hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t Ratings do not take into account sales loads. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. Ideas across disciplines uncover novel insights for sharper decision-making. The fund is located in Mumbai, India. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Class I shares are not currently subject to a shareholder services fee. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. Learn how we strive to deliver results for our shareholders. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. 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. Securities Lending Annual Report.pdf. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. Item 7. A negative correlation of -1 indicates that the securities have moved in the opposite direction. For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. 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 graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 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 Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. 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. The Fund is considered an investment company for financial reporting purposes under GAAP. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. 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. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. Material Conflicts of Interest and Proxy Voting Committee. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. The addition of these five securities has helped to further strengthen our core real estate portfolio. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. Actual results could differ from those estimates. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. None of the Funds executive officers receives compensation from the Fund. 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. 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. Get the full list, Morningstar Institutional Equity Research. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . 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. 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). 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 Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. 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. 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. . As such this category may change in the future. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. Notes. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. 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. 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. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. 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. 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. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. 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 business and affairs of the Fund are managed under the direction of the Trustees. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . Morgan Stanley Inst Global Real Est L 2.65% 8.89% . Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 2023 PitchBook. Underpinning all that we do are five core values. Morgan Stanley Prime Property Fund - AON Memo.pdf. 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. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. Returns may increase or decrease as a result of currency fluctuations. 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. The filings are available upon request by calling 888-926-2688. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Category 1 does not indicate a risk free investment. 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 Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. In-depth insights on emerging and global markets for spotting hot growth stories. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. 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. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. Past performance is not a reliable indicator of future results. Premier. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. From 2018 to 2019 he served as the Prime Minister's Business Envoy. The portion of distributions paid not attributable to net investment income or net realized gains on investments, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution (Return of Capital) for tax purposes. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. 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. 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. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. 31-Jan-2023. Hear their stories and learn about how they are redefining the terms of success. 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. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. 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). 31-Jan-2023, As of 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. 03-Mar-2023. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Counsel with preschool director around staff, school programs and best practices. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). Past performance is no guarantee of future results. 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. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. 31-Jan-2023, As of One basis point is equal to 1/100th of 1%, or 0.01%. 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. Insurance Asset Management. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. 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. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. 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. 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. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) Item 3. 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).