For a description of a possible sales charge, please see (Note 1). Morgan Stanley Inst Global Real Est L 2.65% 8.89% . 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. 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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. The Fund is considered an investment company for financial reporting purposes under GAAP. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. 2007. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. 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. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. 0 Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Minutes. PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund 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. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. One basis point is equal to 1/100th of 1%, or 0.01%. Oversee all . In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Expert understanding and client-centric approach for insurance companies. Instead, they may solicit consents from their limited partners, members or shareholders. 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. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. Morgan Stanley - AnnualReports.com 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. 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. . The Adviser will provide conspicuously displayed information in its Disclosure Document summarizing this proxy voting policy and procedures, including a statement that the Clients and Investors may request information regarding how the Adviser voted a Clients Proxies, and that the Clients and Investors may request a copy of these policies and procedures. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. 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. In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Aggregate Bond Index, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. 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. (Certification provided in Exhibit A.) You cannot invest directly in an index. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. 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. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 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. 808 0 obj <>stream A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. After several years of growing tensions, the potential for a reset under. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. PDF Prime Property Fund Discussion Materials - WordPress.com CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. Ubs Triton Property Fund Annual Report Our Financial We believe that our audits provide a reasonable basis for our opinion. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 3Entry Chargeis a maximum possible figure. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. Learn why 2023 has exciting opportunities for the real estate market. PURCHASES AND SALES OF INVESTMENT SECURITIES. Item 4. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. PDF The Annual Report of McMaster's Endowment 2021 - 2022 Morgan Stanley Goes Prime For Big New European Property Fund - Bisnow Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. 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. Based on Market value. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Annual Report Jul 08, 2008. Holdings are subject to change. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. 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. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Meet one of our Financial Advisors and see how we can help you. 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. The Trustees also considered the anticipated 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 anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). The Fund currently offers Class A, Class C and Class I shares. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Implement policies and procedures, set and approve annual budget. Learn how we strive to deliver results for our shareholders. Returns may increase or decrease as a result of currency fluctuations. The fund relies on other parties to fulfill certain services, investments or transactions. The Fund raised $1.5 billion in 2021, the most of any active interval fund, representing 21% of all direct industry capital placed into interval funds last year, and recently posted its 36th consecutive distribution at a 5.25% annualized yield based on NAV on the distribution date. 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. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. 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. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 31-Jan-2023, As of Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Morgan Stanley Los Angeles Complex | Los Angeles, CA The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. 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. 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%). The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. Tables present indicative values only. None of the Funds executive officers receives compensation from the Fund. 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. Shareholders should not assume that the source of a distribution from the Fund is net profit. 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 Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Sec Form D/A We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. 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. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. To the Board of Trustees and the Shareholders of. The firm was founded in 2012 and is based in San Francisco, CA. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. The Barclays Capital U.S. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The agreement can be extended at the discretion of the Adviser and the Trustees. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. Counsel with preschool director around staff, school programs and best practices. All Rights Reserved. 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. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. 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. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. 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. 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. 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). 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. Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. Cipperman Compliance Services, LLC provides a Chief Compliance Officer to the Fund as well as related compliance services pursuant to a consulting agreement between Cipperman Compliance Services, LLC and the Fund. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. 5. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. 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. Investor Relations | Morgan Stanley Total returns would have been lower had certain expenses not been waived during the period. From 2018 to 2019 he served as the Prime Minister's Business Envoy. IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . If these parties become insolvent, it may expose the fund to financial loss. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. 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 Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. As previously stated, we remain focused on net operating income (NOI) growth. Last Annual Report . Kelly Cobb - Executive Director, Alternative Investments - LinkedIn Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 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. Terms of Use. 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. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Returns may increase or decrease as a result of currency fluctuations. Performance of other share classes, when offered, may differ. 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. Info: 213-974-3211 | helpdesk@lacounty.gov. 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. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. 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. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse.
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