Morgan Stanley Inst Global Real Est L 2.65% 8.89% . The addition of these five securities has helped to further strengthen our core real estate portfolio. 31-Jan-2023, As of A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. Item 4. Principal Accountant Fees and Services. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. Newsletters . We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). If the outcome that might result from a proxy solicitation could cause any Non- discretionary Client to fall out of compliance with its Investment Guidelines, the Adviser shall consult each such Non-discretionary Client prior to voting the proxy and shall take direction from such Non-discretionary Client, in the form of a completed Exhibit B, as to how to vote the proxy. At Morgan Stanley, we lead with exceptional ideas. As previously stated, we remain focused on net operating income (NOI) growth. Correlation is a statistical measure of how two securities move in relation to each other. 6.b. 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. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 2023 Morningstar. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. Tables present indicative values only. Luxemburg B 29 192. Ideas across disciplines uncover novel insights for sharper decision-making. Item 3. 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. Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. 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. Win whats next. 0 It is calculated by annualizing the most recent Fund distribution yield. Learn how we strive to deliver results for our shareholders. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. The performance data quoted above represents past performance. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. A large standard deviation implies that there have been large swings in the return series of the manager. Stay abreast of the latest trends and developments. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. 764 0 obj <> endobj Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). In the Media. 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. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. Period ending March31, 2022. 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. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Index performance does not represent actual Fund or portfolio performance. Home Page | Municipal Employees Retirement System of Louisiana Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. 27-Feb-2023, As of 1Q 2020 Alts Performance Summary.pdf. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. This information is available in the PitchBook Platform. . Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Premier. 31-Jan-2023, As of The agreement can be extended at the discretion of the Adviser and the Trustees. Performance data for funds with less than one year's track record is not shown. 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. 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 CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. Class C and Class I shares are offered at net asset value. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. A fund or portfolio may differ significantly from the securities included in the index. The business and affairs of the Fund are managed under the direction of the Trustees. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. 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. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. All Rights Reserved. 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. Get the full list, Morningstar Institutional Equity Research. 03-Mar-2023. Prime Property Fund One of the longest-term core open-end funds - in its 47th PRIME is a core, fully-specified, open-end commingled real estate investment fund year of operation diversified by property type and location designed to provide a stable, income- driven rate of return over the long term with potential for growth of income and 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). IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. 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. 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. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. Aggregate Bond Index, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Return of capital is a tax concept, not an economic concept. The Fund currently offers Class A, Class C and Class I shares. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. 3. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Morgan Stanley Prime Property Fund Llc. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Counsel with preschool director around staff, school programs and best practices. Last Annual Report Date: . 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. The Distributor serves as principal underwriter of shares of the Fund. 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. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Such fees, expenses, and commissions could reduce returns. Expert understanding and client-centric approach for insurance companies. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. Morgan Stanley Prime Property Fund. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. The Funds distribution policy is to make quarterly distributions to shareholders. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. Hello! CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. This is a profile preview from the PitchBook Platform. 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. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). 31-Jan-2023. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. At Morgan Stanley, giving back is a core valuea central part of our culture globally. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Redemption price per share may be reduced for any applicable contingent deferred sales charge. 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. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. Performance of other share classes, when offered, may differ. 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 Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. As of September 30, 2016, Dr. Anderson and Mr. Propper were responsible for the management of the following types of accounts in addition to the Fund: Item 9. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Morgan Stanley Real Estate Investing. 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% . The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. Morningside Presbyterian Preschool. 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. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. 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. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. Cipperman Compliance Services, LLC provides a Chief Compliance Officer to the Fund as well as related compliance services pursuant to a consulting agreement between Cipperman Compliance Services, LLC and the Fund. Proprietary views on big ideas with the potential for far-reaching consequences. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. 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. A timely analysis of market-changing events and their impact on the investment landscape. TheEurope/Asia and South Africa category (EAA)includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system. . At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. The term of office for each Trustee and officer listed above will continue indefinitely. Annual net returns are provided in the Performance Notes. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. Ifthe management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. 31-Dec-2022, As of 2023Morgan Stanley. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies.

Laura Goodwin Husband, Integrated Business And Engineering, Articles M