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. 31-Jan-2023, As of Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 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. 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. The Fund completed a quarterly repurchase offer on November 7, 2016 which resulted in 1,010,099 of Fund shares being repurchased for $26,753,389. Accumulated Net Realized Gain on Investments. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. An investor cannot invest directly into an index. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. 6.b. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Implement policies and procedures, set and approve annual budget. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. A timely analysis of market-changing events and their impact on the investment landscape. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. 2023Morgan Stanley. 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. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Stay on top of today's volatile markets with these timely resources. WAL is the weighted average life of the portfolio. 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. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. Calculated using the average shares method. See how we can help you work toward your goalseven as they evolve over years or generations. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. 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. All metrics are based on Class A shares. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. 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. At Morgan Stanley, giving back is a core valuea central part of our culture globally. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. 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. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. 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: . You cannot invest directly in an index. To the Board of Trustees and the Shareholders of. Tables present indicative values only. 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. Allocation, Sector, and Geographic Diversification are subject to change. In-depth insights on emerging and global markets for spotting hot growth stories. 1. 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. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. It also brings the total number of private real estate holdings to 17. Diversification does not eliminate the risk of experiencing investment losses. hWn8>&(I$|o$ATu! PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We have the experience and agility to partner with clients from individual investors to global CEOs. Hear their stories and learn about how they are redefining the terms of success. (Certification provided in Exhibit A.) NIC Audit Committee Report September 2020.pdf. 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. 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. 4May not sum to 100% due to rounding. The risk and reward category shown is based on historic data. Privacy & Cookies 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. Class C and Class I shares are offered at net asset value. Assessor Chat Bot. 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. As a result, the Adviser may cast different votes on behalf of different Clients. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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 CenterSquare. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. 31-Jan-2023, As of We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes.
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