morgan stanley prime property fund annual report11 Mar morgan stanley prime property fund annual report
For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream See how we can help you work toward your goalseven as they evolve over years or generations. For additional mutual fund and exchange traded fund data (such as sector / industry / country / regional / fund allocations of sources of value add, maturity / quality / market capitalization allocations) not currently shown on individual Fund webpages or the Fund Factsheet, please call JPM Shareholder Services desk at 1-800-480-4111. 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. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Insurance Asset Management. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. 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 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). A timely analysis of market-changing events and their impact on the investment landscape. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. 31-Jan-2023, As of As of 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. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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. Diversification does not eliminate the risk of experiencing investment losses. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. The term of office for each Trustee and officer listed above will continue indefinitely. Class C and Class I shares are offered at net asset value. 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. Notes. Home Page | Municipal Employees Retirement System of Louisiana In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. The Fund raised $1.5 billion in 2021, the most of any active interval fund, representing 21% of all direct industry capital placed into interval funds last year, and recently posted its 36th consecutive distribution at a 5.25% annualized yield based on NAV on the distribution date. Formerly known as the Cornerstone Patriot Fund. Audit Committee Financial Expert. Newsletters . You cannot invest directly in an index. Last Annual Report Date: . See how you can continue your career journey at Morgan Stanley. 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. We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. 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. The Fund's Class I shares commenced operations on August 10, 2015. 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 Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. WAM is the weighted average maturity of the portfolio. Class A and Class I shares are not currently subject to a Distribution Fee. 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). Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. 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. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. 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). Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. 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. On behalf of the entire Griffin team, we thank you for your continued support. As of Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 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. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. 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. Shareholders should not assume that the source of a distribution from the Fund is net profit. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. Class I shares are not currently subject to a shareholder services fee. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. At Morgan Stanley, we lead with exceptional ideas. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Proprietary views on big ideas with the potential for far-reaching consequences. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.TheMinimum Initial Investment/Minimum Subsequent Investmentamounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount).For more information please see the Charges and Expenses section of the prospectus. The term -. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. Griffin Capital Advisor along with CenterSquare Investment Management have designed a public market strategy in line with the objectives of the Fund with a focus on identifying public real estate securities whose current prices are below their intrinsic values. 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 . Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. . Accumulated Net Realized Gain on Investments. 2. 2023Morgan Stanley. It is the current yield of 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. Total returns would have been lower had certain expenses not been waived during the period. 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. 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. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 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. As such this category may change in the future. 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. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Prior to joining Morgan Stanley in November 2003, andice Item 5. 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. 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. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. In considering whether to approve the Investment Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom the relationship with the Fund; (iv) 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; (v) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Allocation, Sector, and Geographic Diversification are subject to change. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. 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 There are additional risks associated with investing in real estate. 31-Jan-2023, As of Past performance is no guarantee of future results. 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. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. 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. PURCHASES AND SALES OF INVESTMENT SECURITIES. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. As of September 30, 2019. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page.Cash & Equivalentsare defined as the value of assets that can be converted into cash immediately. Adjusted for contingent deferred sales charge of 1.00%. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. 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. We believe that our audits provide a reasonable basis for our opinion. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. Ratings do not take into account sales loads. Luxemburg B 29 192. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. 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. Last Annual Report . Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. 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. 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. 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.
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