Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Certain Trustees and officers of the Fund are also officers of the Adviser and are not paid by the Fund for serving in such capacities. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Morgan Stanley Real Estate Prime Property Fund - PitchBook Additionally, Mr. Propper serves as Vice President, Product Development of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. The services described on this website may not be available in all jurisdictions or to all persons. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Agenda/Materials. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. During the year ended September 30, 2016, the fee waiver was as follows: As of September 30, 2016, the balance of recoupable expenses for the Fund was as follows: Sub-advisory services were provided to the Fund pursuant to agreements between the Adviser and both Aon Hewitt Investment Consulting, Inc. (formerly doing business as Hewitt EnnisKnupp, Inc.) and CenterSquare Investment Management, Inc. (the Sub-Advisers). Past performance is not a reliable indicator of future results. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Item 10. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. The fund relies on other parties to fulfill certain services, investments or transactions. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with AHIC. Measurement is time-weighted. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. PDF Real Estate Investment Summary - Nebraska Portfolio Managers of Closed-End Management Investment Companies. You cannot invest directly in an index. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds Returns may increase or decrease as a result of currency fluctuations. In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: A correlation ranges from-1 to 1. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. 2023Morgan Stanley. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. A timely analysis of market-changing events and their impact on the investment landscape. NIC Audit Committee Report September 2020.pdf. The Funds Form N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. None of the Funds executive officers receives compensation from the Fund. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. A $1B fund might provide more than $10M in annual . SEC.gov | HOME All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. The risk and reward category shown is based on historic data. Securities Lending Annual Report.pdf. Individual Investors. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. Material Conflicts of Interest and Proxy Voting Committee. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. McMaster Investment Pool - Financial Affairs The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. 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. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Morgan Stanley Real Estate Investing raises 700m - PERE A large standard deviation implies that there have been large swings in the return series of the manager. From 2018 to 2019 he served as the Prime Minister's Business Envoy. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. Redemption price per share may be reduced for any applicable contingent deferred sales charge. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Situations may arise in which more than one Client invests in the same Underlying Fund. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. PDF Home Page | Municipal Employees Retirement System of Louisiana All rights reserved. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. Griffin Institutional Access Real Estate Fund. PDF Employees' Retirement System of Rhode Island Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. This rating does not take into account other risk factors which should be considered before investing, these include: Insights by Global Listed Real Assets Team. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). 6.c. 31-Jan-2023, As of The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. The Trustees noted that the Adviser seeks to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. There are additional risks associated with investing in real estate. Implement policies and procedures, set and approve annual budget. It is the current yield of In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund .