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. See how we can help you work toward your goalseven as they evolve over years or generations. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. Stay abreast of the latest trends and developments. This rating does not take into account other risk factors which should be considered before investing, these include: Insights by Global Listed Real Assets Team. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. . In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. If these parties become insolvent, it may expose the fund to financial loss. 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. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The filings are available upon request by calling 888-926-2688. Total returns would have been lower had certain expenses not been waived during the period. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. The amount being invested in the Morgan Stanley Prime Property Fund follows the pension fund's initial $50m investment in 2013 and a $65m commitment two years ago. Win whats next. A negative correlation of -1 indicates that the securities have moved in the opposite direction. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. Morgan Stanley Prime Property Fund. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. 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. 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. 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. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Agenda/Materials. The business and affairs of the Fund are managed under the direction of the Trustees. Adjusted for contingent deferred sales charge of 1.00%. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Formerly known as the Cornerstone Patriot Fund. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors. Home Page | Municipal Employees Retirement System of Louisiana Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. 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. Counsel with preschool director around staff, school programs and best practices. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. The objectives of the investment pool and its policy and procedures governing fund allocations is here. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. The Funds distribution policy is to make quarterly distributions to shareholders. Logistics Holdings, LP 15.3 715 4.8% RREEF America REIT II 15.1 109 3.6% RREEF Core Plus Industrial Fund 1.1 22 3.6% Sentinel Real Estate Fund 1.8 29 3.2% . The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. 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 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. 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 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. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. 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. At Morgan Stanley, we lead with exceptional ideas. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 31-Jan-2023, As of 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. Stay on top of today's volatile markets with these timely resources. Total returns would have been lower had certain expenses not been waived during the period. WAM is the weighted average maturity of the portfolio. Item 3. As of Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Past performance is no guarantee of future results. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. The Trustees also considered potential benefits for the Adviser in managing the Fund, including promotion of the Advisers name, the ability for the Adviser to place small accounts into the Fund, and the potential for the Adviser to generate soft dollars from Fund trades that may benefit the Advisers other clients. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. 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. endstream endobj startxref By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. QUESTIONS! Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. 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. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. 27-Feb-2023, As of Effective November 16, 2016, Class M Shares of the Fund commenced operations. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. 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. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. 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. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. WAL is the weighted average life of the portfolio. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. All rights reserved. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Allocation, Sector, and Geographic Diversification are subject to change. 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. 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 is located in Mumbai, India. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Learn why 2023 has exciting opportunities for the real estate market. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. 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. Last Annual Report Date: . Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. 2023 PitchBook. You cannot invest directly in an index. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. 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. He started his career in 1979 with Smith Barney as a Financial Advisor and in the 1980's and 1990's, managed offices in Atlanta GA and Los Angeles. 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. 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 The portfolio management team continues to work diligently to determine the optimal mix of private and public real estate securities that maximize risk-adjusted returns for our shareholders. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For a description of a possible sales charge, please see (Note 1). The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. In the Media. This information is available in the PitchBook Platform. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The Fund is considered an investment company for financial reporting purposes under GAAP. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. from your original investment) and not a return of net profit. Period ending March31, 2022. To the Board of Trustees and the Shareholders of. 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. 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. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. 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. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. 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. Distribution Policy Risk. Hear their stories and learn about how they are redefining the terms of success. 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. 6.b. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . 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. Individual Investors. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. 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 Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Prior to joining Morgan Stanley in November 2003, andice Newsletters . PURCHASES AND SALES OF INVESTMENT SECURITIES. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 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.
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