The Prospectus states the Fund seeks long-term capital appreciation, investing at least 80% of net assets plus borrowings in private market and alternative assets: primary and secondary interests in third-party private funds, registered funds, BDCs and REITs, plus co-investments. As a "balanced" fund it invests at least 25% each in debt and equity. The Sub-Adviser allocates across private equity, private credit and real assets guided by Morgan Stanley GIC capital market assumptions, currently limited to MS Platform funds whose managers pay revenue sharing to the Distributor. The Fund may borrow up to 1940 Act limits and had no borrowings at 6/30/2026.