The firm was founded in 2012 and is based in San Francisco, CA. . Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Expert understanding and client-centric approach for insurance companies. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds 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: . The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). %PDF-1.6 % The risk and reward category shown is based on historic data. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. WAM is the weighted average maturity of the portfolio. 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. The Trustees also considered potential benefits for the Adviser in managing the Fund, including promotion of the Advisers name, the ability for the Adviser to place small accounts into the Fund, and the potential for the Adviser to generate soft dollars from Fund trades that may benefit the Advisers other clients. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 31-Jan-2023, As of Stay abreast of the latest trends and developments. Annual Report Jul 08, 2008. A timely analysis of market-changing events and their impact on the investment landscape. Griffin Capital Advisor along with CenterSquare Investment Management have designed a public market strategy in line with the objectives of the Fund with a focus on identifying public real estate securities whose current prices are below their intrinsic values. If these parties become insolvent, it may expose the fund to financial loss. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products. 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. To the Board of Trustees and the Shareholders of. At Morgan Stanley, giving back is a core valuea central part of our culture globally. 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 objectives of the investment pool and its policy and procedures governing fund allocations is here. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. A $1B fund might provide more than $10M in annual . Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Last Annual Report Date: . The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. He started his career in 1979 with Smith Barney as a Financial Advisor and in the 1980's and 1990's, managed offices in Atlanta GA and Los Angeles. 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. 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). Total returns would have been lower had certain expenses not been waived during the period. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. 0 Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. The source for all performance and index data is Morgan Stanley Investment Management Limited. 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. 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. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. 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. 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. 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. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Home Page | Municipal Employees Retirement System of Louisiana Morgan Stanley Real Estate Prime Property Fund - PitchBook The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. This rating does not take into account other risk factors which should be considered before investing, these include: Insights by Global Listed Real Assets Team. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. 31-Jan-2023, 2023 Morningstar. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Across all our businesses, we offer keen insight on today's most critical issues. 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. . Prior to joining Morgan Stanley in November 2003, andice a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The Barclays Capital U.S. 2023 PitchBook. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Sec Form D/A 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. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. The sources for all performance and Index data is Morgan Stanley Investment Management. As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. westernassetfunds.com. 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 voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). 764 0 obj <> endobj SEC.gov | HOME The fund is in this category because it invests in property company shares and the fund's simulated and/or realised return has experienced very high rises and falls historically. Information concerning the Trustees and officers of the Fund is set forth below. 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. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 2014, Fund Controller, ALPS Fund Services, Inc., 2011, Vice President and Assistant Secretary Since 2015, Vice President and General Counsel Securities, Griffin Capital Corporation, 2014, Vice President and Senior Counsel, ALPS Fund Services, Inc. 2015. 3. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. The term -. Ubs Triton Property Fund Annual Report Our Financial Please click here for additional performance disclosures and important information, which should be reviewed carefully. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. 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. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. 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. Past performance is not a reliable indicator of future results. 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. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014.
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