0000891804-13-000218.txt : 20130212 0000891804-13-000218.hdr.sgml : 20130212 20130212162805 ACCESSION NUMBER: 0000891804-13-000218 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130212 DATE AS OF CHANGE: 20130212 EFFECTIVENESS DATE: 20130212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Destra Investment Trust II CENTRAL INDEX KEY: 0001511331 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-171933 FILM NUMBER: 13597562 BUSINESS ADDRESS: STREET 1: 901 WARRENVILLE ROAD SUITE 15 CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 630.241.4200 MAIL ADDRESS: STREET 1: 901 WARRENVILLE ROAD SUITE 15 CITY: LISLE STATE: IL ZIP: 60532 0001511331 S000031884 Destra Focused Equity Fund C000099295 Class A C000099296 Class C C000099297 Class P C000099298 Class I 0001511331 S000031885 Destra Preferred and Income Securities Fund C000099299 Class C C000099300 Class P C000099301 Class I C000099302 Class A 497 1 des56071-497xbrl.htm DESTRA INVESTMENT TRUST 2 des56071-497xbrl.htm
Rule 497(e)
Registration Nos. 333-171933 and 811-22523
[CHAPMAN AND CUTLER LLP LETTERHEAD]
 
February 12, 2013
 
 
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549

 
Re: 
 
Destra Investment Trust II
(Registration Nos. 333-171933 and 811-22523)

 
Ladies and Gentlemen:
 
On behalf of Destra Investment Trust II (the “Registrant”) and its series, Destra Focused Equity Fund and Destra Preferred and Income Securities Fund, we are transmitting for electronic filing pursuant to Rule 497(e) under the Securities Act of 1933, as amended, exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the Registrant’s 497(e) filing with the Securities and Exchange Commission on February 6, 2012.  
 
If you have any questions or comments, please telephone the undersigned at (312) 845-3484.
 
 
Very truly yours,

 
Chapman and Cutler llp
 
 
By: /s/ Morrison C. Warren
 
           Morrison C. Warren
Enclosures
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As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities.</font></font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">year-to-date total return</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">year-to-date total return</font></p> 0.1298 0.1663 2012-12-31 2012-12-31 <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">highest quarterly returns</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">highest quarterly returns</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">lowest quarterly returns</font></p> <p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">lowest quarterly returns</font></p> 0.1450 0.0644 -0.0583 0.0165 2012-06-30 2012-12-31 2012-03-31 2012-03-31 <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The table below shows the variability of the Fund&#146;s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance.</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The table below shows the variability of the Fund&#146;s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance.</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">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="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">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="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary.</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary.</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">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: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">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: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The Fund&#146;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="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The Fund&#146;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="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">www.destracapital.com</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">www.destracapital.com</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">(877) 287-9646</font></p> <p style="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">(877) 287-9646</font></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Calendar Year Total Returns as of 12/31</b></font></p> <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, 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0.1372 0.1140 0.0356 0.0306 0.0997 0.0708 0.0649 0.1498 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. Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares 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. 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. Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares are based on estimated amounts for the Fund's current fiscal year. Acquired fund fees were not included as fund expenses in the annual report. 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 1.50% for Class A, 2.25% for Class C, 1.60% for Class P and 1.22% 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. 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Destra Focused Equity Fund (Class A C P And I) | Destra Focused Equity Fund

Destra Focused Equity Fund

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation.

Fees and Expenses of the Fund

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 22 of the Fund’s Prospectus and “Purchases” on page 32 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund
Class A
Class C
Class P
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) none [1] 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) none none 2.00% 2.00%
Exchange Fees none none none none
[1] 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund
Class A
Class C
Class P
Class I
Management Fees 0.85% 0.85% 0.85% 0.85%
Distribution and Service (12b-1) Fees 0.25% 1.00% 0.25% none
Other Expenses [1] 2.65% 9.26% 2.65% 3.57%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 3.76% 11.12% 3.76% 4.43%
Fee Waiver [2] (2.15%) (8.76%) (2.05%) (3.10%)
Total Annual Fund Operating Expenses After Fee Waiver 1.61% 2.36% 1.71% 1.33%
[1] Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares 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.
[2] 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.

Example

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:

Redeemed

Expense Example Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund (USD $)
1 year
3 years
5 years
10 years
Class A
729 1,054 1,401 2,376
Class C
339 736 1,260 2,696
Class P
174 539      
Class I
135 421 729 1,601

Not Redeemed

Expense Example, No Redemption Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund (USD $)
1 year
3 years
5 years
10 years
Class A
729 1,054 1,401 2,376
Class C
239 736 1,260 2,696
Class P
174 539      
Class I
135 421 729 1,601

Portfolio Turnover

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 fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment purposes) in equity securities.  

 

Investment Process Overview.  The cornerstone of the sub-adviser’s investment philosophy is that sector and industry performance is highly correlated with particular stages of the business cycle.  The sub-adviser overweights equities in sectors of the S&P 500 Index it believes will experience economic tailwinds, and avoids investing in sectors it views as untimely at a particular stage of the business cycle. The sub-adviser targets high-quality, market-leading companies within favored sectors.  The result is a core investment style that shifts portfolio sector and style emphasis over cycles to seek to remain properly oriented and timely over a full economic and market cycle.  As of December 31, 2012, the average market cap of the S&P 500 Index was $25.5 billion.


Analysis and Emphasis.  The sub-adviser uses a forward-looking, anticipatory strategy. The foundation of this strategy is that particular sectors of the S&P 500 Index tend to perform well in certain phases of an economic cycle.  The sub-adviser’s investment team analyzes traditional cyclical trends and identifies the characteristics of the current business cycle.  The sub-adviser’s proprietary macroeconomic database is a key element of this analysis.  The Fund’s portfolio holdings are shifted to newly favored sectors as the forecasted economic backdrop changes. The result is a core investment style that shifts portfolio emphasis over cycles among “value,” “growth at a reasonable price” and “traditional growth” approaches.

 

Stock Selection.  The S&P 500 Index is the investment universe for the Fund’s portfolio.  Portfolio candidates are screened to seek to identify market-leading, financially strong companies. The quality screening process focuses on companies with characteristics that include:

 

·  Large Capitalization: Companies most typically with market capitalizations two to three times the S&P 500 Index’s average market capitalization.
·  High Quality: Companies with low debt-to-equity ratios, high return-on-equity, and earnings growth opportunity.

 

·  Market Leading: Companies with a strong competitive position, prospective benefits from secular tailwinds, and a proven management team.

Principal Risks

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.

 

Equity Securities Risk — 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.

 

Sector Focus Risk—The Fund will typically focus its investments on companies within particular economic sectors. To the extent that it does so, developments affecting companies in those sectors will have a magnified effect on the Fund’s net asset value and total return.

 

Consumer Discretionary Companies Risk - Consumer discretionary companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.  The success of this sector depends heavily on disposable household income and consumer spending.  Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.

 

Information Technology Companies Risk -  Information technology companies are generally subject to the risks of rapidly changing technologies, short product life cycles, fierce  competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the Internet, have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance.

 

Non-Diversification/Limited Holdings Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain issues.  Furthermore, because the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer or group of issuers.

 

Investment Strategy Risk—The Fund invests in common stocks of companies that the sub-adviser believes will perform well in certain phases of the business cycle.  The sub-adviser’s investment approach may be out of favour at times, causing the Fund to underperform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio construction process.

 

Market Risk and Selection Risk — 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.

 

Risks Associated with Active Management—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.

 

General Fund Investing Risks—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.

Fund Performance

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.

 

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.

Calendar Year Total Returns as of 12/31

Bar Chart

* Class A year-to-date total return as of December 31, 2012 was 12.98%.

 

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 14.50% and (5.83)%, respectively, for the quarters ended March 31, 2012 and June 30, 2012.

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.

 

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.

Average Annual Total Returns for the Periods Ended December 31, 2012

Average Annual Total Returns Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund
Label
1 Year
Since Inception
Inception Date
Class A
Class A (return before taxes) 6.51% 3.59% Apr. 12, 2011
Class A After Taxes on Distributions
Class A (return after taxes on distributions) 6.45% 3.56% Apr. 12, 2011
Class A After Taxes on Distributions and Sales
Class A (return after taxes on distributions and sale of Fund shares) 4.31% 3.06% Apr. 12, 2011
Class C
Class C (return before taxes) 11.11% 8.93% Apr. 12, 2011
Class I
Class I (return before taxes) 13.36% 7.62% Apr. 12, 2011
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 14.07% 9.97% Apr. 12, 2011

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Destra Preferred and Income Securities Fund (Class A C P And I) | Destra Preferred and Income Securities Fund

Destra Preferred and Income Securities Fund

Investment Objective

The Fund’s investment objective is to seek total return, with an emphasis on high current income.

Fees and Expenses of the Fund

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 $100,000 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 28 of the Fund’s Prospectus and “Purchases” on page 46 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund
Class A
Class C
Class P
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.50% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) none [1] 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) none none 2.00% 2.00%
Exchange Fees none none none none
[1] 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.

Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund
Class A
Class C
Class P
Class I
Management Fees 0.75% 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees 0.25% 1.00% 0.25% none
Other Expenses [1] 3.78% 6.83% 3.78% 4.44%
Total Annual Fund Operating Expenses [2] 4.78% 8.58% 4.78% 5.19%
Fee Waiver [3] (3.28%) (6.33%) (3.18%) (3.97%)
Total Annual Fund Operating Expenses After Fee Waiver 1.50% 2.25% 1.60% 1.22%
[1] Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares are based on estimated amounts for the Fund's current fiscal year.
[2] Acquired fund fees were not included as fund expenses in the annual report.
[3] 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 1.50% for Class A, 2.25% for Class C, 1.60% for Class P and 1.22% 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.

Example

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:

Redeemed

Expense Example Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund (USD $)
1 year
3 years
5 years
10 years
Class A
596 904 1,234 2,165
Class C
328 703 1,205 2,585
Class P
163 505      
Class I
124 387 670 1,477

Not Redeemed

Expense Example, No Redemption Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund (USD $)
1 year
3 years
5 years
10 years
Class A
596 904 1,234 2,165
Class C
228 703 1,205 2,585
Class P
163 505      
Class I
124 387 670 1,477

Portfolio Turnover

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 fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily in the same types of securities.

 

The Fund may also invest up to 15% of its net assets in common stock. The portions of the Fund's assets invested in various types of preferred, debt or equity may vary from time to time depending on market conditions. In addition, under normal market conditions, the Fund invests more than 25% of its total assets in companies principally engaged in financial services.  The Fund may also invest up to 40% of its net assets in securities of non-U.S. companies.

  

The Fund will principally invest in (i) investment grade quality securities or (ii) below investment grade quality preferred or subordinated securities of companies with investment grade senior debt outstanding, in either case determined at the time of purchase.  Securities that are rated below investment grade are commonly referred to as “high yield” or “junk bonds.”  However, some of the Fund's total assets may be invested in securities rated (or issued by companies rated) below investment grade at the time of purchase. Preferred and debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay dividends and interest and repayment of principal. Due to the risks involved in investing in preferred and debt securities of below investment grade quality, an investment in the Fund should be considered speculative.  The maturities of preferred and debt securities in which the Fund will invest generally will be longer-term (perpetual, in the case of some preferred securities, and ten years or more for other preferred and debt securities); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term securities.

Principal Risks

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.

 

Preferred and Subordinated Security Risk—Preferred and other subordinated securities rank lower than bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments.   Distributions on some types of these securities may also be skipped or deferred by issuers without causing a default.  Finally, some of these securities typically have special redemption rights that allow the issuer to redeem the security at par earlier than scheduled.

 

Credit Risk—Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. Credit risk may be heightened for the Fund because the Fund may invest in “high yield” or “high risk” securities; such securities, while generally offering higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of default or bankruptcy, and are regarded as predominantly speculative with respect to the issuer’s capacity to pay dividends and interest and repay principal.

 

Interest Rate Risk—If interest rates rise, in particular, if long-term interest rates rise, the prices of fixed-rate securities held by the Fund will fall.

 

Liquidity Risk—This Fund, like all open-end funds, is limited to investing up to 15% of its net assets in illiquid securities.  From time to time, certain securities held by the Fund may have limited marketability and may be difficult to sell at favorable times or prices.  It is possible that certain securities held by the Fund will not be able to be sold in sufficient amounts or in a sufficiently timely manner to raise the cash necessary to meet any potentially large redemption requests by fund shareholders.

 

Concentration Risk—The Fund intends to invest 25% or more of its total assets in securities of financial services companies.  This policy makes the Fund more susceptible to adverse economic or regulatory occurrences affecting financial services companies.

 

Financial Services Company Risk—Financial services companies are especially subject to the adverse effects of economic recession, currency exchange rates, 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.

 

Foreign Investment Risk—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. 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.

 

Currency Risk—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.

 

Non-Diversification Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities.

 

Convertible Securities Risk—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.

 

High Yield Securities Risk—High yield securities generally are less liquid, have more volatile prices, and have greater credit risk than investment grade securities.

 

Income Risk—The income earned from the Fund’s portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called preferred or debt securities, at market interest rates that are below the portfolio’s current earnings rate.

  

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.

Market Risk and Selection Risk—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.

 

Risks Associated with Active Management—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.

 

General Fund Investing Risks—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.

Fund Performance

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.

 

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.

Calendar Year Total Returns as of 12/31

Bar Chart

* Class A year-to-date total return as of December 31, 2012 was 16.63%.

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 6.44% and 1.65%, respectively, for the quarters ended March 31, 2012 and December 31, 2012.

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.

 

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.

Average Annual Total Returns for the Periods Ended December 31, 2012

Average Annual Total Returns Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund
Label
1 Year
Since Inception
Inception Date
Class A
Class A (return before taxes) 11.36% 8.14% Apr. 12, 2011
Class A After Taxes on Distributions
Class A (return after taxes on distributions) 10.24% 7.08% Apr. 12, 2011
Class A After Taxes on Distributions and Sales
Class A (return after taxes on distributions and sale of Fund shares) 7.85% 6.49% Apr. 12, 2011
Class C
Class C (return before taxes) 14.76% 13.72% Apr. 12, 2011
Class I
Class I (return before taxes) 17.00% 11.40% Apr. 12, 2011
BofA Merrill Lynch Preferred Benchmark  (reflects no deduction for fees, expenses or taxes)
BofA Merrill Lynch Preferred Benchmark  (reflects no deduction for fees, expenses or taxes) 15.25% 14.98% Apr. 12, 2011
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Document and Entity Information
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Feb. 06, 2013
Document And Entity Information  
Document Type 497
Document Period End Date Sep. 30, 2012
Registrant Name Destra Investment Trust II
Central Index Key 0001511331
Amendment Flag false
Trading Symbol desii000183
Document Creation Date Feb. 06, 2013
Document Effective Date Feb. 06, 2013
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Destra Focused Equity Fund (Class A C P And I) | Destra Focused Equity Fund

Destra Focused Equity Fund

Investment Objective

The Fund’s investment objective is to seek long-term capital appreciation.

Fees and Expenses of the Fund

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 22 of the Fund’s Prospectus and “Purchases” on page 32 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund
Class A
Class C
Class P
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) none [1] 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) none none 2.00% 2.00%
Exchange Fees none none none none
[1] 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.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund
Class A
Class C
Class P
Class I
Management Fees 0.85% 0.85% 0.85% 0.85%
Distribution and Service (12b-1) Fees 0.25% 1.00% 0.25% none
Other Expenses [1] 2.65% 9.26% 2.65% 3.57%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 3.76% 11.12% 3.76% 4.43%
Fee Waiver [2] (2.15%) (8.76%) (2.05%) (3.10%)
Total Annual Fund Operating Expenses After Fee Waiver 1.61% 2.36% 1.71% 1.33%
[1] Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares 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.
[2] 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.

Example

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:

Redeemed

Expense Example Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund (USD $)
1 year
3 years
5 years
10 years
Class A
729 1,054 1,401 2,376
Class C
339 736 1,260 2,696
Class P
174 539      
Class I
135 421 729 1,601

Not Redeemed

Expense Example, No Redemption Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund (USD $)
1 year
3 years
5 years
10 years
Class A
729 1,054 1,401 2,376
Class C
239 736 1,260 2,696
Class P
174 539      
Class I
135 421 729 1,601

Portfolio Turnover

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 fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment purposes) in equity securities.  

 

Investment Process Overview.  The cornerstone of the sub-adviser’s investment philosophy is that sector and industry performance is highly correlated with particular stages of the business cycle.  The sub-adviser overweights equities in sectors of the S&P 500 Index it believes will experience economic tailwinds, and avoids investing in sectors it views as untimely at a particular stage of the business cycle. The sub-adviser targets high-quality, market-leading companies within favored sectors.  The result is a core investment style that shifts portfolio sector and style emphasis over cycles to seek to remain properly oriented and timely over a full economic and market cycle.  As of December 31, 2012, the average market cap of the S&P 500 Index was $25.5 billion.


Analysis and Emphasis.  The sub-adviser uses a forward-looking, anticipatory strategy. The foundation of this strategy is that particular sectors of the S&P 500 Index tend to perform well in certain phases of an economic cycle.  The sub-adviser’s investment team analyzes traditional cyclical trends and identifies the characteristics of the current business cycle.  The sub-adviser’s proprietary macroeconomic database is a key element of this analysis.  The Fund’s portfolio holdings are shifted to newly favored sectors as the forecasted economic backdrop changes. The result is a core investment style that shifts portfolio emphasis over cycles among “value,” “growth at a reasonable price” and “traditional growth” approaches.

 

Stock Selection.  The S&P 500 Index is the investment universe for the Fund’s portfolio.  Portfolio candidates are screened to seek to identify market-leading, financially strong companies. The quality screening process focuses on companies with characteristics that include:

 

·  Large Capitalization: Companies most typically with market capitalizations two to three times the S&P 500 Index’s average market capitalization.
·  High Quality: Companies with low debt-to-equity ratios, high return-on-equity, and earnings growth opportunity.

 

·  Market Leading: Companies with a strong competitive position, prospective benefits from secular tailwinds, and a proven management team.

Principal Risks

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.

 

Equity Securities Risk — 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.

 

Sector Focus Risk—The Fund will typically focus its investments on companies within particular economic sectors. To the extent that it does so, developments affecting companies in those sectors will have a magnified effect on the Fund’s net asset value and total return.

 

Consumer Discretionary Companies Risk - Consumer discretionary companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.  The success of this sector depends heavily on disposable household income and consumer spending.  Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.

 

Information Technology Companies Risk -  Information technology companies are generally subject to the risks of rapidly changing technologies, short product life cycles, fierce  competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the Internet, have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance.

 

Non-Diversification/Limited Holdings Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain issues.  Furthermore, because the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer or group of issuers.

 

Investment Strategy Risk—The Fund invests in common stocks of companies that the sub-adviser believes will perform well in certain phases of the business cycle.  The sub-adviser’s investment approach may be out of favour at times, causing the Fund to underperform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio construction process.

 

Market Risk and Selection Risk — 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.

 

Risks Associated with Active Management—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.

 

General Fund Investing Risks—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.

Fund Performance

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.

 

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.

Calendar Year Total Returns as of 12/31

Bar Chart

* Class A year-to-date total return as of December 31, 2012 was 12.98%.

 

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 14.50% and (5.83)%, respectively, for the quarters ended March 31, 2012 and June 30, 2012.

Average Annual Total Returns for the Periods Ended December 31, 2012

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.

 

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.

Average Annual Total Returns Destra Focused Equity Fund (Class A C P And I) Destra Focused Equity Fund
Label
1 Year
Since Inception
Inception Date
Class A
Class A (return before taxes) 6.51% 3.59% Apr. 12, 2011
Class A After Taxes on Distributions
Class A (return after taxes on distributions) 6.45% 3.56% Apr. 12, 2011
Class A After Taxes on Distributions and Sales
Class A (return after taxes on distributions and sale of Fund shares) 4.31% 3.06% Apr. 12, 2011
Class C
Class C (return before taxes) 11.11% 8.93% Apr. 12, 2011
Class I
Class I (return before taxes) 13.36% 7.62% Apr. 12, 2011
S&P 500 Index (reflects no deduction for fees, expenses or taxes)
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 14.07% 9.97% Apr. 12, 2011
Destra Preferred and Income Securities Fund (Class A C P And I) | Destra Preferred and Income Securities Fund

Destra Preferred and Income Securities Fund

Investment Objective

The Fund’s investment objective is to seek total return, with an emphasis on high current income.

Fees and Expenses of the Fund

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 $100,000 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 28 of the Fund’s Prospectus and “Purchases” on page 46 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund
Class A
Class C
Class P
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.50% none none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) none [1] 1.00% none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends none none none none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) none none 2.00% 2.00%
Exchange Fees none none none none
[1] 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.

Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund
Class A
Class C
Class P
Class I
Management Fees 0.75% 0.75% 0.75% 0.75%
Distribution and Service (12b-1) Fees 0.25% 1.00% 0.25% none
Other Expenses [1] 3.78% 6.83% 3.78% 4.44%
Total Annual Fund Operating Expenses [2] 4.78% 8.58% 4.78% 5.19%
Fee Waiver [3] (3.28%) (6.33%) (3.18%) (3.97%)
Total Annual Fund Operating Expenses After Fee Waiver 1.50% 2.25% 1.60% 1.22%
[1] Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares are based on estimated amounts for the Fund's current fiscal year.
[2] Acquired fund fees were not included as fund expenses in the annual report.
[3] 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 1.50% for Class A, 2.25% for Class C, 1.60% for Class P and 1.22% 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.

Example

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:

Redeemed

Expense Example Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund (USD $)
1 year
3 years
5 years
10 years
Class A
596 904 1,234 2,165
Class C
328 703 1,205 2,585
Class P
163 505      
Class I
124 387 670 1,477

Not Redeemed

Expense Example, No Redemption Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund (USD $)
1 year
3 years
5 years
10 years
Class A
596 904 1,234 2,165
Class C
228 703 1,205 2,585
Class P
163 505      
Class I
124 387 670 1,477

Portfolio Turnover

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 fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily in the same types of securities.

 

The Fund may also invest up to 15% of its net assets in common stock. The portions of the Fund's assets invested in various types of preferred, debt or equity may vary from time to time depending on market conditions. In addition, under normal market conditions, the Fund invests more than 25% of its total assets in companies principally engaged in financial services.  The Fund may also invest up to 40% of its net assets in securities of non-U.S. companies.

  

The Fund will principally invest in (i) investment grade quality securities or (ii) below investment grade quality preferred or subordinated securities of companies with investment grade senior debt outstanding, in either case determined at the time of purchase.  Securities that are rated below investment grade are commonly referred to as “high yield” or “junk bonds.”  However, some of the Fund's total assets may be invested in securities rated (or issued by companies rated) below investment grade at the time of purchase. Preferred and debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay dividends and interest and repayment of principal. Due to the risks involved in investing in preferred and debt securities of below investment grade quality, an investment in the Fund should be considered speculative.  The maturities of preferred and debt securities in which the Fund will invest generally will be longer-term (perpetual, in the case of some preferred securities, and ten years or more for other preferred and debt securities); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term securities.

Principal Risks

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.

 

Preferred and Subordinated Security Risk—Preferred and other subordinated securities rank lower than bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments.   Distributions on some types of these securities may also be skipped or deferred by issuers without causing a default.  Finally, some of these securities typically have special redemption rights that allow the issuer to redeem the security at par earlier than scheduled.

 

Credit Risk—Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. Credit risk may be heightened for the Fund because the Fund may invest in “high yield” or “high risk” securities; such securities, while generally offering higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of default or bankruptcy, and are regarded as predominantly speculative with respect to the issuer’s capacity to pay dividends and interest and repay principal.

 

Interest Rate Risk—If interest rates rise, in particular, if long-term interest rates rise, the prices of fixed-rate securities held by the Fund will fall.

 

Liquidity Risk—This Fund, like all open-end funds, is limited to investing up to 15% of its net assets in illiquid securities.  From time to time, certain securities held by the Fund may have limited marketability and may be difficult to sell at favorable times or prices.  It is possible that certain securities held by the Fund will not be able to be sold in sufficient amounts or in a sufficiently timely manner to raise the cash necessary to meet any potentially large redemption requests by fund shareholders.

 

Concentration Risk—The Fund intends to invest 25% or more of its total assets in securities of financial services companies.  This policy makes the Fund more susceptible to adverse economic or regulatory occurrences affecting financial services companies.

 

Financial Services Company Risk—Financial services companies are especially subject to the adverse effects of economic recession, currency exchange rates, 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.

 

Foreign Investment Risk—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. 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.

 

Currency Risk—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.

 

Non-Diversification Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities.

 

Convertible Securities Risk—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.

 

High Yield Securities Risk—High yield securities generally are less liquid, have more volatile prices, and have greater credit risk than investment grade securities.

 

Income Risk—The income earned from the Fund’s portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called preferred or debt securities, at market interest rates that are below the portfolio’s current earnings rate.

  

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.

Market Risk and Selection Risk—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.

 

Risks Associated with Active Management—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.

 

General Fund Investing Risks—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.

Fund Performance

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.

 

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.

Calendar Year Total Returns as of 12/31

Bar Chart

* Class A year-to-date total return as of December 31, 2012 was 16.63%.

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 6.44% and 1.65%, respectively, for the quarters ended March 31, 2012 and December 31, 2012.

Average Annual Total Returns for the Periods Ended December 31, 2012

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.

 

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.

Average Annual Total Returns Destra Preferred and Income Securities Fund (Class A C P And I) Destra Preferred and Income Securities Fund
Label
1 Year
Since Inception
Inception Date
Class A
Class A (return before taxes) 11.36% 8.14% Apr. 12, 2011
Class A After Taxes on Distributions
Class A (return after taxes on distributions) 10.24% 7.08% Apr. 12, 2011
Class A After Taxes on Distributions and Sales
Class A (return after taxes on distributions and sale of Fund shares) 7.85% 6.49% Apr. 12, 2011
Class C
Class C (return before taxes) 14.76% 13.72% Apr. 12, 2011
Class I
Class I (return before taxes) 17.00% 11.40% Apr. 12, 2011
BofA Merrill Lynch Preferred Benchmark  (reflects no deduction for fees, expenses or taxes)
BofA Merrill Lynch Preferred Benchmark  (reflects no deduction for fees, expenses or taxes) 15.25% 14.98% Apr. 12, 2011
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Trading Symbol dei_TradingSymbol desii000183
Document Creation Date dei_DocumentCreationDate Feb. 06, 2013
Document Effective Date dei_DocumentEffectiveDate Feb. 06, 2013
Prospectus Date rr_ProspectusDate Feb. 06, 2013
Destra Focused Equity Fund | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Destra Focused Equity Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to seek long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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 22 of the Fund’s Prospectus and “Purchases” on page 32 of the Fund’s Statement of Additional Information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

February 1, 2022

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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 fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 42.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

 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.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations.  Other Expenses for Class P shares 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.

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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:

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Redeemed

Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption

Not Redeemed

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment purposes) in equity securities.  

 

Investment Process Overview.  The cornerstone of the sub-adviser’s investment philosophy is that sector and industry performance is highly correlated with particular stages of the business cycle.  The sub-adviser overweights equities in sectors of the S&P 500 Index it believes will experience economic tailwinds, and avoids investing in sectors it views as untimely at a particular stage of the business cycle. The sub-adviser targets high-quality, market-leading companies within favored sectors.  The result is a core investment style that shifts portfolio sector and style emphasis over cycles to seek to remain properly oriented and timely over a full economic and market cycle.  As of December 31, 2012, the average market cap of the S&P 500 Index was $25.5 billion.


Analysis and Emphasis.  The sub-adviser uses a forward-looking, anticipatory strategy. The foundation of this strategy is that particular sectors of the S&P 500 Index tend to perform well in certain phases of an economic cycle.  The sub-adviser’s investment team analyzes traditional cyclical trends and identifies the characteristics of the current business cycle.  The sub-adviser’s proprietary macroeconomic database is a key element of this analysis.  The Fund’s portfolio holdings are shifted to newly favored sectors as the forecasted economic backdrop changes. The result is a core investment style that shifts portfolio emphasis over cycles among “value,” “growth at a reasonable price” and “traditional growth” approaches.

 

Stock Selection.  The S&P 500 Index is the investment universe for the Fund’s portfolio.  Portfolio candidates are screened to seek to identify market-leading, financially strong companies. The quality screening process focuses on companies with characteristics that include:

 

·  Large Capitalization: Companies most typically with market capitalizations two to three times the S&P 500 Index’s average market capitalization.
·  High Quality: Companies with low debt-to-equity ratios, high return-on-equity, and earnings growth opportunity.

 

·  Market Leading: Companies with a strong competitive position, prospective benefits from secular tailwinds, and a proven management team.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

Under normal market conditions, the Fund invests primarily (at least 80% of net assets, plus the amount of any borrowings for investment purposes) in equity securities. 

Risk [Heading] rr_RiskHeading

Principal Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

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.

 

Equity Securities Risk — 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.

 

Sector Focus Risk—The Fund will typically focus its investments on companies within particular economic sectors. To the extent that it does so, developments affecting companies in those sectors will have a magnified effect on the Fund’s net asset value and total return.

 

Consumer Discretionary Companies Risk - Consumer discretionary companies manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.  The success of this sector depends heavily on disposable household income and consumer spending.  Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer discretionary products in the marketplace.

 

Information Technology Companies Risk -  Information technology companies are generally subject to the risks of rapidly changing technologies, short product life cycles, fierce  competition, aggressive pricing and reduced profit margins, loss of patent, copyright and trademark protections, cyclical market patterns, evolving industry standards and frequent new product introductions. Information technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, particularly those involved with the Internet, have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance.

 

Non-Diversification/Limited Holdings Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain issues.  Furthermore, because the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer or group of issuers.

 

Investment Strategy Risk—The Fund invests in common stocks of companies that the sub-adviser believes will perform well in certain phases of the business cycle.  The sub-adviser’s investment approach may be out of favour at times, causing the Fund to underperform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio construction process.

 

Market Risk and Selection Risk — 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.

 

Risks Associated with Active Management—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.

 

General Fund Investing Risks—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.

Risk Lose Money [Text] rr_RiskLoseMoney

You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

Non-Diversification/Limited Holdings Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain issues.  Furthermore, because the Fund has a relatively small number of issuers the Fund has greater susceptibility to adverse developments in one issuer or group of issuers.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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.

 

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.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone

(877) 287-9646

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress

www.destracapital.com

Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading] rr_BarChartHeading

Calendar Year Total Returns as of 12/31

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

* Class A year-to-date total return as of December 31, 2012 was 12.98%.

 

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 14.50% and (5.83)%, respectively, for the quarters ended March 31, 2012 and June 30, 2012.

Year to Date Return, Label rr_YearToDateReturnLabel

year-to-date total return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Dec. 31, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 12.98%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly returns

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly returns

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.83%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended December 31, 2012

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

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.

Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary.

Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

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.

 

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.

Destra Focused Equity Fund | Class A | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption none
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 2.65% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.76%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (2.15%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.61%
1 year rr_ExpenseExampleYear01 729
3 years rr_ExpenseExampleYear03 1,054
5 years rr_ExpenseExampleYear05 1,401
10 years rr_ExpenseExampleYear10 2,376
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 729
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,054
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,401
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,376
2012 rr_AnnualReturn2012 12.98%
Label rr_AverageAnnualReturnLabel Class A (return before taxes)
1 Year rr_AverageAnnualReturnYear01 6.51%
Since Inception rr_AverageAnnualReturnSinceInception 3.59%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Focused Equity Fund | Class C | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption none
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 9.26% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 11.12%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (8.76%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.36%
1 year rr_ExpenseExampleYear01 339
3 years rr_ExpenseExampleYear03 736
5 years rr_ExpenseExampleYear05 1,260
10 years rr_ExpenseExampleYear10 2,696
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 239
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 736
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,260
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,696
Label rr_AverageAnnualReturnLabel Class C (return before taxes)
1 Year rr_AverageAnnualReturnYear01 11.11%
Since Inception rr_AverageAnnualReturnSinceInception 8.93%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Focused Equity Fund | Class P | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 2.65% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.76%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (2.05%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.71%
1 year rr_ExpenseExampleYear01 174
3 years rr_ExpenseExampleYear03 539
5 years rr_ExpenseExampleYear05   
10 years rr_ExpenseExampleYear10   
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 174
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 539
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05   
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10   
Destra Focused Equity Fund | Class I | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 3.57% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.43%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (3.10%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.33%
1 year rr_ExpenseExampleYear01 135
3 years rr_ExpenseExampleYear03 421
5 years rr_ExpenseExampleYear05 729
10 years rr_ExpenseExampleYear10 1,601
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 135
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 421
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 729
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,601
Label rr_AverageAnnualReturnLabel Class I (return before taxes)
1 Year rr_AverageAnnualReturnYear01 13.36%
Since Inception rr_AverageAnnualReturnSinceInception 7.62%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Focused Equity Fund | After Taxes on Distributions | Class A | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A (return after taxes on distributions)
1 Year rr_AverageAnnualReturnYear01 6.45%
Since Inception rr_AverageAnnualReturnSinceInception 3.56%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Focused Equity Fund | After Taxes on Distributions and Sales | Class A | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A (return after taxes on distributions and sale of Fund shares)
1 Year rr_AverageAnnualReturnYear01 4.31%
Since Inception rr_AverageAnnualReturnSinceInception 3.06%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Focused Equity Fund | S&P 500 Index (reflects no deduction for fees, expenses or taxes) | Destra Focused Equity Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500 Index (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 14.07%
Since Inception rr_AverageAnnualReturnSinceInception 9.97%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Preferred and Income Securities Fund | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Destra Preferred and Income Securities Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to seek total return, with an emphasis on high current income.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

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 $100,000 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 28 of the Fund’s Prospectus and “Purchases” on page 46 of the Fund’s Statement of Additional Information.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

February 1, 2022

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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 fiscal year ended September 30, 2012, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 45.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

 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 $100,000 in the Fund or in other Destra mutual funds.  

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations.  Other Expenses for Class C and Class P shares are based on estimated amounts for the Fund’s current fiscal year.

Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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:

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

Redeemed

Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption

Not Redeemed

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily in the same types of securities.

 

The Fund may also invest up to 15% of its net assets in common stock. The portions of the Fund's assets invested in various types of preferred, debt or equity may vary from time to time depending on market conditions. In addition, under normal market conditions, the Fund invests more than 25% of its total assets in companies principally engaged in financial services.  The Fund may also invest up to 40% of its net assets in securities of non-U.S. companies.

  

The Fund will principally invest in (i) investment grade quality securities or (ii) below investment grade quality preferred or subordinated securities of companies with investment grade senior debt outstanding, in either case determined at the time of purchase.  Securities that are rated below investment grade are commonly referred to as “high yield” or “junk bonds.”  However, some of the Fund's total assets may be invested in securities rated (or issued by companies rated) below investment grade at the time of purchase. Preferred and debt securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay dividends and interest and repayment of principal. Due to the risks involved in investing in preferred and debt securities of below investment grade quality, an investment in the Fund should be considered speculative.  The maturities of preferred and debt securities in which the Fund will invest generally will be longer-term (perpetual, in the case of some preferred securities, and ten years or more for other preferred and debt securities); however, as a result of changing market conditions and interest rates, the Fund may also invest in shorter-term securities.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

Under normal market conditions, the Fund invests at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) in a portfolio of preferred and income-producing securities, including traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, convertible securities, contingent-capital securities, subordinated debt, senior debt and securities of other open-end, closed-end or exchange-traded funds that invest primarily in the same types of securities.

Risk [Heading] rr_RiskHeading

Principal Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

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.

 

Preferred and Subordinated Security Risk—Preferred and other subordinated securities rank lower than bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments.   Distributions on some types of these securities may also be skipped or deferred by issuers without causing a default.  Finally, some of these securities typically have special redemption rights that allow the issuer to redeem the security at par earlier than scheduled.

 

Credit Risk—Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and principal payments when due and the related risk that the value of a security may decline because of concerns about the issuer’s ability to make such payments. Credit risk may be heightened for the Fund because the Fund may invest in “high yield” or “high risk” securities; such securities, while generally offering higher yields than investment grade securities with similar maturities, involve greater risks, including the possibility of default or bankruptcy, and are regarded as predominantly speculative with respect to the issuer’s capacity to pay dividends and interest and repay principal.

 

Interest Rate Risk—If interest rates rise, in particular, if long-term interest rates rise, the prices of fixed-rate securities held by the Fund will fall.

 

Liquidity Risk—This Fund, like all open-end funds, is limited to investing up to 15% of its net assets in illiquid securities.  From time to time, certain securities held by the Fund may have limited marketability and may be difficult to sell at favorable times or prices.  It is possible that certain securities held by the Fund will not be able to be sold in sufficient amounts or in a sufficiently timely manner to raise the cash necessary to meet any potentially large redemption requests by fund shareholders.

 

Concentration Risk—The Fund intends to invest 25% or more of its total assets in securities of financial services companies.  This policy makes the Fund more susceptible to adverse economic or regulatory occurrences affecting financial services companies.

 

Financial Services Company Risk—Financial services companies are especially subject to the adverse effects of economic recession, currency exchange rates, 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.

 

Foreign Investment Risk—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. 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.

 

Currency Risk—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.

 

Non-Diversification Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities.

 

Convertible Securities Risk—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.

 

High Yield Securities Risk—High yield securities generally are less liquid, have more volatile prices, and have greater credit risk than investment grade securities.

 

Income Risk—The income earned from the Fund’s portfolio may decline because of falling market interest rates. This can result when the Fund invests the proceeds from new share sales, or from matured or called preferred or debt securities, at market interest rates that are below the portfolio’s current earnings rate.

  

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.

Market Risk and Selection Risk—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.

 

Risks Associated with Active Management—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.

 

General Fund Investing Risks—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.

Risk Lose Money [Text] rr_RiskLoseMoney

You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

Non-Diversification Risk—The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, it may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, may experience increased volatility and may be highly concentrated in certain securities.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Fund Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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.

 

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.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone

(877) 287-9646

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress

www.destracapital.com

Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

Bar Chart [Heading] rr_BarChartHeading

Calendar Year Total Returns as of 12/31

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

* Class A year-to-date total return as of December 31, 2012 was 16.63%.

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 6.44% and 1.65%, respectively, for the quarters ended March 31, 2012 and December 31, 2012.

Year to Date Return, Label rr_YearToDateReturnLabel

year-to-date total return

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Dec. 31, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 16.63%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly returns

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.44%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly returns

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 1.65%
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended December 31, 2012

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

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.

Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown

After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary.

Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

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.

 

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.

Destra Preferred and Income Securities Fund | Class A | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1]
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption none
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 3.78% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.78% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (3.28%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.50%
1 year rr_ExpenseExampleYear01 596
3 years rr_ExpenseExampleYear03 904
5 years rr_ExpenseExampleYear05 1,234
10 years rr_ExpenseExampleYear10 2,165
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 596
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 904
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,234
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,165
2012 rr_AnnualReturn2012 16.63%
Label rr_AverageAnnualReturnLabel Class A (return before taxes)
1 Year rr_AverageAnnualReturnYear01 11.36%
Since Inception rr_AverageAnnualReturnSinceInception 8.14%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Preferred and Income Securities Fund | Class C | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption none
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 6.83% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 8.58% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (6.33%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.25%
1 year rr_ExpenseExampleYear01 328
3 years rr_ExpenseExampleYear03 703
5 years rr_ExpenseExampleYear05 1,205
10 years rr_ExpenseExampleYear10 2,585
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 228
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 703
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,205
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 2,585
Label rr_AverageAnnualReturnLabel Class C (return before taxes)
1 Year rr_AverageAnnualReturnYear01 14.76%
Since Inception rr_AverageAnnualReturnSinceInception 13.72%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Preferred and Income Securities Fund | Class P | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 3.78% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.78% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (3.18%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.60%
1 year rr_ExpenseExampleYear01 163
3 years rr_ExpenseExampleYear03 505
5 years rr_ExpenseExampleYear05   
10 years rr_ExpenseExampleYear10   
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 163
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 505
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05   
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10   
Destra Preferred and Income Securities Fund | Class I | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee on shares held for 90 days or less (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fees rr_ExchangeFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 4.44% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.19% [5]
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (3.97%) [6]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.22%
1 year rr_ExpenseExampleYear01 124
3 years rr_ExpenseExampleYear03 387
5 years rr_ExpenseExampleYear05 670
10 years rr_ExpenseExampleYear10 1,477
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 124
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 387
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 670
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,477
Label rr_AverageAnnualReturnLabel Class I (return before taxes)
1 Year rr_AverageAnnualReturnYear01 17.00%
Since Inception rr_AverageAnnualReturnSinceInception 11.40%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Preferred and Income Securities Fund | After Taxes on Distributions | Class A | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A (return after taxes on distributions)
1 Year rr_AverageAnnualReturnYear01 10.24%
Since Inception rr_AverageAnnualReturnSinceInception 7.08%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Preferred and Income Securities Fund | After Taxes on Distributions and Sales | Class A | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Class A (return after taxes on distributions and sale of Fund shares)
1 Year rr_AverageAnnualReturnYear01 7.85%
Since Inception rr_AverageAnnualReturnSinceInception 6.49%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
Destra Preferred and Income Securities Fund | BofA Merrill Lynch Preferred Benchmark  (reflects no deduction for fees, expenses or taxes) | Destra Preferred and Income Securities Fund (Class A C P And I)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel BofA Merrill Lynch Preferred Benchmark  (reflects no deduction for fees, expenses or taxes)
1 Year rr_AverageAnnualReturnYear01 15.25%
Since Inception rr_AverageAnnualReturnSinceInception 14.98%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 12, 2011
[1] 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.
[2] Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares 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.
[3] 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.
[4] Class C shares commenced operations on November 1, 2011, and Class P shares have not yet commenced operations. Other Expenses for Class P shares are based on estimated amounts for the Fund's current fiscal year.
[5] Acquired fund fees were not included as fund expenses in the annual report.
[6] 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 1.50% for Class A, 2.25% for Class C, 1.60% for Class P and 1.22% 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.
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