Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. 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. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Such fees, expenses, and commissions could reduce returns. All Rights Reserved. Tables present indicative values only. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). 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). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. Minutes. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. Material Conflicts of Interest and Proxy Voting Committee. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page.Cash & Equivalentsare defined as the value of assets that can be converted into cash immediately. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. How may we assist you today? 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. . By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. The risk and reward category shown is based on historic data. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Oversee all . Assessor Chat Bot. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Item 3. Underpinning all that we do are five core values. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. 31-Jan-2023, As of Liquidity will be provided to shareholders only through the Funds quarterly repurchases. WAM is the weighted average maturity of the portfolio. Premier. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. The term -. NCREIF will calculate the overall aggregated Index return. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Accumulated Net Realized Gain on Investments. 6.c. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays 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. Effective November 16, 2016, Class M Shares of the Fund commenced operations. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. All Rights Reserved. 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. Formerly known as the Cornerstone Patriot Fund. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 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. During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. Past performance is not a guarantee of future results. 3. See how we can help you work toward your goalseven as they evolve over years or generations. 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. 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. Returns may increase or decrease as a result of currency fluctuations. 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. Item 8. 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. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. 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. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. . Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: We have the experience and agility to partner with clients from individual investors to global CEOs. As of September 30, 2019. Griffin Institutional Access Real Estate Fund. 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. 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. 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. 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. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. 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. Class C and Class I shares are offered at net asset value. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Newsletters . The vehicle will invest in a diverse array of core properties throughout Western Europe. 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. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. No. In considering whether to approve the Investment 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 the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom 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) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. Implement policies and procedures, set and approve annual budget. Individual Investors. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. 31-Dec-2022, As of %PDF-1.6 % 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. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Situations may arise in which more than one Client invests in the same Underlying Fund. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. The Funds distribution policy is to make quarterly distributions to shareholders. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. 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. 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. 03-Mar-2023, As of As a result, the Adviser may cast different votes on behalf of different Clients. 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. 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. 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. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Morgan Stanley Real Estate Advisor, Inc.-Street Address 1 Street Address 2; 1585 BROADWAY: FLOOR 37: City State/Province/Country ZIP/PostalCode; NEW YORK: NEW YORK: 10036: . The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. 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. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. Class A and Class I shares are not currently subject to a Distribution Fee. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . 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. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. . A large standard deviation implies that there have been large swings in the return series of the manager. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. 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. 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. . Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. 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. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. 03-Mar-2023. Learn why 2023 has exciting opportunities for the real estate market. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. 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. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. Morgan Stanley Prime Property Fund $1.1 billion Fund Redemption Queue Balances AEW Core Property Trust $160.0 million, 2.0% of $8.0 billion of Fund NAV Heitman America Real Estate Trust $1.2 billion, 11.5% of $10.4 billion of Fund NAV Morgan Stanley Prime Property Fund $0.0 million, of $34.1 billion of Fund NAV As of . To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. 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. Past performance is no guarantee of future results. Info: 213-974-3211 | helpdesk@lacounty.gov. A correlation ranges from-1 to 1. 4. 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. 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. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. Diversification does not eliminate the risk of experiencing investment losses.
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