The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. 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. One basis point is equal to 1/100th of 1%, or 0.01%. The Funds Form N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. NIC Audit Committee Report September 2020.pdf. Please visit our Glossary page for fund related terms and definitions. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. WAM is the weighted average maturity of the portfolio. Info: 213-974-3211 | helpdesk@lacounty.gov. 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. WAL is the weighted average life of the portfolio. 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. 31-Jan-2023, As of Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. 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. Morgan Stanley Prime Property Fund. Oversee all . Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . All metrics are based on Class A shares. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. 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. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. 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. It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Certain Trustees and officers of the Fund are also officers of the Adviser and are not paid by the Fund for serving in such capacities. These financial statements and financial highlights are the responsibility of the Funds management. 31-Jan-2023, As of 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. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. 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. 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. 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. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 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. A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. The risk and reward category shown is based on historic data. Principal Accountant Fees and Services. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. 0 Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. 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 In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. . )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. How may we assist you today? Effective November 16, 2016, Class M Shares of the Fund commenced operations. This information is available in the PitchBook Platform. As of 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. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) Griffin Institutional Access Real Estate Fund. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers 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. 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. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients.
