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. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. For further details, please see our Terms of Use. 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. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. The fund targets investments in the retail, multi-family, office and industrials properties. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. endstream
endobj
765 0 obj
<>/Metadata 16 0 R/OCProperties<>/OCGs[791 0 R]>>/Outlines 22 0 R/PageLayout/SinglePage/Pages 762 0 R/StructTreeRoot 27 0 R/Type/Catalog>>
endobj
766 0 obj
<>/ExtGState<>/Font<>/Properties<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>>
endobj
767 0 obj
<>stream
Last Annual Report Date: . We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with CenterSquare. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Class I shares are not currently subject to a shareholder services fee. 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. Select a trending topic or type your . 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. 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. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. The fund is located in Mumbai, India. Based on Market value. A timely analysis of market-changing events and their impact on the investment landscape. 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. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. As a global financial services firm, Morgan Stanley is committed to technological innovation. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Terms of Use. 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). Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. Portfolio Managers of Closed-End Management Investment Companies. 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. 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). The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Morningside Presbyterian Preschool. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). 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. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. Returns may increase or decrease as a result of currency fluctuations. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). 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. 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. 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. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . 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 CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. On behalf of the entire Griffin team, we thank you for your continued support. Class C and Class I shares are offered at net asset value. 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). 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 . These financial statements and financial highlights are the responsibility of the Funds management. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t
Formerly known as the Cornerstone Patriot Fund.
Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. The Trustees noted that the Adviser seeks to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Class A and Class I shares are not currently subject to a Distribution Fee. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 5. Effective November 16, 2016, Class M Shares of the Fund commenced operations. 2. $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. As of September 30, 2019. Total returns are for the period indicated and have not been annualized. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Correlation is a statistical measure of how two securities move in relation to each other. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund. TheEurope/Asia and South Africa category (EAA)includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. 31-Jan-2023, As of
These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Situations may arise in which more than one Client invests in the same Underlying Fund. Shareholders should not assume that the source of a distribution from the Fund is net profit. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. As of
Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. Material Conflicts of Interest and Proxy Voting Committee. WAL is the weighted average life of the portfolio. US CORE STRATEGY. If the outcome that might result from a proxy solicitation could cause any Non- discretionary Client to fall out of compliance with its Investment Guidelines, the Adviser shall consult each such Non-discretionary Client prior to voting the proxy and shall take direction from such Non-discretionary Client, in the form of a completed Exhibit B, as to how to vote the proxy. 31-Dec-2022, As of Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. Morgan Stanley is differentiated by the caliber of our diverse team. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 1Q 2020 Alts Performance Summary.pdf.