Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. The Fund currently offers Class A, Class C and Class I shares. We value our commitment to diverse perspectives and a culture of inclusion across the firm. 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. Annual Report Jul 09, 2007. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. 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. The fund is located in Mumbai, India. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. 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 . CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. 4. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. . 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. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Morgan Stanley is differentiated by the caliber of our diverse team. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. 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. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. 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. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. 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% . 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. Performance data quoted is based on average annualized returns and net of fees. 31-Jan-2023, As of 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. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. The term of office for each Trustee and officer listed above will continue indefinitely. 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. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. 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. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Item 8. 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. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Dry powder refers to cash reserves for purchasing assets or making acquisitions. We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . Submission of Matters to a Vote of Security Holders. The Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Last Annual Report . Whether its hardware, software or age-old businesses, everything today is ripe for disruption. 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 Real Estate Advisor, Inc.-Street Address 1 Street Address 2; 1585 BROADWAY: FLOOR 37: City State/Province/Country ZIP/PostalCode; NEW YORK: NEW YORK: 10036: . %PDF-1.6 % Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. To the Board of Trustees and the Shareholders of. 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. 764 0 obj <> endobj 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. 03-Mar-2023, As of An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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. As such this category may change in the future. Prior to joining Morgan Stanley in November 2003, andice Insurance Asset Management. . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. 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. 1. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. 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. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. Situations may arise in which more than one Client invests in the same Underlying Fund. . 5. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. 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 Prime Property Fund - Staff Memo.pdf. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. As previously stated, we remain focused on net operating income (NOI) growth. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. Principal Accountant Fees and Services. Tables present indicative values only. 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. In the Media. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. Past performance is no guarantee of future results.