# EDGAR Filing Document

**Accession Number:** 0001492374
**File Stem:** 0001829126-23-001319
**Filing Date:** 2023-2
**Character Count:** 35499
**Document Hash:** c26c4e537411d5ee4c6d7435e0a15dc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001319.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001829126-23-001319

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Destra Investment Trust
- **CENTRAL INDEX KEY:** 0001492374
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-167073
- **FILM NUMBER:** 23584864

**BUSINESS ADDRESS:**
- **STREET 1:** 443 N. WILLSON AVE.
- **CITY:** BOZEMAN
- **STATE:** MT
- **ZIP:** 59715
- **BUSINESS PHONE:** 877-855-3434

**MAIL ADDRESS:**
- **STREET 1:** 443 N. WILLSON AVE.
- **CITY:** BOZEMAN
- **STATE:** MT
- **ZIP:** 59715

## Series and Classes Contracts Data

### Destra Granahan Small Cap Advantage Fund (Series ID: S000066146)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000213740 | Class I      | DGISX           |
| C000213741 | Class A      | DGASX           |

![](destragranahan_001.jpg)

Summary Prospectus

February 1, 2023

Destra Granahan Small Cap Advantage Fund

---

| | |
|:---|:---|
| **Class Ticker Symbol** | **Class Ticker Symbol** |
| Class A | Class I |
| DGASX | DGISX |

---

Before you invest, you may want to review the Fund's Statutory Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Statutory Prospectus and other information about the Fund online at www.destracapital.com/literature. You can also get this information at no cost by calling 844-9DESTRA (933-7872) or by sending an e-mail to info@destracapital.com. The Fund's Statutory Prospectus and Statement of Additional Information, each dated February 1, 2023, are incorporated by reference into (and are considered part of) this Summary Prospectus. The Statement of Additional Information may be obtained, free of charge, at the website, phone number or email address noted above.

443 North Willson Avenue, Bozeman, MT 59715 ● 877.855.3434 ● *destracapital.com*

**Destra Granahan Small Cap Advantage Fund**

**Investment Objective**

The investment objective of Destra Granahan Small Cap Advantage Fund (the "Fund") 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, hold, and sell shares of the Fund. For Class A shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund or in other mutual funds advised by Destra Capital Advisors LLC ("*Destra*" or the "*Adviser*"). Investors purchasing Class I shares as "clean shares" may be subject to costs (including customary brokerage commissions) charged by their broker, which are not reflected in the table below. **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 18 of the Fund's Statutory Prospectus, in Appendix A to the Statutory Prospectus and in "Purchases" on page 21 of the Fund's Statement of Additional Information.**

**Shareholder Fees**

(fees paid directly from your investment)

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class I** |
| Maximum Sales Charge (Load) Imposed on Purchases <br> (as a percentage of offering price) | 4.50% |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or redemption proceeds) |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends |  |  |
| Redemption Fee on shares held for 90 days or less <br> (as a percentage of amount redeemed) |  |  |
| Exchange Fees |  |  |

---

**Annual Fund Operating Expenses**

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

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class I** |
| Management Fees | 1.10% | 1.10% |
| Distribution and Service (12b-1) Fees | 0.25% |  |
| Other Expenses | 1.36% | 1.36% |
| Total Annual Fund Operating Expenses | 2.71% | 2.46% |
| Fee Waiver<sup>(1)</sup> | (0.96)% | (0.96)% |
| Total Annual Fund Operating Expenses After Fee Waiver | 1.75% | 1.50% |

---

(1) The
 Adviser has agreed to cap expenses such that the total annual fund operating expenses, excluding brokerage commissions and other
 trading expenses, taxes, interest, acquired fund fees and other extraordinary expenses (such as litigation and other expenses not
 incurred in the ordinary course of business), do not exceed 1.75%, and 1.50% of the Fund's average daily net assets attributable
 to Class A shares and Class I shares, respectively. The arrangement will continue in effect until January 31, 2033, may
 be terminated or modified prior to that date only with the approval of the Fund's Board of Trustees ()"*Board* ")
 and will automatically continue in effect for successive twelve-month periods thereafter. Any waiver or reimbursement by the Adviser
 is subject to repayment by the Fund within three years from the date of the waiver, provided that the Fund is able to make the repayment
 without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (i) the expense limit in effect at
 the time of the waiver and (ii) the expense limit in effect at the time of the repayment, and the repayment is approved by the
 Board.

Destra Granahan Small Cap Advantage Fund 1

**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 Class A Shares and $100,000 in Class I Shares of 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 (the example assumes the Fund's current expense limitation will remain in effect for ten years). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Redeemed** | **Redeemed** | **Redeemed** | **Redeemed** | **Not Redeemed** | **Not Redeemed** | **Not Redeemed** | **Not Redeemed** |
| <br>**Share Class** | **1 year** | **3 years** | **5 years** | **10 years** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $620 | $976 | $1356 | $2420 | $620 | $976 | $1356 | $2420 |
| Class I | $1526 | $4741 | $8184 | $17905 | $1526 | $4741 | $8184 | $17905 |

---

This example does not reflect sales charges (loads) on reinvested dividends. If these sales charges (loads) were included, your costs would be higher.

**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 total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of issuers with small market capitalization (the "*80% Policy*"). The Fund considers issuers with small market capitalization to be those that, at the time the Fund makes an investment, have a similar market capitalization to those companies included in the Russell 2000<sup>®</sup> Growth Index. Companies whose capitalization no longer meets this definition after purchase may continue to be considered small capitalization companies for purposes of the 80% Policy; however, the Fund may not make additional purchases from such companies. The Russell 2000<sup>®</sup> Growth Index is a stock market index that measures the performance of approximately 2,000 small capitalization U.S. companies. The Russell 2000<sup>®</sup> Growth Index is a stock market index that measures the performance of approximately 2,000 small capitalization U.S. companies. As of December 31, 2022, the median market capitalization of the Russell 2000<sup>®</sup> Growth Index was approximately $1,127mm. As of December 31, 2022, the range of market capitalizations of issuers included in the Russell 2000<sup>®</sup> Growth Index was $6mm to $7,930mm. The Fund may satisfy its 80% Policy by investing in securities of other open-end or closed-end investment companies, including exchange-traded funds ("*ETFs*") that invest primarily in securities of the types in which the Fund may invest directly.

The Fund's investments primarily consist of equity and equity-related securities, including, without limitation, exchange-traded and over-the-counter common and preferred stocks, U.S. dollar-denominated American Depositary Receipts ("*ADRs*"), warrants to acquire common stock, securities convertible into common stock and shares of other investment companies (including ETFs and real estate investment trusts ("*REITs*")). The Fund's investments may include investments in non-U.S. securities and securities issued by companies organized or headquartered in foreign countries and/or doing significant business outside of the United States.

The Fund's sub-adviser, Granahan Investment Management, Inc. (the "*Sub-Adviser*" or "*GIM*"), pursues the Fund's investment objective by using in-depth, bottom-up, fundamental research and analysis to uncover what it believes are compelling investment opportunities in all areas of the U.S. small cap market.

In addition, the Sub-Adviser employs a proprietary "LifeCycle" investment program to assist it with diversifying the Fund's holdings and seeking to mitigate portfolio risks. Pursuant to this program, each company in which the Sub-Adviser might invest is placed into one of three categories: (i) Core Growth, (ii) Pioneer, or (iii) Special Situation. Although the Sub-Adviser retains flexibility in selecting the LifeCycle category for each prospective

Destra Granahan Small Cap Advantage Fund 2

investment, the Sub-Adviser generally intends to allocate approximately 25 - 45% of the Fund's assets to Pioneers; 20 - 35% of the Fund's assets to Core Growth; and 30 - 45% to Special Situations. The general characteristics of each category are described below.

●  ***Pioneers.*** Pioneers are companies that the Sub-Adviser believes are creating new markets or disrupting established industries. Pioneer companies frequently do not have earnings at the time of the Sub-Adviser's investment. The Fund's investments in pioneer companies may be concentrated in businesses operating in the biotechnology, medical technology and information technology sectors. The Fund's investments in companies in the biotechnology, medical technology and information technology sectors are subject to substantial risks, which are described in "*Health Care Sector Risk*" and "*Information Technology and Technology-Related Sectors Risk*" below.

●  ***Core Growth*** . Core growth companies are generally those that the Sub-Adviser believes have solid records of growth, recurring revenues and good visibility on earnings.

●  ***Special Situations*** . Special situation companies are typically those that have unimpressive histories and new dynamics that could drive earnings growth. The Fund's investments in special situation companies may be concentrated in industrial and cyclical growth companies.

The Sub-Adviser believes that each of these LifeCycle categories has distinct performance drivers and that investing in companies in each category provides diversity in the Fund's portfolio. Once the Sub-Adviser has classified a prospective Fund investment, it focuses on stock selection as the primary means to add value for the Fund. The Sub-Adviser aims to select investments across the three LifeCycle categories that are market leaders (or are taking market share) and exhibit potential for strong and/or accelerating growth. The Sub-Adviser uses an investment management approach whereby portfolio managers with distinct expertise manage portions of the Fund's portfolio that relate to such expertise. The Sub-Adviser believes that this approach mitigates some of the volatility of a sole-managed portfolio and allows for direct accountability for results of the Fund by each portfolio manager.

The Fund is actively-managed and, accordingly, it may have a high portfolio turnover rate. 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. The Fund is classified as "diversified" under the Investment Company Act of 1940, as amended (the *"1940 Act"*).

**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. Different risks may be more significant at different times depending on market conditions.

***Active Management Risk:*** The Fund is an actively-managed portfolio and its success depends upon the investment skills and analytical abilities of the Sub-Adviser to develop and effectively implement strategies that achieve the Fund's investment objective. Subjective decisions made by the Sub-Adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.

***Cybersecurity Risk:*** As the use of internet technology has become more prevalent in the course of business, the Fund has become more susceptible to potential operational and information security issues relating to cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding, but may also result from outside attacks (such as denial of service attacks) that are meant to make network services unavailable to their intended users. In addition, cyber security breaches of the Fund's third-party service providers, such as its Adviser, Sub-Adviser, administrator, transfer agent or custodian, as applicable, or issuers in which a Fund invests, can also indirectly subject the Fund to many of the same risks associated with direct cyber security breaches. Additionally, third-party

Destra Granahan Small Cap Advantage Fund 3

service providers may have limited indemnification obligations to the Fund or its investment adviser. The Fund has established risk management systems designed to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third-party service providers.

***Equity Securities Risk:*** Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies in which the Fund invests in decline or if overall market and economic conditions deteriorate. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, equity securities may lose value due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

***General Fund Investing Risks:*** The Fund is not a complete investment program and you may lose money by investing in the Fund. 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 such percentage 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. All investments carry a certain amount of risk and there is no guarantee that the Fund will be able to achieve its investment objective. 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.

***Investment Style Risk:*** Different investment styles (e.g., "growth" or "value") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

***Liquidity Risk:*** Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund's investments in illiquid securities, which is limited to 15% of its net assets, may reduce the returns of the Fund because it may be difficult to sell the illiquid securities at an advantageous time or price. To the extent that the Fund's principal investment strategies involve securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Less liquid investments that the Fund may want to invest in may be difficult or impossible to purchase. Illiquid investments may be harder to value, especially in changing markets. It is possible that certain securities held by the Fund will not be able to be sold in sufficient amounts or in a sufficiently timely manner to raise the cash necessary to meet any potentially large redemption requests by fund shareholders, which may cause the Fund to suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.

***Market Risk:*** Market risk is the risk that a particular security owned by the Fund or shares of the Fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, the spread of infectious illness (including epidemics and pandemics) or other public health issues, changes in interest rates and perceived trends in securities prices. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Overall securities values could decline generally or could underperform other investments.

***Non-U.S. Investments Risk:*** An investment in non-U.S. companies involves other risks not associated with domestic issuers. Non-U.S. investments may involve higher costs than investments in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by non-U.S. governments. Non-U.S*.* investments may also involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability.

Destra Granahan Small Cap Advantage Fund 4

Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of non-U.S. holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, or the adoption of other governmental restrictions might adversely affect an investment in non-U.S. holdings. Additionally, non-U.S. issuers may be subject to less stringent regulation and to different accounting, auditing and recordkeeping requirements. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. In addition, the European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns and/or rising government debt levels of several European countries. These events may spread to other countries in Europe, including countries that do not use the euro.

In June 2016, the United Kingdom ("*UK*") approved a referendum to leave the European Union ("*EU*"). The withdrawal, known colloquially as "Brexit", was agreed to and ratified by the UK Parliament, and the UK left the EU on January 31, 2020. It began a transition period in which to negotiate a new trading relationship for goods and services that ended on December 31, 2020. On January 1, 2021, the UK left the EU Single Market and Customs Union, as well as all EU policies and international agreements. On December 24, 2020, the UK and EU agreed to a trade deal with no tariffs or quotas on products, regulatory and customs cooperation mechanisms as well as provisions ensuring a level playing field for open and fair competition. The UK and EU plan to put in place a regulatory dialogue on financial systems based on a separate memorandum of understanding by March 2021. Since the referendum, there have been periods of significant volatility in the global stock markets and currency exchange rates, as well as challenging market conditions in the UK. At this time, the impact that the trade deal and any future agreements on services, particularly financial services, will have on the Fund cannot be predicted, and it is possible that the new terms may adversely affect the Fund.

In addition, on February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted.

***Portfolio Turnover Risk:*** The Fund's strategy may frequently involve buying and selling portfolio securities, depending on the Sub-Adviser's assessment of each holding's risk/reward. High portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund's performance to be less than you expect.

***Sector Risk:*** The Fund may, at times, invest a significant portion of its total assets in securities of companies conducting business within one or more of the same economic sectors or industries, including the consumer discretionary, heath care, industrials and information technology sectors. Companies in the same sector or industry may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector or industry than a fund that invests more broadly. In particular, the Fund may be most susceptible to the sector and/or industry risks listed below.

●  ***Consumer Discretionary Risk:*** Companies in the consumer discretionary sector are subject to risks associated with fluctuations in the performance of domestic and international economies, interest rate changes, increased competition and consumer confidence. The performance of such companies may also be affected by factors relating to levels of disposable household income, reduced consumer spending, changing demographics and consumer tastes, among others.

●  ***Health Care Sector Risk:*** Companies in the health care sector — which generally includes companies in the health sciences and biotechnology sectors — are subject to substantial risks relating to government regulation, restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures and the rising cost of medical products and services, among others. The performance of such companies may also be affected by government regulation, the ability of a party to obtain and protect patents, product liability and rapid product obsolescence caused by progressive scientific and technological advances.

Destra Granahan Small Cap Advantage Fund 5

●  ***Industrials Sector Risk:*** Companies in the industrials sector are subject to risks associated with changes in supply and demand for their products and for industrial sector products in general, including declines in demand for such products due to rapid technological developments and frequent new product introduction. The performance of such companies may also be affected by factors relating to government regulation, world events and economic conditions and risks for environmental damage and product liability claims.

●  ***Information Technology and Technology-Related Sectors Risk:*** Investments in the information technology sector, as well as other technology-related sectors (collectively, the "*technology sectors*") — which generally include companies in the software and internet sectors — are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by various factors such as the ability to obtain and protect patents and significant competitive pressures, including aggressive pricing of products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of securities issued by companies in technology sectors may fall or fail to rise. In addition, many technology sector companies have limited product lines, markets, financial resources and operating histories, and prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

***Special Situation Companies Risk:*** The Fund will seek to benefit from investments in companies that are experiencing (or are expected to experience) unusual and possibly non-repetitive "special situations," such as new management, product, and/or marketing changes or other events that are expected to affect a particular issuer. There is a risk that a "special situation" identified by the Sub-Adviser might not occur or will involve a longer time frame than originally expected, which could have a negative impact on the price of the issuer's securities and the Fund's net asset value ("*NAV*"). Investments in special situation companies are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in special situation companies is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Sub-Adviser.

***Valuation Risk:*** The sale price that the Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Fair valuation involves subjective judgment. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third-party service providers. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.

***Smaller Companies Risk:*** The Fund will hold securities of small- and/or mid-cap companies. Such companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than those of larger, more established companies. Smaller capitalization issuers are often not as diversified in their business activities and frequently have fewer product lines, financial resources and management experience than issuers with larger market capitalizations. Additionally, reduced trading volume of securities of smaller issuers may make such securities more difficult to sell than those of larger companies.

Destra Granahan Small Cap Advantage Fund 6

**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 destracapital.com or by calling 844-*9DESTRA (933-7872)*.

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; if these charges were reflected, the returns would be less than those shown.

Calendar Year Total Return as of 12/31

![](destragranahan_002.jpg)

The Fund's highest and lowest quarterly returns were 41.68% and -27.12%, respectively, for the quarters ended June 30, 2020 and June 30, 2022.

The table below shows the variability of the Fund's average annual returns and how they compare over the time periods indicated to those of a broad-based market index that measures the performance of approximately 2,000 small capitalization U.S. companies.

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 individual retirement accounts ("*IRAs*") or employer-sponsored retirement plans. If the Fund incurs a loss, which generates a tax benefit, the return after taxes on distributions and sale of Fund shares may exceed the Fund's other return figures.

Both the bar chart above and the table below 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. The returns that follow reflect sales charges.

Average Annual Total Returns for the<br> Periods Ended December 31, 2022

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| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception<br> (August 8, 2019)** |
| Class A (return before taxes) | -37.92% | 1.81% |
| Class A (return after taxes on distributions) | -37.92% | 0.96% |
| Class A (return after taxes on distributions and sale of Fund shares) | -22.45% | 1.48% |
| Class I (return before taxes) | -34.83% | 2.72% |
| Russell 2000 Growth Index | -26.36% | 2.84% |

---

Destra Granahan Small Cap Advantage Fund 7

**Management**

Investment Adviser

Destra Capital Advisors LLC

Investment Sub-Adviser

Granahan Investment Management, Inc.

Portfolio Managers

---

| | |
|:---|:---|
| ***Granahan Investment Management, Inc.*** |  |
| Andrew L. Beja, CFA (Managing Director) | Co-Lead Portfolio Manager of Fund since 2019 |
| Jeffrey A. Harrison, CFA (Managing Director) | Co-Lead Portfolio Manager of Fund since 2021 |
| Jennifer M. Pawloski (Managing Director) | Portfolio Manager of Fund since 2019 |
| David M. Rose, CFA (Managing Director) | Portfolio Manager of Fund since 2019 |
| Richard Watson, CFA (Senior Vice President) | Portfolio Manager of Fund since 2021 |

---

The Co-Lead Portfolio Managers and Portfolio Managers (together, the "*portfolio managers*") are primarily and jointly responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange (*"NYSE"*) is open for business. Generally, you may purchase, redeem or exchange shares only through institutional channels, such as financial intermediaries and retirement platforms. The minimum investment for Class A shares is $2,500 per Fund account for non-retirement accounts and $500 per Fund account for certain tax-deferred accounts or UGMA/UTMA accounts. The minimum investment for Class I shares is $100,000 for institutional investors. Institutional investors generally may meet the minimum investment amount by aggregating multiple accounts within the Fund on a given day. Accounts offered through certain intermediary institutions may meet the minimum investment requirements of $500 for tax-deferred accounts and $2,500 for other account types.

**Tax Information**

The Fund's distributions are taxable and will generally be taxed at ordinary income or capital gain tax rates, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions from the Fund held in such a tax-deferred arrangement will be taxed at a later date.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. Ask your salesperson or visit your financial intermediary's website for more information.

Destra Granahan Small Cap Advantage Fund 8