morgan stanley prime property fund annual reportmost awkward queer eye moments

. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. 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. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Item 3. 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. Home Page | Municipal Employees Retirement System of Louisiana Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. 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. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. Meet one of our Financial Advisors and see how we can help you. For a description of a possible sales charge, please see (Note 1). 1Q 2020 Alts Performance Summary.pdf. 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. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . Across all our businesses, we offer keen insight on today's most critical issues. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. On behalf of the entire Griffin team, we thank you for your continued support. Audit Committee Financial Expert. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . Accumulated Net Realized Gain on Investments. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. 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 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. . 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. The Fund currently offers Class A, Class C and Class I shares. Fund Administration and Accounting Fees and Expenses. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. 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. YTD performance data is not annualised. 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. We value our commitment to diverse perspectives and a culture of inclusion across the firm. Total returns would have been lower had certain expenses not been waived during the period. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. The registrants Code of Ethics is attached as an Exhibit hereto. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. 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. Morgan Stanley Real Estate Investing. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Stay on top of today's volatile markets with these timely resources. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. We have the experience and agility to partner with clients from individual investors to global CEOs. How may we assist you today? 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. 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 risk and reward category shown is based on historic data. 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. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. As of From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. In some cases you might pay less, you can find this out from your financial adviser.Ongoing Chargesreflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. Audit Committee of Listed Registrants. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Past performance is not a guarantee of future results. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. In considering 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, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. Tables present indicative values only. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Index performance does not represent actual Fund or portfolio performance. 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. 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. 5.54%---- Fidelity Inv MM Fds . 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Newsletters . Stay abreast of the latest trends and developments. 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: . CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. 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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . 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. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. 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. A correlation ranges from-1 to 1. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. PURCHASES AND SALES OF INVESTMENT SECURITIES. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. As such this category may change in the future. No. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. May not sum to 100% due to the exclusion of other assets and liabilities. 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. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. %%EOF The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Submission of Matters to a Vote of Security Holders. See how you can continue your career journey at Morgan Stanley. We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 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. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. The addition of these five securities has helped to further strengthen our core real estate portfolio. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. 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. 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. The term Fund Complex refers to the Griffin Institutional Access Real Estate 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. hb```e``"g\dd@ A( Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. Premier. 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. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Allocation, Sector, and Geographic Diversification are subject to change. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 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. Logistics Holdings, LP 15.3 715 4.8% RREEF America REIT II 15.1 109 3.6% RREEF Core Plus Industrial Fund 1.1 22 3.6% Sentinel Real Estate Fund 1.8 29 3.2% . 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. Macro and thematic insights shaping the global investment landscape. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. 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. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Annual net returns are provided in the Performance Notes. From 2018 to 2019 he served as the Prime Minister's Business Envoy. In-depth insights on emerging and global markets for spotting hot growth stories. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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. Ifthe management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. . 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. 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. 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 CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare 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 scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest.

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