Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. (Certification provided in Exhibit A.) 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% . Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. It is the current yield of These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Ubs Triton Property Fund Annual Report Our Financial 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 Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). 3.21%---- Ta Realty Core Property Fund, L.P. 3.09%---- Clarion Gables Multifamily Trust, L.P. 2.91%---- Brookfield Senior Mezzanine Real Estate Finance Fund . The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. 2007. 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. 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. See how we can help you work toward your goalseven as they evolve over years or generations. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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). Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. For further details, please see our Terms of Use. Various inputs are used in determining the value of the Funds investments as of the reporting period end. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. PDF Employees' Retirement System of Rhode Island (ERSRI) Win whats next. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Across all our businesses, we offer keen insight on today's most critical issues. A $1B fund might provide more than $10M in annual . *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Class A and Class I shares are not currently subject to a Distribution Fee. Newsletters . If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. 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 unused amount under the Credit Suisse arrangement bears interest at 90 basis points. The amount being invested in the Morgan Stanley Prime Property Fund follows the pension fund's initial $50m investment in 2013 and a $65m commitment two years ago. 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. On behalf of the entire Griffin team, we thank you for your continued support. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. Global Asset Management | Western Asset . The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. PDF Employees' Retirement System of Rhode Island The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. Submission of Matters to a Vote of Security Holders. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. Discover who we are and the right opportunity for you. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. 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. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. Returns may increase or decrease as a result of currency fluctuations. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. 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. 2023 PitchBook. This is a profile preview from the PitchBook Platform. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Annual Report Jul 08, 2008. 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 . Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. 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. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. Annual Report Jul 09, 2007. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t 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. 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. US CORE STRATEGY. 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. . Adjusted for contingent deferred sales charge of 1.00%. The performance data quoted above represents past performance. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG Tables present indicative values only. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Kelly Cobb - Executive Director, Alternative Investments - LinkedIn Item 5. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. As of September 30, 2019. Agenda/Materials. SEC.gov | HOME Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. From 2018 to 2019 he served as the Prime Minister's Business Envoy. Performance of other share classes, when offered, may differ. 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. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. PDF Prime Property Fund - Nebraska The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. PDF Semi-Annual Report - predexfund.com The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. We believe our greatest asset is our people. How may we assist you today? During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. In some cases you might pay less, you can find this out from your financial adviser.Ongoing Chargesreflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. 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. 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 Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. Correlation is a statistical measure of how two securities move in relation to each other. WAM is the weighted average maturity of the portfolio. 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. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines.

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