Destra International L-Series Fund (Prospectus Summary) | Destra International L-Series Fund

Destra International L-Series 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 30 of the Fund's Prospectus and "Purchases" on page 28 of

the Fund's Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra International L-Series Fund (USD $)	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

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

Annual Fund Operating Expenses Destra International L-Series Fund		Class A	Class C	Class P	Class I
Management Fees		0.95%	0.95%	0.95%	0.95%
Distribution and Service (12b-1) Fees		0.25%	1.00%	0.25%	none
Other Expenses	[1]	140.63%	0.65%	0.75%	22.50%
Acquired Fund Fees and Expenses	[2]	0.02%	0.02%		0.02%
Total Annual Fund Operating Expenses		141.85%	2.62%	1.95%	23.47%
Fee Waiver	[3]	(140.08%)	(0.10%)	(0.10%)	(21.98%)
Total Annual Fund Operating Expenses After Fee Waiver		1.77%	2.52%	1.85%	1.49%

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 International L-Series Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class A	180	557	959	2,084
Class C	255	785	1,340	2,856
Class P	188	582
Class I	152	471	813	1,779

Not Redeemed

Expense Example, No Redemption Destra International L-Series Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class A	180	557	959	2,084
Class C	255	785	1,340	2,856
Class P	188	582
Class I	152	471	813	1,779

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 most recent fiscal period, the Fund's portfolio turnover

rate was 74% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, at least 80% of the Fund's net assets (plus the

amount of any borrowings for investment purposes) are invested in equity

securities of companies with market capitalizations at the time of investment

comparable to companies in the MSCI World ex USA Index. The MSCI World ex USA

Index is a free float-adjusted market capitalization weighted index that is

designed to measure the equity market performance of developed markets and

consist of twenty-three developed market country indices. At a minimum, the Fund

will consist of at least five countries and will have 80% of non-U.S.

companies. The Fund may invest in all market capitalizations and its investments

generally will include common stocks, preferred stocks, securities convertible

into U.S. common stocks, U.S. dollar-denominated American Depositary Receipts

and U.S. dollar-denominated foreign stocks traded on U.S. exchanges.



The Fund's sub-adviser, Zebra Capital Management, LLC ("Zebra") seeks to capture

a liquidity premium among fundamentally strong, publicly-traded equities. A

liquidity premium exists in public equity markets, as more liquid stocks tend to

be priced at a premium, while less liquid stocks are priced at a discount, thus

having higher expected returns. Zebra targets stocks with strong fundamentals

(i.e. earnings, book value, cash flows) that trade less than stocks with comparable

fundamentals. Despite producing similar levels of earnings and cash flows, these

less liquid stocks can often be purchased at lower prices, offering higher expected

returns. Frequently, a fundamentally-sound stock is less traded because it has

temporarily fallen out of favor. Over time, Zebra believes the market will recognize

this stock again, and its price will increase as its trading activity rises, allowing

Zebra to capture its liquidity premium and produce higher returns. Stocks are typically

sold when fundamentals deteriorate, trading activity increases relative to changes

in a stock's fundamentals, or Zebra believes there are greater opportunities to capture

liquidity premium in other stocks. There is no guarantee that the perceived intrinsic

value of any investment will be realized.

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.



Smaller Company Risk-Market risk is generally greater for lower market

capitalization companies because they tend to have more limited product lines,

shorter operating histories, less experienced management and more limited

financial resources than larger companies. Stocks of smaller companies may be

less liquid than those of larger companies and may experience greater price

fluctuations. In addition, stocks of smaller companies may not be widely

followed by the investment community, resulting in less demand.



Foreign Investment Risk-Because the Fund can invest its assets in

dollar-denominated foreign instruments, the value of Fund shares can be

adversely affected because such securities are subject to higher volatility than

securities of domestic issuers due to possible adverse political, social or

economic developments; restrictions on foreign investment or exchange of

securities; lack of liquidity; excessive taxation; government seizure of assets;

different legal or accounting standards; and less government supervision and

regulation of exchanges in foreign countries.



Depositary Receipts Risk-Depositary receipts may be less liquid than the

underlying shares in their primary trading market. Any distributions paid to the

holders of depositary receipts are usually subject to a fee charged by the

depositary. Holders of depositary receipts may have limited voting rights, and

investment restrictions in certain countries may adversely impact the value of

depositary receipts because such restrictions may limit the ability to convert

equity shares into depositary receipts and vice versa. Such restrictions may

cause equity shares of the underlying issuer to trade at a discount or premium

to the market price of the depositary receipts.



Currency Risk-Even though the non-U.S. securities held by the fund are traded in

U.S. dollars, their prices are indirectly influenced by currency fluctuations.



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.



Value Stocks Risk-Value stocks are subject to the risk that their intrinsic

value may never be realized by the market or that their prices may go

down. While the Fund's investments in value stocks may limit its downside risk

over time, the Fund may produce more modest gains than riskier stock funds as a

trade-off for this potentially lower risk.



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 Return as of 12/31

During the one-year period ended December 31, 2011, the fund's highest and

lowest quarterly returns were 5.61% and -16.50%, respectively, for the quarters

ended March 31, 2011 and September 30, 2011.

The table below shows the variability of the fund's average annual returns by

showing the fund's performance 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. Actual after-tax returns depend on an investor's tax

situation and may differ from those shown. After-tax returns shown are not

relevant to investors who hold their fund shares through tax-deferred

arrangements, such as 401(k) plans or individual retirement accounts. Class C

and Class P shares have been in existence for less than one calendar year, and

therefore, the table below does not have returns for such share classes.



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, 2011)

Average Annual Total Returns Destra International L-Series Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class A	Class A (return before taxes)	(17.13%)	(17.35%)	Dec. 30, 2010
Class A After Taxes on Distributions	Class A (return after taxes on distributions)	(17.82%)	(18.03%)	Dec. 30, 2010
Class A After Taxes on Distributions and Sales	Class A (return after taxes on distributions and sale of fund shares)	(11.14%)	(15.14%)	Dec. 30, 2010
Class I	Class I (return before taxes)	(11.85%)	(12.05%)	Dec. 30, 2010
MSCI World ex USA Index	MSCI World ex USA Index (reflects no deduction for fees, expenses or taxes)	(16.13%)	(15.69%)	Dec. 30, 2010

[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.

[1] 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.

[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 1.75% for Class A, 2.50% for Class C, 1.85% for Class P and 1.47% 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.