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. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. Macro and thematic insights shaping the global investment landscape. The Distributor serves as principal underwriter of shares of the Fund. 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. 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. 6.c. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. Expert understanding and client-centric approach for insurance companies. 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. Privacy & Cookies Such fees, expenses, and commissions could reduce returns. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. To the Board of Trustees and the Shareholders of. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. from your original investment) and not a return of net profit. WAL is the weighted average life of the portfolio. 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). 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. Category 1 does not indicate a risk free investment. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. At Morgan Stanley, we lead with exceptional ideas. The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. 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 sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. 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. 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). $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. US CORE STRATEGY. 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). Past performance is no guarantee of future results. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. 31-Jan-2023, As of 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. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. On behalf of the entire Griffin team, we thank you for your continued support. Learn why 2023 has exciting opportunities for the real estate market. Healthcare Trust of America, Inc., Class A, 1.888.926.2688 | www.griffincapital.com, TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,122,109,673), TOTAL INVESTMENTS (100.16%) (Cost $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). Adjusted for contingent deferred sales charge of 1.00%. Accumulated Net Realized Gain on Investments. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. Tables present indicative values only. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 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. At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. See how we can help you work toward your goalseven as they evolve over years or generations. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Returns may increase or decrease as a result of currency fluctuations. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 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. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. 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. Homestead Capital. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. %%EOF The risk and reward category shown is based on historic data. (Certification provided in Exhibit A.) 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. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. The registrants audit committee has considered whether the provision of non-audit services to 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 investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. 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. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. As of The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Diversification does not eliminate the risk of experiencing investment losses. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. The Distributor is an affiliate of the Administrator and the Transfer Agent. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. 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. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. 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. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. 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. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. 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. A $1B fund might provide more than $10M in annual . Ratings do not take into account sales loads. Annual net returns are provided in the Performance Notes. 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. . ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" 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. 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. We believe our greatest asset is our people. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Morgan Stanley Prime Property Fund - AON Memo.pdf. 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. 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. 3. As previously stated, we remain focused on net operating income (NOI) growth. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 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. Hello! 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. 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. Instead, they may solicit consents from their limited partners, members or shareholders. 31-Jan-2023, As of This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. The portion of distributions paid not attributable to net investment income or net realized gains on investments, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution (Return of Capital) for tax purposes. endstream endobj startxref The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. hb```e``"g\dd@ A( 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. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. . 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. 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. 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.
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