The prospectus states the objective is to seek total return through a combination of capital appreciation and income generation. The Fund dynamically allocates among private investment vehicles (hedge funds, private equity and private real estate funds) managed by unaffiliated managers, including Special Purpose Vehicles, and invests through registered closed-end, interval and open-end funds, ETFs and selected direct investments. Fund-level borrowing is permitted but is not a principal strategy; the Fund does not limit leverage used by Portfolio Funds. At 6/30/2026 Portfolio Funds were 58.5% of net assets and money market funds 10.0%.