The PPM states the objective is long-term capital appreciation and, to a lesser extent, income. Under normal circumstances the Fund invests at least 80% of net assets (plus investment borrowings) in alternatives investments and investments with exposure to them, including direct investments, private equity and secondary funds, private credit, unlisted REITs and non-traded BDCs. The Subadviser manages a PE Assets sleeve (co-investments, junior capital, secondaries) the Fund anticipates will reach about 50% of the portfolio. At 3/31/2026 investment funds were 89.9% of net assets and direct investments 3.6%.