Distribution Policy Risk. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. See how we can help you work toward your goalseven as they evolve over years or generations. 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. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. PDF Prime Property Fund Discussion Materials - WordPress.com In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. The agreement can be extended at the discretion of the Adviser and the Trustees. westernassetfunds.com. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. On behalf of the entire Griffin team, we thank you for your continued support. 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. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. 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. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. US CORE STRATEGY. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The Barclays U.S. Past performance does not guarantee future results. 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 business and affairs of the Fund are managed under the direction of the Trustees. Item 4. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. 03-Mar-2023. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. In-depth insights on emerging and global markets for spotting hot growth stories. . The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Various inputs are used in determining the value of the Funds investments as of the reporting period end. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. PDF Oregon Investment Council Situations may arise in which more than one Client invests in the same Underlying Fund. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. 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. Class A and Class I shares are not currently subject to a Distribution Fee. The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. Category 1 does not indicate a risk free investment. As such this category may change in the future. Ifthe management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. Morgan Stanley is differentiated by the caliber of our diverse team. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. from your original investment) and not a return of net profit. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. Performance data quoted is based on average annualized returns and net of fees. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. 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. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. Morningside Presbyterian Preschool. Based on Market value. There are additional risks associated with investing in real estate. . a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. 0 Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. %%EOF 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. 2020 Council Agendas & Meetings | Nebraska Investment Council 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. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. 31-Jan-2023, As of The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. Last Annual Report . 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. 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. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. For a description of a possible sales charge, please see (Note 1). Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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. These financial statements and financial highlights are the responsibility of the Funds management. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Item 3. 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. 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. 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. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 31-Dec-2022, As of Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Discover who we are and the right opportunity for you. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. WAL is the weighted average life of the portfolio. In addition, two or more Clients may have different investment objectives or investment styles. 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. Notes. 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. PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. 31-Jan-2023, As of 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. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. 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 . PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. 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. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. 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. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Morgan Stanley Real Estate Investing raises 700m - PERE 5. All metrics are based on Class A shares. Class C and Class I shares are offered at net asset value. Get the full list, Morningstar Institutional Equity Research. The Funds distribution policy is to make quarterly distributions to shareholders. Audit Committee of Listed Registrants. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Allocation, Sector, and Geographic Diversification are subject to change. 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. All rights reserved. In the Media. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 5.54%---- Fidelity Inv MM Fds . The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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 After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. US Property Fund - Morgan Stanley Investment Management If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. PDF Prime Property Fund It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. Morgan Stanley Prime Property Fund - AON Memo.pdf. PURCHASES AND SALES OF INVESTMENT SECURITIES. 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.
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