On behalf of the entire Griffin team, we thank you for your continued support. Prime Property Fund Asia Profile: Returns & Limited Partners | PitchBook During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. The Distributor is an affiliate of the Administrator and the Transfer Agent. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. Trustees Consideration and Approval of continuation of 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. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. For a description of a possible sales charge, please see (Note 1). 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 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. Material Conflicts of Interest and Proxy Voting Committee. 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. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. WAL is the weighted average life of the portfolio. 4. Minutes. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. 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. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. 5 Sustainable Investing Trends for Companies and Investors, 7 Investment Ideas That Could Drive Markets in 2023, Yes, You Can Be a Tech Innovator at Morgan Stanley, Morgan Stanley Schedules Quarterly Investor Conference Call, Morgan Stanley Reports Fourth Quarter 2022, Morgan Stanley 4Q22 Fixed Income Investor Presentation, Morgan Stanley 3Q22 Fixed Income Investor Presentation, Morgan Stanley 2Q22 Fixed Income Investor Presentation, Sharon Yeshaya Speaks at the Credit Suisse Financial Services Forum, Morgan Stanley Reports Third Quarter 2022, Andy Saperstein Speaks at the Barclays Global Financial Services Conference, 2022 Morgan Stanley Compensation and Governance Practices, Liquidity Coverage Ratio Disclosures - US, Morgan Stanley 1Q22 Fixed Income Investor Presentation. 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. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. During the year ended September 30, 2016, the fee waiver was as follows: As of September 30, 2016, the balance of recoupable expenses for the Fund was as follows: Sub-advisory services were provided to the Fund pursuant to agreements between the Adviser and both Aon Hewitt Investment Consulting, Inc. (formerly doing business as Hewitt EnnisKnupp, Inc.) and CenterSquare Investment Management, Inc. (the Sub-Advisers). Portfolio Managers of Closed-End Management Investment Companies. 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. PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Fund Administration and Accounting Fees and Expenses. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Annual net returns are provided in the Performance Notes. 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. 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. 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. From 2018 to 2019 he served as the Prime Minister's Business Envoy. The source for all performance and index data is Morgan Stanley Investment Management Limited. 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. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. 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. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. 3.21%---- Ta Realty Core Property Fund, L.P. 3.09%---- Clarion Gables Multifamily Trust, L.P. 2.91%---- Brookfield Senior Mezzanine Real Estate Finance Fund . Macro and thematic insights shaping the global investment landscape. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. Ubs Triton Property Fund Annual Report Our Financial The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. Performance of other share classes, when offered, may differ. Home Page | Municipal Employees Retirement System of Louisiana Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. At Morgan Stanley, giving back is a core valuea central part of our culture globally. We value our commitment to diverse perspectives and a culture of inclusion across the firm. The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. For additional mutual fund and exchange traded fund data (such as sector / industry / country / regional / fund allocations of sources of value add, maturity / quality / market capitalization allocations) not currently shown on individual Fund webpages or the Fund Factsheet, please call JPM Shareholder Services desk at 1-800-480-4111. Returns may increase or decrease as a result of currency fluctuations. 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. Luxemburg B 29 192. If the outcome that might result from a proxy solicitation could cause any Non- discretionary Client to fall out of compliance with its Investment Guidelines, the Adviser shall consult each such Non-discretionary Client prior to voting the proxy and shall take direction from such Non-discretionary Client, in the form of a completed Exhibit B, as to how to vote the proxy. 31-Jan-2023, As of The Fund's Class I shares commenced operations on August 10, 2015. Principal Accountant Fees and Services. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. 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 objectives of the investment pool and its policy and procedures governing fund allocations is here. 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. PDF Prime Property Fund - Nebraska The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. endstream endobj startxref 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. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Various inputs are used in determining the value of the Funds investments as of the reporting period end. Morgan Stanley is differentiated by the caliber of our diverse team. The filings are available upon request by calling 888-926-2688. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. This is a profile preview from the PitchBook Platform. Effective November 16, 2016, Class M Shares of the Fund commenced operations. Counsel with preschool director around staff, school programs and best practices. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. At Morgan Stanley, we lead with exceptional ideas. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. NCREIF will calculate the overall aggregated Index return. Individual Investors. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. Homestead Capital. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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 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. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. 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. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. As previously stated, we remain focused on net operating income (NOI) growth. Accumulated Net Realized Gain on Investments. Global Asset Management | Western Asset A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. Performance is calculated net of fees. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. PDF Employees' Retirement System of Rhode Island (ERSRI) Total returns would have been lower had certain expenses not been waived during the period. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Last Annual Report . See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Discover who we are and the right opportunity for you. It is the current yield of Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. May not sum to 100% due to the exclusion of other assets and liabilities. As of Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. As a result, the Adviser may cast different votes on behalf of different Clients. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, industrial, self storage and hotel properties located in major real estate markets throughout the United States. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. PURCHASES AND SALES OF INVESTMENT SECURITIES. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Stay on top of today's volatile markets with these timely resources. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. 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. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. Annual Report Jul 08, 2008. 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. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. Morgan Stanley Prime Property Fund Llc. 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). US CORE STRATEGY. The Distributor serves as principal underwriter of shares of the Fund. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. . Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. PDF Employees' Retirement System of Rhode Island Across all our businesses, we offer keen insight on today's most critical issues. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund.



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