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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. 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. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. The fund targets investments in the retail, multi-family, office and industrials properties. PDF The Annual Report of McMaster's Endowment 2021 - 2022 The Distributor is an affiliate of the Administrator and the Transfer Agent. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. 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. Hear their stories and learn about how they are redefining the terms of success. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Hello! 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. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. ^_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; Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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 outperformed the S&P 500 Index and the Barclays U.S. Across all our businesses, we offer keen insight on today's most critical issues. 2020 Council Agendas & Meetings | Nebraska Investment Council Discover who we are and the right opportunity for you. The term of office for each Trustee and officer listed above will continue indefinitely. Minutes. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. 2023Morgan Stanley. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Material Conflicts of Interest and Proxy Voting Committee. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG 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. Select a trending topic or type your . We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. 6.c. 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. 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. TheEurope/Asia and South Africa category (EAA)includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system. 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. PDF Annual Report - PREDEXPREDEX 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. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. Luxemburg B 29 192. 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. 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. Morgan Stanley Prime Property Fund - Staff Memo.pdf. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. 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. 2014, Fund Controller, ALPS Fund Services, Inc., 2011, Vice President and Assistant Secretary Since 2015, Vice President and General Counsel Securities, Griffin Capital Corporation, 2014, Vice President and Senior Counsel, ALPS Fund Services, Inc. 2015. Info: 213-974-3211 | helpdesk@lacounty.gov. 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. 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. 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. Number of Funds 1,839 1,787 1,815 1,775 1,830 First Sentier Global Diversified Infrastructure Fund Harris Associates L.P. Harrison Street Mesirow Financial Morgan Stanley Investment Management Inc. Morgan Stanley Prime Property Fund PCJ Investment Counsel Ltd. Russell Investments Canada Ltd. Aristotle Capital . After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. 31-Jan-2023, As of Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . . All rights reserved. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. At Morgan Stanley, giving back is a core valuea central part of our culture globally. Correlation is a statistical measure of how two securities move in relation to each other. The fund relies on other parties to fulfill certain services, investments or transactions. See how you can continue your career journey at Morgan Stanley. 3. In the Media. To the Board of Trustees and the Shareholders of. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. 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 views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. Morgan Stanley Real Estate Investing. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. The Trustees noted that the Adviser seeks 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 strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. Stay on top of today's volatile markets with these timely resources. The Funds distribution policy is to make quarterly distributions to shareholders. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 2007. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 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. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. 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. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . PDF Employees' Retirement System of Rhode Island (ERSRI) *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. There are additional risks associated with investing in real estate. At Morgan Stanley, we put our beliefs to work. 2023 Morningstar. 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. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 31-Jan-2023, As of 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. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). 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. . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. 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 .