The Prospectus states the objective is long-term capital appreciation. The Fund is a fund of funds that invests mainly in private partnerships, non-traded REITs and other private funds, plus listed ETFs and mutual funds, that hold real estate, infrastructure, commodities and other real assets. At least 80% of net assets go to such Investment Funds, and the Fund invests over 25% of total assets in the real estate industry. Private funds include continuously offered and closed-end institutional vehicles. Up to 25% of assets may be held through taxable wholly owned subsidiaries. At March 31, 2026, private Portfolio Funds were 65.8% of NAV and listed holdings 34.1%.