The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. US CORE STRATEGY. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 31-Jan-2023, As of As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. 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. 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. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. 31-Jan-2023, As of We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. 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. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. 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 MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. Allocation, Sector, and Geographic Diversification are subject to change. Privacy & Cookies 2023Morgan Stanley. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. We have the experience and agility to partner with clients from individual investors to global CEOs. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. 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. $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. endstream endobj startxref 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). . From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. 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. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. Oversee all . 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. A $1B fund might provide more than $10M in annual . Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. 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. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. It also brings the total number of private real estate holdings to 17. 5. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. 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. 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. 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. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. 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. 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. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. NIC Audit Committee Report September 2020.pdf. Meet one of our Financial Advisors and see how we can help you. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 5.54%---- Fidelity Inv MM Fds . 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. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. 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. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Such fees, expenses, and commissions could reduce returns. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. 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. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Class C and Class I shares are offered at net asset value. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. See how you can continue your career journey at Morgan Stanley. Effective November 16, 2016, Class M Shares of the Fund commenced operations. As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. We believe that our audits provide a reasonable basis for our opinion. 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. 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. Stay on top of today's volatile markets with these timely resources. hWn8>&(I$|o$ATu! The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. The Investment Pool holds external and internal endowments and other long term cash holdings. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Newsletters . The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 31-Jan-2023. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. 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. Individual Investors. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. 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. 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. The Adviser maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Advisers proxy policies and practices and the availability of the Advisers proxy voting record. Hear their stories and learn about how they are redefining the terms of success. Item 10. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. The business and affairs of the Fund are managed under the direction of the Trustees. Get the full list, Morningstar Institutional Equity Research. For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. The performance data quoted above represents past performance. (Certification provided in Exhibit A.) The agreement can be extended at the discretion of the Adviser and the Trustees. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Expert understanding and client-centric approach for insurance companies. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. Morgan Stanley Real Estate Investing. The Fund's Class I shares commenced operations on August 10, 2015. 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 noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Morgan Stanley Prime Property Fund - AON Memo.pdf. 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. Agenda/Materials. The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. 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. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. 6.c. At Morgan Stanley, we put our beliefs to work. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). 31-Jan-2023, 2023 Morningstar. Griffin Institutional Access Real Estate Fund. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
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