During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. The fund relies on other parties to fulfill certain services, investments or transactions. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. The Funds distribution policy is to make quarterly distributions to shareholders. At Morgan Stanley, we lead with exceptional ideas. endstream endobj startxref Shareholders should not assume that the source of a distribution from the Fund is net profit. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. A negative correlation of -1 indicates that the securities have moved in the opposite direction. 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. For 87 years, weve had a passion for whats possible. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: %PDF-1.6 % All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The Fund's Class I shares commenced operations on August 10, 2015. PDF Real Estate Investment Summary - Nebraska Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. Formerly known as the Cornerstone Patriot Fund. 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). The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. 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 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. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . . 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. 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. 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. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. 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. 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. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. 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. For a description of a possible sales charge, please see (Note 1). 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. Allocation, Sector, and Geographic Diversification are subject to change. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Prime Property Fund Asia Profile: Returns & Limited Partners | PitchBook 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). The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. 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 Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Kansas PERS puts $100m into core open-ended US property 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. Learn why 2023 has exciting opportunities for the real estate market. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. How may we assist you today? 2023 Morningstar. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. 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. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. Morgan Stanley - AnnualReports.com 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. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. 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. 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. 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. Class C and Class I shares are offered at net asset value. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. As of Assessor Chat Bot. Home Page | Municipal Employees Retirement System of Louisiana Logistics Holdings, LP 15.3 715 4.8% RREEF America REIT II 15.1 109 3.6% RREEF Core Plus Industrial Fund 1.1 22 3.6% Sentinel Real Estate Fund 1.8 29 3.2% . 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. Past performance is no guarantee of future results. PDF Prime Property Fund 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 S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. As of September 30, 2019. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Distributor serves as principal underwriter of shares of the Fund. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Audit Committee of Listed Registrants. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. 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. 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 Return of capital is a tax concept, not an economic concept. Homestead Capital. 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 Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). Morgan Stanley Prime Property Fund - Staff Memo.pdf. 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. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. 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. 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. Win whats next. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). All metrics are based on Class A shares. PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Morningside Presbyterian Preschool. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. Select a trending topic or type your . The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 31-Jan-2023, As of A monthly outlook for global fixed income markets, including an in-depth review of key sectors. 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. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Performance of other share classes, when offered, may differ. This information is available in the PitchBook Platform. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. The business and affairs of the Fund are managed under the direction of the Trustees. 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. TIPRX Performance & Stats | Bluerock Total Income+ Real Estate A - YCharts 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. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. 03-Mar-2023. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. 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. Index performance does not represent actual Fund or portfolio performance. 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. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Annual Report Jul 08, 2008. 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. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005; This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. 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. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 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 registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. All or a portion of a distribution may consist solely of a return of capital (i.e. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. The services described on this website may not be available in all jurisdictions or to all persons. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 31-Jan-2023, As of Please click here for additional performance disclosures and important information, which should be reviewed carefully. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds 4. A correlation ranges from-1 to 1. Agenda/Materials. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics.
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