Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. 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. 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 Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. 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 will maintain a record of the analysis of any potential conflict of interest and its resolution. 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. The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. 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. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. 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. As of The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. The registrants audit committee has considered whether the provision of non-audit services to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Luxemburg B 29 192. 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. 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. 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. 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. 31-Jan-2023, As of The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. 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. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. The Investment Pool holds external and internal endowments and other long term cash holdings. 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 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. The performance data quoted above represents past performance. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Last Annual Report Date: . Last Annual Report . 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. 31-Jan-2023, 2023 Morningstar. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. 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 Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. All Rights Reserved. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. As such this category may change in the future. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 31-Jan-2023, As of The vehicle will invest in a diverse array of core properties throughout Western Europe. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. All or a portion of a distribution may consist solely of a return of capital (i.e. Terms of Use. At Morgan Stanley, we put our beliefs to work. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. %PDF-1.6 % 4. 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. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 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. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. 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. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Return of capital is a tax concept, not an economic concept. 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. 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. Total returns would have been lower had certain expenses not been waived during the period. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. WAM is the weighted average maturity of the portfolio. 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 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. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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. This information is available in the PitchBook Platform. The Funds distribution policy is to make quarterly distributions to shareholders. The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. The Trustees also considered potential benefits for the Adviser in managing the Fund, including promotion of the Advisers name, the ability for the Adviser to place small accounts into the Fund, and the potential for the Adviser to generate soft dollars from Fund trades that may benefit the Advisers other clients. 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 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. In addition, two or more Clients may have different investment objectives or investment styles. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. 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. Adjusted for contingent deferred sales charge of 1.00%. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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 the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. 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. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. It is calculated by annualizing the most recent Fund distribution yield. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Annual Report Jul 09, 2007. 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 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. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. 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. 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. Audit Committee Financial Expert. See how you can continue your career journey at Morgan Stanley. For 87 years, weve had a passion for whats possible. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. 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). Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. 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. The fund is located in Mumbai, India. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. Implement policies and procedures, set and approve annual budget. Distribution Policy Risk. 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 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. Fund Administration and Accounting Fees and Expenses. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. 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. Griffin Institutional Access Real Estate Fund. 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. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Stay abreast of the latest trends and developments. No. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. A $1B fund might provide more than $10M in annual . Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . 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 For additional mutual fund and exchange traded fund data (such as sector / industry / country / regional / fund allocations of sources of value add, maturity / quality / market capitalization allocations) not currently shown on individual Fund webpages or the Fund Factsheet, please call JPM Shareholder Services desk at 1-800-480-4111. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. At Morgan Stanley, we lead with exceptional ideas. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. Portfolio Managers of Closed-End Management Investment Companies. As a global financial services firm, Morgan Stanley is committed to technological innovation. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. 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 CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. Prior to joining Morgan Stanley in November 2003, andice There are additional risks associated with investing in real estate. Holdings are subject to change. The Distributor serves as principal underwriter of shares of the Fund. One basis point is equal to 1/100th of 1%, or 0.01%. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. It also brings the total number of private real estate holdings to 17. This is a profile preview from the PitchBook Platform. 3. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Situations may arise in which more than one Client invests in the same Underlying Fund. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Item 8. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. Instead, they may solicit consents from their limited partners, members or shareholders. 31-Dec-2022, As of 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. 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.
Categories
