31-Jan-2023, As of 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. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Griffin Institutional Access Real Estate Fund. None of the Funds executive officers receives compensation from the Fund. 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. 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. 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. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. The Fund currently offers Class A, Class C and Class I shares. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Stay abreast of the latest trends and developments. 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. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. 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. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. Allocation, Sector, and Geographic Diversification are subject to change. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. 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 AHIC. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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. Underpinning all that we do are five core values. 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. 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. Learn how we strive to deliver results for our shareholders. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. 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 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. 5. Class A and Class I shares are not currently subject to a Distribution Fee. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. Morgan Stanley Real Estate Investing. Performance is calculated net of fees. 2023Morgan Stanley. WAL is the weighted average life of the portfolio. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. 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. No. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. Effective November 16, 2016, Class M Shares of the Fund commenced operations. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. 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 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. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. Index performance does not represent actual Fund or portfolio performance. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Various inputs are used in determining the value of the Funds investments as of the reporting period end. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. 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. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Morgan Stanley is differentiated by the caliber of our diverse team. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. . Performance of 100 USD invested Download Average Annual Total Returns As of 31-Dec-2022 TIMEFRAME: Month-end Quarter-end Calendar Year Risk/Return Statistics As of 31-Jan-2023 TIMEFRAME: 3 Yrs Risk and Reward Profile As of 01-Dec-2022 Lower Risk High Risk Potentially Lower Rewards Potentially Higher Rewards All Rights Reserved. Correlation is a statistical measure of how two securities move in relation to each other. 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. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. 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 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. 3.21%---- Ta Realty Core Property Fund, L.P. 3.09%---- Clarion Gables Multifamily Trust, L.P. 2.91%---- Brookfield Senior Mezzanine Real Estate Finance Fund . Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. The Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. 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. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. It also brings the total number of private real estate holdings to 17. Morgan Stanley Prime Property Fund Llc. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). Formerly known as the Cornerstone Patriot Fund. Fund Administration and Accounting Fees and Expenses. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. It is the current yield of A $1B fund might provide more than $10M in annual . 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. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 6.b. 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. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. 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). 03-Mar-2023. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. In considering whether to approve the Investment Sub-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 AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from 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 scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest.

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