Learn how we strive to deliver results for our shareholders. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. Past performance is no guarantee of future results. Past performance does not guarantee future results. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. The services described on this website may not be available in all jurisdictions or to all persons. After several years of growing tensions, the potential for a reset under. 31-Jan-2023, As of 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. 2020 Council Agendas & Meetings | Nebraska Investment Council 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. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. If these parties become insolvent, it may expose the fund to financial loss. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. 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. Minutes. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Performance data quoted is based on average annualized returns and net of fees. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. 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. 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 graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Item 8. Morgan Stanley - AnnualReports.com The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. 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. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. As of Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The Barclays U.S. SEC.gov | HOME Get the full list, Morningstar Institutional Equity Research. In considering 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, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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. 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. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Assessor Chat Bot. 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. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; 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's Class I shares commenced operations on August 10, 2015. The Distributor serves as principal underwriter of shares of the Fund. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Past performance is not a reliable indicator of future results. It is the current yield of Sec Form D/A We value our commitment to diverse perspectives and a culture of inclusion across the firm. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Assessor - Annual Report - Los Angeles County, California 31-Dec-2022, As of As a global financial services firm, Morgan Stanley is committed to technological innovation. Audit Committee of Listed Registrants. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. 764 0 obj <> endobj 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. Class I shares are not currently subject to a shareholder services fee. 3Entry Chargeis a maximum possible figure. As of Allocation, Sector, and Geographic Diversification are subject to change. 31-Jan-2023. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds Implement policies and procedures, set and approve annual budget. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Underpinning all that we do are five core values. 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. 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. 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. Submission of Matters to a Vote of Security Holders. 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. 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. 6.c. There are additional risks associated with investing in real estate. 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. . The Funds distribution policy is to make quarterly distributions to shareholders. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. Luxemburg B 29 192. WAM is the weighted average maturity of the portfolio. A large standard deviation implies that there have been large swings in the return series of the manager. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Agenda/Materials. 2. Morgan Stanley Prime Property Fund Llc. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. 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. 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. 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. 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. Kansas PERS puts $100m into core open-ended US property fund One basis point is equal to 1/100th of 1%, or 0.01%. . The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information., EAA Fund Property - Indirect North America, Weighted average market capitalization ($B). YTD performance data is not annualised. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Formerly known as the Cornerstone Patriot Fund. 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.

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