. Morgan Stanley Prime Property Fund Llc. 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. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. Morgan Stanley Prime Property Fund. 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. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Morgan Stanley Real Estate Advisor, Inc.-Street Address 1 Street Address 2; 1585 BROADWAY: FLOOR 37: City State/Province/Country ZIP/PostalCode; NEW YORK: NEW YORK: 10036: . Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. ^_g:L&NhK8F^3h$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; 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 Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Newsletters . From 2018 to 2019 he served as the Prime Minister's Business Envoy. Portfolio Managers of Closed-End Management Investment Companies. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. Last Annual Report Date: . hb```e``"g\dd@ A( Item 3. 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. Audit Committee of Listed Registrants. 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. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. 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. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. A correlation ranges from-1 to 1. 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. See how we can help you work toward your goalseven as they evolve over years or generations. 764 0 obj <> endobj 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. As of September 30, 2019. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. 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 CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. 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. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Select a trending topic or type your . ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 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 Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. 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. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. 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. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. . Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. 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. Past performance is not a reliable indicator of future results. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. 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. 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. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. To the Board of Trustees and the Shareholders of. Privacy & Cookies Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. You cannot invest directly in an index. Morgan Stanley Prime Property Fund - AON Memo.pdf. 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 As of September 30, 2016, Dr. Anderson and Mr. Propper were responsible for the management of the following types of accounts in addition to the Fund: Item 9. 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% . Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. endstream endobj startxref In some cases you might pay less, you can find this out from your financial adviser.Ongoing Chargesreflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. 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. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. 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. 27-Feb-2023, As of 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. Period ending March31, 2022. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Class A and Class I shares are not currently subject to a Distribution Fee. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. 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 The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. 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 subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. 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. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Performance may be lower or higher than performance data quoted. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. Adjusted for initial maximum sales charge of 5.75%. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. 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. 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 Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. Item 7. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. 2. 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. 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. 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. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. See how you can continue your career journey at Morgan Stanley. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. . Morgan Stanley Prime Property Fund $1.1 billion Fund Redemption Queue Balances AEW Core Property Trust $160.0 million, 2.0% of $8.0 billion of Fund NAV Heitman America Real Estate Trust $1.2 billion, 11.5% of $10.4 billion of Fund NAV Morgan Stanley Prime Property Fund $0.0 million, of $34.1 billion of Fund NAV As of . The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers.
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