In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 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. Insurance Asset Management. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. 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. 3Entry Chargeis a maximum possible figure. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Measurement is time-weighted. 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. May not sum to 100% due to the exclusion of other assets and liabilities. . The registrants Code of Ethics is attached as an Exhibit hereto. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 808 0 obj
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These financial statements and financial highlights are the responsibility of the Funds management. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. 1. A correlation ranges from-1 to 1. 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. 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. 2023 PitchBook. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. Morgan Stanley is differentiated by the caliber of our diverse team. 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). Accumulated Net Realized Gain on Investments. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. The business and affairs of the Fund are managed under the direction of the Trustees. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. In considering whether to approve the Investment 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 the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom 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) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. 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. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. Stay abreast of the latest trends and developments. from your original investment) and not a return of net profit. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. We value our commitment to diverse perspectives and a culture of inclusion across the firm. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. 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. After several years of growing tensions, the potential for a reset under. Return of capital is a tax concept, not an economic concept. How may we assist you today? As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. 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% . See how we can help you work toward your goalseven as they evolve over years or generations. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. Principal Accountant Fees and Services. 3. 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. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. 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. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). 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. The services described on this website may not be available in all jurisdictions or to all persons. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. 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. One basis point is equal to 1/100th of 1%, or 0.01%. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. 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. The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-Q. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. 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. Material Conflicts of Interest and Proxy Voting Committee. Morgan Stanley Prime Property Fund - AON Memo.pdf. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The fund relies on other parties to fulfill certain services, investments or transactions. The filings are available upon request by calling 888-926-2688. The firm was founded in 2012 and is based in San Francisco, CA. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 31-Jan-2023, As of
Info: 213-974-3211 | helpdesk@lacounty.gov. Performance data for funds with less than one year's track record is not shown. A fund or portfolio may differ significantly from the securities included in the index. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. 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. Healthcare Trust of America, Inc., Class A, 1.888.926.2688 | www.griffincapital.com, TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,122,109,673), TOTAL INVESTMENTS (100.16%) (Cost $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Minutes. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. Class I shares are not currently subject to a shareholder services fee. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. Underpinning all that we do are five core values. All rights reserved. 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. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. The Trustees noted that CenterSquare assists the Adviser in seeking 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 strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. 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. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; 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. Prime Property Fund. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Item 3. Item 10. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. 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. 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. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. 2023Morgan Stanley. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Luxemburg B 29 192. As of
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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. 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: . The Distributor serves as principal underwriter of shares of the Fund. 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. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. 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. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. The Fund's Class I shares commenced operations on August 10, 2015. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. Audit Committee of Listed Registrants. As such this category may change in the future. endstream
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The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. A timely analysis of market-changing events and their impact on the investment landscape. 6.c. Past performance does not guarantee future results. Portfolio Managers of Closed-End Management Investment Companies. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. 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. 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. For further details, please see our Terms of Use. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. 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 Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. 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. Total returns are for the period indicated and have not been annualized. 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, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. From 2018 to 2019 he served as the Prime Minister's Business Envoy. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. 1Q 2020 Alts Performance Summary.pdf. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. WAL is the weighted average life of the portfolio. 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. Additionally, Mr. Propper serves as Vice President, Product Development of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Morningside Presbyterian Preschool. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. 4May not sum to 100% due to rounding. Oversee all . The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. All metrics are based on Class A shares. A $1B fund might provide more than $10M in annual . Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o"
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. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. As a result, the Adviser may cast different votes on behalf of different Clients. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. The fund targets investments in the retail, multi-family, office and industrials properties. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues.