0000891804-13-000214.txt : 20130212 0000891804-13-000214.hdr.sgml : 20130212 20130212162253 ACCESSION NUMBER: 0000891804-13-000214 CONFORMED SUBMISSION TYPE: 485BPOS 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 CENTRAL INDEX KEY: 0001492374 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-167073 FILM NUMBER: 13597494 BUSINESS ADDRESS: STREET 1: 901 WARRENVILLE ROAD SUITE 15 CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 1.630.853.3300 MAIL ADDRESS: STREET 1: 901 WARRENVILLE ROAD SUITE 15 CITY: LISLE STATE: IL ZIP: 60532 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Destra Investment Trust CENTRAL INDEX KEY: 0001492374 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22417 FILM NUMBER: 13597495 BUSINESS ADDRESS: STREET 1: 901 WARRENVILLE ROAD SUITE 15 CITY: LISLE STATE: IL ZIP: 60532 BUSINESS PHONE: 1.630.853.3300 MAIL ADDRESS: STREET 1: 901 WARRENVILLE ROAD SUITE 15 CITY: LISLE STATE: IL ZIP: 60532 0001492374 S000033470 Destra High Dividend Strategy Fund C000102902 Class A C000105808 Class C C000105809 Class P C000105810 Class I 485BPOS 1 destra56070-485bxbrl2.htm DESTRACOM INVESTMENT TRUST destra56070-485bxbrl2.htm
As filed with the Securities and Exchange Commission on or about February 12, 2013


1933 Act Registration No. 333-167073
1940 Act Registration No.   811-22417

United States
Securities and Exchange Commission
Washington, D.C. 20549
 
Form N-1A
 
Registration Statement Under the Securities Act of 1933
[   ]
Pre-Effective Amendment No. __
[   ]
Post-Effective Amendment No. 32
[X]
and/or
Registration Statement Under the Investment Company Act of 1940
[   ]
Amendment No. 33
[X]

Destra Investment Trust
(Exact name of registrant as specified in charter)

901 Warrenville Road, Suite 15
Lisle, Illinois 60532
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: (630) 241-4200

   
Copy to:
 
Nicholas Dalmaso
Morrison Warren, Esq.
 
Destra Investment Trust
Chapman and Cutler LLP
 
901 Warrenville Road, Suite 15
111 West Monroe Street
 
Lisle, Illinois 60532
Chicago, Illinois 60603
(Name and Address of Agent for Service)


It is proposed that this filing will become effective (check appropriate box):

[X] immediately upon filing pursuant to paragraph (b)
[   ] on (date) pursuant to paragraph (b)
[   ] 60 days after filing pursuant to paragraph (a)(1)
[   ] on (date) pursuant to paragraph (a)(1)
[   ] 75 days after filing pursuant to paragraph (a)(2)
[   ] on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

[   ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 
 

 


This filing relates solely to the following Fund, a series of the Registrant:

Destra High Dividend Strategy Fund
 
 
 
 

 
 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Lisle, and State of Illinois, on the 12th day of February, 2013.

Destra Investment Trust

By:__/s/ Nicholas Dalmaso
Nicholas Dalmaso
Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this post-effective amendment to the registration statement has been signed below by the following persons in the capacities and on the date indicated:

Signature
 
Title
 
Date
     
/s/ Nicholas Dalmaso
 
Chief Executive Officer, Chairman, Secretary and Trustee
 
February 12, 2013
     
Nicholas Dalmaso
             
               
               
Diana S. Ferguson*
 
Trustee
}
}
}
}
}
}
}
By /s/ Nicholas Dalmaso
     
     
Nicholas Dalmaso
   
William M. Fitzgerald, Sr.*
 
Trustee
Attorney-In-Fact
February 12, 2013
 
       
Louis A. Holland, Jr.*
 
Lead Independent Trustee and Trustee
 
 
             
*An original power of attorney authorizing Nicholas Dalmaso and Morrison C. Warren to execute this registration statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this registration statement is filed, has been executed and has previously been filed with the Securities and Exchange Commission and is incorporated by reference herein.
 
 
 

 
Index of Exhibits

Exhibit Number
Exhibit
101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase
101.DEF
XBRL Taxonomy Extension Definition Linkbase
101.LAB
XBRL Taxonomy Extension Labels Linkbase
101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 destra-20130128.xml INSTANCE DOCUMENT 0001492374 2013-01-28 2013-01-28 0001492374 destra:S000033470Member 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:C000102902Member 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:C000105808Member 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:C000105809Member 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:C000105810Member 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:C000102902Member rr:AfterTaxesOnDistributionsMember 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:C000102902Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-28 2013-01-28 0001492374 destra:S000033470Member destra:SAndP500IndexMember 2013-01-28 2013-01-28 iso4217:USD xbrli:pure 485BPOS Destra Investment Trust 0001492374 false 2013-02-01 2013-02-01 2013-02-01 2012-09-30 0.0575 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 0.0000 0.0000 0.0000 0.0000 0.0085 0.0085 0.0085 0.0085 0.0025 0.0100 0.0025 0.0000 0.0001 0.0001 0.0001 0.0001 0.0396 0.0668 0.0396 0.0627 729 339 174 135 1054 736 539 421 1400 1260 728 2375 2695 1601 729 239 174 135 1054 736 539 421 1400 1260 728 2375 2695 1601 0.0637 <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Class A (return before taxes)</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Class C (return before taxes)</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Class I (return before taxes)</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Class A (return after taxes on distributions)</font></p> <p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Class A (return after taxes on distributions and sale of Fund shares)</font></p> <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">S&#38;P 500 Index (reflects no deduction for fees, expenses or taxes)</font></p> 0.0028 0.0448 0.0678 0.0001 0.0053 0.1407 0.0994 0.0716 0.1515 0.0963 0.0844 0.2351 2011-08-10 2011-08-10 2011-08-10 2011-08-10 2011-08-10 2011-08-10 <p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">February 1, 2022</font></p> 0.1680 <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Destra mutual funds.&#160;&#160;&#160;More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in &#147;Shareholder Information&#148; on page 30 of the Fund&#146;s Prospectus and &#147;Purchases&#148; on page 62 of the Fund&#146;s Statement of Additional Information.</font></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p> 50000 <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white; text-align: justify"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Fund seeks to achieve its investment objective by investing primarily in a diversified<b>&#160;</b>portfolio of equity securities.&#160;&#160;Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. 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Preference is given to companies with monopoly-like characteristics and recurring revenues, which may be attained through proprietary goods and services, strategic geographic positioning, or market dominance. The Sub-Adviser seeks companies that fulfill society&#146;s basic requirements as well as those with a unique potential or &#147;growth kicker&#148; &#150; such as new products, hidden assets, or industry conditions &#150; which is not currently reflected in the stock price. 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The following is a summary description of certain risks of investing in the Fund.</font></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Equity Securities Risk:</b>&#160;Stock markets are volatile. 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In such an event, the yield on the Fund&#146;s dividend paying equity securities would be adversely affected.&#160;&#160;Depending upon market conditions, income producing equities that meets the Fund&#146;s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to achieve its investment objective.</font></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign Investment Risk/Emerging Markets Risk:&#160;</b>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.&#160;These additional risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries.</font></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Depositary Receipts Risk:&#160;</b>Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.</font></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Currency Risk:&#160;</b>Since a portion of the Fund&#146;s assets may be invested in securities denominated foreign currencies, changes in currency exchange rates may adversely affect the Fund&#146;s net asset value, the value of dividends and income earned, and gains and losses realized on the sale of securities.</font></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Master Limited Partnership Risk and Sector Risk:&#160;</b>An investment in units of master limited partnerships (&#147;MLPs&#148;) involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.&#160;&#160;The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes.&#160;&#160;If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund&#146;s shares.&#160;&#160;MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy.&#160;&#160;A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.</font></p> <p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p> <p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Energy Companies Risk:&#160;</b>The Fund invests in energy companies, including pipeline and gas distribution companies. General problems of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, clean-up and litigation costs relating to oil spills and </font>&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">environmental damage, and tax and other regulatory policies of various governments. 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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. 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Other Expenses for Class P are based on estimated amounts for the Fund's current fiscal year. Other Expenses may include acquired fund fees, which were not included as fund expenses in the annual report. A contingent deferred sales charge of 1.00% may apply to Class A shares purchased without an initial sales charge if redeemed within 12 months of purchase. The Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other trading expenses, taxes, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not incurred in the ordinary course of business) at 1.60% for Class A, 2.35% for Class C, 1.70% for Class P and 1.32% for Class I. This waiver will continue in effect until February 1, 2022. The waiver may be terminated or modified prior to February 1, 2022 only with the approval of the Board of Trustees of the Trust. 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Destra High Dividend Strategy Fund

Destra High Dividend Strategy Fund

Investment Objective

The Fund’s investment objective is to seek long-term total return and 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 $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 62 of the Fund’s Statement of Additional Information.

 

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra High Dividend Strategy 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 High Dividend Strategy 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] 2.85% 4.82% 2.85% 5.41%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 3.96% 6.68% 3.96% 6.27%
Fee Waiver [2] (2.35%) (4.32%) (2.25%) (4.94%)
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 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 High Dividend Strategy Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
729 1,054 1,400 2,375
Class C
339 736 1,260 2,695
Class P
174 539      
Class I
135 421 728 1,601

Not Redeemed

Expense Example, No Redemption Destra High Dividend Strategy Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
729 1,054 1,400 2,375
Class C
239 736 1,260 2,695
Class P
174 539      
Class I
135 421 728 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 most recent fiscal period ended September 30, 2012, the Fund’s portfolio turnover rate was 16.80% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities.  Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. The Fund may invest in securities of companies with any market capitalization. Equity securities held by the Fund may include common stocks, preferred shares, convertible securities and securities or other instruments whose price is linked to the value of common stock, depository receipts, and securities of master limited partnerships (“MLPs”).

 

 

The Fund may invest in U.S. dollar-denominated securities of U.S. and foreign issuers, and up to 20% of its total assets in securities denominated in non-U.S. dollar currencies. The Fund may invest in securities from any country.

 

The Fund’s sub-adviser, Miller/Howard Investments, Inc. (the “Sub-Adviser”), believes that financially strong stocks with rising dividends offer the prospects of consistent performance as well as potential added value. Stock prices fluctuate, but dividends add current returns and, over time, increases in dividends can induce increases in the price of the stocks generating those dividends. The Sub-Adviser’s research shows that dividends can be large contributors to total returns, and that by focusing on companies with a consistent track record of increasing their dividends, investors have an opportunity to generate superior risk-adjusted performance over time.

 

The Sub-Adviser's goal is to provide for annual increases in income that exceed the rate of inflation over time. Their investment process starts by identifying, selecting, and investigating stocks that pass initial quantitative screens for quality, yield, and growth of yield. Preference is given to companies with monopoly-like characteristics and recurring revenues, which may be attained through proprietary goods and services, strategic geographic positioning, or market dominance. The Sub-Adviser seeks companies that fulfill society’s basic requirements as well as those with a unique potential or “growth kicker” – such as new products, hidden assets, or industry conditions – which is not currently reflected in the stock price. Candidates are then ranked according to yield, growth of yield, special growth potentials, and contribution to overall diversification of the portfolio.

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.

 

Dividend Income Risk: Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such stock. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. In such an event, the yield on the Fund’s dividend paying equity securities would be adversely affected.  Depending upon market conditions, income producing equities that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to achieve its investment objective.

  

Foreign Investment Risk/Emerging Markets 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. These additional risks may be heightened for securities of companies located in, or with significant operations in, emerging market 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: 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.

 

Master Limited Partnership Risk and Sector Risk: An investment in units of master limited partnerships (“MLPs”) involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.  The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes.  If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund’s shares.  MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy.  A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

 

Energy Companies Risk: The Fund invests in energy companies, including pipeline and gas distribution companies. General problems of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, clean-up and litigation costs relating to oil spills and  

environmental damage, and tax and other regulatory policies of various governments. Natural disasters such as hurricanes in the Gulf of Mexico will also impact energy companies.

 

Health Care Companies Risk: The Fund invests in health care companies, including those that are involved in medical services or health care, including biotechnology research and production, drugs and pharmaceuticals and health care facilities and services, and are subject to extensive competition, generic drug sales or the loss of patent protection, product liability litigation and increased government regulation. Research and development costs of bringing new drugs to market are substantial, and there is no guarantee that the product will ever come to market. Health care facility operators may be affected by the demand for services, efforts by government or insurers to limit rates, restriction of government financial assistance and competition from other providers.


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.

 

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.

 

Derivatives Risk: The use of derivatives such as optionsentail certain execution, market, liquidity, hedging and tax risks.  If the investment adviser’s prediction of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.  The Fund will be subject to risks that include, among other things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying collateral will decline or the risk that the common stock of the underlying issuer will decline in value.

 

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.

Calender Year Total Return as of 12/31 

Bar Chart

* Class A year-to-date total return as of December 31, 2012 was 6.37%.

 

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 4.94% and (1.84)%, respectively, for the quarters ended September 30, 2012 and December 31, 2012.

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 and an index of funds with similar investment objectives. 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 High Dividend Strategy Fund
Label
1 Year
Since Inception (August 10, 2011)
Inception Date
Class A

Class A (return before taxes)

0.28% 9.94% Aug. 10, 2011
Class A return after taxes on distributions

Class A (return after taxes on distributions)

0.01% 9.63% Aug. 10, 2011
Class A return after taxes on distributions and sale of Fund shares

Class A (return after taxes on distributions and sale of Fund shares)

0.53% 8.44% Aug. 10, 2011
Class C

Class C (return before taxes)

4.48% 7.16% Aug. 10, 2011
Class I

Class I (return before taxes)

6.78% 15.15% Aug. 10, 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% 23.51% Aug. 10, 2011
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Destra High Dividend Strategy Fund

Destra High Dividend Strategy Fund

Investment Objective

The Fund’s investment objective is to seek long-term total return and 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 $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 62 of the Fund’s Statement of Additional Information.

 

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Destra High Dividend Strategy 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 High Dividend Strategy 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] 2.85% 4.82% 2.85% 5.41%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses 3.96% 6.68% 3.96% 6.27%
Fee Waiver [2] (2.35%) (4.32%) (2.25%) (4.94%)
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 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 High Dividend Strategy Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
729 1,054 1,400 2,375
Class C
339 736 1,260 2,695
Class P
174 539      
Class I
135 421 728 1,601

Not Redeemed

Expense Example, No Redemption Destra High Dividend Strategy Fund (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
729 1,054 1,400 2,375
Class C
239 736 1,260 2,695
Class P
174 539      
Class I
135 421 728 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 most recent fiscal period ended September 30, 2012, the Fund’s portfolio turnover rate was 16.80% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities.  Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. The Fund may invest in securities of companies with any market capitalization. Equity securities held by the Fund may include common stocks, preferred shares, convertible securities and securities or other instruments whose price is linked to the value of common stock, depository receipts, and securities of master limited partnerships (“MLPs”).

 

 

The Fund may invest in U.S. dollar-denominated securities of U.S. and foreign issuers, and up to 20% of its total assets in securities denominated in non-U.S. dollar currencies. The Fund may invest in securities from any country.

 

The Fund’s sub-adviser, Miller/Howard Investments, Inc. (the “Sub-Adviser”), believes that financially strong stocks with rising dividends offer the prospects of consistent performance as well as potential added value. Stock prices fluctuate, but dividends add current returns and, over time, increases in dividends can induce increases in the price of the stocks generating those dividends. The Sub-Adviser’s research shows that dividends can be large contributors to total returns, and that by focusing on companies with a consistent track record of increasing their dividends, investors have an opportunity to generate superior risk-adjusted performance over time.

 

The Sub-Adviser's goal is to provide for annual increases in income that exceed the rate of inflation over time. Their investment process starts by identifying, selecting, and investigating stocks that pass initial quantitative screens for quality, yield, and growth of yield. Preference is given to companies with monopoly-like characteristics and recurring revenues, which may be attained through proprietary goods and services, strategic geographic positioning, or market dominance. The Sub-Adviser seeks companies that fulfill society’s basic requirements as well as those with a unique potential or “growth kicker” – such as new products, hidden assets, or industry conditions – which is not currently reflected in the stock price. Candidates are then ranked according to yield, growth of yield, special growth potentials, and contribution to overall diversification of the portfolio.

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.

 

Dividend Income Risk: Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such stock. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. In such an event, the yield on the Fund’s dividend paying equity securities would be adversely affected.  Depending upon market conditions, income producing equities that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to achieve its investment objective.

  

Foreign Investment Risk/Emerging Markets 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. These additional risks may be heightened for securities of companies located in, or with significant operations in, emerging market 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: 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.

 

Master Limited Partnership Risk and Sector Risk: An investment in units of master limited partnerships (“MLPs”) involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.  The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes.  If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund’s shares.  MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy.  A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

 

Energy Companies Risk: The Fund invests in energy companies, including pipeline and gas distribution companies. General problems of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, clean-up and litigation costs relating to oil spills and  

environmental damage, and tax and other regulatory policies of various governments. Natural disasters such as hurricanes in the Gulf of Mexico will also impact energy companies.

 

Health Care Companies Risk: The Fund invests in health care companies, including those that are involved in medical services or health care, including biotechnology research and production, drugs and pharmaceuticals and health care facilities and services, and are subject to extensive competition, generic drug sales or the loss of patent protection, product liability litigation and increased government regulation. Research and development costs of bringing new drugs to market are substantial, and there is no guarantee that the product will ever come to market. Health care facility operators may be affected by the demand for services, efforts by government or insurers to limit rates, restriction of government financial assistance and competition from other providers.


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.

 

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.

 

Derivatives Risk: The use of derivatives such as optionsentail certain execution, market, liquidity, hedging and tax risks.  If the investment adviser’s prediction of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.  The Fund will be subject to risks that include, among other things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying collateral will decline or the risk that the common stock of the underlying issuer will decline in value.

 

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.

Calender Year Total Return as of 12/31 

Bar Chart

* Class A year-to-date total return as of December 31, 2012 was 6.37%.

 

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 4.94% and (1.84)%, respectively, for the quarters ended September 30, 2012 and December 31, 2012.

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 and an index of funds with similar investment objectives. 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 High Dividend Strategy Fund
Label
1 Year
Since Inception (August 10, 2011)
Inception Date
Class A

Class A (return before taxes)

0.28% 9.94% Aug. 10, 2011
Class A return after taxes on distributions

Class A (return after taxes on distributions)

0.01% 9.63% Aug. 10, 2011
Class A return after taxes on distributions and sale of Fund shares

Class A (return after taxes on distributions and sale of Fund shares)

0.53% 8.44% Aug. 10, 2011
Class C

Class C (return before taxes)

4.48% 7.16% Aug. 10, 2011
Class I

Class I (return before taxes)

6.78% 15.15% Aug. 10, 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% 23.51% Aug. 10, 2011
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Label Element Value
[RiskReturnAbstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2012
Registrant Name dei_EntityRegistrantName Destra Investment Trust
Central Index Key dei_EntityCentralIndexKey 0001492374
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Feb. 01, 2013
Document Effective Date dei_DocumentEffectiveDate Feb. 01, 2013
Prospectus Date rr_ProspectusDate Feb. 01, 2013
Destra High Dividend Strategy Fund
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

Destra High Dividend Strategy Fund

Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to seek long-term total return and 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 $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 62 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 most recent fiscal period ended September 30, 2012, the Fund’s portfolio turnover rate was 16.80% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.80%
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.   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 62 of the Fund’s Statement of Additional Information.

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 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

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities.  Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. The Fund may invest in securities of companies with any market capitalization. Equity securities held by the Fund may include common stocks, preferred shares, convertible securities and securities or other instruments whose price is linked to the value of common stock, depository receipts, and securities of master limited partnerships (“MLPs”).

 

 

The Fund may invest in U.S. dollar-denominated securities of U.S. and foreign issuers, and up to 20% of its total assets in securities denominated in non-U.S. dollar currencies. The Fund may invest in securities from any country.

 

The Fund’s sub-adviser, Miller/Howard Investments, Inc. (the “Sub-Adviser”), believes that financially strong stocks with rising dividends offer the prospects of consistent performance as well as potential added value. Stock prices fluctuate, but dividends add current returns and, over time, increases in dividends can induce increases in the price of the stocks generating those dividends. The Sub-Adviser’s research shows that dividends can be large contributors to total returns, and that by focusing on companies with a consistent track record of increasing their dividends, investors have an opportunity to generate superior risk-adjusted performance over time.

 

The Sub-Adviser's goal is to provide for annual increases in income that exceed the rate of inflation over time. Their investment process starts by identifying, selecting, and investigating stocks that pass initial quantitative screens for quality, yield, and growth of yield. Preference is given to companies with monopoly-like characteristics and recurring revenues, which may be attained through proprietary goods and services, strategic geographic positioning, or market dominance. The Sub-Adviser seeks companies that fulfill society’s basic requirements as well as those with a unique potential or “growth kicker” – such as new products, hidden assets, or industry conditions – which is not currently reflected in the stock price. Candidates are then ranked according to yield, growth of yield, special growth potentials, and contribution to overall diversification of the portfolio.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of equity securities.  Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-producing equity securities. The Fund may invest in securities of companies with any market capitalization. Equity securities held by the Fund may include common stocks, preferred shares, convertible securities and securities or other instruments whose price is linked to the value of common stock, depository receipts, and securities of master limited partnerships (“MLPs”).

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.

 

Dividend Income Risk: Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such stock. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. In such an event, the yield on the Fund’s dividend paying equity securities would be adversely affected.  Depending upon market conditions, income producing equities that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to achieve its investment objective.

  

Foreign Investment Risk/Emerging Markets 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. These additional risks may be heightened for securities of companies located in, or with significant operations in, emerging market 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: 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.

 

Master Limited Partnership Risk and Sector Risk: An investment in units of master limited partnerships (“MLPs”) involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and the potential for conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.  The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes.  If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund’s shares.  MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy.  A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

 

Energy Companies Risk: The Fund invests in energy companies, including pipeline and gas distribution companies. General problems of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, clean-up and litigation costs relating to oil spills and  

environmental damage, and tax and other regulatory policies of various governments. Natural disasters such as hurricanes in the Gulf of Mexico will also impact energy companies.

 

Health Care Companies Risk: The Fund invests in health care companies, including those that are involved in medical services or health care, including biotechnology research and production, drugs and pharmaceuticals and health care facilities and services, and are subject to extensive competition, generic drug sales or the loss of patent protection, product liability litigation and increased government regulation. Research and development costs of bringing new drugs to market are substantial, and there is no guarantee that the product will ever come to market. Health care facility operators may be affected by the demand for services, efforts by government or insurers to limit rates, restriction of government financial assistance and competition from other providers.


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.

 

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.

 

Derivatives Risk: The use of derivatives such as optionsentail certain execution, market, liquidity, hedging and tax risks.  If the investment adviser’s prediction of movements in the direction of the securities, foreign currency, interest rate or other referenced instruments or markets is inaccurate, the consequences to the Fund may leave the Fund in a worse position than if it had not used such strategies.  The Fund will be subject to risks that include, among other things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying collateral will decline or the risk that the common stock of the underlying issuer will decline in value.

 

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 Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution

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.

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 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

Calender Year Total Return as of 12/31 

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads

 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.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

* Class A year-to-date total return as of December 31, 2012 was 6.37%.

 

During the period ended December 31, 2012, the Fund’s highest and lowest quarterly returns were 4.94% and (1.84)%, respectively, for the quarters ended September 30, 2012 and December 31, 2012.

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 6.37%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly returns

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.94%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly returns

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.84%)
Performance Table Heading rr_PerformanceTableHeading

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

Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

reflects no deduction for fees, expenses or taxes

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

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 and an index of funds with similar investment objectives. 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 High Dividend Strategy Fund | Class A
 
[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]