Morgan Stanley - AnnualReports.com 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. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. 3. We have the experience and agility to partner with clients from individual investors to global CEOs. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 3Entry Chargeis a maximum possible figure. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. Newsletters . 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. PDF Employees' Retirement System of Rhode Island (ERSRI) This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. 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. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Returns may increase or decrease as a result of currency fluctuations. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. 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. The Barclays U.S. Material Conflicts of Interest and Proxy Voting Committee. 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. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. NCREIF will calculate the overall aggregated Index return. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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 currently offers Class A, Class C and Class I shares. 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 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. Aggregate Bond Index, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Allocation, Sector, and Geographic Diversification are subject to change. Performance of 100 USD invested Download Average Annual Total Returns As of 31-Dec-2022 TIMEFRAME: Month-end Quarter-end Calendar Year Risk/Return Statistics As of 31-Jan-2023 TIMEFRAME: 3 Yrs Risk and Reward Profile As of 01-Dec-2022 Lower Risk High Risk Potentially Lower Rewards Potentially Higher Rewards Assessor - Annual Report - Los Angeles County, California The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. 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. 2023Morgan Stanley. Morgan Stanley Real Estate Prime Property Fund - PitchBook 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. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). At Morgan Stanley, giving back is a core valuea central part of our culture globally. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. hWn8>&(I$|o$ATu! A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. Distribution Policy Risk. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 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. As previously stated, we remain focused on net operating income (NOI) growth. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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. 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. 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. 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. Hello! Past performance is not a reliable indicator of future results. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. Morgan Stanley Real Estate Investing raises 700m - PERE 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 AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC 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 scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. PDF Employees' Retirement System of Rhode Island 764 0 obj <> endobj The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Returns may increase or decrease as a result of currency fluctuations. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. You cannot invest directly in an index. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. The sources for all performance and Index data is Morgan Stanley Investment Management. . The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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 $3 trillion in the U.S. as of December 31, 2015. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. 0 Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. PDF Prime Property Fund Discussion Materials - WordPress.com Win whats next. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information., EAA Fund Property - Indirect North America, Weighted average market capitalization ($B). 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. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Sec Form D/A The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. 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. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 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. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. 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. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. 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. endstream endobj startxref Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: 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 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. It also brings the total number of private real estate holdings to 17. In-depth insights on emerging and global markets for spotting hot growth stories. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. 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. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. 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. The Funds distribution policy is to make quarterly distributions to shareholders. The fund relies on other parties to fulfill certain services, investments or transactions. The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. 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. 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. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. 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. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. 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. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. 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. 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. 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. Investor Relations | Morgan Stanley 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. 2023 Morningstar. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. For a description of a possible sales charge, please see (Note 1). The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Prime Property Fund. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. Home Page | Municipal Employees Retirement System of Louisiana 5.54%---- Fidelity Inv MM Fds . Category 1 does not indicate a risk free investment. 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. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. 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. At Morgan Stanley, we lead with exceptional ideas. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. PDF The Annual Report of McMaster's Endowment 2021 - 2022 Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: 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. 1Q 2020 Alts Performance Summary.pdf. 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. 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. 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. Return of capital is a tax concept, not an economic concept. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. Securities Lending Annual Report.pdf. A fund or portfolio may differ significantly from the securities included in the index. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. TIPRX Performance & Stats | Bluerock Total Income+ Real Estate A - YCharts Principal Accountant Fees and Services. Adjusted for contingent deferred sales charge of 1.00%. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Adjusted for initial maximum sales charge of 5.75%. The agreement can be extended at the discretion of the Adviser and the Trustees. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. 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. Past performance is not a reliable indicator of future results. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. 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. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. As of Morningside Presbyterian Preschool. The fund is located in Mumbai, India. Annual Report Jul 09, 2007. 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 . 5. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue

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