morgan stanley prime property fund annual reportmorgan stanley prime property fund annual report

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. 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. Morgan Stanley Prime Property Fund. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Inflation Protection | Rhode Island State Investment Information Center Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. 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. . Discover who we are and the right opportunity for you. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. 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. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. In-depth insights on emerging and global markets for spotting hot growth stories. 31-Jan-2023, As of 27-Feb-2023, As of PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. 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. 4May not sum to 100% due to rounding. Item 5. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. A negative correlation of -1 indicates that the securities have moved in the opposite direction. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. 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. . As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. 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. The Trustees noted that CenterSquare assists the Adviser in seeking 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 strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. The portion of distributions paid not attributable to net investment income or net realized gains on investments, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution (Return of Capital) for tax purposes. QUESTIONS! hb```e``"g\dd@ A( 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. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Privacy & Cookies The Funds distribution policy is to make quarterly distributions to shareholders. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. Annual net returns are provided in the Performance Notes. How may we assist you today? These financial statements and financial highlights are the responsibility of the Funds management. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. 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. Formerly known as the Cornerstone Patriot Fund. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 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. 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. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. Total returns would have been lower had certain expenses not been waived during the period. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Insurance Asset Management. 2023 Morningstar. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. 31-Jan-2023, 2023 Morningstar. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Principal Accountant Fees and Services. 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. . Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. PDF The Official Web Site for The State of New Jersey . The sources for all performance and Index data is Morgan Stanley Investment Management. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. 0 Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, PURCHASES AND SALES OF INVESTMENT SECURITIES. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. 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. 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 Distributor serves as principal underwriter of shares of the Fund. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, industrial, self storage and hotel properties located in major real estate markets throughout the United States. Win whats next. Portfolio Managers of Closed-End Management Investment Companies. Return of capital is a tax concept, not an economic concept. Performance is calculated net of fees. 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. Morgan Stanley Prime Property Fund Llc. Newsletters . You cannot invest directly in an index. . All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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 . Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. If these parties become insolvent, it may expose the fund to financial loss. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. PDF Employees' Retirement System of Rhode Island We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. The registrants audit committee has considered whether the provision of non-audit services to 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 investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. 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. 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. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. 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. This is a profile preview from the PitchBook Platform. Fund Administration and Accounting Fees and Expenses. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. Total returns would have been lower had certain expenses not been waived during the period. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. 31-Dec-2022, As of 2007. From 2018 to 2019 he served as the Prime Minister's Business Envoy. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. PDF The Annual Report of McMaster's Endowment 2021 - 2022 Submission of Matters to a Vote of Security Holders. 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. Performance of other share classes, when offered, may differ. As previously stated, we remain focused on net operating income (NOI) growth. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. 6.c. Prior to joining Morgan Stanley in November 2003, andice Morgan Stanley Real Estate Prime Property Fund - PitchBook The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Performance data for funds with less than one year's track record is not shown. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. The firm was founded in 2012 and is based in San Francisco, CA. Material Conflicts of Interest and Proxy Voting Committee. Shareholders should not assume that the source of a distribution from the Fund is net profit. 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). 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 Distributor is an affiliate of the Administrator and the Transfer Agent. 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. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. 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. 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. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. Audit Committee Financial Expert. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. 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. Counsel with preschool director around staff, school programs and best practices. Meet one of our Financial Advisors and see how we can help you. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. 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. Investor Relations | Morgan Stanley 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. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. 31-Jan-2023, As of Returns may increase or decrease as a result of currency fluctuations. 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 was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. Instead, they may solicit consents from their limited partners, members or shareholders. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. 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. A timely analysis of market-changing events and their impact on the investment landscape. 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. Home Page | Municipal Employees Retirement System of Louisiana Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. 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. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. The fund targets investments in the retail, multi-family, office and industrials properties. No. 2. 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. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. 2023 PitchBook. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. Annual Report Jul 09, 2007. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. Accumulated Net Realized Gain on Investments. Redemption price per share may be reduced for any applicable contingent deferred sales charge. Notes. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. We believe that our audits provide a reasonable basis for our opinion. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . The fund is located in Mumbai, India. At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. Global Asset Management | Western Asset 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. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 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. All Rights Reserved. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. 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. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. 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. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. 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. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. 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). 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. 31-Jan-2023. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Total returns are for the period indicated and have not been annualized. As of A $1B fund might provide more than $10M in annual . DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). A fund or portfolio may differ significantly from the securities included in the index. 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. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 808 0 obj <>stream GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. YTD performance data is not annualised. 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.
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