morgan stanley prime property fund annual report

The Barclays Capital U.S. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Morgan Stanley Prime Property Fund. A timely analysis of market-changing events and their impact on the investment landscape. Annual net returns are provided in the Performance Notes. 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. There are additional risks associated with investing in real estate. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. 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. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). McMaster Investment Pool - Financial Affairs The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. For 87 years, weve had a passion for whats possible. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 31-Jan-2023, As of As of SEC.gov | HOME 2007. Hear their stories and learn about how they are redefining the terms of success. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. US CORE STRATEGY. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. The addition of these five securities has helped to further strengthen our core real estate portfolio. WAM is the weighted average maturity of the portfolio. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. All rights reserved. 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. In-depth insights on emerging and global markets for spotting hot growth stories. 764 0 obj <> endobj endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . 2023Morgan Stanley. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. Index performance does not represent actual Fund or portfolio performance. 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 Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Correlation is a statistical measure of how two securities move in relation to each other. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. 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 Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Learn how we strive to deliver results for our shareholders. Measurement is time-weighted. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. 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. The term of office for each Trustee and officer listed above will continue indefinitely. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Past performance is not a reliable indicator of future results. Sec Form D/A PDF Home Page | Municipal Employees Retirement System of Louisiana Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. At Morgan Stanley, we lead with exceptional ideas. Securities Lending Annual Report.pdf. PDF Prime Property Fund Discussion Materials - WordPress.com The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Total returns would have been lower had certain expenses not been waived during the period. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Performance data for funds with less than one year's track record is not shown. 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. 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. Submission of Matters to a Vote of Security Holders. 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 AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. 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. A large standard deviation implies that there have been large swings in the return series of the manager. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. Agenda/Materials. Situations may arise in which more than one Client invests in the same Underlying Fund. 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. Last Annual Report Date: . Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Calculated using the average shares method. 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. Effective November 16, 2016, Class M Shares of the Fund commenced operations. A correlation ranges from-1 to 1. The firm was founded in 2012 and is based in San Francisco, CA. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . Total returns are for the period indicated and have not been annualized. At Morgan Stanley, giving back is a core valuea central part of our culture globally. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Past performance is no guarantee of future results. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The fund targets investments in the retail, multi-family, office and industrials properties. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. 31-Jan-2023, As of Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. Accumulated Net Realized Gain on Investments. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Individual Investors. The Barclays U.S. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. Win whats next. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. 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. (Certification provided in Exhibit A.) As a global financial services firm, Morgan Stanley is committed to technological innovation. 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. PEF0928 Quote - Morgan Stanley Real Estate Prime Property Fund 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). 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. The services described on this website may not be available in all jurisdictions or to all persons. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Past performance is not a reliable indicator of future results. 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. 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. Minutes. 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. Holdings are subject to change. 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. . 2020 Council Agendas & Meetings | Nebraska Investment Council 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 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. 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. In considering 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, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. NIC Audit Committee Report September 2020.pdf. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. This information is available in the PitchBook Platform. 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. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 3Entry Chargeis a maximum possible figure. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. 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. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. It also brings the total number of private real estate holdings to 17. 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, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. 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. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. 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. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. Proprietary views on big ideas with the potential for far-reaching consequences. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. 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. 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). Inflation Protection | Rhode Island State Investment Information Center Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. PDF The Official Web Site for The State of New Jersey Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. PDF Semi-Annual Report - predexfund.com endstream endobj startxref 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. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. It is calculated by annualizing the most recent Fund distribution yield. Redemption price per share may be reduced for any applicable contingent deferred sales charge. 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. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Prior to joining Morgan Stanley in November 2003, andice The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. Morgan Stanley Real Estate Investing. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. This is a profile preview from the PitchBook Platform. Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. Performance data quoted is based on average annualized returns and net of fees. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors. 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. 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. For further details, please see our Terms of Use. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Class C and Class I shares are offered at net asset value. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. 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.

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