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. 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 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 Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. See how you can continue your career journey at Morgan Stanley. 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. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. 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. Item 5. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Material Conflicts of Interest and Proxy Voting Committee. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. US CORE STRATEGY. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. 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 We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). After several years of growing tensions, the potential for a reset under. 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. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. 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. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. YTD performance data is not annualised. Home Page | Municipal Employees Retirement System of Louisiana 3Entry Chargeis a maximum possible figure. Prime Property Fund. The Barclays U.S. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. We value our commitment to diverse perspectives and a culture of inclusion across the firm. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. 31-Jan-2023, As of Effective November 16, 2016, Class M Shares of the Fund commenced operations. A fund or portfolio may differ significantly from the securities included in the index. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. . 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. Luxemburg B 29 192. In the Media. As a global financial services firm, Morgan Stanley is committed to technological innovation. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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. Past performance is no guarantee of future results. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. Prime Property Fund One of the longest-term core open-end funds - in its 47th PRIME is a core, fully-specified, open-end commingled real estate investment fund year of operation diversified by property type and location designed to provide a stable, income- driven rate of return over the long term with potential for growth of income and Ratings do not take into account sales loads. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Privacy & Cookies Prime Property Fund Asia Profile: Returns & Limited Partners | PitchBook Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. QUESTIONS! Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. These financial statements and financial highlights are the responsibility of the Funds management. Morgan Stanley Goes Prime For Big New European Property Fund - Bisnow The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. Such fees, expenses, and commissions could reduce returns. 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. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 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. PURCHASES AND SALES OF INVESTMENT SECURITIES. Holdings are subject to change. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. We believe that our audits provide a reasonable basis for our opinion. 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. 5. 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. 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. 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. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. 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. Morgan Stanley Real Estate Prime Property Fund - PitchBook The fund targets investments in the retail, multi-family, office and industrials properties. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. It also brings the total number of private real estate holdings to 17. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. PDF Real Estate Investment Summary - Nebraska 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. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. The Investment Pool holds external and internal endowments and other long term cash holdings. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. 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 largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. ^_g:L&NhK8F^3h$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; At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Morgan Stanley Inst Global Real Est L 2.65% 8.89% . Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. For 87 years, weve had a passion for whats possible. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 2007. 808 0 obj <>stream 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . If the outcome that might result from a proxy solicitation could cause any Non- discretionary Client to fall out of compliance with its Investment Guidelines, the Adviser shall consult each such Non-discretionary Client prior to voting the proxy and shall take direction from such Non-discretionary Client, in the form of a completed Exhibit B, as to how to vote the proxy. Actual results could differ from those estimates. 1. 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. 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%). There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. 31-Jan-2023, As of For further details, please see our Terms of Use. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). 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. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 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. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. 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. 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. Performance of other share classes, when offered, may differ. Notes. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Redemption price per share may be reduced for any applicable contingent deferred sales charge. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. The Adviser maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Advisers proxy policies and practices and the availability of the Advisers proxy voting record. 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. Submission of Matters to a Vote of Security Holders. 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 . The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. For a description of a possible sales charge, please see (Note 1). Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. 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. The fund pursues its investment objectives by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "real estate industry securities," primarily in income producing equity and debt securities. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. Morgan Stanley Prime Property Fund. Sec Form D/A Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. 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. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds
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