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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. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. The performance data quoted above represents past performance. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. As previously stated, we remain focused on net operating income (NOI) growth. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. . 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% . CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Measurement is time-weighted. 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. %%EOF Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. Total returns would have been lower had certain expenses not been waived during the period. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. Class A and Class I shares are not currently subject to a Distribution Fee. (Certification provided in Exhibit A.) In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. 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. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors. Information concerning the Trustees and officers of the Fund is set forth below. As of These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Discover who we are and the right opportunity for you. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. 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: . Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. We believe that our audits provide a reasonable basis for our opinion. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. The Trustees also considered the 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 allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. 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. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. 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 $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). 5 Sustainable Investing Trends for Companies and Investors, 7 Investment Ideas That Could Drive Markets in 2023, Yes, You Can Be a Tech Innovator at Morgan Stanley, Morgan Stanley Schedules Quarterly Investor Conference Call, Morgan Stanley Reports Fourth Quarter 2022, Morgan Stanley 4Q22 Fixed Income Investor Presentation, Morgan Stanley 3Q22 Fixed Income Investor Presentation, Morgan Stanley 2Q22 Fixed Income Investor Presentation, Sharon Yeshaya Speaks at the Credit Suisse Financial Services Forum, Morgan Stanley Reports Third Quarter 2022, Andy Saperstein Speaks at the Barclays Global Financial Services Conference, 2022 Morgan Stanley Compensation and Governance Practices, Liquidity Coverage Ratio Disclosures - US, Morgan Stanley 1Q22 Fixed Income Investor Presentation. 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 risk and reward category shown is based on historic data. 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. 03-Mar-2023, As of These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Fund's Class I shares commenced operations on August 10, 2015. 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. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005; This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. Morgan Stanley Real Estate Investing. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. 3. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. It also brings the total number of private real estate holdings to 17. endstream endobj startxref 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. The Investment Pool holds external and internal endowments and other long term cash holdings. Get the full list, Morningstar Institutional Equity Research. 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. At Morgan Stanley, we lead with exceptional ideas. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. 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. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. 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. The Fund raised $1.5 billion in 2021, the most of any active interval fund, representing 21% of all direct industry capital placed into interval funds last year, and recently posted its 36th consecutive distribution at a 5.25% annualized yield based on NAV on the distribution date. hWn8>&(I$|o$ATu! The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. Candice Todd is a Managing Director of Morgan Stanley and the CFO of Prime Property Fund, responsible for the Fund's capital structure and REIT compliance. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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). 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 joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. 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. 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. Returns may increase or decrease as a result of currency fluctuations. Implement policies and procedures, set and approve annual budget. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. 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. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. All rights reserved. In considering whether to approve the Investment Sub-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 AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from 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 scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. Hear their stories and learn about how they are redefining the terms of success. 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. 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). Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, Meet one of our Financial Advisors and see how we can help you. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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. 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 recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Notes. 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 returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. No. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 31-Jan-2023. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. 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. 5. The Funds Form N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Contact Information Fund Manager Morgan Stanley Fund Manager Website www.morganstanley.com Fund Category Real Assets - Real Estate Native Currency USD Fund Manager's Location 18th Floor, Tower 2, One World Center 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. . 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. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. 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. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. Prior to joining Morgan Stanley in November 2003, andice Morgan Stanley Inst Global Real Est L 2.65% 8.89% . The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. TheEurope/Asia and South Africa category (EAA)includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system. Please click here for additional performance disclosures and important information, which should be reviewed carefully. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). 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. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. 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. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. US CORE STRATEGY. 808 0 obj <>stream An investor cannot invest directly into an index. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. 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. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. As of All Rights Reserved. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For a description of a possible sales charge, please see (Note 1). Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . 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. 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.