If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. 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. 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. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. Homestead Capital. 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 rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. 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. 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. Discover who we are and the right opportunity for you. 03-Mar-2023, As of
Kelly Cobb - Executive Director, Alternative Investments - LinkedIn The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. 2023 PitchBook. 3. Effective November 16, 2016, Class M Shares of the Fund commenced operations. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. 03-Mar-2023. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. 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. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. 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. . PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Win whats next. He started his career in 1979 with Smith Barney as a Financial Advisor and in the 1980's and 1990's, managed offices in Atlanta GA and Los Angeles. 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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. PDF Semi-Annual Report - predexfund.com Class I shares are not currently subject to a shareholder services fee. In-depth insights on emerging and global markets for spotting hot growth stories. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. 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). Morningside Presbyterian Preschool. Premier. The source for all performance and index data is Morgan Stanley Investment Management Limited. Morgan Stanley Prime Property Fund Llc. As such this category may change in the future. 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. 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. 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. Kansas PERS puts $100m into core open-ended US property fund 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. Morgan Stanley - AnnualReports.com The business and affairs of the Fund are managed under the direction of the Trustees. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. 31-Jan-2023, As of
Item 8. %%EOF
The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. 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. Implement policies and procedures, set and approve annual budget. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. 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. 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. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. 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. 3Entry Chargeis a maximum possible figure. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. TIPPX Performance & Stats | Bluerock Total Income+ Real Estate C - YCharts Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o"
5.54%---- Fidelity Inv MM Fds . 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. 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. 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. Morgan Stanley Real Estate Investing raises 700m - PERE a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Formerly known as the Cornerstone Patriot Fund. Performance data for funds with less than one year's track record is not shown. 31-Jan-2023, As of GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . 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. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. Diversification does not eliminate the risk of experiencing investment losses. GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts Prime Property Fund Asia Profile: Returns & Limited Partners | PitchBook This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. Morgan Stanley Real Estate Advisor, Inc.-Street Address 1 Street Address 2; 1585 BROADWAY: FLOOR 37: City State/Province/Country ZIP/PostalCode; NEW YORK: NEW YORK: 10036: . Ideas across disciplines uncover novel insights for sharper decision-making. Notes. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue The services described on this website may not be available in all jurisdictions or to all persons. from your original investment) and not a return of net profit. Select a trending topic or type your . 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. Allocation, Sector, and Geographic Diversification are subject to change. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. 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. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. 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. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Performance is calculated net of fees. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Please click here for additional performance disclosures and important information, which should be reviewed carefully. 2023 Morningstar. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. 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. Performance data quoted is based on average annualized returns and net of fees. 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. 1. Morgan Stanley Prime Property Fund. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. Underpinning all that we do are five core values. A fund or portfolio may differ significantly from the securities included in the index. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. The agreement can be extended at the discretion of the Adviser and the Trustees. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. QUESTIONS! 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 largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. The firm was founded in 2012 and is based in San Francisco, CA. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Performance may be lower or higher than performance data quoted. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. Item 5. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. 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 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. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. 6.b. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. 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. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. Annual Report Jul 08, 2008. Morgan Stanley is differentiated by the caliber of our diverse team. 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. 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. 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. Counsel with preschool director around staff, school programs and best practices. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. 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. As of
CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 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. 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 Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. McMaster Investment Pool - Financial Affairs In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 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.
Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. The term of office for each Trustee and officer listed above will continue indefinitely. The Fund's Class A shares commenced operations on June 30, 2014. 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. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. PDF Prime Property Fund Discussion Materials - WordPress.com Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. 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. 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. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, Griffin Institutional Access Real Estate Fund. SEC.gov | HOME To the Board of Trustees and the Shareholders of. A large standard deviation implies that there have been large swings in the return series of the manager. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Total returns would have been lower had certain expenses not been waived during the period. 2014, Fund Controller, ALPS Fund Services, Inc., 2011, Vice President and Assistant Secretary Since 2015, Vice President and General Counsel Securities, Griffin Capital Corporation, 2014, Vice President and Senior Counsel, ALPS Fund Services, Inc. 2015. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. SEC.gov | HOME During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. The sources for all performance and Index data is Morgan Stanley Investment Management. 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. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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.