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

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. 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. See how we can help you work toward your goalseven as they evolve over years or generations. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. 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. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. 31-Jan-2023, As of 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. At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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. 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. 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. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. 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. Annual net returns are provided in the Performance Notes. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. 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. Morgan Stanley Prime Property Fund. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. 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. On behalf of the entire Griffin team, we thank you for your continued support. 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. How may we assist you today? YTD performance data is not annualised. 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 term -. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. 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. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with AHIC. 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. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Premier. The Fund's Class A shares commenced operations on June 30, 2014. In the Media. 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. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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 Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. A timely analysis of market-changing events and their impact on the investment landscape. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. 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. 31-Jan-2023. In addition, two or more Clients may have different investment objectives or investment styles. . 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. 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. 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. 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. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. . 6.b. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: The vehicle will invest in a diverse array of core properties throughout Western Europe. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Dry powder refers to cash reserves for purchasing assets or making acquisitions. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. As a global financial services firm, Morgan Stanley is committed to technological innovation. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. An investor cannot invest directly into an index. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. Such fees, expenses, and commissions could reduce returns. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. 2. The Funds distribution policy is to make quarterly distributions to shareholders. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. Allocation, Sector, and Geographic Diversification are subject to change. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. . 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. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. We have the experience and agility to partner with clients from individual investors to global CEOs. Stay on top of today's volatile markets with these timely resources. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. We believe that our audits provide a reasonable basis for our opinion. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. May not sum to 100% due to the exclusion of other assets and liabilities. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. Prime Property Fund One of the longest-term core open-end funds - in its 47th PRIME is a core, fully-specified, open-end commingled real estate investment fund year of operation diversified by property type and location designed to provide a stable, income- driven rate of return over the long term with potential for growth of income and Class I shares are not currently subject to a shareholder services fee. 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. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 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. In considering whether to approve the Investment Sub-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 AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from 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 scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). Select a trending topic or type your . The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. 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 . Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-Q. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. 2007. 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. An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. Macro and thematic insights shaping the global investment landscape. 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.
Williams Funeral Home Obituaries Jamestown, Nd, We Were Having Lunch When You Telephoned, Is The Miami Airport Area Safe, French Bulldog Whelping Services, Articles M