The prospectus states an objective of current income with low volatility and low correlation to equity and bond markets, with moderate long-term capital appreciation as a secondary objective. At least 80% of assets (plus borrowings for investment purposes) go into Real Estate Investments: direct real estate holdings, private real estate funds and private REITs, and public real estate securities, plus senior, subordinated and mezzanine real estate debt. No sector focus, no stated credit-quality limit, below-investment-grade holdings permitted. Borrowings capped at 33 1/3% of total assets.