Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). Past performance is no guarantee of future results. 27-Feb-2023, As of Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Annual Report Jul 08, 2008. Contact Information Fund Manager Morgan Stanley Fund Manager Website www.morganstanley.com Fund Category Real Assets - Real Estate Native Currency USD Fund Manager's Location 18th Floor, Tower 2, One World Center As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. 31-Jan-2023, As of The Fund's Class I shares commenced operations on August 10, 2015. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. Morningside Presbyterian Preschool. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Such fees, expenses, and commissions could reduce returns. A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. A timely analysis of market-changing events and their impact on the investment landscape. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Correlation is a statistical measure of how two securities move in relation to each other. Morgan Stanley Prime Property Fund Llc. Adjusted for contingent deferred sales charge of 1.00%. Index performance does not represent actual Fund or portfolio performance. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Performance may be lower or higher than performance data quoted. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. 2023Morgan Stanley. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. Measurement is time-weighted. The addition of these five securities has helped to further strengthen our core real estate portfolio. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. Item 10. Stay on top of today's volatile markets with these timely resources. . The Funds distribution policy is to make quarterly distributions to shareholders. . Allocation, Sector, and Geographic Diversification are subject to change. from your original investment) and not a return of net profit. The performance data quoted above represents past performance. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. The Barclays U.S. As of A portion of these securities are held as collateral for the outstanding Line(s) of Credit. . All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Returns may increase or decrease as a result of currency fluctuations. How may we assist you today? The fund is in this category because it invests in property company shares and the fund's simulated and/or realised return has experienced very high rises and falls historically. 31-Jan-2023, As of Situations may arise in which more than one Client invests in the same Underlying Fund. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Prior to joining Morgan Stanley in November 2003, andice In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. 3Entry Chargeis a maximum possible figure. 31-Jan-2023. We have the experience and agility to partner with clients from individual investors to global CEOs. The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. As of September 30, 2019. Logistics Holdings, LP 15.3 715 4.8% RREEF America REIT II 15.1 109 3.6% RREEF Core Plus Industrial Fund 1.1 22 3.6% Sentinel Real Estate Fund 1.8 29 3.2% .

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