morgan stanley prime property fund annual report

All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. Morgan Stanley Prime Property Fund - AON Memo.pdf. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. An investor cannot invest directly into an index. Annual Report Jul 08, 2008. Meet one of our Financial Advisors and see how we can help you. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. 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 . 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. Last Annual Report . 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. 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 noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. PURCHASES AND SALES OF INVESTMENT SECURITIES. The fund relies on other parties to fulfill certain services, investments or transactions. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Index performance does not represent actual Fund or portfolio performance. On behalf of the entire Griffin team, we thank you for your continued support. 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 If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. 1Q 2020 Alts Performance Summary.pdf. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. 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. 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. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Calculated using the average shares method. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Prior to joining Morgan Stanley in November 2003, andice Tables present indicative values only. 2023 Morningstar. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Fund Administration and Accounting Fees and Expenses. None of the Funds executive officers receives compensation from the Fund. 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 . Principal Accountant Fees and Services. Class C and Class I shares are offered at net asset value. 31-Jan-2023, As of The portfolio management team continues to work diligently to determine the optimal mix of private and public real estate securities that maximize risk-adjusted returns for our shareholders. The Fund's Class I shares commenced operations on August 10, 2015. Performance may be lower or higher than performance data quoted. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. A large standard deviation implies that there have been large swings in the return series of the manager. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . 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 MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. Across all our businesses, we offer keen insight on today's most critical issues. Performance of other share classes, when offered, may differ. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. 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. 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. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. A $1B fund might provide more than $10M in annual . The risk and reward category shown is based on historic data. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Formerly known as the Cornerstone Patriot Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The fund pursues its investment objectives by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "real estate industry securities," primarily in income producing equity and debt securities. Home Page | Municipal Employees Retirement System of Louisiana Item 5. Homestead Capital. 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. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. For further details, please see our Terms of Use. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. 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. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. 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. Performance is calculated net of fees. In addition, two or more Clients may have different investment objectives or investment styles. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. 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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. A fund or portfolio may differ significantly from the securities included in the index. . 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. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, . For a description of a possible sales charge, please see (Note 1). A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Minutes. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Total returns would have been lower had certain expenses not been waived during the period. hb```e``"g\dd@ A( Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. Adjusted for initial maximum sales charge of 5.75%. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. Candice Todd is a Managing Director of Morgan Stanley and the CFO of Prime Property Fund, responsible for the Fund's capital structure and REIT compliance. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. The Fund completed a quarterly repurchase offer on November 7, 2016 which resulted in 1,010,099 of Fund shares being repurchased for $26,753,389. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 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. 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. The Fund currently offers Class A, Class C and Class I shares. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 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. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . Securities Lending Annual Report.pdf. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; 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. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. QUESTIONS! 31-Jan-2023, As of Information concerning the Trustees and officers of the Fund is set forth below. Redemption price per share may be reduced for any applicable contingent deferred sales charge. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. 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. Class I shares are not currently subject to a shareholder services fee. If these parties become insolvent, it may expose the fund to financial loss. All rights reserved. For 87 years, weve had a passion for whats possible. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. $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 Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. During the year ended September 30, 2016, the fee waiver was as follows: As of September 30, 2016, the balance of recoupable expenses for the Fund was as follows: Sub-advisory services were provided to the Fund pursuant to agreements between the Adviser and both Aon Hewitt Investment Consulting, Inc. (formerly doing business as Hewitt EnnisKnupp, Inc.) and CenterSquare Investment Management, Inc. (the Sub-Advisers). WAL is the weighted average life of the portfolio. The agreement can be extended at the discretion of the Adviser and the Trustees. 03-Mar-2023, As of To the Board of Trustees and the Shareholders of. Class C and Class I shares are offered at net asset value. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. Item 7. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . At Morgan Stanley, we lead with exceptional ideas. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. 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. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). 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. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. 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 $0 was retained by the principal underwriter or other affiliated broker-dealers. Correlation is a statistical measure of how two securities move in relation to each other. 5. The business and affairs of the Fund are managed under the direction of the Trustees. The Distributor serves as principal underwriter of shares of the Fund. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. 31-Jan-2023, As of Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. 4May not sum to 100% due to rounding. 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. 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. The performance data quoted above represents past performance. 6.c. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. 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The Fund is considered an investment company for financial reporting purposes under GAAP. 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. The firm was founded in 2012 and is based in San Francisco, CA. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Select a trending topic or type your . 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 Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). 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. 2. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Assessor Chat Bot. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. These financial statements and financial highlights are the responsibility of the Funds management. 31-Jan-2023, As of The Investment Pool holds external and internal endowments and other long term cash holdings. The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Hear their stories and learn about how they are redefining the terms of success. . 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. endstream endobj startxref Total returns would have been lower had certain expenses not been waived during the period. WAM is the weighted average maturity of the portfolio. The Barclays Capital U.S. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs.