Fund Administration and Accounting Fees and Expenses. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Audit Committee Financial Expert. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Hear their stories and learn about how they are redefining the terms of success. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . Counsel with preschool director around staff, school programs and best practices. Class I shares are not currently subject to a shareholder services fee. Non-cash financing activities not included herein consist of reinvestment of distributions of: Cash paid for interest on lines of credit during the year was: Griffin Institutional Access Real Estate Fund Class A, Ratios to Average Net Assets (including interest expense), Ratio of expenses to average net assets excluding fee waivers and reimbursements, Ratio of expenses to average net assets including fee waivers and reimbursements, Ratio of net investment income to average net assets, Ratios to Average Net Assets (excluding interest expense), Ratio of net investment income to average net assets excluding fee waivers and reimbursements. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Adjusted for contingent deferred sales charge of 1.00%. From 2018 to 2019 he served as the Prime Minister's Business Envoy. 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. Notes. 3. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) Please click here for additional performance disclosures and important information, which should be reviewed carefully. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Hello! 5 Sustainable Investing Trends for Companies and Investors, 7 Investment Ideas That Could Drive Markets in 2023, Yes, You Can Be a Tech Innovator at Morgan Stanley, Morgan Stanley Schedules Quarterly Investor Conference Call, Morgan Stanley Reports Fourth Quarter 2022, Morgan Stanley 4Q22 Fixed Income Investor Presentation, Morgan Stanley 3Q22 Fixed Income Investor Presentation, Morgan Stanley 2Q22 Fixed Income Investor Presentation, Sharon Yeshaya Speaks at the Credit Suisse Financial Services Forum, Morgan Stanley Reports Third Quarter 2022, Andy Saperstein Speaks at the Barclays Global Financial Services Conference, 2022 Morgan Stanley Compensation and Governance Practices, Liquidity Coverage Ratio Disclosures - US, Morgan Stanley 1Q22 Fixed Income Investor Presentation. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Griffin Capital Advisor along with CenterSquare Investment Management have designed a public market strategy in line with the objectives of the Fund with a focus on identifying public real estate securities whose current prices are below their intrinsic values. Portfolio Managers of Closed-End Management Investment Companies. All metrics are based on Class A shares. Such fees, expenses, and commissions could reduce returns. Performance may be lower or higher than performance data quoted. 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. To the Board of Trustees and the Shareholders of. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Instead, they may solicit consents from their limited partners, members or shareholders. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. At Morgan Stanley, giving back is a core valuea central part of our culture globally. PURCHASES AND SALES OF INVESTMENT SECURITIES. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. The Investment Pool holds external and internal endowments and other long term cash holdings. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. Diversification does not eliminate the risk of experiencing investment losses. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. The Funds distribution policy is to make quarterly distributions to shareholders. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-Q. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.TheMinimum Initial Investment/Minimum Subsequent Investmentamounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount).For more information please see the Charges and Expenses section of the prospectus. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. The services described on this website may not be available in all jurisdictions or to all persons. 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. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. 31-Jan-2023. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t 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. All rights reserved. The Fund currently offers Class A, Class C and Class I shares. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. WAM is the weighted average maturity of the portfolio. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. Past performance does not guarantee future results. 2. It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. A correlation ranges from-1 to 1. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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).