The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. 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. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. As a global financial services firm, Morgan Stanley is committed to technological innovation. 03-Mar-2023, As of The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. 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. Past performance is not a reliable indicator of future results. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Privacy & Cookies 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. 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. hb```e``"g\dd@ A( The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. The amount being invested in the Morgan Stanley Prime Property Fund follows the pension fund's initial $50m investment in 2013 and a $65m commitment two years ago. WAM is the weighted average maturity of the portfolio. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? 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. Past performance is not a reliable indicator of future results. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. (Certification provided in Exhibit A.) 1. Hello! Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. At Morgan Stanley, we put our beliefs to work. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, 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 adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. Portfolio Managers of Closed-End Management Investment Companies. 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. 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. 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. 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. 0 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 graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. The fund relies on other parties to fulfill certain services, investments or transactions. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. hWn8>&(I$|o$ATu! The Fund currently offers Class A, Class C and Class I shares. At Morgan Stanley, giving back is a core valuea central part of our culture globally. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream ^_g:L&NhK8F^3h$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; Discover who we are and the right opportunity for you. As such this category may change in the future. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. The Fund's Class I shares commenced operations on August 10, 2015. Performance may be lower or higher than performance data quoted. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. 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. Ideas across disciplines uncover novel insights for sharper decision-making. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. 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. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. A $1B fund might provide more than $10M in annual . Homestead Capital. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Learn how we strive to deliver results for our shareholders. 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 audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. The 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 NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Morgan Stanley is differentiated by the caliber of our diverse team. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. 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. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. In considering the Advisers 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 the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. Please visit our Glossary page for fund related terms and definitions. Expert understanding and client-centric approach for insurance companies. 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. 31-Jan-2023, 2023 Morningstar. One basis point is equal to 1/100th of 1%, or 0.01%. The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. 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. 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. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The Barclays U.S. Home Page | Municipal Employees Retirement System of Louisiana Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. Item 4. A fund or portfolio may differ significantly from the securities included in the index. 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. 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. 31-Jan-2023, As of Morgan Stanley Prime Property Fund Llc. 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. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. The sources for all performance and Index data is Morgan Stanley Investment Management. 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. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. 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. If these parties become insolvent, it may expose the fund to financial loss. 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. Last Annual Report Date: . Hear their stories and learn about how they are redefining the terms of success. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Implement policies and procedures, set and approve annual budget. A large standard deviation implies that there have been large swings in the return series of the manager. The addition of these five securities has helped to further strengthen our core real estate portfolio. 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 $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t The source for all performance and index data is Morgan Stanley Investment Management Limited. Class C and Class I shares are offered at net asset value. 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. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. 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% .
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