The prospectus states a primary objective of consistent current income, with capital preservation and long-term capital appreciation as secondary objectives. The Fund invests at least 80% of net assets in real estate-related investments: third-party private real estate funds and publicly traded real estate securities (REITs, preferreds, real estate debt) managed by sub-advisers, directly or through the VCMIX Subsidiary and VCMIX Sub-REIT. Borrowing and derivatives are permitted.