The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. (Certification provided in Exhibit A.) Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. Item 7. Performance may be lower or higher than performance data quoted. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. 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. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. Last Annual Report . Item 4. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. . For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. These financial statements and financial highlights are the responsibility of the Funds management. Performance of other share classes, when offered, may differ. 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. Minutes. 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. Period ending March31, 2022. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. Assessor Chat Bot. 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. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. If these parties become insolvent, it may expose the fund to financial loss. Prime Property Fund. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. Luxemburg B 29 192. 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. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. A timely analysis of market-changing events and their impact on the investment landscape. Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. WAM is the weighted average maturity of the portfolio. 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. Morgan Stanley Goes Prime For Big New European Property Fund - Bisnow 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. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Individual Investors. This information is available in the PitchBook Platform. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. 31-Jan-2023, 2023 Morningstar. 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. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 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. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. Item 8. Performance data quoted is based on average annualized returns and net of fees. 31-Jan-2023, As of 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. 27-Feb-2023, As of McMaster Investment Pool - Financial Affairs Diversification does not eliminate the risk of experiencing investment losses. 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. . 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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. 31-Jan-2023, As of Performance data for funds with less than one year's track record is not shown. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. May not sum to 100% due to the exclusion of other assets and liabilities. Morgan Stanley Real Estate Prime Property Fund - PitchBook Index performance does not represent actual Fund or portfolio performance. 1Q 2020 Alts Performance Summary.pdf. 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. hb```e``"g\dd@ A( 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. As of During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. 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). In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. The term -. 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. PDF Employees' Retirement System of Rhode Island We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Performance is calculated net of fees. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: Based on Market value. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. 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. Prior to joining Morgan Stanley in November 2003, andice Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 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. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. The fund targets investments in the retail, multi-family, office and industrials properties. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. All metrics are based on Class A shares. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. 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 . Please click here for additional performance disclosures and important information, which should be reviewed carefully. 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 . a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. ^_g:L&NhK8F^3h$w#i!Efi8_2:,qEiwy el8byN4ly?9X t17%FL{WaTj^`MsAn yf]^}|*5GN-upxE4d: ePEfj>+r*x,sXjL]zEZgplC- [:6// DxD@ *(*otc-ABVafZW\jUU\u/0NF$-z'v'xMg; 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. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. It is calculated by annualizing the most recent Fund distribution yield. 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 In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. In-depth insights on emerging and global markets for spotting hot growth stories. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. 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. 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. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. endstream endobj startxref A $1B fund might provide more than $10M in annual . Dry powder refers to cash reserves for purchasing assets or making acquisitions. Stay abreast of the latest trends and developments. 764 0 obj <> endobj The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. The addition of these five securities has helped to further strengthen our core real estate portfolio. %%EOF Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information., EAA Fund Property - Indirect North America, Weighted average market capitalization ($B). Macro and thematic insights shaping the global investment landscape. How may we assist you today? 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. 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. 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. To the Board of Trustees and the Shareholders of. Correlation is a statistical measure of how two securities move in relation to each other. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Get the full list, Morningstar Institutional Equity Research. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. 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. Principal Accountant Fees and Services. endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . Item 5. Kansas PERS puts $100m into core open-ended US property fund The fund is located in Mumbai, India. There are additional risks associated with investing in real estate. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. 2007. Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture Oversee all . 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. Past performance is no guarantee of future results. 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. Class C and Class I shares are offered at net asset value. 3Entry Chargeis a maximum possible figure. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. . Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. Past performance does not guarantee future results. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. Morgan Stanley Prime Property Fund $1.1 billion Fund Redemption Queue Balances AEW Core Property Trust $160.0 million, 2.0% of $8.0 billion of Fund NAV Heitman America Real Estate Trust $1.2 billion, 11.5% of $10.4 billion of Fund NAV Morgan Stanley Prime Property Fund $0.0 million, of $34.1 billion of Fund NAV As of . The Distributor is an affiliate of the Administrator and the Transfer Agent. PDF The Annual Report of McMaster's Endowment 2021 - 2022 Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . 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. Last Annual Report Date: . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods.
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