The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. 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. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. All rights reserved. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. 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. An investor cannot invest directly into an index. 6.b. 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 services described on this website may not be available in all jurisdictions or to all persons. PDF Semi-Annual Report - predexfund.com The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. 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. Across all our businesses, we offer keen insight on today's most critical issues. There are additional risks associated with investing in real estate. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. 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. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. You cannot invest directly in an index. 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. PDF The Annual Report of McMaster's Endowment 2021 - 2022 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. Ideas across disciplines uncover novel insights for sharper decision-making. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 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. TIPRX Performance & Stats | Bluerock Total Income+ Real Estate A - YCharts This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. . Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. westernassetfunds.com. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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 fund is located in Mumbai, India. Implement policies and procedures, set and approve annual budget. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Investor Relations | Morgan Stanley We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. 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 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. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. 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. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). 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. 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. US Property Fund - Morgan Stanley Investment Management PDF Oregon Investment Council Underpinning all that we do are five core values. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Learn how we strive to deliver results for our shareholders. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Based on Market value. 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. 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. 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. 3Entry Chargeis a maximum possible figure. The Adviser will provide conspicuously displayed information in its Disclosure Document summarizing this proxy voting policy and procedures, including a statement that the Clients and Investors may request information regarding how the Adviser voted a Clients Proxies, and that the Clients and Investors may request a copy of these policies and procedures. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? Prior to joining Morgan Stanley in November 2003, andice 31-Jan-2023, 2023 Morningstar. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 0 These financial statements and financial highlights are the responsibility of the Funds management. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. The sources for all performance and Index data is Morgan Stanley Investment Management. . Formerly known as the Cornerstone Patriot Fund. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. 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. In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. McMaster Investment Pool - Financial Affairs As of We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. 31-Jan-2023. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. 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. Morgan Stanley Real Estate Investing. Returns may increase or decrease as a result of currency fluctuations. 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. Win whats next. Individual Investors. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Prime Property Fund One of the longest-term core open-end funds - in its 47th PRIME is a core, fully-specified, open-end commingled real estate investment fund year of operation diversified by property type and location designed to provide a stable, income- driven rate of return over the long term with potential for growth of income and 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. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. 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. 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. For a description of a possible sales charge, please see (Note 1). The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). As of 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. Info: 213-974-3211 | helpdesk@lacounty.gov. Morgan Stanley Prime Property Fund - AON Memo.pdf. 31-Dec-2022, As of 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 . . IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Annual Report Jul 08, 2008. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. 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. 764 0 obj <> endobj The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 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. 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. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. Last Annual Report . 2023 Morningstar. 3. 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. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. 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. PDF Prime Property Fund Discussion Materials - WordPress.com Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. As previously stated, we remain focused on net operating income (NOI) growth. PDF Prime Property Fund Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Index performance does not represent actual Fund or portfolio performance. WAM is the weighted average maturity of the portfolio. The agreement can be extended at the discretion of the Adviser and the Trustees. We believe that our audits provide a reasonable basis for our opinion. 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. 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. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. 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 firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. 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 Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. Adjusted for contingent deferred sales charge of 1.00%. Morningside Presbyterian Preschool. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The Fund raised $1.5 billion in 2021, the most of any active interval fund, representing 21% of all direct industry capital placed into interval funds last year, and recently posted its 36th consecutive distribution at a 5.25% annualized yield based on NAV on the distribution date. If these parties become insolvent, it may expose the fund to financial loss. 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. 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 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.