The prospectus states the Fund seeks current income and long-term capital appreciation, investing at least 80% of net assets in private commercial real estate and publicly traded real estate securities. Clarion Partners targets stabilized, income-oriented U.S. property across industrial, residential, healthcare, retail, office and extended sectors through wholly owned assets, joint ventures and real estate loans; Western Asset manages a liquidity sleeve of CMBS, RMBS, ABS and REIT securities. Long-term targets are at least 60% Private CRE and up to 40% securities and cash. Leverage includes property mortgages and a fund credit facility.