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. . Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. PDF Prime Property Fund Discussion Materials - WordPress.com 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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . 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. Last Annual Report . The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Correlation is a statistical measure of how two securities move in relation to each other. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. Info: 213-974-3211 | helpdesk@lacounty.gov. 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. 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. Annual net returns are provided in the Performance Notes. Class A and Class I shares are not currently subject to a Distribution Fee. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 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. As such this category may change in the future. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. 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. In-depth insights on emerging and global markets for spotting hot growth stories. 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. 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 Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. 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. Total returns are for the period indicated and have not been annualized. 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 Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture It is the current yield of A fund or portfolio may differ significantly from the securities included in the index. 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 AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. To the Board of Trustees and the Shareholders of. 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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. Measurement is time-weighted. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. Morgan Stanley Real Estate Prime Property Fund - PitchBook Ideas across disciplines uncover novel insights for sharper decision-making. The fund targets investments in the retail, multi-family, office and industrials properties. Class I shares are not currently subject to a shareholder services fee. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. endstream endobj startxref 31-Jan-2023, As of The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The performance data quoted above represents past performance. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. Securities Lending Annual Report.pdf. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Newsletters . For 87 years, weve had a passion for whats possible. 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. Performance of other share classes, when offered, may differ. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. 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. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. McMaster Investment Pool - Financial Affairs Adjusted for contingent deferred sales charge of 1.00%. 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. Submission of Matters to a Vote of Security Holders. As of September 30, 2019. . No. 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. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Individual Investors. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. You cannot invest directly in an index. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. 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. 31-Dec-2022, As of The fund is located in Mumbai, India. 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. All rights reserved. Morgan Stanley is differentiated by the caliber of our diverse team. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. 4May not sum to 100% due to rounding. 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 . The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. A large standard deviation implies that there have been large swings in the return series of the manager. 03-Mar-2023, As of All Rights Reserved. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. 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. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). 764 0 obj <> endobj Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. The Barclays U.S. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Morgan Stanley Real Estate Investing raises 700m - PERE 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. 1Q 2020 Alts Performance Summary.pdf. 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. Allocation, Sector, and Geographic Diversification are subject to change. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 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. 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). 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. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Privacy & Cookies At Morgan Stanley, giving back is a core valuea central part of our culture globally. 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. 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. QUESTIONS! This information is available in the PitchBook Platform. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. 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 CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. 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. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Expert understanding and client-centric approach for insurance companies. The objectives of the investment pool and its policy and procedures governing fund allocations is here. PURCHASES AND SALES OF INVESTMENT SECURITIES. westernassetfunds.com. 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. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. Ratings do not take into account sales loads. Assessor Chat Bot. The term -. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Situations may arise in which more than one Client invests in the same Underlying Fund. Performance data for funds with less than one year's track record is not shown. Fund Documents | J.P. Morgan Asset Management 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. 2020 Council Agendas & Meetings | Nebraska Investment Council Certain Trustees and officers of the Fund are also officers of the Adviser and are not paid by the Fund for serving in such capacities. Global Asset Management | Western Asset Index performance does not represent actual Fund or portfolio performance. A timely analysis of market-changing events and their impact on the investment landscape. Underpinning all that we do are five core values. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). The Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. 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. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. The Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Assessor - Annual Report - Los Angeles County, California 808 0 obj <>stream The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. 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 firm was founded in 2012 and is based in San Francisco, CA. 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. As of The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. The Fund's Class I shares commenced operations on August 10, 2015. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. . 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. See how we can help you work toward your goalseven as they evolve over years or generations. Audit Committee Financial Expert. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. Sec Form D/A %PDF-1.6 % 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Item 7. If these parties become insolvent, it may expose the fund to financial loss. Fund Administration and Accounting Fees and Expenses. SEC.gov | HOME 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. PDF Home Page | Municipal Employees Retirement System of Louisiana 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. hb```e``"g\dd@ A( The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 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. Additionally, Mr. Propper serves as Vice President, Product Development of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 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. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments.