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. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Global Asset Management | Western Asset PDF Real Estate Investment Summary - Nebraska 31-Jan-2023, As of Item 3. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. Macro and thematic insights shaping the global investment landscape. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. Return of capital is a tax concept, not an economic concept. The business and affairs of the Fund are managed under the direction of the Trustees. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. The source for all performance and index data is Morgan Stanley Investment Management Limited. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Inflation Protection | Rhode Island State Investment Information Center 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. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund Such fees, expenses, and commissions could reduce returns. 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. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. 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. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Ratings do not take into account sales loads. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue 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. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page.Cash & Equivalentsare defined as the value of assets that can be converted into cash immediately. 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. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Period ending March31, 2022. Morgan Stanley Goes Prime For Big New European Property Fund - Bisnow All rights reserved. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. 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 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Last Annual Report Date: . 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. 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. It also brings the total number of private real estate holdings to 17. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. 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. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 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. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. 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. Oversee all . 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. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. 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. 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. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. 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 Barclays Capital U.S. 31-Jan-2023. 03-Mar-2023, As of Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. McMaster Investment Pool - Financial Affairs 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. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 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. 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. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. 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. A large standard deviation implies that there have been large swings in the return series of the manager. A timely analysis of market-changing events and their impact on the investment landscape. 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. 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. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Ideas across disciplines uncover novel insights for sharper decision-making. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. 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. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 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. GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. 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. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 764 0 obj <> endobj 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. 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. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. The fund relies on other parties to fulfill certain services, investments or transactions. 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. A correlation ranges from-1 to 1. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). To the Board of Trustees and the Shareholders of. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. If these parties become insolvent, it may expose the fund to financial loss. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. NIC Audit Committee Report September 2020.pdf. 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. 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 CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare 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 scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. 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. 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. Securities Lending Annual Report.pdf. ^_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; 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. All Rights Reserved. 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). PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Principal Accountant Fees and Services. 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. Info: 213-974-3211 | helpdesk@lacounty.gov. . PURCHASES AND SALES OF INVESTMENT SECURITIES. 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. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. At Morgan Stanley, we lead with exceptional ideas. 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. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund.
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