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. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. Adjusted for initial maximum sales charge of 5.75%. Annual net returns are provided in the Performance Notes. Principal Accountant Fees and Services. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 03-Mar-2023. Submission of Matters to a Vote of Security Holders. 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. The source for all performance and index data is Morgan Stanley Investment Management Limited. 31-Jan-2023, As of
The firm was founded in 2012 and is based in San Francisco, CA. The Fund is considered an investment company for financial reporting purposes under GAAP. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 764 0 obj
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Underpinning all that we do are five core values. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. 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. PURCHASES AND SALES OF INVESTMENT SECURITIES. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . 1Q 2020 Alts Performance Summary.pdf. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. Total returns would have been lower had certain expenses not been waived during the period. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 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. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. This is a profile preview from the PitchBook Platform. 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. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). In the Media. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The objectives of the investment pool and its policy and procedures governing fund allocations is here. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. 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. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Item 8. 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. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; 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. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. 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. As previously stated, we remain focused on net operating income (NOI) growth. Holdings are subject to change. Morgan Stanley is differentiated by the caliber of our diverse team. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. The business and affairs of the Fund are managed under the direction of the Trustees. Oversee all . After several years of growing tensions, the potential for a reset under. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. Counsel with preschool director around staff, school programs and best practices. 31-Jan-2023, As of
The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. NCREIF will calculate the overall aggregated Index return. An investor cannot invest directly into an index. Please click here for additional performance disclosures and important information, which should be reviewed carefully. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Info: 213-974-3211 | helpdesk@lacounty.gov. Item 4. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. Based on Market value. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. At Morgan Stanley, we lead with exceptional ideas. Allocation, Sector, and Geographic Diversification are subject to change. 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. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). QUESTIONS! All Rights Reserved. Redemption price per share may be reduced for any applicable contingent deferred sales charge. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Prime Property Fund. We value our commitment to diverse perspectives and a culture of inclusion across the firm. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. 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. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Past performance does not guarantee future results. 1. The Barclays Capital U.S. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). Effective November 16, 2016, Class M Shares of the Fund commenced operations. Distribution Policy Risk. As such this category may change in the future. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. The Investment Pool holds external and internal endowments and other long term cash holdings. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. The fund pursues its investment objectives by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "real estate industry securities," primarily in income producing equity and debt securities. You cannot invest directly in an index. Class I shares are not currently subject to a shareholder services fee. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. ^_g:L&NhK8F^3h$w#i!Efi8_2:,qEiwy el8byN4ly?9X t17%FL{WaTj^`MsAn
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*(*otc-ABVafZW\jUU\u/0NF$-z'v'xMg; 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. No. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. 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. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. 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. 6.c. The Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). 2023 PitchBook. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Annual Report Jul 08, 2008. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Past performance is not a guarantee of future results. Class A and Class I shares are not currently subject to a Distribution Fee. Morningside Presbyterian Preschool. 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. A large standard deviation implies that there have been large swings in the return series of the manager. 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. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare and its affiliates from the relationship with the Fund; (iv) 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; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. At Morgan Stanley, giving back is a core valuea central part of our culture globally. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. There are additional risks associated with investing in real estate. All Rights Reserved. Performance of 100 USD invested Download Average Annual Total Returns As of 31-Dec-2022 TIMEFRAME: Month-end Quarter-end Calendar Year Risk/Return Statistics As of 31-Jan-2023 TIMEFRAME: 3 Yrs Risk and Reward Profile As of 01-Dec-2022 Lower Risk High Risk Potentially Lower Rewards Potentially Higher Rewards The risk and reward category shown is based on historic data. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 3.21%---- Ta Realty Core Property Fund, L.P. 3.09%---- Clarion Gables Multifamily Trust, L.P. 2.91%---- Brookfield Senior Mezzanine Real Estate Finance Fund . Performance may be lower or higher than performance data quoted. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. . $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. Please visit our Glossary page for fund related terms and definitions. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. Securities Lending Annual Report.pdf. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. 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). Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. Index performance does not represent actual Fund or portfolio performance. Newsletters . YTD performance data is not annualised. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. 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. In addition, two or more Clients may have different investment objectives or investment styles. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. 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. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. 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. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. He started his career in 1979 with Smith Barney as a Financial Advisor and in the 1980's and 1990's, managed offices in Atlanta GA and Los Angeles. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 790 0 obj
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Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, industrial, self storage and hotel properties located in major real estate markets throughout the United States. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. 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. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. 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.
Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare.