The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. . All rights reserved. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. 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. 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. Please click here for additional performance disclosures and important information, which should be reviewed carefully. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Material Conflicts of Interest and Proxy Voting Committee. 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. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. 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. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. NIC Audit Committee Report September 2020.pdf. We have the experience and agility to partner with clients from individual investors to global CEOs. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 2023Morgan Stanley. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. 31-Jan-2023, As of The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. Select a trending topic or type your . Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. The performance data quoted above represents past performance. 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. 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). We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals.
It also brings the total number of private real estate holdings to 17. 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. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. 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. westernassetfunds.com. 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. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Class C and Class I shares are offered at net asset value. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. Individual Investors. The registrants Code of Ethics is attached as an Exhibit hereto. The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. Please visit our Glossary page for fund related terms and definitions. In the Media. Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. 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. Returns may increase or decrease as a result of currency fluctuations. All Rights Reserved. Item 8. During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. 764 0 obj
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This is a profile preview from the PitchBook Platform. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; 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. A large standard deviation implies that there have been large swings in the return series of the manager. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. 03-Mar-2023. Adjusted for initial maximum sales charge of 5.75%. The fund targets investments in the retail, multi-family, office and industrials properties. 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. You cannot invest directly in an index. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. Period ending March31, 2022. 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. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. Index performance does not represent actual Fund or portfolio performance. Learn why 2023 has exciting opportunities for the real estate market. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. 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. WAM is the weighted average maturity of the portfolio. 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. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Morgan Stanley Prime Property Fund. Tables present indicative values only. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods.
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. Past performance is no guarantee of future results. 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. Diversification does not eliminate the risk of experiencing investment losses. 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. Holdings are subject to change. 1Q 2020 Alts Performance Summary.pdf. The Funds distribution policy is to make quarterly distributions to shareholders. 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. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. 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. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. 03-Mar-2023, As of
All metrics are based on Class A shares. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Home Page | Municipal Employees Retirement System of Louisiana The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. NCREIF will calculate the overall aggregated Index return. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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. 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 term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Class I shares are not currently subject to a shareholder services fee. 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. 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 On behalf of the entire Griffin team, we thank you for your continued support. A correlation ranges from-1 to 1. At Morgan Stanley, giving back is a core valuea central part of our culture globally. The fund is located in Mumbai, India. 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. 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. The business and affairs of the Fund are managed under the direction of the Trustees. Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.TheMinimum Initial Investment/Minimum Subsequent Investmentamounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount).For more information please see the Charges and Expenses section of the prospectus. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. In addition, two or more Clients may have different investment objectives or investment styles. Minutes. A $1B fund might provide more than $10M in annual . At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. As of
Adjusted for contingent deferred sales charge of 1.00%. 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. In considering the Advisers 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 the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. 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). We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. We believe our greatest asset is our people. The fund is in this category because it invests in property company shares and the fund's simulated and/or realised return has experienced very high rises and falls historically. Ratings do not take into account sales loads. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. 31-Jan-2023, As of The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 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 . Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. All Rights Reserved. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Morgan Stanley Prime Property Fund - Staff Memo.pdf. The addition of these five securities has helped to further strengthen our core real estate portfolio.
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