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. from your original investment) and not a return of net profit. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. On behalf of the entire Griffin team, we thank you for your continued support. 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
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. 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. 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. 03-Mar-2023, As of
Past performance does not guarantee future results. Terms of Use. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. 6.b. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. 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. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. Material Conflicts of Interest and Proxy Voting Committee. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. You cannot invest directly in an index. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. All Rights Reserved. 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. 4May not sum to 100% due to rounding. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. In addition, two or more Clients may have different investment objectives or investment styles. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . 808 0 obj
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* Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. 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. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, 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 adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. As of September 30, 2019. Macro and thematic insights shaping the global investment landscape. Non-cash financing activities not included herein consist of reinvestment of distributions of: Cash paid for interest on lines of credit during the year was: Griffin Institutional Access Real Estate Fund Class A, Ratios to Average Net Assets (including interest expense), Ratio of expenses to average net assets excluding fee waivers and reimbursements, Ratio of expenses to average net assets including fee waivers and reimbursements, Ratio of net investment income to average net assets, Ratios to Average Net Assets (excluding interest expense), Ratio of net investment income to average net assets excluding fee waivers and reimbursements. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. 5. Morgan Stanley Prime Property Fund - AON Memo.pdf. Dry powder refers to cash reserves for purchasing assets or making acquisitions. 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. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. We believe that our audits provide a reasonable basis for our opinion. hWn8>&(I$|o$ATu! The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Ideas across disciplines uncover novel insights for sharper decision-making. Please click here for additional performance disclosures and important information, which should be reviewed carefully. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The addition of these five securities has helped to further strengthen our core real estate portfolio. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). (Certification provided in Exhibit A.) Morgan Stanley Prime Property Fund Llc. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. 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). 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. 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 Distributor is an affiliate of the Administrator and the Transfer Agent. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio.