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Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Morgan Stanley Prime Property Fund. Redemption price per share may be reduced for any applicable contingent deferred sales charge. QUESTIONS! Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. Insurance Asset Management. 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. Stay on top of today's volatile markets with these timely resources. Inflation Protection | Rhode Island State Investment Information Center A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. All or a portion of a distribution may consist solely of a return of capital (i.e. The Barclays Capital U.S. Class C and Class I shares are offered at net asset value. 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. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. For a description of a possible sales charge, please see (Note 1). Prior to joining Morgan Stanley in November 2003, andice After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Instead, they may solicit consents from their limited partners, members or shareholders. Such fees, expenses, and commissions could reduce returns. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 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). 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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. 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. 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. 03-Mar-2023. 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. 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 We have the experience and agility to partner with clients from individual investors to global CEOs. 31-Jan-2023, As of In considering AHICs 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 AHICs other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of AHICs code of ethics. 31-Jan-2023, As of Total returns would have been lower had certain expenses not been waived during the period. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. We value our commitment to diverse perspectives and a culture of inclusion across the firm. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. 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: . GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts 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 WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 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. 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 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. Ubs Triton Property Fund Annual Report Our Financial A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. 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. McMaster Investment Pool - Financial Affairs Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. hb```e``"g\dd@ A( Principal Accountant Fees and Services. A $1B fund might provide more than $10M in annual . Tables present indicative values only. 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). 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. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. 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 are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 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 Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Notes. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. The services described on this website may not be available in all jurisdictions or to all persons. All Rights Reserved. Material Conflicts of Interest and Proxy Voting Committee. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Morgan Stanley is differentiated by the caliber of our diverse team. A correlation ranges from-1 to 1. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. 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. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. 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 portion of distributions paid not attributable to net investment income or net realized gains on investments, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution (Return of Capital) for tax purposes. Holdings are subject to change. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Morgan Stanley Los Angeles Complex | Los Angeles, CA No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. All Rights Reserved. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. 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 Barclays U.S. Performance data quoted is based on average annualized returns and net of fees. None of the Funds executive officers receives compensation from the Fund. The firm was founded in 2012 and is based in San Francisco, CA. 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. . 2023 PitchBook. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Non-cash financing activities not included herein consist of reinvestment of distributions of: Cash paid for interest on lines of credit during the year was: Griffin Institutional Access Real Estate Fund Class A, Ratios to Average Net Assets (including interest expense), Ratio of expenses to average net assets excluding fee waivers and reimbursements, Ratio of expenses to average net assets including fee waivers and reimbursements, Ratio of net investment income to average net assets, Ratios to Average Net Assets (excluding interest expense), Ratio of net investment income to average net assets excluding fee waivers and reimbursements. 31-Jan-2023, As of 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. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. As of Calculated using the average shares method. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. 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. 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 AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. 764 0 obj <> endobj PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. The Distributor is an affiliate of the Administrator and the Transfer Agent. Morgan Stanley Goes Prime For Big New European Property Fund - Bisnow The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. PDF Real Estate Investment Summary - Nebraska Annual net returns are provided in the Performance Notes. Correlation is a statistical measure of how two securities move in relation to each other. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. Morgan Stanley Prime Property Fund - AON Memo.pdf. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report.