Strategic Asset Allocation Decision

As a senior portfolio manager for a large institutional fund, you are responsible for reviewing and revising the fund's strategic asset allocation. The fund aims to balance growth and income while minimizing volatility. The fund currently has a 60% equity and 40% fixed income allocation, but the board is concerned about the potential for rising interest rates and market volatility. You have conducted an analysis and found that a moderate shift toward alternative investments could provide better diversification and reduce overall portfolio risk. Given this context, which of the following asset allocations would likely best align with the fund's goals?