Performance data quoted is based on average annualized returns and net of fees. 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. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Return of capital is a tax concept, not an economic concept. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. The Fund raised $1.5 billion in 2021, the most of any active interval fund, representing 21% of all direct industry capital placed into interval funds last year, and recently posted its 36th consecutive distribution at a 5.25% annualized yield based on NAV on the distribution date. 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. 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. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Core AEW Core Property Trust (1) Morgan Stanley Prime Property 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. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. Adjusted for contingent deferred sales charge of 1.00%. Last Annual Report Date: . endstream endobj startxref In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. The sources for all performance and Index data is Morgan Stanley Investment Management. 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. 0 Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. 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. Morgan Stanley is differentiated by the caliber of our diverse team. 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 . As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Morgan Stanley Prime Property Fund - AON Memo.pdf. 31-Jan-2023, 2023 Morningstar. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. 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. 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. 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: . None of the Funds executive officers receives compensation from the Fund. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. 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 business and affairs of the Fund are managed under the direction of the Trustees. 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. Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). hb```e``"g\dd@ A( Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with AHIC. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. Counsel with preschool director around staff, school programs and best practices. %PDF-1.6 % Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. Performance data for funds with less than one year's track record is not shown. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Morgan Stanley Real Estate Investing. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. 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