PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. It is the current yield of Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. . These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. 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. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. From 2018 to 2019 he served as the Prime Minister's Business Envoy. Meet one of our Financial Advisors and see how we can help you. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 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. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. 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. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. 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. Audit Committee of Listed Registrants. 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% . An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. Learn how we strive to deliver results for our shareholders. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . 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. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Past performance is not a reliable indicator of future results. 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. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. Situations may arise in which more than one Client invests in the same Underlying Fund. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Minutes. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. As of September 30, 2019. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. 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. 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%). After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The Adviser maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Advisers proxy policies and practices and the availability of the Advisers proxy voting record. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005; This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. 31-Jan-2023, As of Annual Report Jul 08, 2008. 4. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. 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. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. 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. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. 2023 Morningstar. 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). The Investment Pool holds external and internal endowments and other long term cash holdings. Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Total returns would have been lower had certain expenses not been waived during the period. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. 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. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. 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. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Terms of Use. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Redemption price per share may be reduced for any applicable contingent deferred sales charge. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. 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. NIC Audit Committee Report September 2020.pdf. As such this category may change in the future. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. 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. 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. 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. Principal Accountant Fees and Services. 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. These financial statements and financial highlights are the responsibility of the Funds management. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. 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. 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. All rights reserved. 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Various inputs are used in determining the value of the Funds investments as of the reporting period end. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Tables present indicative values only. 4May not sum to 100% due to rounding. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. Macro and thematic insights shaping the global investment landscape. 0 Instead, they may solicit consents from their limited partners, members or shareholders. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. 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. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Individual Investors. . In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. US CORE STRATEGY. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. 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. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. 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. 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. Item 5. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. In our 2023 outlook, our macro strategists and investment managers across equity, fixed income and alternative asset classes share their diverse views on key themes, where they think markets are headed after a turbulent year, and how they are positioning their respective strategies. hWn8>&(I$|o$ATu! 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. In the Media. . * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Please visit our Glossary page for fund related terms and definitions. 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. 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. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. See how we can help you work toward your goalseven as they evolve over years or generations. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. 3Entry Chargeis a maximum possible figure. 2007. The term -. 5.54%---- Fidelity Inv MM Fds . Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . 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. Annual net returns are provided in the Performance Notes. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. 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 value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. 1. Item 8. The filings are available upon request by calling 888-926-2688. Total returns would have been lower had certain expenses not been waived during the period. Number of Funds 1,839 1,787 1,815 1,775 1,830 First Sentier Global Diversified Infrastructure Fund Harris Associates L.P. Harrison Street Mesirow Financial Morgan Stanley Investment Management Inc. Morgan Stanley Prime Property Fund PCJ Investment Counsel Ltd. Russell Investments Canada Ltd. Aristotle Capital .