31-Dec-2022, As of In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Prior to joining Morgan Stanley in November 2003, andice Ideas across disciplines uncover novel insights for sharper decision-making. 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 The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. Meet one of our Financial Advisors and see how we can help you. 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. Assessor Chat Bot. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. 31-Jan-2023, 2023 Morningstar. 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. 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 memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. 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. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. 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. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; 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. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services.
US Property Fund - Morgan Stanley Investment Management Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Based on Market value. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 31-Jan-2023, As of ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. The services described on this website may not be available in all jurisdictions or to all persons. 6.c. Morgan Stanley Prime Property Fund - Staff Memo.pdf. US CORE STRATEGY. Win whats next. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser.
Morgan Stanley Los Angeles Complex | Los Angeles, CA Index performance does not represent actual Fund or portfolio performance. See how we can help you work toward your goalseven as they evolve over years or generations. 3. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584.
After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). Item 3. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers.
Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG 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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. 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. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. Distribution Policy Risk. 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. We have the experience and agility to partner with clients from individual investors to global CEOs. 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. 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. 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. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Total returns would have been lower had certain expenses not been waived during the period. Adjusted for initial maximum sales charge of 5.75%. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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). In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Accumulated Net Realized Gain on Investments. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. . Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . 03-Mar-2023. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. Certain Trustees and officers of the Fund are also officers of the Adviser and are not paid by the Fund for serving in such capacities. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Class C and Class I shares are offered at net asset value. ^_g:L&NhK8F^3h$w#i!Efi8_2:,qEiwy el8byN4ly?9X t17%FL{WaTj^`MsAn
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*(*otc-ABVafZW\jUU\u/0NF$-z'v'xMg; Underpinning all that we do are five core values. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 31-Jan-2023, As of
In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report.
GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts 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 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. The fund targets investments in the retail, multi-family, office and industrials properties. 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. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors.
PDF Prime Property Fund - Nebraska 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. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. 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. 31-Jan-2023, As of
PDF Prime Property Fund Discussion Materials - WordPress.com Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. As of During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. 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 schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Returns may increase or decrease as a result of currency fluctuations. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. 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. 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. 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. 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 Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. 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. 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.
Investor Relations | Morgan Stanley *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. 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). Ratings do not take into account sales loads. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. 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). hWn8>&(I$|o$ATu!
2020 Council Agendas & Meetings | Nebraska Investment Council 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.