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. Performance data quoted is based on average annualized returns and net of fees. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. 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. 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. 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. He started his career in 1979 with Smith Barney as a Financial Advisor and in the 1980's and 1990's, managed offices in Atlanta GA and Los Angeles. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Ratings do not take into account sales loads. The Fund is considered an investment company for financial reporting purposes under GAAP. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 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. 31-Jan-2023, As of Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 2014, Fund Controller, ALPS Fund Services, Inc., 2011, Vice President and Assistant Secretary Since 2015, Vice President and General Counsel Securities, Griffin Capital Corporation, 2014, Vice President and Senior Counsel, ALPS Fund Services, Inc. 2015. Ubs Triton Property Fund Annual Report Our Financial Performance is calculated net of fees. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. The business and affairs of the Fund are managed under the direction of the Trustees. 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. (Certification provided in Exhibit A.) None of the Funds executive officers receives compensation from the Fund. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. 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. Luxemburg B 29 192. 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). As of Learn how we strive to deliver results for our shareholders. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. 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. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. 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 Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. 764 0 obj <> endobj The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. The Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). 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. US Property Fund - Morgan Stanley Investment Management $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. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. 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). 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%). The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. Category 1 does not indicate a risk free investment. Logistics Holdings, LP 15.3 715 4.8% RREEF America REIT II 15.1 109 3.6% RREEF Core Plus Industrial Fund 1.1 22 3.6% Sentinel Real Estate Fund 1.8 29 3.2% . Assessor - Annual Report - Los Angeles County, California See how we can help you work toward your goalseven as they evolve over years or generations. Prime Property Fund. How may we assist you today? 6.c. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Homestead Capital. 2020 Council Agendas & Meetings | Nebraska Investment Council A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. In considering the Advisers 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 the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. Contact Information Fund Manager Morgan Stanley Fund Manager Website www.morganstanley.com Fund Category Real Assets - Real Estate Native Currency USD Fund Manager's Location 18th Floor, Tower 2, One World Center Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The source for all performance and index data is Morgan Stanley Investment Management Limited. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. Stay abreast of the latest trends and developments. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Material Conflicts of Interest and Proxy Voting Committee. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. 31-Dec-2022, As of The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Index performance does not represent actual Fund or portfolio performance. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). 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. 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. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Morgan Stanley is differentiated by the caliber of our diverse team. 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. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. All Rights Reserved. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Past performance is not a reliable indicator of future results. endstream endobj startxref 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. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. As of September 30, 2016, Dr. Anderson and Mr. Propper were responsible for the management of the following types of accounts in addition to the Fund: Item 9. We value our commitment to diverse perspectives and a culture of inclusion across the firm. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. 5. Adjusted for contingent deferred sales charge of 1.00%. 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. As a result, the Adviser may cast different votes on behalf of different Clients.

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