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0.0575
0.0000
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0.0100
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0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
-0.0200
-0.0200
0.0000
0.0000
0.0000
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0.0085
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0.0085
0.0085
0.0025
0.0100
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0.0668
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736
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0.0637
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Class A (return before taxes)</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Class C (return before taxes)</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Class I (return before taxes)</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Class A (return after taxes on distributions)</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Class A (return after taxes on
distributions and sale of Fund shares)</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">S&P 500 Index (reflects no deduction for fees,
expenses or taxes)</font></p>
0.0028
0.0448
0.0678
0.0001
0.0053
0.1407
0.0994
0.0716
0.1515
0.0963
0.0844
0.2351
2011-08-10
2011-08-10
2011-08-10
2011-08-10
2011-08-10
2011-08-10
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">February 1, 2022</font></p>
0.1680
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at
least $50,000 in the Fund or in other Destra mutual funds.   More information about these and other discounts,
as well as eligibility requirements for each share class, is available from your financial professional and in “Shareholder
Information” on page 32 of the Fund’s Prospectus and “Purchases” on page 62 of the Fund’s Statement
of Additional Information.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p>
50000
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Fund seeks to achieve its investment objective by investing primarily in a diversified<b> </b>portfolio of equity securities.  Under
normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. The Fund may
invest in securities of companies with any market capitalization. Equity securities held by the Fund may include common stocks,
preferred shares, convertible securities and securities or other instruments whose price is linked to the value of common stock,
depository receipts, and securities of master limited partnerships (“MLPs”).</font></p>
<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> You may lose part or
all of your investment in the Fund or your investment may not perform as well as other similar investments.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">An investment in the Fund is
not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency, entity or person.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  </font></p>
<p style="margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> The bar chart and highest/lowest
quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than
those shown.</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">year-to-date total return</font></p>
2012-12-31
0.0637
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">highest quarterly returns</font></p>
2012-09-30
0.0494
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">lowest quarterly returns</font></p>
2012-12-31
-.0184
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All after-tax returns are calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">After-tax returns are not relevant
to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">After-tax returns are shown for
Class A shares only; after-tax returns for other share classes will vary.</font></p>
<p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">reflects
no deduction for fees, expenses or taxes</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font-size: 10pt">Class
C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class
P are based on estimated amounts for the Fund’s current fiscal year. Other Expenses may include acquired fund fees, which
were not included as fund expenses in the annual report.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Destra High Dividend Strategy Fund</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt"><b>Investment Objective</b></font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Fund’s investment objective is to seek long-term
total return and current income.</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fees
and Expenses of the Fund</b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">This table
describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  For Class A shares, you may
qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund
or in other Destra mutual funds.   More information about these and other discounts, as well as eligibility requirements
for each share class, is available from your financial professional and in “Shareholder Information” on page 32 of the
Fund’s Prospectus and “Purchases” on page 62 of the Fund’s Statement of Additional Information.</font></p>
<p style="margin: 0; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shareholder
Fees </b>(fees paid directly from your investment)</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Annual
Fund Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment)</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Example</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The
example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem all
of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year
and that the Fund’s operating expenses remain the same.  Although your actual costs may be higher or lower, based
on these assumptions your costs would be:</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Redeemed</font></p>
<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Not Redeemed</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Portfolio
Turnover</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect
the Fund’s performance.  During the most recent fiscal period ended September 30, 2012, the Fund’s portfolio
turnover rate was 16.80% of the average value of its portfolio.</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principal
Investment Strategies</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund seeks to achieve its investment objective by investing primarily in a diversified<b> </b>portfolio of equity securities.  Under
normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. The Fund may
invest in securities of companies with any market capitalization. Equity securities held by the Fund may include common stocks,
preferred shares, convertible securities and securities or other instruments whose price is linked to the value of common stock,
depository receipts, and securities of master limited partnerships (“MLPs”).</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund may invest in U.S. dollar-denominated securities of U.S. and foreign issuers, and up to 20% of its total assets in securities
denominated in non-U.S. dollar currencies. The Fund may invest in securities from any country.</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Fund’s sub-adviser, Miller/Howard Investments, Inc. (the “Sub-Adviser”), believes that financially strong stocks
with rising dividends offer the prospects of consistent performance as well as potential added value. Stock prices fluctuate,
but dividends add current returns and, over time, increases in dividends can induce increases in the price of the stocks
generating those dividends. The Sub-Adviser’s research shows that dividends can be large contributors to total returns, and
that by focusing on companies with a consistent track record of increasing their dividends, investors have an opportunity to generate
superior risk-adjusted performance over time.</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Sub-Adviser's goal is to provide for annual increases in income that exceed the rate of inflation over time. Their investment
process starts by identifying, selecting, and investigating stocks that pass initial quantitative screens for quality, yield,
and growth of yield. Preference is given to companies with monopoly-like characteristics and recurring revenues, which may be
attained through proprietary goods and services, strategic geographic positioning, or market dominance. The Sub-Adviser seeks
companies that fulfill society’s basic requirements as well as those with a unique potential or “growth kicker”
– such as new products, hidden assets, or industry conditions – which is not currently reflected in the stock price.
Candidates are then ranked according to yield, growth of yield, special growth potentials, and contribution to overall diversification
of the portfolio.</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: small-caps 10pt Times New Roman, Times, Serif"><b>Principal
Risks</b></font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fund
Performance</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following bar chart and table provide some indication of the potential risks of investing in the Fund.  The Fund’s
past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated
performance information is available at www.destracapital.com or by calling (877) 287-9646.</font></p>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
bar chart below shows the Fund’s performance for Class A shares.  The performance of the other share classes will
differ due to their different expense structures.  The bar chart and highest/lowest quarterly returns that follow do
not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font-size: 10pt"><b>Calender
Year Total Return as of 12/31 </b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font-size: 10pt">*
Class A year-to-date total return as of December 31, 2012 was 6.37%.</font></p>
<p style="font: 8pt/normal Arial, Helvetica, Sans-Serif; margin: 0; background-color: white; text-align: justify"><font style="font-size: 10pt"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font-size: 10pt">During
the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 4.94% and (1.84)%, respectively,
for the quarters ended September 30, 2012 and December 31, 2012.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Average
Annual Total Returns for the Periods Ended December 31, 2012</b></font></p>
<p style="margin: 0pt; text-align: justify"></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated
with those of a broad measure of market performance.  All after-tax returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  After-tax returns
are shown for Class A shares only; after-tax returns for other share classes will vary.  Your own actual after-tax returns
will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors
who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Both the bar chart and the table
assume that all distributions have been reinvested.  Performance reflects fee waivers, if any, in effect during the
periods presented. If any such waivers were not in place, returns would be reduced.</font></p>
<p style="margin: 0pt; text-align: justify"></p>
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0.0236
0.0171
0.0133
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destra000179
<p style="font: 12pt/15.05pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Risk
is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment,
may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment
may not perform as well as other similar investments. The following is a summary description of certain risks of investing in
the Fund.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Equity
Securities Risk:</i>  Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s
financial condition and overall market and economic conditions.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Dividend
Income Risk:</i>  Companies that issue dividend yielding equity securities are not required to continue to pay dividends
on such stock. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the
future. In such an event, the yield on the Fund’s dividend paying equity securities would be adversely affected.  Depending
upon market conditions, income producing equities that meets the Fund’s investment criteria may not be widely available and/or
may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to achieve its investment objective.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Foreign
Investment Risk/Emerging Markets Risk:</i>  Because the Fund can invest its assets in foreign instruments, the value
of Fund shares can be adversely affected by changes in currency exchange rates and political and economic developments abroad.
Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund
share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States.
The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. These additional risks may be heightened
for securities of companies located in, or with significant operations in, emerging market countries.  In addition,
the European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns
in, or rising government debt levels of several European countries.  These events may spread to other countries in Europe,
including countries that do not use the Euro. These events may affect the value and liquidity of certain of the Fund’s investments.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Depositary
Receipts Risk:</i>  Depositary receipts may be less liquid than the underlying shares in their primary trading market.
Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of
depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the
value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts
and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market
price of the depositary receipts.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Currency
Risk:</i>  Since a portion of the Fund’s assets may be invested in securities denominated foreign currencies, changes
in currency exchange rates may adversely affect the Fund’s net asset value, the value of dividends and income earned, and
gains and losses realized on the sale of securities.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Master
Limited Partnership Risk and Sector Risk:</i>  An investment in units of master limited partnerships (<i>“MLPs”</i>)
involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control
and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment
in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including
those arising from incentive distribution payments.  The benefit the Fund derives from investment in MLP units is largely
dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes.  If an
MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the
Fund of distributions from the MLP, likely causing a reduction in the value of the Fund’s shares.  MLP entities
are typically focused in the energy, natural resources and real estate sectors of the economy.  A downturn in the energy,
natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of
securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other
sectors or the broader market as a whole.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Energy
Companies Risk: </i>The Fund invests in energy companies, including pipeline and gas distribution companies. General problems
of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks,
reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, clean-up
and litigation costs relating to oil spills and environmental damage, and tax and other regulatory policies of various governments.
Natural disasters such as hurricanes in the Gulf of Mexico will also impact energy companies.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Health
Care Companies Risk:</i>  The Fund invests in health care companies, including those that are involved in medical services
or health care, including biotechnology research and production, drugs and pharmaceuticals and health care facilities and services,
and are subject to extensive competition, generic drug sales or the loss of patent protection, product liability litigation and
increased government regulation.  Research and development costs of bringing new drugs to market are substantial, and
there is no guarantee that the product will ever come to market.  Health care facility operators may be affected by
the demand for services, efforts by government or insurers to limit rates, restriction of government financial assistance and
competition from other providers.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Utilities
Companies Risk:  </i>The Fund invests in utilities companies.  Utilities companies are subject to the imposition
of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or
in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental
considerations, and the capital market’s ability to absorb utility debt.  In addition, taxes, government regulation,
international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties
for utilities.  Utilities issuers have been experiencing certain of these problems to varying degrees.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Financial
Services Companies Risk:</i>  The Fund invests in financial services companies.  Financial services companies
may include banks, thrifts, brokerage firms, broker/dealers, investment banks, finance companies and companies involved in the
insurance industry.  Banks, thrifts and their holding companies are especially subject to the adverse effects of economic
recession; government regulation; decreases in the availability of capital; volatile interest rates; portfolio concentrations
in geographic markets and in commercial and residential real estate loans; and competition from new entrants in their fields of
business.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Convertible
Securities Risk:</i>  The market value of a convertible security often performs like that of a regular debt security;
that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities
are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change
based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since
it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject
to the same types of market and issuer risks that apply to the underlying common stock.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivatives
Risk:</i>  The use of derivatives such as options entail certain execution, market, liquidity, hedging and tax risks.  If
the investment adviser’s prediction of movements in the direction of the securities, foreign currency, interest rate or other
referenced instruments or markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it
had not used such strategies.  The Fund will be subject to risks that include, among other things, the risk of default
and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying collateral will decline
or the risk that the common stock of the underlying issuer will decline in value.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Market
Risk and Selection Risk:</i><b> </b>Market risk is the risk that one or more markets in which the Fund invests will go down
in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the
securities selected by Fund management will under-perform the markets, the relevant indices or the securities selected by other
funds with similar investment objectives and investment strategies. This means you may lose money.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Investment
risk:</i> When you sell your shares of the Fund, they could be worth less than what you paid for them.  Therefore,
as with any mutual fund investment, you may lose some or all of your investment by investing in the Fund.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Risks
Associated with Active Management: </i>The Fund is an actively managed portfolio and its success depends upon the investment
skills and analytical abilities of the Fund’s sub-adviser to develop and effectively implement strategies that achieve the
Fund’s investment objective. Subjective decisions made by the investment sub-adviser may cause the Fund to incur losses or
to miss profit opportunities on which it may otherwise have capitalized.</font></p>
<p style="font: 8.5pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>General
Fund Investing Risks:</i>  The Fund is not a complete investment program and you may lose money by investing in the
Fund. All investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment
objective. In general, the Annual Fund Operating Expenses expressed as a percentage of the Fund’s average daily net assets
will change as Fund assets increase and decrease, and the Fund’s Annual Fund Operating Expenses may differ in the future.
Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its objective.
Investors in the Fund should have long-term investment perspective and be able to tolerate potentially sharp declines in value.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency, entity or person.</font></p>
<p style="font: 8.5pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated
with those of a broad measure of market performance. </font></p>
Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P are based on estimated amounts for the Fund's current fiscal year. Other Expenses may include acquired fund fees, which were not included as fund expenses in the annual report.
A contingent deferred sales charge of 1.00% may apply to Class A shares purchased without an initial sales charge if redeemed within 12 months of purchase.
The Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other trading expenses, taxes, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of business) at 1.60% for Class A, 2.35% for Class C, 1.70% for Class P and 1.32% for Class I. This waiver will continue in effect until February 1, 2022. The waiver may be terminated or modified prior to February 1, 2022 only with the approval of the Board of Trustees of the Trust.