| Q. | Why am I receiving this proxy statement? |
| A. | You are being asked to vote on a proposal to revise the Fund’s fundamental policy regarding concentration. The current policy states that the Fund may not invest 25% or more of the market value of its net assets in the securities of companies or entities engaged in any one industry, except the real estate industry. It further states that, under normal circumstances, the Fund invests over 25% of its net assets in the securities of companies in the real estate industry. The Fund defines the real estate industry to include interests, debt or equity of both publicly traded and private companies engaged in the real estate industry, including, but not limited to, real estate investment trusts, mortgage backed securities, interest in pooled investment entities, and other forms of securities relating to or involving real estate. If approved by stockholders, the policy would be revised to no longer require that the Fund invest over 25% of its net assets in the securities of companies in the real estate industry. |
| Q. | Why is the Board of Trustees recommending that stockholders vote to revise the Fund’s fundamental policy regarding concentration, to no longer require that the Fund invest over 25% of its net assets in the securities of companies in the real estate industry? |
| A. | The existing fundamental policy provides that under normal circumstances, the Fund will invest over 25% of its net assets in the securities of companies in the real estate industry. Destra Capital Advisors LLC (“Destra”) and Validus Growth Investors, LLC (dba Validex Global Investing or “Validex”), the Fund’s sub-adviser, believe that revising this fundamental policy to no longer require that the Fund invest over 25% of its net assets in the securities of companies in the real estate industry, will allow it greater flexibility in seeking attractive investment opportunities for the Fund while continuing to pursue the Fund’s investment objective. Relative to other opportunities in a higher rate environment, Validex believed the risk / reward in real estate was not attractive over the last few years, and as a result, they have been reducing real estate exposure, especially with respect to private securities. The removal of the 25% concentration requirement will allow them to more carefully manage this exposure in such a rate-sensitive asset class. |
| Q. | Will the Fund pay for the proxy solicitation and related legal costs? |
| A. | Yes. These costs ultimately will be borne by the Fund. |
| Q. | How does the Board recommend that I vote? |
| A. | The current members of the Board of Trustees, including all of the trustees who are not “interested persons” (as defined in the Investment Company 1940 Act (the “1940 Act”)) of the Fund (the “Independent Trustees”) recommend that you vote in favor of the Proposal. |
| Q. | I have only a few shares — does my vote matter? |
| A. | Your vote is important. If many stockholders choose not to vote, the Fund might not receive enough votes to reach a quorum to hold the Special Meeting. If it appears that there will not be a quorum, the Fund would have to send additional mailings or otherwise solicit stockholders to try to obtain more votes. |
| Q. | What is the deadline for submitting my vote? |
| A. | We encourage you to vote as soon as possible to make sure that the Fund receives enough votes to act on the Proposal. Unless you attend the Special Meeting to vote in person, your vote (cast by Internet, telephone or paper proxy card as described below) must be received by the Fund by 9:00 a.m. Mountain Time on December 18, 2025. |
| Q. | Who is eligible to vote? |
| A. | Any person who owned shares of the Fund on the “record date,” which was November 10, 2025 (even if that person has since sold those shares). |
| A. | You may vote in any of four ways: |
| ○ | Through the Internet. Please follow the instructions on your proxy card. |
| ○ | By telephone, with a toll-free call to the phone number indicated on the proxy card. |
| ○ | By mailing in your proxy card. |
| ○ | In person at the Special Meeting at the offices of the Fund on December 18, 2025. |
We encourage you to vote via the Internet or telephone using the control number on your proxy card and following the simple instructions because these methods result in the most efficient means of transmitting your vote and reduce the need for the Fund to conduct telephone solicitations and/or follow up mailings. If you would like to change your previous vote, you may vote again using any of the methods described above.
| Q. | How should I sign the proxy card? |
| A. | You should sign your name exactly as it appears on the proxy card. Unless you have instructed us otherwise, either owner of a joint account may sign the card, but again, the owner must sign the name exactly as it appears on the card. The proxy card for accounts of which the signer is not the owner should be signed in a way that indicates the signer’s authority—for example, “Mary Smith, Custodian.” |
| Q. | Who should I call if I have questions? |
| A. | Please contact EQ Fund Solutions, our proxy solicitor, toll-free at (888) 886-4425. Representatives are available Monday through Friday from 9:00 a.m. to 10:00 p.m., Eastern time. |
443 North Wilson Avenue
Bozeman, MT 59715
