Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Item 10. 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. 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. %%EOF 31-Jan-2023, As of The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Index performance does not represent actual Fund or portfolio performance. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. 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. endstream endobj startxref Number of Funds 1,839 1,787 1,815 1,775 1,830 First Sentier Global Diversified Infrastructure Fund Harris Associates L.P. Harrison Street Mesirow Financial Morgan Stanley Investment Management Inc. Morgan Stanley Prime Property Fund PCJ Investment Counsel Ltd. Russell Investments Canada Ltd. Aristotle Capital . The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. 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. 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. Please click here for additional performance disclosures and important information, which should be reviewed carefully. 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. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Annual Report Jul 08, 2008. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. There are additional risks associated with investing in real estate. 1. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with AHIC. 27-Feb-2023, As of It's been a half century since Australia and China established formal relations, but neither side is really celebrating. 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. The performance data quoted above represents past performance. All rights reserved. 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. Past performance is not a reliable indicator of future results. 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. Insurance Asset Management. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. At Morgan Stanley, giving back is a core valuea central part of our culture globally. 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 charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. As of Annual net returns are provided in the Performance Notes. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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. 03-Mar-2023, As of The Trustees noted that CenterSquare assists the Adviser in seeking to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. For further details, please see our Terms of Use. 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. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. Item 4. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Various inputs are used in determining the value of the Funds investments as of the reporting period end. Past performance does not guarantee future results. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. Measurement is time-weighted. Adjusted for contingent deferred sales charge of 1.00%. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers 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. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. You cannot invest directly in an index. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. 31-Jan-2023, As of Discover who we are and the right opportunity for you. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. . As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 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. Annual Report Jul 09, 2007. Category 1 does not indicate a risk free investment. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with CenterSquare. 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. In our 2023 outlook, our macro strategists and investment managers across equity, fixed income and alternative asset classes share their diverse views on key themes, where they think markets are headed after a turbulent year, and how they are positioning their respective strategies. 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 Total returns would have been lower had certain expenses not been waived during the period. A fund or portfolio may differ significantly from the securities included in the index. 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. 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. . Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. The source for all performance and index data is Morgan Stanley Investment Management Limited. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. At Morgan Stanley, we lead with exceptional ideas. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. 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. Morgan Stanley Real Estate Investing. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. 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. The registrants Code of Ethics is attached as an Exhibit hereto. 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. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The services described on this website may not be available in all jurisdictions or to all persons. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Past performance is not a guarantee of future results. Premier. 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. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. Counsel with preschool director around staff, school programs and best practices. An investor cannot invest directly into an index. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. The agreement can be extended at the discretion of the Adviser and the Trustees. Cipperman Compliance Services, LLC provides a Chief Compliance Officer to the Fund as well as related compliance services pursuant to a consulting agreement between Cipperman Compliance Services, LLC and the Fund. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 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. Tables present indicative values only. As a result, the Adviser may cast different votes on behalf of different Clients. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. 2007. 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. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 31-Dec-2022, As of A monthly outlook for global fixed income markets, including an in-depth review of key sectors. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. 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. 4May not sum to 100% due to rounding. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. If these parties become insolvent, it may expose the fund to financial loss. Accumulated Net Realized Gain on Investments. Item 3. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. 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. Ratings do not take into account sales loads. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Period ending March31, 2022. Morgan Stanley Prime Property Fund - AON Memo.pdf. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? Adjusted for initial maximum sales charge of 5.75%. Please visit our Glossary page for fund related terms and definitions. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. At Morgan Stanley, we put our beliefs to work. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. None of the Funds executive officers receives compensation from the Fund. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. In-depth insights on emerging and global markets for spotting hot growth stories. The Fund is considered an investment company for financial reporting purposes under GAAP. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. 31-Jan-2023, As of The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Redemption price per share may be reduced for any applicable contingent deferred sales charge. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. 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. $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. 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.