550
|
7.500%, Series L (a)(b)
|
Baa3
|
680,900
|
|
2,500
|
8.000%, Series J (a)
|
Baa3
|
74,300
|
|
Zions Bancorporation, PFD
|
||||
12,803
|
7.900%, Series F (a)
|
BB (c)
|
355,795
|
|
15,000
|
9.500%, Series C (a)
|
BB (c)
|
392,550
|
|
9,861,479
|
Diversified Financials - 5.6%
|
||||
15,550
|
Affiliated Managers Group, Inc.,
|
|||
PFD 6.375% 08/15/42
|
BBB- (c) $
|
401,190
|
||
9,287
|
Charles Schwab Corp., PFD
|
|||
6.000%, Series B (a)
|
Baa2
|
242,762
|
||
1,400
|
Deutsche Bank Contingent Capital
|
|||
Trust III, PFD 7.600% (a)
|
Ba2
|
37,184
|
||
1,477
|
Deutsche Bank Contingent Capital
|
|||
Trust V, PFD 8.050% (a)
|
Ba2
|
40,101
|
||
18,000
|
HSBC Finance Corp., PFD 6.360%,
|
|||
Series B (a)
|
Baa3
|
451,620
|
||
12,550
|
Raymond James Financial, Inc.,
|
|||
PFD 6.900% 03/15/42
|
Baa2
|
344,623
|
||
1,517,480
|
||||
Energy - 1.3%
|
||||
14,130
|
Nexen, Inc., PFD 7.350%
|
|||
11/01/43
|
Ba1
|
359,326
|
||
Insurance - 11.1%
|
||||
9,050
|
Arch Capital Group Ltd., PFD
|
|||
6.750%, Series C (a)
|
Baa2
|
241,635
|
||
22,674
|
Axis Capital Holdings Ltd., PFD
|
|||
6.875%, Series C (a)
|
Baa3
|
609,931
|
||
12,848
|
Delphi Financial Group, Inc., PFD
|
|||
7.376% 05/15/37
|
Baa3
|
319,996
|
||
Endurance Specialty Holdings Ltd.,
|
||||
15,000
|
PFD 7.500%, Series B (a)
|
Baa3
|
392,550
|
|
3,681
|
PFD 7.750%, Series A (a)
|
Baa3
|
97,546
|
|
Partnerre Ltd., PFD
|
||||
10,000
|
6.750%, Series C (a)
|
Baa2
|
252,900
|
|
8,696
|
7.250%, Series E (a)
|
Baa2
|
238,270
|
|
Principal Financial Group, Inc., PFD
|
||||
2,000
|
5.563%, Series A (a)
|
Baa3
|
193,500
|
|
3,953
|
6.518%, Series B (a)
|
Baa3
|
104,359
|
|
12,383
|
Renaissancere Holdings Ltd., PFD
|
|||
6.600%, Series D (a)
|
Baa2
|
314,652
|
||
9,710
|
W.R. Berkley Capital Trust II, PFD
|
|||
6.750% 07/26/45
|
Baa3
|
247,411
|
||
3,012,750
|
||||
Miscellaneous - 1.0%
|
||||
10,320
|
Stanley Black & Decker, Inc., PFD
|
|||
5.750% 07/25/52
|
Baa2
|
272,138
|
||
Real Estate - 6.1%
|
||||
24,012
|
Commonwealth REIT, PFD 7.250%,
|
|||
Series E (a)
|
Baa3
|
625,753
|
||
751
|
Commonwealth REIT, PFD 7.500%
|
|||
11/15/19
|
Baa2
|
16,447
|
||
10,430
|
Cubesmart, PFD 7.750%,
|
|||
Series A (a)
|
Ba1
|
281,193
|
||
4,598
|
Duke Realty Corp., PFD 6.600%,
|
|||
Series L (a)
|
Baa3
|
116,283
|
||
1,750
|
Kimco Realty Corp., PFD 7.750%,
|
|||
Series G (a)
|
Baa2
|
44,503
|
||
4,448
|
PS Business Parks, Inc., PFD
|
|||
6.875%, Series R (a)
|
Baa3
|
118,895
|
||
3,350
|
Public Storage, PFD 5.375%,
|
|||
Series V (a)
|
Baa1
|
84,788
|
||
14,400
|
Realty Income Corp., PFD 6.625%,
|
|||
Series F (a)
|
Baa2
|
383,328
|
||
1,671,190
|
Number
|
||||
of Shares/
|
Moody's | |||
Par Value
|
Ratings | Fair Value |
Utilities - 5.3%
|
||||
6,280
|
Constellation Energy Group, Inc.,
|
|||
PFD 8.625% 06/15/63, Series A
|
Baa3
|
$ 164,285
|
||
5,148
|
Entergy Louisiana LLC, PFD
|
|||
6.950% (a)
|
Ba1
|
518,500
|
||
Southern California Edison Co.,
|
||||
1,000
|
PFD 6.000% (a)
|
Baa2
|
101,219
|
|
6,675
|
PFD 6.125% (a)
|
Baa2
|
675,009
|
|
1,459,013
|
||||
Total Preferred Stocks
|
||||
(Cost $17,668,759)
|
18,153,376
|
|||
Capital Securities - 24.0%
|
||||
Banks - 6.9%
|
||||
312,000
|
Capital One Capital III 7.686%
|
|||
08/15/36
|
Baa3
|
317,850
|
||
330,000
|
First Union Capital II 7.950%
|
|||
11/15/29, Series A
|
Baa1
|
371,927
|
||
210,000
|
Goldman Sachs Capital I 6.345%
|
|||
02/15/34
|
Baa3
|
211,606
|
||
846,000
|
JPMorgan Chase & Co. 7.900%,
|
|||
Series 1 (a)
|
Ba1
|
964,282
|
||
20,000
|
NB Capital Trust II 7.830%
|
|||
12/15/26
|
Ba2
|
20,395
|
||
1,886,060
|
||||
Diversified Financials - 0.8%
|
||||
200,000
|
General Electric Capital Corp.
|
|||
7.125%, Series A (a)
|
Baa1
|
223,754
|
||
Energy - 2.0%
|
||||
481,000
|
Enterprise Products Operating LLC
|
|||
8.375% 08/01/66,
|
||||
Series A
|
Baa3
|
542,776
|
||
Insurance - 12.2%
|
||||
200,000
|
ACE Capital Trust II 9.700%
|
|||
04/01/30
|
Baa1
|
288,000
|
||
325,000
|
Aon Corp. 8.205% 01/01/27
|
Baa3
|
408,310
|
|
200,000
|
Lincoln National Corp. 7.000%
|
|||
05/17/66
|
Ba1
|
203,250
|
||
677,000
|
MetLife, Inc. 10.750% 08/01/39
|
Baa2
|
1,010,422
|
|
480,000
|
Stancorp Financial Group, Inc.
|
|||
6.900% 06/01/67
|
Baa3
|
470,400
|
||
1,000,000
|
XL Group PLC 6.500%,
|
|||
Series E (a)
|
Ba1
|
925,000
|
||
3,305,382
|
||||
Utilities - 2.1%
|
||||
350,000
|
PPL Capital Funding, Inc. 6.700%
|
|||
03/30/67, Series A
|
Ba1
|
364,369
|
||
195,000
|
Puget Sound Energy, Inc. 6.974%
|
|||
06/01/67, Series A
|
Baa3
|
208,109
|
||
572,478
|
||||
Total Capital Securities
|
||||
(Cost $6,188,118)
|
6,530,450
|
Corporate Bonds - 5.0%
|
||||
Banks - 4.6%
|
||||
666,000
|
Goldman Sachs Group, Inc.
|
|||
6.750% 10/01/37
|
Baa1
|
715,695
|
||
490,000
|
Morgan Stanley
|
|||
6.375% 07/24/42
|
Baa1
|
541,562
|
||
1,257,257
|
||||
Utilities - 0.4%
|
||||
75,000
|
Southern Union Co. 8.250%
|
|||
11/15/19
|
Baa3
|
93,908
|
||
Total Corporate Bonds
|
||||
(Cost $1,224,063)
|
1,351,165
|
|||
Total Long-Term Investments - 95.6% | ||||
(Cost $25,080,940)
|
26,034,991
|
|||
1,261,957
|
Money Market Mutual Funds - 4.6%
|
|||
Fidelity Institutional Money Market
|
||||
Prime, 0.10% (d)
|
||||
(Cost $1,261,957)
|
1,261,957
|
|||
Total Investments - 100.2%
|
||||
(Cost $26,342,897)
|
27,296,948
|
|||
Liabilities in excess of other
|
||||
Assets - (0.2%)
|
(50,492)
|
|||
Net Assets - 100.0%
|
$ 27,246,456
|
% of
|
|||||||
Summary by Country
|
Fair Value
|
Net Assets
|
|||||
Bermuda
|
$ | 2,147,485 | 7.9 | % | |||
Britain
|
762,141 | 2.8 | |||||
Canada
|
359,326 | 1.3 | |||||
Ireland
|
925,000 | 3.4 | |||||
Netherlands
|
1,039,847 | 3.8 | |||||
Spain
|
149,121 | 0.6 | |||||
United States
|
21,914,028 | 80.4 | |||||
Total Investments
|
27,296,948 | 100.2 | % | ||||
Liabilities in excess of
|
|||||||
other Assets
|
(50,492 | ) | (0.2 | ) | |||
Net Assets
|
$ | 27,246,456 | 100.0 | % |
(a)- Perpetual Security. |
(b) - Convertible Preferred Security. |
(c) - Standard & Poor’s Rating. |
(d) - Interest rate shown reflects yield as of September 30, 2012. |
Number
|
|||
of
|
|||
Shares
|
Description
|
Fair Value
|
|
Common Stocks - 97.7%
|
|||
Consumer Durables & Apparel - 9.9% | |||
35,006
|
Coach, Inc
|
$ 1,961,036
|
|
19,817
|
NIKE, Inc. - Class B
|
1,880,831
|
|
3,841,867
|
|||
Food & Staples Retailing - 9.7%
|
|||
18,710
|
Costco Wholesale Corp
|
1,873,339
|
|
19,517
|
Whole Foods Market, Inc
|
1,900,956
|
|
3,774,295
|
|||
Household & Personal Products - 4.9%
|
|||
30,572
|
The Estee Lauder Cos., Inc. -
|
||
Class A
|
1,882,318
|
||
Media - 4.9%
|
|||
35,988
|
The Walt Disney Co
|
1,881,453
|
|
Pharmaceuticals, Biotechnology & | |||
Life Sciences - 9.8%
|
|||
22,486
|
Amgen, Inc
|
1,896,019
|
|
24,605
|
Celgene Corp. *
|
1,879,822
|
|
3,775,841
|
|||
Retailing - 19.6%
|
|||
30,107
|
Bed Bath & Beyond, Inc. *
|
1,896,741
|
|
62,725
|
Lowe’s Cos., Inc
|
1,896,804
|
|
34,316
|
Nordstrom, Inc
|
1,893,557
|
|
29,972
|
Target Corp
|
1,902,323
|
|
7,589,425
|
|||
Semiconductors & Semiconductor | |||
Equipment - 4.8%
|
|||
82,595
|
Intel Corp
|
1,873,255
|
|
Software & Services - 19.6%
|
|||
57,646
|
Adobe Systems, Inc. *
|
1,871,189
|
|
57,313
|
Autodesk, Inc. *
|
1,912,535
|
|
9,184
|
International Business Machines
|
||
Corp
|
1,905,221
|
||
60,465
|
Oracle Corp
|
1,904,043
|
|
7,592,988
|
|||
Technology Hardware & Equipment - 9.7%
|
|||
69,138
|
EMC Corp. *
|
1,885,393
|
|
29,944
|
QUALCOMM, Inc
|
1,871,200
|
|
3,756,593
|
|||
Telecommunication Services - 4.8% | |||
29,199
|
Crown Castle
|
||
International Corp. *
|
1,871,656
|
||
Total Common Stocks
|
|||
(Cost $36,011,557)
|
37,839,691
|
Money Market Mutual Funds - 3.9% | |||
1,507,208
|
Fidelity Institutional Money
|
||
Market Prime, 0.10% (a)
|
|||
(Cost $1,507,208)
|
1,507,208
|
||
Total Investments - 101.6%
|
|||
(Cost $37,518,765)
|
39,346,899
|
||
Liabilities in excess
|
|||
of other Assets - (1.6%)
|
(617,104)
|
||
Net Assets - 100.0%
|
$ 38,729,795
|
*
|
Non-income producing security.
|
(a)
|
Interest rate shown reflects yield as of September 30, 2012.
|
STATEMENTS OF ASSETS AND LIABILITIES
|
||||||||
September 30, 2012
|
||||||||
Destra Preferred
|
Destra
|
|||||||
and Income
|
Focused
|
|||||||
Securities
|
Equity
|
|||||||
Fund
|
Fund
|
|||||||
Assets
|
||||||||
Investments:
|
||||||||
Investments at cost
|
$ | 26,342,897 | $ | 37,518,765 | ||||
Net unrealized appreciation
|
954,051 | 1,828,134 | ||||||
Total investments at value
|
27,296,948 | 39,346,899 | ||||||
Receivables:
|
||||||||
Capital shares sold
|
326,824 | 228,610 | ||||||
Dividends and interest
|
226,191 | 17,667 | ||||||
Due from the advisor
|
84,855 | 58,374 | ||||||
Foreign tax reclaims
|
1,777 | — | ||||||
Investments sold
|
— | 175,069 | ||||||
Total assets
|
27,936,595 | 39,826,619 | ||||||
Liabilities:
|
||||||||
Payables:
|
||||||||
Investments purchased
|
462,327 | 722,128 | ||||||
Transfer agent fees
|
64,051 | 80,556 | ||||||
Audit fees
|
24,932 | 24,932 | ||||||
Legal fees
|
24,425 | 43,597 | ||||||
Trustees’ fees
|
5,928 | 5,863 | ||||||
Capital shares payable
|
2,793 | 85,073 | ||||||
Other expenses and payables
|
105,683 | 134,675 | ||||||
Total liabilities
|
690,139 | 1,096,824 | ||||||
Net Assets
|
$ | 27,246,456 | $ | 38,729,795 | ||||
Composition of Net Assets
|
||||||||
Paid-in capital ($0.001 par value common stock)
|
$ | 25,932,987 | $ | 37,157,743 | ||||
Undistributed net investment income (loss)
|
371,451 | (31,817 | ) | |||||
Accumulated net realized gain (loss) on investments
|
(12,033 | ) | (224,265 | ) | ||||
Net unrealized appreciation on investments
|
954,051 | 1,828,134 | ||||||
Net Assets
|
$ | 27,246,456 | $ | 38,729,795 | ||||
Net Assets
|
||||||||
Class A
|
$ | 12,119,854 | $ | 21,761,057 | ||||
Class C
|
$ | 2,549,130 | $ | 1,954,996 | ||||
Class I
|
$ | 12,577,472 | $ | 15,013,742 | ||||
Shares Outstanding
|
||||||||
Class A
|
718,372 | 1,298,067 | ||||||
Class C
|
150,928 | 118,758 | ||||||
Class I
|
749,325 | 893,347 | ||||||
Net Asset Value Per Share
|
||||||||
Class A
|
$ | 16.87 | $ | 16.76 | ||||
Class C
|
$ | 16.89 | $ | 16.46 | ||||
Class I
|
$ | 16.79 | $ | 16.81 |
STATEMENTS OF OPERATIONS | |||||||||
Year ended September 30, 2012
|
|||||||||
Destra Preferred
|
Destra
|
||||||||
and Income
|
Focused
|
||||||||
Securities
|
Equity
|
||||||||
Fund
|
Fund
|
||||||||
Investment Income
|
|||||||||
Dividends
|
$ | 505,562 | $ | 199,530 | |||||
Less: foreign taxes withheld
|
(643 | ) | — | ||||||
Interest income
|
188,532 | — | |||||||
Total Investment Income
|
693,451 | 199,530 | |||||||
Expenses:
|
|||||||||
Transfer agent fees
|
105,707 | 139,331 | |||||||
Advisory fees
|
74,229 | 134,427 | |||||||
Shareholder reporting fees
|
48,801 | 62,375 | |||||||
Administration and accounting fees
|
41,353 | 44,888 | |||||||
Legal fees
|
37,958 | 63,427 | |||||||
Audit fees
|
30,298 | 30,298 | |||||||
Blue Sky Class A
|
28,201 | 25,818 | |||||||
Blue Sky Class C
|
23,133 | 23,807 | |||||||
Blue Sky Class I
|
45,773 | 49,497 | |||||||
Offering costs
|
24,556 | 24,556 | |||||||
Shareholder servicing fees
|
15,861 | 24,402 | |||||||
Distribution fees Class A
|
13,545 | 22,593 | |||||||
Distribution fees Class C
|
10,148 | 6,792 | |||||||
Trustees’ fees and expenses
|
11,122 | 11,073 | |||||||
Insurance fees
|
6,332 | 7,260 | |||||||
Custody fees
|
4,172 | 8,371 | |||||||
Other expenses
|
4,469 | 4,465 | |||||||
Total expenses
|
525,658 | 683,380 | |||||||
Less: expense waivers and reimbursements
|
(379,289 | ) | (442,289 | ) | |||||
Net expenses
|
146,369 | 241,091 | |||||||
Net Investment Income (Loss)
|
$ | 547,082 | $ | (41,561 | ) | ||||
Realized and Unrealized Gain (Loss):
|
|||||||||
Net realized gain (loss) on investments in securities
|
$ | 49,394 | $ | (175,957 | ) | ||||
Net change in unrealized appreciation on investments in securities
|
1,005,019 | 1,862,314 | |||||||
Net realized and unrealized gain on investments in securities
|
1,054,413 | 1,686,357 | |||||||
Net Increase in Net Assets Resulting from Operations
|
$ | 1,601,495 | $ | 1,644,796 |
Destra Preferred and
|
Destra Focused
|
|||||||||||||||
Income Securities Fund
|
Equity Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
For the |
period
|
For the
|
period
|
|||||||||||||
year
|
April 12,
|
year
|
April 12,
|
|||||||||||||
ended
|
2011* to
|
ended
|
2011* to
|
|||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Increase (Decrease) in Net Assets Resulting from Operations
|
||||||||||||||||
Net investment income (loss)
|
$ | 547,082 | $ | 50,693 | $ | (41,561 | ) | $ | (394 | ) | ||||||
Net realized gain (loss) on investments in securities
|
49,394 | (174 | ) | (175,957 | ) | (48,308 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on
|
||||||||||||||||
investments in securities
|
1,005,019 | (50,968 | ) | 1,862,314 | (34,180 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations
|
1,601,495 | (449 | ) | 1,644,796 | (82,882 | ) | ||||||||||
Class A
|
||||||||||||||||
Distribution to Shareholders
|
||||||||||||||||
Net investment income
|
(161,847 | ) | (23,711 | ) | (233 | ) | — | |||||||||
Net realized gain
|
(386 | ) | — | — | — | |||||||||||
Return of capital
|
— | — | (258 | ) | — | |||||||||||
Total distributions to shareholders
|
(162,233 | ) | (23,711 | ) | (491 | ) | — | |||||||||
Class C
|
||||||||||||||||
Distribution to Shareholders
|
||||||||||||||||
Net investment income
|
(15,514 | ) | — | — | — | |||||||||||
Net realized gain
|
(16 | ) | — | — | — | |||||||||||
Return of capital
|
— | — | — | — | ||||||||||||
Total distributions to shareholders
|
(15,530 | ) | — | — | — | |||||||||||
Class I
|
||||||||||||||||
Distribution to Shareholder
|
||||||||||||||||
Net investment income
|
(77,719 | ) | (16,790 | ) | (1,017 | ) | — | |||||||||
Net realized gain
|
(195 | ) | — | — | — | |||||||||||
Return of capital
|
— | — | (3,772 | ) | — | |||||||||||
Total distributions to shareholders
|
(77,914 | ) | (16,790 | ) | (4,789 | ) | — | |||||||||
Class A
|
||||||||||||||||
Capital Share Transactions
|
||||||||||||||||
Proceeds from shares sold
|
10,057,521 | 1,730,906 | 21,110,226 | 983,639 | ||||||||||||
Dividends reinvested
|
125,101 | 19,551 | 338 | — | ||||||||||||
Cost of shares redeemed
|
(520,776 | ) | (4,074 | ) | (1,308,946 | ) | (5,045 | ) | ||||||||
Net increase from capital share transactions
|
9,661,846 | 1,746,383 | 19,801,618 | 978,594 | ||||||||||||
Class C
|
||||||||||||||||
Capital Share Transactions
|
||||||||||||||||
Proceeds from shares sold
|
2,415,393 | — | 1,934,043 | — | ||||||||||||
Dividends reinvested
|
11,667 | — | — | — | ||||||||||||
Cost of shares redeemed
|
(25,908 | ) | — | (11,981 | ) | — | ||||||||||
Net increase from capital share transactions
|
2,401,152 | — | 1,922,062 | — | ||||||||||||
Class I
|
||||||||||||||||
Capital Share Transactions
|
||||||||||||||||
Proceeds from shares sold
|
11,023,787 | 1,000,065 | 13,933,682 | 1,000,005 | ||||||||||||
Dividends reinvested
|
59,512 | 16,380 | 4,229 | — | ||||||||||||
Cost of shares redeemed
|
(17,781 | ) | (59 | ) | (520,737 | ) | — | |||||||||
Redemption Fees
|
293 | — | 3,698 | — | ||||||||||||
Net increase from capital share transactions
|
11,065,811 | 1,016,386 | 13,420,872 | 1,000,005 | ||||||||||||
Total increase in net assets
|
24,474,627 | 2,721,819 | 36,784,068 | 1,895,717 | ||||||||||||
Net Assets
|
||||||||||||||||
Beginning of year
|
2,771,829 | 50,010 | 1,945,727 | 50,010 | ||||||||||||
End of year
|
$ | 27,246,456 | $ | 2,771,829 | $ | 38,729,795 | $ | 1,945,727 | ||||||||
Undistributed net investment income (loss) at end of year
|
$ | 371,451 | $ | 11,184 | $ | (31,817 | ) | $ | 1,250 |
Destra Preferred and
|
Destra Focused
|
|||||||||||||||
Income Securities Fund
|
Equity Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
For the
|
period
|
For the
|
period
|
|||||||||||||
year
|
April 12,
|
year
|
April 12,
|
|||||||||||||
ended |
2011* to
|
ended
|
2011* to
|
|||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Class A
|
||||||||||||||||
Change in Shares Outstanding
|
||||||||||||||||
Shares outstanding, beginning of period
|
117,746 | 1,667 | 73,212 | 1,667 | ||||||||||||
Shares sold
|
625,418 | 115,038 | 1,308,158 | 71,898 | ||||||||||||
Shares reinvested
|
7,935 | 1,315 | 23 | — | ||||||||||||
Shares repurchased
|
(32,727 | ) | (274 | ) | (83,326 | ) | (353 | ) | ||||||||
Shares outstanding, end of period
|
718,372 | 117,746 | 1,298,067 | 73,212 | ||||||||||||
Class C
|
||||||||||||||||
Change in Shares Outstanding
|
||||||||||||||||
Shares outstanding, beginning of period
|
— | — | — | — | ||||||||||||
Shares sold
|
151,735 | — | 119,501 | — | ||||||||||||
Shares reinvested
|
727 | — | — | — | ||||||||||||
Shares repurchased
|
(1,534 | ) | — | (743 | ) | — | ||||||||||
Shares outstanding, end of period
|
150,928 | — | 118,758 | — | ||||||||||||
Class I
|
||||||||||||||||
Change in Shares Outstanding
|
||||||||||||||||
Shares outstanding, beginning of period
|
69,437 | 1,667 | 68,334 | 1,667 | ||||||||||||
Shares sold
|
677,133 | 66,671 | 856,311 | 66,667 | ||||||||||||
Shares reinvested
|
3,823 | 1,103 | 282 | — | ||||||||||||
Shares repurchased
|
(1,068 | ) | (4 | ) | (31,580 | ) | — | |||||||||
Shares outstanding, end of period
|
749,325 | 69,437 | 893,347 | 68,334 |
*
|
Commencement of operations.
|
Beneficial interest outstanding throughout the period is presented below:
|
|
Destra Preferred and | Destra Focused | ||||||||||||||
Income Securities Fund
|
Equity Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
For the
|
period
|
For the
|
period
|
|||||||||||||
year
|
April 12,
|
year
|
April 12,
|
|||||||||||||
ended
|
2011* to
|
ended
|
2011* to
|
|||||||||||||
September 30, | September 30, | September 30, | September 30 | |||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Class A
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 14.82 | $ | 15.00 | $ | 13.74 | $ | 15.00 | ||||||||
Investment operations:
|
||||||||||||||||
Net investment income (loss)1
|
0.87 | 0.67 | (0.06 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gain (loss)
|
1.70 | (0.65 | ) | 3.08 | (1.23 | ) | ||||||||||
Net Increase (decrease) in Net Asset Value from Operations
|
2.57 | 0.02 | 3.02 | (1.26 | ) | |||||||||||
Distributions paid to shareholders from:
|
||||||||||||||||
Net investment income
|
(0.52 | ) | (0.20 | ) | — | 5 | — | |||||||||
Net realized gains
|
— | 5 | — | — | — | |||||||||||
Total distributions
|
(0.52 | ) | (0.20 | ) | — | — | ||||||||||
Net asset value, end of period
|
$ | 16.87 | $ | 14.82 | $ | 16.76 | $ | 13.74 | ||||||||
TOTAL RETURN2
|
17.71 | % | 0.15 | %4 | 22.00 | % | (8.40 | )%4 | ||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||
Net assets, end of period (in 000’s omitted)
|
$ | 12,120 | $ | 1,745 | $ | 21,761 | $ | 1,006 | ||||||||
Ratios to average net assets:
|
||||||||||||||||
Expenses, net of expense reimbursements/waivers
|
1.50 | % | 1.50 | %3 | 1.60 | % | 1.60 | %3 | ||||||||
Expenses, prior to expense reimbursements/waivers
|
4.78 | % | 20.31 | %3 | 3.75 | % | 29.23 | %3 | ||||||||
Net investment income (loss)
|
5.44 | % | 9.37 | %3 | (0.33 | )% | (0.46 | )%3 | ||||||||
Portfolio turnover rate
|
45 | % | 25 | %4 | 42 | % | 22 | %4 | ||||||||
Class C†
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 15.00 | $ | — | $ | 15.00 | $ | — | ||||||||
Investment operations:
|
||||||||||||||||
Net investment income (loss)1
|
0.72 | — | (0.16 | ) | — | |||||||||||
Net realized and unrealized gain
|
1.43 | — | 1.62 | — | ||||||||||||
Net Increase in Net Asset Value from Operations
|
2.15 | — | 1.46 | — | ||||||||||||
Distributions paid to shareholders from:
|
||||||||||||||||
Net investment income
|
(0.26 | ) | — | — | — | |||||||||||
Net realized gains
|
— | 5 | — | — | — | |||||||||||
Total distributions
|
(0.26 | ) | — | — | — | |||||||||||
Net asset value, end of period
|
$ | 16.89 | $ | — | $ | 16.46 | $ | — | ||||||||
TOTAL RETURN2,4
|
14.49 | % | — | 9.73 | % | — | ||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||
Net assets, end of period (in 000’s omitted)
|
$ | 2,549 | $ | — | $ | 1,955 | $ | — | ||||||||
Ratios to average net assets:
|
||||||||||||||||
Expenses, net of expense reimbursements/waivers3
|
2.25 | % | — | 2.35 | % | — | ||||||||||
Expenses, prior to expense reimbursements/waivers3
|
8.58 | % | — | 11.11 | % | — | ||||||||||
Net investment income (loss)3
|
4.86 | % | — | (1.09 | )% | — | ||||||||||
Portfolio turnover rate
|
45 | % | — | % | 42 | % | — | % |
Beneficial interest outstanding throughout the period is presented below:
|
||||||||||||||||
Destra Preferred and
|
Destra Focused
|
|||||||||||||||
Income Securities Fund
|
Equity Fund
|
|||||||||||||||
For the
|
For the
|
|||||||||||||||
For the
|
period
|
For the
|
period
|
|||||||||||||
year
|
April 12,
|
year
|
April 12,
|
|||||||||||||
ended
|
2011* to
|
ended
|
2011* to
|
|||||||||||||
September 30, | September 30, | September 30, | September 30 | |||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Class I
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 14.79 | $ | 15.00 | $ | 13.76 | $ | 15.00 | ||||||||
Investment operations:
|
||||||||||||||||
Net investment income (loss)1
|
0.95 | 0.47 | (0.01 | ) | — | |||||||||||
Net realized and unrealized gain (loss)
|
1.67 | (0.43 | ) | 3.10 | (1.24 | ) | ||||||||||
Net Increase (decrease) in Net Asset Value from Operations
|
2.62 | 0.04 | 3.09 | (1.24 | ) | |||||||||||
Distributions paid to shareholders from:
|
||||||||||||||||
Net investment income
|
(0.62 | ) | (0.25 | ) | (0.04 | ) | — | |||||||||
Net realized gains
|
— | 5 | — | — | — | |||||||||||
Total distributions
|
(0.62 | ) | (0.25 | ) | (0.04 | ) | — | |||||||||
Net asset value, end of period
|
$ | 16.79 | $ | 14.79 | $ | 16.81 | $ | 13.76 | ||||||||
TOTAL RETURN2
|
18.15 | % | 0.23 | %4 | 22.53 | % | (8.27 | )%4 | ||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||
Net assets, end of period (in 000’s omitted)
|
$ | 12,577 | $ | 1,027 | $ | 15,014 | $ | 940 | ||||||||
Ratios to average net assets:
|
||||||||||||||||
Expenses, net of expense reimbursements/waivers
|
1.22 | % | 1.22 | %3 | 1.32 | % | 1.32 | %3 | ||||||||
Expenses, prior to expense reimbursements/waivers
|
5.19 | % | 24.80 | %3 | 4.42 | % | 26.03 | %3 | ||||||||
Net investment income (loss)
|
5.86 | % | 6.57 | %3 | (0.07 | )% | 0.04 | %3 | ||||||||
Portfolio turnover rate
|
45 | % | 25 | %4 | 42 | % | 22 | %4 |
*
|
Commencement of operations.
|
†
|
Data is provided for the period November 1, 2011 (commencement of operations) to September 30, 2012.
|
1
|
Based on average shares outstanding.
|
2
|
Assumes an investment at net asset value at the beginning of period, reinvestment of all distributions for the period and does not include payment of the maximum sales charge or contingent deferred sales charge (CDSC). Total return would have been lower if certain expenses had not been waived or reimbursed by the investment adviser.
|
3
|
Annualized.
|
4
|
Not annualized.
|
5
|
Greater than $0.000, but less than $0.005.
|
Destra Preferred and Income Securities Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Preferred Securities*
|
$ | 18,153,376 | † | $ | — | $ | — | $ | 18,153,376 | |||||||
Capital Securities*
|
— | 6,530,450 | — | 6,530,450 | ||||||||||||
Corporate Bonds*
|
— | 1,351,165 | — | 1,351,165 | ||||||||||||
Money Market Mutual Funds
|
1,261,957 | — | — | 1,261,957 | ||||||||||||
Total
|
$ | 19,415,333 | $ | 7,881,615 | $ | — | $ | 27,296,948 |
Destra Focused Equity Fund
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks*
|
$ | 37,839,691 | $ | — | $ | — | $ | 37,839,691 | ||||||||
Money Market Mutual Funds
|
1,507,208 | — | — | 1,507,208 | ||||||||||||
Total
|
$ | 39,346,899 | $ | — | $ | — | $ | 39,346,899 |
† |
81,274 was transferred into Level 1 from Level 2 as a result of readily available market quotations in active markets. It is the Funds’ policy to recognize transfers in and out at fair value as of the beginning of the period.
|
*
|
Please refer to the portfolio of investments to view securities segregated by industry.
|
Fund Class
|
Amount
|
Destra Preferred and Income Securities Fund – Class A
|
$13,545
|
Destra Preferred and Income Securities Fund – Class C
|
10,148
|
Destra Focused Equity Fund – Class A
|
22,593
|
Destra Focused Equity Fund – Class C
|
6,792
|
Class A
|
Class C
|
Class I
|
|
Destra Preferred and Income Securities Fund
|
$ 8,127
|
$2,537
|
$5,197
|
Destra Focused Equity Fund
|
13,556
|
1,698
|
9,148
|
Gross
|
Gross
|
|||
Cost of
|
Unrealized
|
Unrealized
|
Net Unrealized
|
|
Investments
|
Appreciation
|
Depreciation
|
Appreciation
|
|
Destra Preferred and Income Securities Fund
|
$26,342,383
|
$1,003,938
|
$ (49,373)
|
$ 954,565
|
Destra Focused Equity Fund
|
37,687,156
|
2,392,013
|
(732,270)
|
1,659,743
|
Total
|
||||
Undistributed
|
Accumulated
|
Net Unrealized
|
Accumulated
|
|
Ordinary
|
Capital and
|
Appreciation
|
Earnings
|
|
Income
|
Other Losses
|
(Depreciation)
|
(Losses)
|
|
Destra Preferred and Income Securities Fund
|
$371,451
|
$(12,547)
|
$ 954,565
|
$1,313,469
|
Destra Focused Equity Fund
|
(31,817)
|
(55,874)
|
1,659,743
|
1,572,052
|
Accumulated
|
|||
Net
|
|||
Undistributed
|
Realized Gain
|
||
Net Investment
|
(Loss) on
|
Paid-in
|
|
Income
|
Investments
|
Capital
|
|
Destra Preferred and Income Securities Fund
|
$68,265
|
$(61,427)
|
$ (6,838)
|
Destra Focused Equity Fund
|
13,774
|
—
|
(13,774)
|
Short-Term
|
Long-Term
|
|
Capital Loss
|
Capital
|
|
Carryforward | Carryforward | |
Destra Preferred and Income Securities Fund
|
$ 274
|
$ —
|
Destra Focused Equity Fund*
|
27,770
|
—
|
*
|
During the year ended September 30, 2012, the Fund utilized capital losses of $17,868.
|
Late Year
|
|||
Ordinary
|
|||
Short-Term
|
Long-Term
|
Losses
|
|
Destra Preferred and Income Securities Fund
|
$12,273
|
$ —
|
$ —
|
Destra Focused Equity Fund
|
28,174
|
—
|
31,817
|
Distributions
|
Distributions
|
Distributions
|
|
Paid From
|
Paid From
|
Paid From
|
|
Ordinary
|
Long-Term
|
Return of
|
|
Income
|
Capital Gains
|
Capital
|
|
Destra Preferred and Income Securities Fund
|
$255,080
|
$597
|
$ —
|
Destra Focused Equity Fund
|
1,250
|
—
|
4,030
|
Purchases
|
Sales
|
|
Destra Preferred and Income Securities Fund
|
$26,838,432
|
$4,598,094
|
Destra Focused Equity Fund
|
40,844,626
|
6,505,403
|
Funds
|
DRD
|
QDI
|
Destra Preferred Securities and Income Fund
|
43.35%
|
62.21%
|
Destra Focused Equity Fund
|
100.00%
|
100.00%
|
Independent Trustees
|
|||||
Number of
|
|||||
Term of
|
Portfolios in
|
||||
Office and
|
Principal
|
Fund
|
Other
|
||
Position(s)
|
Length of
|
Occupation(s)
|
Complex
|
Directorships
|
|
Name, Business Address
|
Held with
|
Time
|
During Past
|
Overseen by
|
Held by
|
and Year of Birth
|
Trust
|
Served
|
5 Years
|
Trustee
|
Trustee
|
Independent Trustees
|
|||||
Diana S. Ferguson
|
Trustee
|
Term-
|
Chief Financial Officer
|
3
|
Tree House Foods
|
Birth year: 1963
|
Indefinite*
|
(2010-2011), Chicago
|
Urban Partnership Bank
|
||
Length of
|
Board of Education;
|
||||
Service-
|
Senior Vice President
|
||||
Since 2010
|
and Chief Financial
|
||||
Officer (2008), Folgers
|
|||||
Coffee Company;
|
|||||
Executive Vice President
|
|||||
and Chief Financial
|
|||||
Officer (2007-2008),
|
|||||
Merisant Worldwide;
|
|||||
Senior Vice President
|
|||||
and Chief Financial
|
|||||
Officer (2001-2007),
|
|||||
Sara Lee Foodservice
|
|||||
William M. Fitzgerald, Sr.
|
Trustee
|
Term-
|
Founder, Global
|
3
|
Director, Syncora
|
Birth Year: 1964
|
Indefinite*
|
Infrastructure Asset
|
Holdings Ltd. and its
|
||
Length of
|
Management LLC;
|
affiliates, Syncora
|
|||
Service-
|
Managing Director
|
Guarantee Inc. and
|
|||
Since 2010
|
(1988-2007), Nuveen
|
Syncora Capital Assurance
|
|||
Investments LLC; Chief
|
Inc.- Financial Guarantee
|
||||
Investment Officer
|
Company, Ariel Education
|
||||
(2000-2007), Nuveen
|
Initiative, Advisory Board
|
||||
Asset Management;
|
of Bannockburn
|
||||
Director, Syncora
|
Securities, LLC
|
||||
Holdings Ltd. and its
|
|||||
affiliates, Syncora
|
|||||
Guarantee Inc. and
|
|||||
Syncora Capital
|
|||||
Assurance Inc.- Financial
|
|||||
Guarantee Company
|
|||||
Louis A. Holland, Jr.
|
Trustee
|
Term-
|
President and Chief Financial |
3
|
Holland Capital
|
Birth Year: 1964
|
Indefinite*
|
Officer (2008-present),
|
Management- Corporate
|
||
Length of
|
CUMOTA LLC: Managing
|
Board of Director; HP
|
|||
Service-
|
Director (2000-2008),
|
Schmaltz Restaurants-
|
|||
Since 2010
|
Nuveen Investments
|
Corporate Board;
|
|||
Schmaltz ONLINE-
|
|||||
Corporate Board of
|
|||||
Director; National
|
|||||
Alzheimer’s Association-
|
|||||
National Board Member;
|
|||||
DuPage PADs- Board
|
|||||
Member
|
TRUSTEES AND OFFICERS, CONTINUED | |||||
(unaudited) | |||||
Number of
|
|||||
Term of
|
Portfolios in
|
||||
Office and
|
Principal
|
Fund
|
Other
|
||
Position(s)
|
Length of
|
Occupation(s)
|
Complex
|
Directorships
|
|
Name, Business Address
|
Held with
|
Time
|
During Past
|
Overseen by
|
Held by
|
and Year of Birth
|
Trust
|
Served
|
5 Years
|
Trustee
|
Trustee
|
Interested Trustee
|
|||||
Nicholas Dalmaso **
|
Trustee,
|
Term-
|
Co-Chairman, General
|
3
|
None
|
Birth Year: 1965
|
Chief Executive
|
Indefinite*
|
Counsel and Chief
|
||
Officer,
|
Length of
|
Operating Officer of
|
|||
Secretary |
Service-
|
Destra Capital
|
|||
Since 2010
|
Management LLC,
|
||||
President, Chief
|
|||||
Operating Officer and
|
|||||
General Counsel, Destra
|
|||||
Capital Advisors LLC;
|
|||||
President, Chief
|
|||||
Operating Officer and
|
|||||
General Counsel, Destra
|
|||||
Capital Investments LLC;
|
|||||
(2001-2008) General
|
|||||
Counsel and Chief
|
|||||
Administrative Officer,
|
|||||
Claymore Securities, Inc.
|
|||||
Officers of the Trust
|
|||||
Anne Kochevar
|
Chief
|
Term*
|
Senior Managing
|
3
|
None
|
Birth Year: 1963
|
Compliance
|
Length of
|
Director, Destra
|
||
Officer
|
Service-
|
Capital Management LLC,
|
|||
901 Warrenville Rd.
|
Since 2010
|
Destra Capital Advisors
|
|||
Suite 15 Lisle, IL 60532
|
LLC and Destra Capital
|
||||
Investments LLC; Senior
|
|||||
Managing Director
|
|||||
(2002-2010), Claymore
|
|||||
Securities, Inc.
|
*
|
Each trustee serves for the lifetime of the Trust until removal, resignation or retirement and his or her successor is elected.
|
**
|
Mr. Dalmaso is an “Interested Person” of the Trust, as defined in the 1940 Act, by reason of his positions with and ownership of Destra Capital Management LLC and its subsidiaries.
|
Board of Trustees
|
Officers
|
Investment Adviser
|
Diana S. Ferguson
|
Nicholas Dalmaso
|
Destra Capital Advisors LLC
|
Chief Executive Officer | Lisle, IL | |
William M. Fitzgerald
|
|
|
Anne Kochevar
|
Distributor
|
|
Louis A. Holland, Jr.
|
Chief Compliance Officer
|
Destra Capital Investments LLC
|
Lisle, IL | ||
Nicholas Dalmaso*
|
||
Administrator, Accounting Agent,
|
||
* “Interested Person” of
|
Custodian and Transfer Agent
|
|
the Trust, as defined in
|
The Bank of New York Mellon | |
the Investment Company
|
New York, NY
|
|
Act of 1940, as amended.
|
||
Legal Counsel
|
||
Chapman and Cutler LLP
|
||
Chicago, IL
|
||
Independent Registered Public
|
||
Accounting Firm
|
||
KPMG LLP
|
||
Chicago, IL
|
(a)
|
The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
|
|
(c)
|
There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.
|
|
(d)
|
The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.
|
(a)
|
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $40,000 for 2011 and $34,000 for 2012.
|
(b)
|
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2011 and $0 for 2012.
|
(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $12,000 for 2011 and $12,000 for 2012.
|
|
|
·
|
Review of excise tax calculations and tax returns for the funds within the Trust.
|
·
|
Review of tax adjustments and footnotes within the annual financial statements of the Trust.
|
(d)
|
The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2011 and $0 for 2012.
|
(e)(1)
|
Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
|
I.
|
Statement of Principles
|
II.
|
Delegation
|
III.
|
Audit Services
|
IV.
|
Tax Services
|
V.
|
Procedures
|
(e)(2)
|
The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:
|
|
(b) N/A
|
|
(c) 100%
|
|
(d) N/A
|
(f)
|
The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.
|
(g)
|
The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2011 and $0 for 2012.
|
(h)
|
Not applicable.
|
(a)
|
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
|
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
|
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
(a)
|
The Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures within 90 days of the filing date of this report and have concluded that these controls and procedures are effective.
|
(b)
|
There were no significant changes in the Registrant's internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
|
(a)(1)
|
Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2)
|
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3)
|
Not applicable. |
(b)
|
Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
|
Compliance with Laws, Rules and Regulations
|
Conflicts of Interest
|
Disclosures
|
Compliance with Code of Ethics
|
Waivers of Code of Ethics
|
No Rights Created
|
1.
|
I have reviewed this report on Form N-CSR of Destra Investment Trust II;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Destra Investment Trust II;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
1.
|
The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
|
1.
|
The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
]4HM7O8C;PNBDL%(,N%:0%B`>6'.` M#P#U[4`=%17.QZMP/X4`;U%8]S%=7&JRK!*4$8B;<9F`7DY^0<-D#O5:76;Z*.%F M6W)E4N.`H.#@+EG'/OSUZ4`=!2US)O[G3Y)BJVY:660EV4+DJ0`N2X]??&.A MJ\M_?22J%\A5>9XPIC)("J3UWGZ9>/>:I&[S0.WV4DI$"#&2R_*V2>?R^E'4#;HK`AU"\0' M:T;1QD%MX)9MTK+@'/&`/2GIJ\K1QLUS9QEV`? WF@#H:*Q6UED;R_.MI'+($*@C>I&20,]*K/?7ORR/<0Q$I;N[;6V`,Q MR,%L#Z]Z`.CHKG(=8N4:&)4C(8_QOR^9"#@L^>`/1OPJQ'J,UUH^H.SH)8HV MPT/0?+D88,<_H?84!U-NBL9[M],C3S]D:R*YR]P\O(7(&6QC//%1'5[U8S/L MA9,E1&J'.1'OSG/KVQ0!O45C:?<237.H21S07,@C3:T(PI.&P.I_G59I;=]/ M!^V227;*OFQM*3@[ESE,X7!]A0!T5% V94Y#,`N!N((P7Z_7;5W M3-3>[O)(G:,J$#KL7G''7YB0>>A`^IH6H/0U:*PK6]N#J@N9!*+*Y8Q1Y(V# M'W2!G/.&[=Q6[0`4444`%%%%`%+5?^/1/^OB#_T:E7:I:K_QZ)_U\0?^C4J[ M0`4444`8_B>%9=-!;>=C;@!&9%)P?O`=O?UJK!;3FZMI6M$A!"RL^T@P*HQL M''0^GN ]5Y]=A4RPQQR"X56`4E.&"YQC=V]>G'6KU MQ917$ZR29X4J5SPPR"/R(I#86YDD?:^9,[@)&"G(P3MSC..^*709E6NMK:0N MM\\KONR-Q0,%"J3W`/+=!DU;GU;$#S6]I-*B-M$GRA3R`<9.?T[58;3+0G=Y M;*W]Y)&4]`,9!Z8`X]J5M-M6,F4?$F=P$K`9X.<9P#D=13$);:A' 7=RNQ1`@5HF'5@2PR?^^>/:K$5E!%,9E#F0KMR\C- MQ^)..@IB:991R-)%;I$[8R8_DZ'(Z>_Y]Z`**ZC>AQ#,L<<\CA45HB`%)/S9 MW'/`Z< S<8L[2%9@6&=V<`94<'L3Z5J_V7:88>6QW8Y,C$K@ MY&TYRO/IBA],M'C2-HLHBLJC<>,]3]??KR:`&RZA%;Z>ES(ZSJ<*7B(VD]"< MDX`SZFJU]K"+'+#&K)-Y1=&)1AT!Z`D]^XQ5X6$`MOLX$@CR6.)$GDDL#F MH5T:P7.(6`((V^8VT9QG'2@"!O$%FKRJ`[&//W2IS@@'OD=>^*M-?HL$$B M1/(TY^1$*DGC/7..@]:7^SK8%R!*N\DD+,X`).3@`\<^E*UA;-;QP;&"1'*; M78,I_P!X'/<]Z.@%2'5&6>=)X)L>81&<+@80-MZ]>OM[TJZ[;N,K%*0-Y<@H M0@4`DDAL'[PZ9JR^F6DD1C>(LI)8Y=NI7;G.?2FIIEM&K^6AW,K*6D9GSN`! MSD\_='Y4`5Y-=AA;9<6\T+_*55R@W`YQSNQ_">IJQ8WXO)7"X\LHDL9`YVMG MK[Y!JO:Z)'&[O/(TCG:%*,ZE=N>A+$]SWJ[;VB6\LDBLS%PJC< ]+110`4444`(0#UI:**`$Z=*6BB@!*6BB@`HHHH`****`"B MBB@"EJO_`!Z)_P!?$'_HU*NU2U7_`(]$_P"OB#_T:E7:`"BBB@`HHHH`**** M`,7Q?_R+5W_P#_T-:VJQ?%__`"+5W_P#_P!#6MJ@`HJ":V29PS%@0,<4S[!% M_>?\Q0!:HJK]@B_O/^8H^P1?WG_,4`6J*J_8(O[S_F*=%:1Q2!U+9'J:`*NJ M:K_9SA2D1S&TG[R783@C@<')YIQU":1I?LUJ)$AP'+R;3G`.%DX([BI+NP M6ZD#^?+$?+,9\O;RIQD<@^E,.E1*&6"::!'4*Z1D8;`QW!(.!C(Q1T`JKK>_ M[1+$A>-$3RHS&RF1FQ@;CQWQ^M69=3"Z/]OCA+G:#Y6<'.<%<^N:4Z1:,ZED M+1J01$<%.%VCC'84Y=-@2VEMTW)%(^_:N`$.0<#C@9'ZF@"`ZY;_`&BV11F. M6(RO(3@1C!(S[\'\JG_M6SRHWR;F8J%\I]P(&>1C(X. !&/IR<4^WTBWMR"C-D;N0J+G(`_A4>E`$,FLJ[)]E"LC;#EU8$A@W."!_ M=ZY-6HKUFCL2Z`M <@CI1W`:VK62J"92<]`L;$_>VXP!USQ1_:ELR_NF=G*Y`$3'') M'S+R#UQTJ"STD(\\LYQ)+,LGRMG[O([#J :Q M!';2-;L6E'W <$CCD`^E2#5K1(R9)CE!\S>4P!P0#CCGD]!G%1QZ':Q& M386`?T5`1\P;KMR>1W)H&AVBR2."PWDGA4R"6W'G;GJ.YI`3?VK:9(W2[@P4 MCR'SG&<8QUQSBHKG5X%1/L[^8SO&,[&*@,PZG&`<'N:? 9(PR,T:[0K,N,$\<=!TQ0@&WFK_9;[[.8XVY08,N' M;<*N.6ISJMF-W[T_+_L-\W./EX^;GCC-)=:9' K1&]>%]RH0FPF)P M6,KJJ/)\VW!,+@ O6@!QU6T7(9Y`00-IA?)SG&!C)Z'I1IU^EZC#(,J,P< M*#A?F(&??`Z5#;:);V\WFB65W#*V6V\XSC.!D]3R>:GLM/BLI)&A>3$A+,I( MP6)SGIU[?A0! B?]?$'_`*-2KM`!1110!C^)F9=.#"Y$(# 9P>,CIZ_A6?!?O)J-NR2S M)&6C`CDE)?:5.?EZ,O :Z9E5U*NH93U!&0:&4.I5AD$8(H`P;R[D-U(UM< M,T^]/(C5\J\97).W.",YY]A4,=R#)$IO939$(9I3,WROM;(W9RO(7C_&ND1% MC140!548`'84IXZT`8UU:7.K>%Q;!P)Y40[I /05=\W4_^?2T_\"F_ M^-U=I*`*?FZG_P`^EI_X%-_\;H\W4_\`GTM/_`IO_C=7:*`*7FZG_P`^EI_X M%-_\;H\W4_\`GTM/_`IO_C=7:*`*7FZG_P`^EI_X%-_\;J&]34[NRGM_LUHG MG1M'N^TL<9&,X\NM(\=:6@"EYNI_\^EI_P"!3?\`QNCS=3_Y]+3_`,"F_P#C M=7*6@"EYNI_\^EI_X%-_\;H\W4_^?2T_\"F_^-U=HH`I>;J?_/I:?^!3?_&Z M/-U/_GTM/_`IO_C=7:3I0!FWJ:G=V4]O]FM$\Z-H]WVECC(QG'EU-YNI_P#/ MI:?^!3?_`!NKM)0!3\W4_P#GTM/_``*;_P"-T>;J?_/I:?\`@4W_`,;J[10! M2\W4_P#GTM/_``*;_P"-T>;J?_/I:?\`@4W_`,;J[10!2\W4_P#GTM/_``*; M_P"-U#=IJ=S$L?V:T7$B29^TL?NN&Q_J^^,5ITG7I0!3\W4_^?2T_P#`IO\` MXW1YNI_\^EI_X%-_\;JX>!DTM`%+S=3_`.?2T_\``IO_`(W1YNI_\^EI_P"! M3?\`QNKM%`%+S=3_`.?2T_\``IO_`(W1YNI_\^EI_P"!3?\`QNKM)TH`S;M- M3N8EC^S6BXD23/VEC]UPV/\`5]\8J;S=3_Y]+3_P*;_XW5VDH`I^;J?_`#Z6 MG_@4W_QNCS=3_P"?2T_\"F_^-U=HH`I>;J?_`#Z6G_@4W_QNCS=3_P"?2T_\ M"F_^-U=HH`I>;J?_`#Z6G_@4W_QNH;M-3N8EC^S6BXD23/VEC]UPV/\`5]\8 MK2Z4M`%+S=3_`.?2T_\``IO_`(W1YNI_\^EI_P"!3?\`QNKG?%+0!2\W4_\` MGTM/_`IO_C='FZG_`,^EI_X%-_\`&ZNT4`4O-U/_`)]+3_P*;_XW1YNI_P#/ MI:?^!3?_`!NKM)TH`SKB/4+I8XY+>UC02QNS+<,QPKAN!L'IZUI44G?%`"T4 M44`%%%%`$<[2+!(T*;Y`I*KG&3V%8-C;W!+6 E+86IE:.)_,\FWC.#L:/+N M3G:#@@`<#ZT44(&(MD?[*LE\J0/#.I"\\#S.I'T]:VZ**`"HKEI$MI6A7?*J M$HOJ<<"BBD]AK -VB,@DDF,+1E\?,P(;N6P/<9]*B6W_?RE+.0 M6A:(O&+=DX!;(*\[SR"2.M%%,70M6%J]PPCFCDCMX%?RU.5/SL<>XPF![;J= M':-_9VE9BD$D#I\O/RCOD?XT44=0Z&U1110!!>0M<6
=Y MR5)(JWIUK)<`+ &TE62(,=_DN3 M.Y7`&[&`H^O6FFS$%Y9)%`[2QNOFRB$Y?(.3YG0#).1WHHH70'U)$M66)[%( MY!'-=,6+9/[L8)Y/7/3\:L1V2_:-10I)Y L2PAD>3R&@<6Z3-/Q$ M8U8`#:`IZ BBIZCZ$8L_-L]32.VD2)HU:)%B:+Y@#QM_B/3)[_A6A M :1@%5+%03@D`=<#)Q[445+*1FVB22K#; MR6[?9[168`1LGF\87AN<_>ZGJ`>]5(K8"9S)9R-8[\[%MF49V8'[OKQZ^IHH MIL1;MK2:ZLIC>))O2W$"J2020`6/'7)X]\4DT2O+8QM;2K*L<9:?RG;8!SM7 M`P"3U/'%%%/J'0WJ***0%74H&N+&2-2,G!P02&`.<$#G!QC\:R;:WE>-4N+0 MI`H>X-N@X&>%0=.?O''KBBBD,K);$-)YMG(]INDV*ENRC<57:0G48PPSZG-6 M_LDMWIMX]TDAE\GR47)R=HYZ= YXX_0HHIDL__V3\_ ` end