The prospectus states the Fund seeks current income as its primary objective, with long-term capital appreciation as a secondary objective. It invests at least 80% of net assets plus borrowings in real estate exposures and, as a fundamental policy, concentrates at least 25% of total assets in real estate and mortgage-related assets. Exposures span direct and joint venture commercial real estate equity, commercial real estate loans including bridge and mezzanine, non-agency mortgage-backed and asset-backed securities, listed REITs and private real estate funds. A supplement effective March 16, 2026 broadened the strategy from stabilized commercial real estate to income-oriented real estate and debt secured by real estate.