Destra Flaherty & Crumrine Preferred and Income Fund

Class A (DPIAX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

This semi-annual shareholder report contains important information about Destra Flaherty & Crumrine Preferred and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.destracapital.com/strategies/destra-preferred-and-income-securities-fund#literature. You can also request this information by contacting us at 1-877-855-3434.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$72	1.45%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$221,705,622
Number of Portfolio Holdings219
Advisory Fee $846,808
Portfolio Turnover8%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Debt Securities	1.3%
Money Market Funds	1.7%
Contingent Capital Securities	24.0%
Preferred Securities	73.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.2%
Materials	0.4%
Health Care	0.4%
Consumer Discretionary	0.6%
Consumer Staples	1.7%
Money Market Funds	1.7%
Communications	1.8%
Energy	4.0%
Utilities	12.0%
Financials	75.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Liberty Mutual Group, Inc., 7.800%, 03/15/27	3.5%
Banco Santander S.A., 4.750%, 05/12/27	2.5%
Provident Financing Trust I, 7.405%, 03/15/38	2.2%
M&T Bank Corporation, 5.625%, 12/15/26	1.7%
Flagstar Financial Inc., 6.375%, 03/17/27	1.6%
Athene Holding Ltd., 6.350%, 06/30/29	1.6%
Pinnacle Financial Partners, Inc., 8.397%	1.5%
Delphi Financial Group, Inc., 7.107%, 05/15/37	1.4%
HSBC Holdings PLC, 8.000%, 09/07/28	1.4%
Land O' Lakes, Inc., 8.000%	1.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

Destra Flaherty & Crumrine Preferred and Income Fund - Class A (DPIAX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.destracapital.com/strategies/destra-preferred-and-income-securities-fund#literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-DPIAX

Destra Flaherty & Crumrine Preferred and Income Fund

Class C (DPICX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$110	2.21%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$221,705,622
Number of Portfolio Holdings219
Advisory Fee $846,808
Portfolio Turnover8%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Debt Securities	1.3%
Money Market Funds	1.7%
Contingent Capital Securities	24.0%
Preferred Securities	73.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.2%
Materials	0.4%
Health Care	0.4%
Consumer Discretionary	0.6%
Consumer Staples	1.7%
Money Market Funds	1.7%
Communications	1.8%
Energy	4.0%
Utilities	12.0%
Financials	75.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Liberty Mutual Group, Inc., 7.800%, 03/15/27	3.5%
Banco Santander S.A., 4.750%, 05/12/27	2.5%
Provident Financing Trust I, 7.405%, 03/15/38	2.2%
M&T Bank Corporation, 5.625%, 12/15/26	1.7%
Flagstar Financial Inc., 6.375%, 03/17/27	1.6%
Athene Holding Ltd., 6.350%, 06/30/29	1.6%
Pinnacle Financial Partners, Inc., 8.397%	1.5%
Delphi Financial Group, Inc., 7.107%, 05/15/37	1.4%
HSBC Holdings PLC, 8.000%, 09/07/28	1.4%
Land O' Lakes, Inc., 8.000%	1.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

Destra Flaherty & Crumrine Preferred and Income Fund - Class C (DPICX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.destracapital.com/strategies/destra-preferred-and-income-securities-fund#literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-DPICX

Destra Flaherty & Crumrine Preferred and Income Fund

Class I (DPIIX)

Semi-Annual Shareholder Report - March 31, 2026

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Fund Statistics

Net Assets$221,705,622
Number of Portfolio Holdings219
Advisory Fee $846,808
Portfolio Turnover8%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Corporate Debt Securities	1.3%
Money Market Funds	1.7%
Contingent Capital Securities	24.0%
Preferred Securities	73.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	2.2%
Materials	0.4%
Health Care	0.4%
Consumer Discretionary	0.6%
Consumer Staples	1.7%
Money Market Funds	1.7%
Communications	1.8%
Energy	4.0%
Utilities	12.0%
Financials	75.2%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Liberty Mutual Group, Inc., 7.800%, 03/15/27	3.5%
Banco Santander S.A., 4.750%, 05/12/27	2.5%
Provident Financing Trust I, 7.405%, 03/15/38	2.2%
M&T Bank Corporation, 5.625%, 12/15/26	1.7%
Flagstar Financial Inc., 6.375%, 03/17/27	1.6%
Athene Holding Ltd., 6.350%, 06/30/29	1.6%
Pinnacle Financial Partners, Inc., 8.397%	1.5%
Delphi Financial Group, Inc., 7.107%, 05/15/37	1.4%
HSBC Holdings PLC, 8.000%, 09/07/28	1.4%
Land O' Lakes, Inc., 8.000%	1.4%

Material Fund Changes

No material changes occurred during the period ended March 31, 2026.

Destra Flaherty & Crumrine Preferred and Income Fund - Class I (DPIIX)

Semi-Annual Shareholder Report - March 31, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.destracapital.com/strategies/destra-preferred-and-income-securities-fund#literature), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 033126-DPIIX

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The administrator of U.S. dollar LIBOR, the ICE Benchmark Administration, ceased publication of daily U.S. dollar LIBOR panels after June 30, 2023. For securities where (i) issuers have announced replacement reference rates or (ii) the Adjustable Interest Rate (LIBOR) Act of 2022 was determined by the Adviser to apply, the new reference rate (usually Term SOFR) has been listed as the benchmark. The spread over that benchmark includes any tenor spread adjustment applicable upon benchmark transition. For all other securities, the original reference rate and spread continue to be listed.

The following table represents the Fund’s investments carried on the Statement of Assets and Liabilities by caption and by Level within the fair value hierarchy as of March 31, 2026. For information on the Fund’s policy regarding the valuation of investments, please refer to the Investment Valuation section of note 2 in the accompanying Notes to Financial Statements.

During the six months ended March 31, 2026, there were no transfers into or out of any Levels.

Destra Investment Trust (the “Trust”) was organized as a Massachusetts business trust on May 25, 2010, as an open-end investment company, under the Investment Company Act of 1940, as amended (the “1940 Act”). As of March 31, 2026, the Trust consists of the Destra Flaherty & Crumrine Preferred and Income Fund (the “Fund”), which commenced operations on April 12, 2011. The Fund’s investment objective is to seek total return with an emphasis on high current income. The Fund currently offers three classes of shares, Classes A, C, and I. All share classes have equal rights and voting privileges, except in matters affecting a single class. The Fund represents shares of beneficial interest (“Shares”) in a separate portfolio of securities and other assets. The Fund has retained Flaherty & Crumrine Incorporated (“Flaherty” or the “Sub-Adviser”) to serve as its investment sub-adviser.

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Fund is an investment company under U.S. GAAP and follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.

The Board of Trustees of the Trust (the “Board”) has approved valuation procedures for the Trust (the “Valuation Procedures”), which are used for determining the fair value of any Fund investment for which a market quotation is not readily available. The valuation of the Fund’s investments is performed in accordance with the principles found in Rule 2a-5 of the 1940 Act and in conjunction with FASB’s Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

The Board has designated DFC Preferred Advisors LLC (the “Adviser”), the investment adviser to the Fund, as the valuation designee of the Fund. As valuation designee, the Adviser performs the fair value determination relating to any and all investments of the Fund, subject to the conditions and oversight requirements described in the Valuation Procedures. In furtherance of its duties as valuation designee, the Adviser has formed a valuation committee (the “Valuation Committee”), to perform fair value determinations and oversee the day-to-day functions related to the fair valuation of the Fund’s investments. The Valuation Committee may consult with representatives from the Trust’s outside legal counsel or other third-party consultants in their discussions and deliberations.

ASC 820 defines fair value as the price that a Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes three different categories for valuations. Level 1 valuations are those based upon quoted prices in active markets that the Fund has the ability to access. Level 2 valuations are those based upon quoted prices in inactive markets or based upon significant observable inputs (e.g., yield curves; benchmark interest rates; indices). Level 3 valuations are those based upon unobservable inputs (e.g., discounted cash flow analysis; non-market based methods used to determine fair valuation).

The Fund values Level 1 securities using readily available market quotations in active markets. The Fund values Level 2 fixed income securities using independent pricing providers who employ matrix pricing models utilizing market prices, broker quotes and prices of securities with comparable maturities and qualities. The Fund values Level 2 equity securities using various observable market inputs in accordance with procedures established in good faith by the valuation designee. For Level 3 securities, the Fund estimates fair value based upon a variety of observable and non-observable inputs as outlined in the Valuation Procedures.

Securities listed on an exchange are valued at the last reported sale price on the principal exchange or on the principal over-the-counter (“OTC”) market on which such securities are traded, as of the close of regular trading on the New York Stock Exchange (“NYSE”) on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded primarily on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price. Debt securities are valued at the prices supplied by the pricing agent for such securities, if available, and otherwise are valued at the available bid price for such securities or, if such prices are not available, at prices for securities of comparable maturity, quality and type. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value (“NAV”), the Fund values these securities at fair value as determined in accordance with the Valuation Procedures. Short-term securities with maturities of 60 days or less at time of purchase and of sufficient credit quality are valued at amortized cost, which approximates fair value.

Investment transactions are accounted for on the trade date basis. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

In calculating the NAV per Share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of Shares based upon the proportion of net assets of each class at the beginning of each day. The Fund is charged for those expenses that are directly attributable to each series, such as management fees and registration costs.

The Fund records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates (if actual amounts are not available) and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Cash and cash equivalents may consist of demand deposits and highly liquid investments (e.g., U.S. treasury notes) with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund deposits cash and cash equivalents with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations which provide general indemnifications for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown. However, since its commencement of operations, the Fund has not had claims or losses pursuant to these contracts and expect the risk of loss to be remote.

The Fund intends to pay substantially all of its net investment income to shareholders monthly. In addition, the Fund intends to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the reporting period. Actual results could differ from these estimates.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

The Fund adopted the FASB Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

Subject to the oversight of the Board, the Adviser is responsible for managing the investment and reinvestment of the assets of the Fund in accordance with the Fund’s investment objectives, policies and limitations, and for providing day-to-day administrative services to the Fund either directly or through others selected by it for the Fund. The Adviser receives an annual management fee payable monthly, at an annual rate of 0.75% of the average daily net assets of the Fund. The Fund paid management fees totaling $846,808 to the Adviser for the six months ended March 31, 2026.

The Trust and Adviser have entered into an amended and restated expense limitation agreement where 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 1.50%, 2.25%, and 1.25% of the Fund’s average daily net assets attributable to Class A Shares, Class C Shares, and Class I Shares, respectively (the “Expense Limitation Agreement”). The Expense Limitation Agreement will continue in effect until October 9, 2035, may be terminated or modified prior to that date only with the approval of the Board and will automatically continue in effect for successive twelve-month periods thereafter. Any fee waived and/or expense assumed by the Adviser pursuant to the Expense Limitation Agreement is subject to recovery by the Adviser for up to three years from the date the fee was waived and/or expense assumed, but no reimbursement payment will be made by the Fund if such reimbursement results in the Fund exceeding an expense ratio equal to the Fund’s then-current expense caps or the expense caps that were in place at the time the fee was waived and/or expense assumed by the Adviser.

During the six months ended March 31, 2026, the Adviser did not waive or recoup expenses.

Flaherty serves as the investment sub-adviser to the Fund. The Adviser has agreed to pay from its own assets an annualized sub-advisory fee, monthly, to Flaherty in an amount equal to one half of the net management fees collected by the Adviser, net of any waivers, reimbursement payments, supermarket fees and alliance fees waived, reimbursed or paid by the Adviser in respect of the Fund.

During the six months ended March 31, 2026, Ultimus Fund Solutions, LLC served as the Fund’s administrator, accountant, and transfer agent. UMB Bank, N.A., (“UMB Bank”), serves as the Fund’s Custodian.

The Fund’s Class A Shares and Class C Shares have adopted a Distribution Plan (“Plan”) in accordance with Rule 12b-1 under the 1940 Act. The Plan is a compensation type plan that permits the payment at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Class A Shares and up to 1.00% of the average daily net assets of the Fund’s C Shares. Of the 1.00%, up to 0.75% of this fee is for distribution services and up to 0.25% of this fee is for shareholder services. Under the terms of the Plan, the Fund is authorized to make payments to Destra Capital Investments, LLC, the Fund’s distributor (the “Distributor”) for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisers and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Fund.

The Fund qualifies and intends to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). If so qualified, the Fund will not be subject to federal income tax to the extent the Fund distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts, on the Statement of Assets and Liabilities, based on their Federal tax basis treatment; temporary differences do not require reclassification and had no impact on the NAV of the Fund.

The Fund complies with FASB interpretation Accounting for Uncertainty in Income Taxes which provides guidance for how uncertain tax provisions should be recognized, measured, presented and disclosed in the financial statements. Accounting for Uncertainty in Income Taxes requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not,” (i.e., greater than 50 percent) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax benefit or expense in the current period. The Fund’s policy is to classify any interest or penalties associated with underpayment of federal and state income taxes as an income tax expense on the Statement of Operations.

Accounting for Uncertainty in Income Taxes requires management of the Fund to analyze all open tax years, as defined by the statutes of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for exam by the taxing authorities (i.e., the last three tax years and the interim tax period since then).

The Fund had no examinations in progress during the six months ended March 31, 2026. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Fund reviewed all tax positions taken or expected to be taken in the preparation of the Fund’s tax returns and concluded that Accounting for Uncertainty in Income Taxes resulted in no effect on the Fund’s reported net assets or results of operations as of and during the six months ended March 31, 2026. Management of the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of recognized tax benefits will significantly change in the next twelve months.

At March 31, 2026, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

As of September 30, 2025, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

The tax character of distributions paid during the years ended September 30, 2025 and 2024 were as follows:

The difference between book basis and tax basis accumulated net investment income (loss), unrealized appreciation (depreciation) and accumulated net realized gain (loss) from investments is primarily attributable to tax adjustments for contingent capital securities, real estate investment trusts, and trust preferred securities.

At September 30, 2025, the Fund had capital loss carryforwards for federal income tax purposes available to offset future capital gains as follows:

To the extent that the Fund may realize future net capital gains, those gains will be offset by any unused non-expiring capital loss carryforwards. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations.

For the six months ended March 31, 2026, the cost of investments purchased and proceeds from sales of investments, excluding short-term investments were as follows:

Purchases of Class A Shares are subject to an initial sales charge of up to 4.50% on purchases of less than $1,000,000. The Fund’s Shares are purchased at NAV per Share as determined at the close of the regular trading session of the NYSE after a purchase order is received in good order by the Fund or its authorized agent. Some authorized agents may charge a separate or additional fee for processing the purchase of Shares. Redemption requests will be processed at the next NAV per Share calculated after a redemption request is accepted.

A contingent deferred sales charge (“CDSC”) of 1.00% applies on Class C Shares redeemed within 12 months of purchase. The CDSC may be waived for certain investors as described in the Fund’s Prospectus. For the six months ended March 31, 2026, the total CDSC received by affiliates in the Fund amounted to $0.

For the six months ended March 31, 2026, various broker dealers received $35,030 of sales charges from Shares sold of the Fund. Sales charges from Shares sold of the Fund received by affiliates amounted to $4,383.

The Fund is party to a Master Repurchase Agreement (the “MRA”) with UMB Bank, which provides that UMB Bank may from time to time, purchase certain assets from the Fund and the Fund agrees to repurchase such assets back pursuant to the MRA. Additionally, the Fund and UMB Bank have entered into a related Committed Repurchase Agreement (the “CRA” and together with the MRA, the “Agreements”), effective on December 5, 2024, and effective for one-year rolling terms. The MRA gives the Fund the right to demand that UMB Bank enter into certain repurchase transactions during the then-effective term of the CRA, pursuant to the terms of the Agreements. During the six months ended March 31, 2026, there were no such transactions consummated under the Agreements.

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 Fund’s 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, thus there is no guarantee that such decisions will produce the desired results or expected return.

Concentration Risk — The Fund intends to invest 25% or more of its total assets in securities of financial services companies. As a result, the Fund’s portfolio may be subject to greater risk and volatility than if investments had been made in a broader diversification of investments in terms of industry. This policy makes the Fund more susceptible to adverse economic or regulatory occurrences affecting financial services companies. For more information, see “Financial Services Companies Risk” below.

Contingent Capital Securities Risk — Contingent capital securities (also known as contingent convertible securities and sometimes referred to as “CoCos”) are a form of hybrid, income-producing debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain triggers. These triggers are generally linked to regulatory capital thresholds or other regulatory actions. CoCos may provide for mandatory conversion into common stock of the issuer under certain circumstances. Since the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero; and conversion would deepen the subordination of the investor, hence worsening the Fund’s standing in a bankruptcy proceeding. In addition, some such instruments have a set stock conversion rate that would cause a reduction in value of the security if the price of the stock is below the conversion price on the conversion date. CoCos may be considered to be high-yield securities (a.k.a. “junk” bonds) and, to the extent a CoCo held by the Fund undergoes a write-down, the Fund may lose some or all of its original investment in the CoCo. Performance of a CoCo issuer may, in general, be correlated with the performance of other CoCo issuers. As a result, negative information regarding one CoCo issuer may cause a corresponding decline in value of other CoCo issuers. Investments in CoCos may also lead to an increased sector concentration risk as such securities may be issued by a limited number of financial institutions (for more information, see “Concentration Risk” above). Subordinate securities such as CoCos are more likely to experience credit loss than non-subordinate securities of the same issuer — even if the CoCos do not convert to equity securities. Any losses incurred by subordinate securities, such as CoCos, are likely to be proportionately greater than non-subordinate securities, and any recovery of principal and interest of subordinate securities may take more time. As a result, any perceived decline in creditworthiness of a CoCo issuer is likely to have a greater impact on the CoCo, as a subordinate security.

Convertible Securities Risk — Convertible securities are debt securities or preferred stock that may be converted into common stock. Convertible securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock convertibles). 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.

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

Currency Risk — Since a portion of the Fund’s assets may be invested in securities denominated in non-U.S. currencies, changes in currency exchange rates may adversely affect the Fund’s NAV, the value of dividends and income earned, and gains and losses realized on the sale of securities. Generally, when the U.S. dollar rises in value against a non-U.S. currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a non-U.S. currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for U.S. investors holding securities denominated in non-U.S. currencies while a weak U.S. dollar will increase those returns.

Cybersecurity Risk — As the use of internet technology has become more prevalent in the course of business, the Fund and its service providers have become more susceptible to potential operational risks through breaches in 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, additional compliance costs associated with corrective measures and/or financial loss. The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning models and generative artificial intelligence, could increase the effectiveness of cyberattacks and exacerbate the risks.

Financial Services Companies Risk — Financial services companies are especially susceptible to the adverse effects of economic recession; currency exchange rates; government regulation; decreases in the availability of capital; volatile interest rates; portfolio concentrations in geographic markets and in commercial and residential real estate loans; and competition from new entrants in their fields of business. In addition, the financial services industry is an evolving and competitive industry that is undergoing significant change, as existing distinctions between financial segments become

less clear. Such changes have resulted from various consolidations as well as the continual development of new products, structures and a changing regulatory framework. These changes are likely to have a significant impact on the financial services industry and the Fund. Insurance companies may be subject to severe price competition, claims activity, marketing competition and general economic conditions. Particular insurance lines will also be influenced by specific matters. Property and casualty insurer profits may be affected by events such as man-made and natural disasters (including weather catastrophe and terrorism). Life and health insurer profits may be affected by mortality risks and morbidity rates. Individual insurance companies may be subject to material risks including inadequate reserve funds to pay claims and the inability to collect from the insurance companies which insure insurance companies, so-called reinsurance carriers.

Foreign Custody Risk — The Fund may hold foreign securities with foreign banks, agents and securities depositories appointed by the Fund’s custodian (each, a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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.

High-Yield Securities Risk — High-yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. In general, high-yield securities may have a greater risk of default than other types of securities and thus, the Fund’s investments in high-yield securities expose it to a substantial degree of credit risk.

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

Interest Rate Risk — Interest rate changes can be sudden and unpredictable, and a wide variety of factors can cause interest rates to rise, such as central bank monetary policies, inflation rates, supply and demand and general economic conditions. If interest rates rise - in particular, if long-term interest rates rise - the prices of fixed-rate securities held by the Fund will fall. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer maturities or lower quality ratings. The Fund may lose money if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser or Sub-Adviser.

Investment Companies Risk — As with other investments, investments in other investment companies are subject to market and selection risk. In addition, if the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited. Certain ETFs or closed-end funds traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.

Liquidity Risk — This Fund, like all open-end funds, is limited to investing up to 15% of its net assets in illiquid investments. From time to time, certain securities held by the Fund may have limited marketability and may be difficult to sell at favorable times or prices. Less liquid investments that the Fund may want to invest in may be difficult or impossible to purchase. 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 its shareholders.

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, military conflict, 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-Investment-Grade Securities Risk — Non-investment-grade securities are not rated within the four highest categories by certain ratings agencies. To the extent that such securities are rated lower than investment-grade or are not rated, there would be a greater risk as to the timely repayment of the principal of, and timely payment of interest or dividends on, those securities.

Non-U.S. Investments Risk — The Fund invests its assets in income producing and preferred non-U.S. instruments. Thus, the value of Fund shares can be adversely affected by changes in currency exchange rates and political and economic developments abroad. Non-U.S. 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 non-U.S. markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a non-U.S. country. In addition, non-U.S. investments may be affected by geopolitical tensions, sanctions, or market disruptions, including those arising from conflicts, trade disputes, or regulatory changes.

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

Reverse Repurchase Agreements Risk — Reverse repurchase agreements involve the sale of securities held by the Fund subject to the Fund’s agreement to repurchase the securities at an agreed-upon price, date and rate of interest. Reverse repurchase agreements may be considered borrowings under the 1940 Act and may be entered into only for temporary or emergency purposes. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the price of the securities the Fund is obligated to repurchase and the interest received on the cash exchanged for the securities. Reverse repurchase agreements may be classified as derivatives. The Fund is not subject to the full requirements of Rule 18f-4 under the 1940 Act as a “limited derivatives user,” as defined in Rule 18f-4, and maintains a maximum derivatives exposure of 10% of its net assets. In accordance with Rule 18f-4, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such transactions. Short-term credits necessary for the settlement of securities transactions are subject to the Fund’s fundamental policy regarding borrowings. The use of derivatives generally is also subject to the operational risks including documentation issues, settlement issues, system failures, inadequate controls, and human error, as well as legal risks including the risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

SOFR Risk — Secured Overnight Financing Rate (“SOFR”) is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York (“FRBNY”). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from London Interbank Offered Rates (“LIBOR”). LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

The Destra Fund Complex (consisting of the Trust, the Destra Multi-Alternative Fund, and the BlueBay Destra International Event-Driven Credit Fund), paid each Independent Trustee a retainer of $39,000 per year, and the Chairman of the Board a retainer of $46,000 per year for their services in this capacity. Effective January 1, 2026, each Independent Trustee’s retainer was increased to $48,750 and the Chairman of the Board’s retainer was increased to $57,500. Each fund in the Destra Fund Complex pays a portion of the retainer received by each Trustee, which is allocated annually across the Destra Fund Complex based on each Fund’s respective net assets as of December 31 of the preceding year. Trustees are also reimbursed for travel-related and authorized business expenses. The Trust does not pay compensation to Trustees who also serve in an executive officer capacity for the Trust, Adviser or Sub-Adviser. Certain officers are officers of Destra.

Employees of PINE Advisors LLC (“PINE”) serve as officers of the Trust. PINE receives an annual base fee for the services provided to the Trust. PINE is reimbursed for certain out-of-pocket expenses by the Trust. Each Fund in the Destra Fund Complex pays a portion of these fees on a pro-rata basis according to each Fund’s average net assets. Chief financial officer and chief compliance officer fees paid by the Trust for the six months ended March 31, 2026, are disclosed in the Statement of Operations.

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment or disclosure in the financial statements. On April 29, 2026, the Fund paid a distribution of $0.0899 per Class A Share, $0.0937 per Class I Share and $0.0786 per Class C Share to shareholders of record on April 28, 2026.

This report is sent to shareholders of the Fund for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of Shares of the Fund or of any securities mentioned in this report.

Corporate Dividends Received Deduction — For the period ended September 30, 2025, the Fund had 48.00% of dividends paid from net investment income qualify for the 70% dividends received deduction available to corporate shareholders.

Qualified Dividend Income — For the period ended September 30, 2025, the Fund had 81.94%, of dividends paid from net investment income designated as qualified dividend income.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

A special meeting of shareholders of the Fund was held on October 9, 2025. Shareholders voted on the following proposals:

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Shares or Principal Amount			Moody’s Ratings	Value
		PREFERRED SECURITIES – 71.4%
		BANKS – 29.2%
	2,470,000	American AgCredit Corp., 5.250% to 06/15/26 then USD 5 Year Tsy + 4.500%, Series A⁽¹⁾⁽²⁾	BB+⁽³⁾	$	2,444,250
	605,000	Bank of America Corp., 6.250% to 07/26/30 then USD 5 Year Tsy + 2.351%, Series UU⁽²⁾	Baa2		608,693
	1,030,000	Capital One Financial Corp., 3.950% to 09/01/26 then USD 5 Year Tsy + 3.157%, Series M⁽²⁾	Baa3		1,016,061
		Citigroup, Inc.
	1,575,000	4.150% to 11/15/26 then USD 5 Year Tsy + 3.000%, Series Y⁽²⁾	Ba1		1,552,687
	18,400	6.250%, Series II⁽²⁾	Ba1		453,560
	570,000	6.625% to 02/15/31 then USD 5 Year Tsy + 3.001% Series HH⁽²⁾	Ba1		569,628
	1,405,000	6.750% to 02/15/30 then USD 5 Year Tsy + 2.572% Series EE⁽²⁾	Ba1		1,405,230
	540,000	6.875% to 08/15/30 then USD 5 Year Tsy + 2.890% Series GG⁽²⁾	Ba1		544,046
	630,000	6.950% to 02/15/30 then USD 5 Year Tsy + 2.726% Series FF⁽²⁾	Ba1		634,545
	875,000	7.000% to 08/15/34 then USD 10 Year Tsy + 2.757%, Series DD⁽²⁾	Ba1		900,848
	890,000	7.125% to 08/15/29 then USD 5 Year Tsy + 2.693%, Series CC⁽²⁾	Ba1		898,536
	1,230,000	7.375% to 05/15/28 then USD 5 Year Tsy + 3.209%, Series Z⁽²⁾	Ba1		1,272,788
	1,200,000	7.625% to 11/15/28 then USD 5 Year Tsy + 3.211%, Series AA⁽²⁾	Ba1		1,241,562
		Citizens Financial Group, Inc.
	76,480	6.500% to 10/06/30 then USD 5 Year Tsy + 2.629%,, Series I⁽²⁾	Baa3		1,901,293
	25,700	7.375%, Series H⁽²⁾	Baa3		652,009
		CoBank ACB
	500,000	6.250% to 10/01/26 then 3-Month CME Term SOFR + 4.922%, Series I⁽¹⁾⁽²⁾	BBB+⁽³⁾		498,498
	420,000	7.125% to 01/01/30 then USD 5 Year Tsy + 2.818% Series M⁽¹⁾⁽²⁾	BBB+⁽³⁾		433,931
		Compeer Financial ACA
	250,000	4.875% to 08/15/26 then USD 5 Year Tsy + 4.100%, Series B-1⁽¹⁾⁽²⁾	BB+⁽³⁾		246,136
	295,000	7.875% to 02/15/31 then USD 5 Year Tsy + 4.155%, Series C-1⁽¹⁾⁽²⁾	BB+⁽³⁾		300,656
	42,300	ConnectOne Bancorp, Inc., 5.250% to 09/01/26 then USD 5 Year Tsy + 4.420%, Series A⁽²⁾	NR⁽⁴⁾		1,027,890
	36,000	Dime Community Bancshares, Inc., 5.500%, Series A⁽²⁾	NR⁽⁴⁾		656,640
	435,000	Farm Credit Bank of Texas, 7.000% to 09/15/30 then USD 5 Year Tsy + 3.010%, Series B-6⁽¹⁾⁽²⁾	Baa1		447,568
	93,770	Fifth Third Bancorp, 6.875%, USD 5 Year Tsy + 3.125%, Series M⁽²⁾	Baa3		2,443,646
		First Citizens BancShares, Inc.
	29,600	6.625%, USD 5 Year Tsy + 2.830%, Series E⁽²⁾	Ba1		731,712
	835,000	7.000% to 12/15/30 then USD 5 Year Tsy + 3.301%, Series D⁽²⁾	Ba1		836,481
		First Horizon Corp.
	17,822	6.500%, Series E⁽²⁾	Ba2		423,094
	21,500	6.750%, Series H⁽²⁾	Ba2		532,125
	165,623	Flagstar Bank NA, 6.375% to 03/17/27 then 3-Month CME Term SOFR + 4.083%, Series A⁽²⁾	B3		3,486,364
		Goldman Sachs Group, Inc.
	1,600,000	4.125% to 11/10/26 then USD 5 Year Tsy + 2.949%, Series V⁽²⁾	Ba1		1,579,033
	640,000	6.125% to 11/10/34 then USD 10 Year Tsy + 2.400%, Series Y⁽²⁾	Ba1		636,161
	395,000	6.850% to 02/10/30 then USD 5 Year Tsy + 2.461%, Series Z⁽²⁾	Ba1		402,721
	1,120,000	7.500% to 05/10/29 then USD 5 Year Tsy + 2.809%, Series X⁽²⁾	Ba1		1,175,664
		Huntington Bancshares, Inc.
	355,000	4.450% to 10/15/27 then USD 7 Year Tsy + 4.045%, Series G⁽²⁾	Baa3		349,225
	265,000	6.250% to 10/15/30 then USD 5 Year Tsy + 2.653%, Series K⁽²⁾	Baa3		260,671
	34,400	6.875% to 04/15/28 then USD 5 Year Tsy + 2.704%, Series J⁽²⁾	Baa3		846,584

Shares or Principal Amount			Moody’s Ratings	Value
		PREFERRED SECURITIES (continued)
		BANKS (continued)
		KeyCorp
	550,000	5.000% to 9/15/26 then 3-Month CME Term SOFR + 3.868%, Series D⁽²⁾	Ba1	$	545,633
	109,439	6.125% to 12/15/26 then 3-Month CME Term SOFR + 4.154%, Series E⁽²⁾	Ba1		2,703,143
	45,785	6.200% to 12/15/27 then USD 5 Year Tsy + 3.132%, Series H⁽²⁾	Ba1		1,086,478
		M&T Bank Corp.
	650,000	3.500% to 09/01/26 then USD 5 Year Tsy + 2.679%, Series I⁽²⁾	Baa3		631,513
	155,674	5.625% to 12/15/26 then 3-Month CME Term SOFR + 4.282%, Series H⁽²⁾	Baa3		3,838,921
	20,000	6.350%, Series K⁽²⁾	Baa3		501,600
	14,000	Morgan Stanley, 6.625%, Series Q⁽²⁾	Baa3		353,360
	127,922	Pinnacle Financial Partners, Inc., 8.397%, USD 5 Year Tsy + 4.127%, Series B⁽²⁾	BB-⁽³⁾		3,270,966
		PNC Financial Services Group, Inc.
	776,000	3.400% to 09/15/26 then USD 5 Year Tsy + 2.595%, Series T⁽²⁾	Baa2		761,312
	1,435,000	6.000% to 05/15/27 then USD 5 Year Tsy + 3.000%, Series U⁽²⁾	Baa2		1,435,460
	610,000	6.200% to 09/15/27 then USD 5 Year Tsy + 3.238%, Series V⁽²⁾	Baa2		611,621
	1,800,000	6.250% to 03/15/30 then USD 7 Year Tsy + 2.808%, Series W⁽²⁾	Baa2		1,817,883
		Regions Financial Corp.
	90,500	5.700% to 08/15/29 then 3-Month CME Term SOFR + 3.410%, Series C⁽²⁾	Baa3		2,126,750
	89,000	6.950% to 09/15/29 then USD 5 Year Tsy + 2.771%, Series F⁽²⁾	Baa3		2,216,100
		Synchrony Financial
	46,000	5.625%, Series A⁽²⁾	BB-⁽³⁾		854,220
	44,600	8.250% to 05/15/29 then USD 5 Year Tsy + 4.044%, Series B⁽²⁾	BB-⁽³⁾		1,123,028
	32,043	Texas Capital Bancshares, Inc., 5.750%, Series B⁽²⁾	Ba2		707,830
	1,098,000	Truist Financial Corp., 6.669% to 09/01/29 then USD 5 Year Tsy + 3.003%, Series N⁽²⁾	Baa3		1,097,175
	34,400	UMB Financial Corporation, 7.750% to 07/15/30 then USD 5 Year Tsy + 3.743%, Series B⁽²⁾	Baa3		877,544
		Valley National Bancorp
	2,022	7.540%, 3-Month CME Term SOFR + 3.840%, Series B⁽²⁾⁽⁷⁾	BB-⁽³⁾		49,438
	30,345	7.812%, 3-Month CME Term SOFR + 4.112%, Series A⁽²⁾⁽⁷⁾	BB-⁽³⁾		754,073
	6,100	8.250% to 09/30/29 then USD 5 Year Tsy + 4.182%, Series C⁽²⁾	BB-⁽³⁾		154,330
	20,300	WaFd, Inc., 4.875%, Series A⁽²⁾	Ba1		327,236
		Wells Fargo & Co.
	710,000	6.125% to 06/15/31 then USD 5 Year Tsy + 2.340%, Series GG⁽²⁾	Baa2		711,986
	267	7.500%, Series L⁽²⁾⁽⁵⁾	Baa2		308,385
	61,532	WesBanco, Inc., 7.375% to 10/01/30 then USD 5 Year Tsy + 3.795%, Series B⁽²⁾	Ba2		1,541,377
	12,900	Western Alliance Bancorp, 4.250% to 09/30/26 then USD 5 Year Tsy + 3.452%, Series A⁽²⁾	Ba2		295,668
	23,800	Wintrust Financial Corp., 7.875% to 07/15/30 then USD 5 Year Tsy + 3.878%, Series F⁽²⁾	BB⁽⁶⁾		613,326
					64,726,892
		FINANCIAL SERVICES – 3.0%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	440,000	6.500% to 01/31/31 then USD 5 Year Tsy + 2.441%, 01/31/56⁽¹⁾	Baa2		440,763
	860,000	6.950% to 03/10/30 then USD 5 Year Tsy + 2.720%, 03/10/55	Baa2		881,441
	21,200	Affiliated Managers Group, Inc., 6.750%, 03/30/64	Baa1		474,880
		Ally Financial, Inc.
	1,220,000	4.700% to 05/15/26 then USD 5 Year Tsy + 3.868%, Series B⁽²⁾	Ba2		1,209,325
	800,000	4.700% to 05/15/28 then USD 7 Year Tsy + 3.481%, Series C⁽²⁾	Ba2		743,300
	1,150,000	Charles Schwab Corp., 4.000% to 06/01/26 then USD 5 Year Tsy + 3.168%, Series I⁽²⁾	Baa2		1,142,251

Shares or Principal Amount			Moody’s Ratings	Value
		PREFERRED SECURITIES (continued)
		FINANCIAL SERVICES (continued)
		General Motors Financial Co., Inc.
	725,000	5.700% to 09/30/30 then USD 5 Year Tsy + 4.997%, Series C⁽²⁾	Ba1	$	711,156
	600,000	6.500% to 09/30/28 then 3-Month USD LIBOR + 3.436%, Series B⁽²⁾	Ba1		592,950
	17,784	Stifel Financial Corp., 4.500%, Series D⁽²⁾	BB⁽³⁾		305,885
	4,494	TPG Operating Group II LP, 6.950%, 03/15/64	Baa1		112,260
					6,614,211
		INSURANCE – 18.1%
	1,387,000	American International Group, Inc., 8.175% to 05/15/38 then 3-Month USD LIBOR + 4.195%, 05/15/58, Series A-6	Baa2		1,478,618
	485,000	American National Group, Inc., 7.000% to 12/01/30 then USD 5 Year Tsy + 3.183%, 12/01/55	BB+⁽³⁾		460,316
	25,000	Aspen Insurance Holdings, Ltd., 5.625%⁽²⁾	Baa2		516,250
		Athene Holding, Ltd.
	25,200	4.875%, Series D⁽²⁾	Baa3		408,744
	147,374	6.350% to 06/30/29 then 3-Month USD LIBOR + 4.253%, Series A⁽²⁾	Baa3		3,482,448
	27,440	7.250% to 03/30/29 then USD 5 Year Tsy + 2.986%, 03/30/64	Baa2		649,779
	15,000	CNO Financial Group, Inc., 5.125%, 11/25/60	Ba1		269,550
		Corebridge Financial, Inc.
	620,000	6.375% to 09/15/34 then USD 5 Year Tsy + 2.646%, 09/15/54⁽¹⁾	Baa3		609,604
	390,000	6.875% to 12/01/30 then USD 5 Year Tsy + 3.181%, Series A⁽²⁾	Ba1		397,567
	540,000	CVS Health Corporation 7.000%, to 03/10/30 then USD 5 Year Tsy + 2.886%, 03/10/55, Series A	Ba1		556,770
	132,129	Delphi Financial Group, Inc., 7.107%, 3-Month CME Term SOFR + 3.452%, 05/15/37⁽⁷⁾	BBB⁽³⁾		3,187,612
	670,000	Enstar Finance LLC, 5.500% to 01/15/27 then USD 5 Year Tsy + 4.006%, 01/15/42	BBB-⁽³⁾		661,262
		Enstar Group, Ltd.
	45,400	7.000% to 09/01/28 then 3-Month CME Term SOFR + 4.277%, Series D⁽²⁾	BBB-⁽³⁾		996,984
	825,000	7.500% to 04/01/35 then USD 5 Year Tsy + 3.186%, 04/01/45⁽¹⁾	BBB-⁽³⁾		851,218
	500,000	Equitable Holdings, Inc., 6.700% to 03/28/35 then USD 5 Year Tsy + 2.390%, 03/28/55	Baa2		506,207
	196,000	Everest Reinsurance Holdings, Inc., 6.299%, 3-Month CME Term SOFR + 2.647%, 05/15/37⁽⁷⁾	Baa2		184,725
	18,800	F&G Annuities & Life, Inc., 7.300%, 01/15/65	Ba1		377,880
	465,000	Fortegra Group, Inc. 9.250% to 11/15/34 then USD 5 Year Tsy + 8.720% 11/15/64 ⁽¹⁾	NR⁽⁴⁾		457,672
		Global Atlantic Fin Co.
	680,000	7.250% to 03/01/31 then USD 5 Year Tsy + 3.550%, 03/01/56⁽¹⁾	Baa3		641,534
	585,000	7.950% to 10/15/29 then USD 5 Year Tsy + 3.608%, 10/15/54⁽¹⁾	Baa3		563,802
	460,000	Humana, Inc., 6.625% to 09/15/31 then USD 5 Year Tsy + 2.891%, 09/15/56	Baa3		442,214
	12,500	Jackson Financial, Inc., 8.000% to 03/30/28 then USD 5 Year Tsy + 3.728%, Series A⁽²⁾	Ba2		311,875
	1,200,000	Kuvare U.S. Holdings, Inc., 7.000% to 05/01/26 then USD 5 Year Tsy + 6.541%, 02/17/51, Series A⁽¹⁾	NR⁽⁴⁾		1,201,800
	6,903,000	Liberty Mutual Group, Inc., 7.800% to 03/15/37 then 3-Month CME Term SOFR + 3.838%, 03/15/37⁽¹⁾	Baa3		7,717,373
		Lincoln National Corp.
	15,900	9.000%, Series D⁽²⁾	Ba1		415,626
	400,000	9.250% to 03/01/28 then USD 5 Year Tsy + 5.318%, Series C⁽²⁾	Ba1		417,614
		MetLife, Inc.
	1,605,000	9.250% to 04/08/38 then 3-Month CME Term SOFR + 5.802%, 04/08/38⁽¹⁾	Baa2		1,881,991
	1,591,000	10.750% to 08/01/39 then 3-Month CME Term SOFR + 7.810%, 08/01/39	Baa2		2,062,997
	55,898	PartnerRe Ltd., 4.875%, Series J⁽²⁾	Baa2		946,912
	4,500,000	Provident Financing Trust I, 7.405%, 03/15/38	Baa3		4,820,712

Shares or Principal Amount			Moody’s Ratings	Value
		PREFERRED SECURITIES (continued)
		INSURANCE (continued)
		Reinsurance Group of America, Inc.
	310,000	6.375% to 09/15/36 then USD 5 Year Tsy + 2.344%, 09/15/56	Baa2	$	299,497
	235,000	6.650% to 09/15/35 then USD 5 Year Tsy + 2.392%, 09/15/55	Baa2		235,025
		SBL Holdings, Inc.
	1,275,000	6.500% to 11/13/26 then USD 5 Year Tsy + 5.620%, Series B⁽¹⁾⁽²⁾	BB⁽³⁾		1,057,633
	1,175,000	9.508% to 05/13/30 then USD 5 Year Tsy + 5.580%, Series A⁽¹⁾⁽²⁾	BB⁽³⁾		1,151,827
					40,221,638
		UTILITIES – 12.0%
	695,000	AES Corp., 7.600% to 01/15/30 then USD 5 Year Tsy + 3.201%, 01/15/55	Ba1		689,608
		Algonquin Power & Utilities Corp.
	1,500,000	4.750% to 04/18/27 then USD 5 Year Tsy + 3.249%, 01/18/82, Series 2022-B	BB+⁽³⁾		1,460,065
	40,895	7.932%, 3-Month CME Term SOFR + 4.272%, 07/01/79, Series 2019-A⁽⁷⁾	BB+⁽³⁾		1,066,542
	535,000	AltaGas, Ltd., 7.200% to 10/15/34 then USD 5 Year Tsy + 3.573%, 10/15/54⁽¹⁾	BB⁽³⁾		543,833
		American Electric Power., Inc.
	1,070,000	3.875% to 02/15/27 then USD 5 Year Tsy + 2.675%, 02/15/62	Baa3		1,049,046
	1,100,000	6.050% to 03/15/36 then USD 5 Year Tsy + 1.940%, 03/15/56, Series D	Baa3		1,090,306
		Dominion Energy, Inc.
	625,000	4.350% to 04/15/27 then USD 5 Year Tsy + 3.195%, Series C⁽²⁾	Ba1		615,607
	865,000	6.625%, to 05/15/35 then USD 5 Year Tsy + 2.207%, 05/15/55 Series C	Baa3		878,489
	21,400	DTE Energy Company, 6.250%, 10/01/85, Series H	Baa3		509,106
	1,775,000	Edison International, 5.000% to 03/15/27 then USD 5 Year Tsy + 3.901%, Series B⁽²⁾	Ba1		1,769,121
	1,892,000	Emera, Inc., 6.750% to 06/15/26 then 3-Month USD LIBOR + 5.440%, 06/15/76, Series 2016-A	Ba2		1,895,907
	345,000	Emera US Finance, LLC, 6.850% to 10/01/36 then USD 5 Year Tsy + 2.648%, 10/01/56, Series B	Ba1		345,643
		Entergy Corp.
	460,000	6.100% to 06/15/36 then USD 5 Year Tsy + 2.013%, 06/15/56, Series 2025B	Baa3		454,112
	960,000	7.125% to 12/01/29 then USD 5 Year Tsy + 2.670%, 12/01/54	Baa3		981,708
		EUSHI Finance, Inc.
	800,000	6.250% to 04/01/31 then USD 5 Year Tsy + 2.509%, 04/01/56	Ba1		785,571
	1,025,000	7.625% to 12/15/29 then USD 5 Year Tsy + 3.136%, 12/15/54	Ba1		1,060,402
	670,000	Evergy, Inc. 6.650% to 06/01/30 then USD 5 Year Tsy + 2.558%, 06/01/55	Baa3		673,907
	267,000	Eversource Energy, 6.350% to 08/15/36 then USD 5 Year Tsy + 2.325%, 08/15/56, Series B	Baa3		263,448
	605,000	Northwest Natural Holding Company, 7.000% to 09/15/35 then USD 5 Year Tsy + 2.701%, 09/15/55	BBB⁽³⁾		613,558
	610,000	PacifiCorp, 7.125% to 08/15/31 then USD 5 Year Tsy + 3.292%, 08/15/56	Baa3		576,356
	725,000	Puget Energy, Inc., 7.250% to 09/15/36 then USD 5 Year Tsy + 2.848%, 09/15/56, Series B⁽¹⁾	Ba1		722,328
	39,010	SCE Trust VI, 5.000%, Series L⁽²⁾	Baa3		674,873
	19,500	SCE Trust VII, 7.500%, Series M⁽²⁾	Baa3		477,360
	20,500	SCE Trust VIII, 6.950%, Series N⁽²⁾	Baa3		485,440
		Sempra
	1,450,000	4.125% to 04/01/27 then USD 5 Year Tsy + 2.868%, 04/01/52	Baa3		1,411,707
	620,000	6.400% to 10/01/34 then USD 5 Year Tsy + 2.632%, 10/01/54	Baa3		617,532
	1,570,000	6.875% to 10/01/29 then USD 5 Year Tsy + 2.789%, 10/01/54	Baa3		1,587,551
	475,000	Spire, Inc., 6.450% to 06/01/36 then USD 5 Year Tsy + 2.327%, 06/01/56, Series B	Baa3		473,866
	500,000	TXNM Energy, Inc., 7.000% to 07/31/31 then USD 5 Year Tsy + 3.254%, 07/31/56⁽¹⁾	Ba1		499,208

Shares or Principal Amount			Moody’s Ratings	Value
		PREFERRED SECURITIES (continued)
		UTILITIES (continued)
	175,000	Vistra Corp., 7.000% to 12/15/26 then USD 5 Year Tsy + 5.740%, Series B⁽¹⁾⁽²⁾	Ba3	$	176,022
	87,600	Xcel Energy, Inc., 6.250%, 10/15/85	Baa2		2,161,968
					26,610,190
		ENERGY – 4.0%
		Enbridge, Inc.
	1,252,000	6.000% to 01/15/27 then 3-Month CME Term SOFR + 4.152%, 01/15/77, Series 2016-A	Ba1		1,252,420
	1,460,000	7.375% to 03/15/30 then USD 5 Year Tsy + 3.122%, 03/15/55, Series A	Baa3		1,534,682
	725,000	8.500% to 01/15/34 then USD 5 Year Tsy + 4.431%, 01/15/84, Series 2023-B	Ba1		815,406
		Energy Transfer LP
	420,000	6.750% to 02/15/36 then USD 5 Year Tsy + 2.475%, 02/15/56, Series B	Baa3		419,185
	1,387,000	7.125% to 05/15/30 then USD 5 Year Tsy + 5.306%, Series G⁽²⁾	Ba1		1,414,216
	1,090,000	Phillips 66 Company, 6.200% to 03/15/36 then USD 5 Year Tsy + 2.166%, 03/15/56, Series B	Baa2		1,083,700
	505,000	South Bow Canadian Infrastructure Holdings Ltd., 7.500% to 03/01/35 then USD 5 Year Tsy + 3.667%, 03/01/55	Ba1		526,337
	410,000	Sunoco, L.P., 7.875% to 09/18/30 then USD 5 Year Tsy + 4.230%, Series A⁽¹⁾⁽²⁾	Ba3		418,763
	1,350,000	Transcanada Trust, 5.875% to 08/15/26 then 3-Month USD LIBOR + 4.640%, 08/15/76, Series 2016-A	Ba1		1,352,079
					8,816,788
		COMMUNICATIONS – 1.3%
	740,000	Bell Canada, 7.000% to 09/15/35 then USD 5 Year Tsy + 2.363%, 09/15/55, Series B	Baa3		757,050
	1,720,000	Paramount Global, 6.375% to 03/30/27 then USD 5 Year Tsy + 3.999%, 03/30/62	Ba1		1,270,650
	560,000	Rogers Communications, Inc., 7.125% to 04/15/35 then USD 5 Year Tsy + 2.620%, 04/15/55	Ba1		572,628
	390,000	TELUS Corporation, 7.000% to 10/15/35 then USD 5 Year Tsy + 2.709%, 10/15/55, Series B	Baa3		398,308
					2,998,636
		REITS – 1.9%
	26,000	Adamas Trust, Inc., 6.875% to 10/15/26 then 3-Month CME Term SOFR + 6.130%, Series F⁽²⁾	NR⁽⁴⁾		610,480
		Arbor Realty Trust, Inc.
	68,190	6.250% to 10/30/26 then 3-Month CME Term SOFR + 5.440%, Series F⁽²⁾	NR⁽⁴⁾		1,485,860
	10,859	6.375%, Series D⁽²⁾	NR⁽⁴⁾		180,694
	87,394	KKR Real Estate Finance Trust, Inc., 6.500%, Series A⁽²⁾	NR⁽⁴⁾		1,510,168
	20,598	TPG RE Finance Trust, Inc., 6.250%, Series C⁽²⁾	NR⁽⁴⁾		364,173
					4,151,375
		MISCELLANEOUS – 1.9%
	700,000	FMC Corporation, 8.450% to 11/01/30 then USD 5 Year Tsy + 4.366%, 11/01/55	Ba2		451,497
		Land O’ Lakes, Inc.
	700,000	7.250%, Series B⁽¹⁾⁽²⁾	BB⁽³⁾		642,250
	3,115,000	8.000%, Series A⁽¹⁾⁽²⁾	BB⁽³⁾		3,078,860
					4,172,607
		TOTAL PREFERRED SECURITIES (Cost $162,966,158)			158,312,337

		CONTINGENT CAPITAL SECURITIES – 23.4%
		BANKS – 23.4%
		Banco Bilbao Vizcaya Argentaria SA
	2,600,000	6.125% to 11/16/27 then USD 5 Year Swap + 3.870%⁽²⁾	Ba1		2,596,358
	1,000,000	9.375% to 09/19/29 then USD 5 Year Tsy + 5.099%, Series 12⁽²⁾	Ba1		1,081,141

Schedule of Investments		3
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		16
Additional Information		25

	⁽¹⁾	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. These securities have been determined to be liquid under guidelines established by management. At March 31, 2026, the total value of these securities is $52,194,938, representing 23.5% of net assets.
	⁽²⁾	Security is perpetual in nature with no stated maturity date.
	⁽³⁾	Standard & Poor’s Rating, unaudited.
	⁽⁴⁾	Security is unrated by Moody’s, S&P and Fitch.
	⁽⁵⁾	Convertible security.
	⁽⁶⁾	Fitch’s Rating, unaudited.
	⁽⁷⁾	The interest rate shown reflects the rate in effect as of March 31, 2026.
	⁽⁸⁾	The rate is the annualized seven-day yield as of March 31, 2026.

Summary by Country	Value		% of Net Assets
Bermuda	$	3,311,364		1.5	%
Canada		19,618,851		8.9
France		11,463,286		5.2
Ireland		1,322,204		0.6
Mexico		3,510,696		1.6
Netherlands		2,464,977		1.1
Spain		10,525,135		4.7
Switzerland		1,868,350		0.8
United Kingdom		14,733,876		6.6
United States		148,085,347		66.8
Total Investments		216,904,086		97.8
Other Assets in Excess of Liabilities		4,801,536		2.2
Net Assets	$	221,705,622		100.0	%

	Level 1		Level 2		Level 3		Total
Preferred Securities
Banks	$	36,858,690	$	27,868,202	$	—	$	64,726,892
Financial Services		893,025		5,721,186		—		6,614,211
Insurance		11,563,660		28,657,978		—		40,221,638
Utilities		5,375,289		21,234,901		—		26,610,190
Energy		—		8,816,788		—		8,816,788
Communications		—		2,998,636		—		2,998,636
Miscellaneous		—		4,172,607		—		4,172,607
REITS		4,151,375		—		—		4,151,375
Contingent Capital Securities
Banks		—		52,009,913		—		52,009,913
Corporate Debt Securities
Banks		357,144		1,088,196		—		1,445,340
Communications		926,003		—		—		926,003
Insurance		—		455,883		—		455,883
Short-Term Investments
Money Market Fund		3,754,610		—		—		3,754,610
Total Investments in Securities	$	63,879,796	$	153,024,290	$	—	$	216,904,086

Assets:
Investments, at value (cost $221,568,787)	$	216,904,086
Receivables:
Fund shares sold		37,858
Interest		1,724,276
Dividends		256,542
Investments sold		3,313,503
Prepaid expenses		74,415
Total assets		222,310,680

Liabilities:
Payables:
Capital shares redeemed		296,113
Management fees, net (see note 3)		143,486
Transfer agency fees and expenses		70,148
Accounting and administration fees		23,586
Distribution fees		14,765
Custody fees		12,498
Professional fees		415
Accrued other expenses		44,047
Total liabilities		605,058

Net assets	$	221,705,622

Composition of net assets:
Paid-in capital (unlimited shares authorized at $0.001 par value common stock)	$	244,163,944
Total distributable earnings (deficit)		(22,458,322	)
Net assets	$	221,705,622

Net assets:
Class I	$	181,496,690
Class A		30,988,470
Class C		9,220,462
Shares outstanding:
Class I		10,820,760
Class A		1,838,041
Class C		543,527
Net asset value per share:
Class I	$	16.77
Class A		16.86
Maximum offering price per share⁽¹⁾		17.65
Class C		16.96

Investment income:
Interest income	$	5,123,278
Dividend income		2,188,281
Total investment income		7,311,559

Expenses:
Management fees (see note 3)		846,808
Transfer agent fees and expenses		146,963
Professional fees		86,141
Accounting and administration fees		79,033
Distribution fees Class C (see note 4)		48,659
Registration fees		40,861
Distribution fees Class A (see note 4)		40,480
Trustee fees (see note 10)		33,393
Chief financial officer fees (see note 10)		30,046
Chief compliance officer fees (see note 10)		20,078
Shareholder reporting fees		19,521
Interest expense		19,270
Custody fees		16,371
Insurance expense		14,809
Other expenses		7,376
Total expenses		1,449,809
Net investment income		5,861,750

Net realized and unrealized gain (loss):
Net realized gain on:
Investments		12,748
Net change in unrealized depreciation on:
Investments		(5,028,362	)
Net realized and unrealized loss		(5,015,614	)
Net increase in net assets resulting from operations	$	846,136

	Six Months Ended March 31, 2026			For the Year Ended September 30, 2025
	(Unaudited)
Increase in net assets resulting from operations:
Net investment income	$	5,861,750		$	11,798,381
Net realized gain		12,748			45,483
Net change in unrealized appreciation/(depreciation)		(5,028,362	)		3,064,299
Net increase in net assets resulting from operations		846,136			14,908,163

Distributions to shareholders:
Class I		(4,860,541	)		(9,948,948	)
Class A		(804,943	)		(1,624,729	)
Class C		(204,286	)		(499,428	)
Total distributions to shareholders		(5,869,770	)		(12,073,105	)

Capital transactions:
Proceeds from shares sold:
Class I		23,080,576			55,278,720
Class A		3,830,817			6,754,714
Class C		131,238			428,608
Reinvestment of distributions:
Class I		4,324,800			7,937,800
Class A		774,379			1,514,328
Class C		170,309			420,088
Cost of shares redeemed:
Class I		(21,391,270	)		(91,496,859	)
Class A		(5,252,420	)		(8,679,671	)
Class C		(992,054	)		(5,183,365	)
Net increase (decrease) in net assets from capital transactions		4,676,375			(33,025,637	)
Total (decrease) in net assets		(347,259	)		(30,190,579	)

Net assets:
Beginning of year/period		222,052,881			252,243,460
End of year/period	$	221,705,622		$	222,052,881

Capital share transactions:
Shares sold:
Class I		1,344,467			3,267,035
Class A		222,071			400,254
Class C		7,560			25,358
Shares reinvested:
Class I		253,712			471,489
Class A		45,202			89,465
Class C		9,883			24,682
Shares redeemed:
Class I		(1,246,130	)		(5,474,067	)
Class A		(304,883	)		(513,656	)
Class C		(57,179	)		(305,282	)
Net increase (decrease) from capital share transactions		274,703			(2,014,722	)

	Net asset				Net realized and						Distributions to shareholders			Distributions to					Net asset					Ratios to average net assets⁽¹⁾									Net assets, end of
Period Ended March 31,	value beginning of period		Net investment income⁽²⁾		unrealized gain (loss)			Total from investment operations			from net investment income			shareholders from net realized gain		Total distributions			value end of period		Total return^(3),(4)			Gross expenses			Net expenses			Net investment income			period (in thousands)		Portfolio turnover rate⁽⁴⁾
Class I
2026⁽⁷⁾	$	17.16	$	0.45	$	(0.38	)	$	0.07		$	(0.45	)	$	—	$	(0.45	)	$	16.77		0.35	%		1.20	%		1.20	%		5.27	%	$	181,497		8	%
2025		16.86		0.87		0.33			1.20			(0.90	)		—		(0.90	)		17.16		7.34			1.20			1.21	⁽⁵⁾		5.15			179,595		16
2024		14.99		0.85		1.87			2.72			(0.85	)		—		(0.85	)		16.86		18.57			1.26			1.25	⁽⁶⁾		5.31	⁽⁶⁾		205,776		17
2023		15.60		0.82		(0.58	)		0.24			(0.85	)		—		(0.85	)		14.99		1.53			1.24			1.24			5.31			156,961		12
2022		19.03		0.78		(3.42	)		(2.64	)		(0.79	)		—		(0.79	)		15.60		(14.19	)		1.20			1.20			4.43			175,230		12
2021		17.87		0.79		1.14			1.93			(0.77	)		—		(0.77	)		19.03		10.92			1.14			1.14			4.20			255,392		15
Class A
2026⁽⁷⁾		17.24		0.43		(0.38	)		0.05			(0.43	)		—		(0.43	)		16.86		0.28			1.45			1.45			5.02			30,988		8
2025		16.94		0.83		0.33			1.16			(0.86	)		—		(0.86	)		17.24		7.04			1.45			1.46	⁽⁵⁾		4.91			32,340		16
2024		15.06		0.81		1.88			2.69			(0.81	)		—		(0.81	)		16.94		18.26			1.51			1.50	⁽⁶⁾		5.06	⁽⁶⁾		32,182		17
2023		15.67		0.79		(0.59	)		0.20			(0.81	)		—		(0.81	)		15.06		1.28			1.49			1.49			5.06			25,709		12
2022		19.11		0.74		(3.43	)		(2.69	)		(0.75	)		—		(0.75	)		15.67		(14.40	)		1.45			1.45			4.21			27,277		12
2021		17.94		0.75		1.14			1.89			(0.72	)		—		(0.72	)		19.11		10.66			1.39			1.39			3.96			33,941		15
Class C
2026⁽⁷⁾		17.35		0.37		(0.38	)		(0.01	)		(0.37	)		—		(0.37	)		16.96		(0.15	)		2.21			2.21			4.25			9,220		8
2025		17.04		0.70		0.34			1.04			(0.73	)		—		(0.73	)		17.35		6.24			2.20			2.22	⁽⁵⁾		4.13			10,118		16
2024		15.14		0.69		1.89			2.58			(0.68	)		—		(0.68	)		17.04		17.40			2.26			2.25	⁽⁶⁾		4.31	⁽⁶⁾		14,286		17
2023		15.74		0.67		(0.58	)		0.09			(0.69	)		—		(0.69	)		15.14		0.57			2.24			2.24			4.29			18,676		12
2022		19.20		0.61		(3.46	)		(2.85	)		(0.61	)		—		(0.61	)		15.74		(15.08	)		2.20			2.20			3.46			25,158		12
2021		18.02		0.61		1.15			1.76			(0.58	)		—		(0.58	)		19.20		9.85			2.14			2.14			3.21			31,966		15

⁽¹⁾	Annualized for periods less than one year.
⁽²⁾	Based on average shares outstanding during the period.
⁽³⁾	Based on the net asset value as of period end. Assumes an investment at net asset value at the beginning of the period, reinvestment of all distributions during the period and does not include payment of the maximum sales charge. The return would have been lower if certain expenses had not been waived or reimbursed by the investment adviser.
⁽⁴⁾	Not annualized for periods less than one year.
⁽⁵⁾	Inclusive of Adviser’s recapture of waived/reimbursed fees from prior periods.
⁽⁶⁾	The contractual fee and expense waiver is reflected in both the net expense and net investment income ratios (see note 3).
⁽⁷⁾	For the six months ended March 31, 2026 (Unaudited).

Cost of investments	$	220,830,884
Gross unrealized appreciation		2,580,877
Gross unrealized depreciation		(6,507,675	)
Net unrealized appreciation (depreciation)	$	(3,926,798	)

Undistributed ordinary income	$	289,497
Undistributed long-term capital gains		—
Tax distributable earnings		—
Accumulated capital and other losses		(18,825,749	)
Temporary book and tax differences		—
Unrealized appreciation (depreciation) on investments		1,101,564
Total distributable earnings	$	(17,434,688	)

	2025		2024
Distributions paid from:
Ordinary income	$	12,073,105	$	11,130,966
Net long-term capital gains		—		—
Total distributions paid	$	12,073,105	$	11,130,966

(Registrant)		Destra Investment Trust

By		(Signature and Title)
		/s/ Robert A. Watson
		Robert A. Watson, President/Principal Executive Officer

Date	06/08/2026

By		(Signature and Title)
		/s/ Derek Mullins
		Derek Mullins, Treasurer/Principal Financial Officer

Date	06/08/2026