The prospectus states the Fund seeks current income and long-term capital appreciation. Under normal circumstances it invests at least 80% of net assets (plus investment borrowings) in private real estate and publicly traded real estate securities, primarily stabilized, income-producing U.S. property held through joint ventures and operating entities, weighted to housing, logistics, office and retail, with tactical sectors such as self-storage, hotels, data centers and net lease. It may also hold mezzanine and senior real estate loans, preferred equity, CMBS and RMBS, and derivatives for hedging. Fund borrowings are capped at 33 1/3% of total assets; property-level mortgage debt sits outside that cap.