Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. In considering AHICs 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 AHICs other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of AHICs code of ethics. 31-Jan-2023, As of
The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. The addition of these five securities has helped to further strengthen our core real estate portfolio. Shareholders should not assume that the source of a distribution from the Fund is net profit. 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. 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. 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). 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 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. It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. Notes. 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. Hello! 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. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . 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 . Item 5. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. 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. 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. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. 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. Returns may increase or decrease as a result of currency fluctuations. 27-Feb-2023, As of 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. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . 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. 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. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. 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 Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. 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. Diversification does not eliminate the risk of experiencing investment losses. 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. 6.b. The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. Morgan Stanley Real Estate Investing. Audit Committee of Listed Registrants. Info: 213-974-3211 | helpdesk@lacounty.gov. The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. Terms of Use. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. 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. In-depth insights on emerging and global markets for spotting hot growth stories. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. Item 10. We believe our greatest asset is our people. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. The fund targets investments in the retail, multi-family, office and industrials properties. Stay on top of today's volatile markets with these timely resources. 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. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Past performance does not guarantee future results. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. Privacy & Cookies
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 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. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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%). Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. 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. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. See how we can help you work toward your goalseven as they evolve over years or generations. 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. See how you can continue your career journey at Morgan Stanley. 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. At Morgan Stanley, we lead with exceptional ideas. 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. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Performance data for funds with less than one year's track record is not shown. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. As such this category may change in the future. 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. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. 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. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Index performance does not represent actual Fund or portfolio performance. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. Past performance is not a reliable indicator of future results. Please visit our Glossary page for fund related terms and definitions. 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. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. The term -. The portfolio management team continues to work diligently to determine the optimal mix of private and public real estate securities that maximize risk-adjusted returns for our shareholders. 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. 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. There are additional risks associated with investing in real estate. A correlation ranges from-1 to 1. ^_g:L&NhK8F^3h$w#i!Efi8_2:,qEiwy el8byN4ly?9X t17%FL{WaTj^`MsAn
yf]^}|*5GN-upxE4d: ePEfj>+r*x,sXjL]zEZgplC- [:6// DxD@
*(*otc-ABVafZW\jUU\u/0NF$-z'v'xMg; 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. Actual results could differ from those estimates. May not sum to 100% due to the exclusion of other assets and liabilities. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. NCREIF will calculate the overall aggregated Index return. This is a profile preview from the PitchBook Platform. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. Total returns would have been lower had certain expenses not been waived during the period. 3. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The performance data quoted above represents past performance. 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. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Learn how we strive to deliver results for our shareholders. %PDF-1.6
%
ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. %%EOF
Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. hWn8>&(I$|o$ATu! Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Prior to joining Morgan Stanley in November 2003, andice 1Q 2020 Alts Performance Summary.pdf. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. 5.54%---- Fidelity Inv MM Fds . 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. Win whats next. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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 . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. QUESTIONS! 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. All metrics are based on Class A shares. 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. 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. 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. US CORE STRATEGY. All Rights Reserved. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. 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. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. 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 largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. 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. 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. Last Annual Report . We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. 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. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. Last Annual Report Date: .
Morgan Stanley is differentiated by the caliber of our diverse team. 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 considered an investment company for financial reporting purposes under GAAP. For 87 years, weve had a passion for whats possible. It is the current yield of 31-Jan-2023, 2023 Morningstar. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Oversee all . 31-Jan-2023, As of 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.