Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. The source for all performance and index data is Morgan Stanley Investment Management Limited. 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. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. 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. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Morgan Stanley is differentiated by the caliber of our diverse team. 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. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. . Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Shareholders should not assume that the source of a distribution from the Fund is net profit. It also brings the total number of private real estate holdings to 17. 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. 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. NCREIF will calculate the overall aggregated Index return. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. PURCHASES AND SALES OF INVESTMENT SECURITIES. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations.
PDF Prime Property Fund Discussion Materials - WordPress.com The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. Stay on top of today's volatile markets with these timely resources. The vehicle will invest in a diverse array of core properties throughout Western Europe. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. 6.c. Minutes. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 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. Performance may be lower or higher than performance data quoted. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. Premier. 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. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. The Trustees noted that the Adviser seeks to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans.
US Property Fund - Morgan Stanley Investment Management In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 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. 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. Class C and Class I shares are offered at net asset value. Hear their stories and learn about how they are redefining the terms of success. All or a portion of a distribution may consist solely of a return of capital (i.e. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Last Annual Report Date: . 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.
PDF Employees' Retirement System of Rhode Island Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. 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. 1.
GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts The fund is in this category because it invests in property company shares and the fund's simulated and/or realised return has experienced very high rises and falls historically. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Past performance is not a reliable indicator of future results. 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. 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. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. 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. 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. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 1Q 2020 Alts Performance Summary.pdf. Counsel with preschool director around staff, school programs and best practices. Annual Report Jul 08, 2008. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. 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. Privacy & Cookies
The Barclays Capital U.S. The Fund is considered an investment company for financial reporting purposes under GAAP. The Trustees also considered potential benefits for the Adviser in managing the Fund, including promotion of the Advisers name, the ability for the Adviser to place small accounts into the Fund, and the potential for the Adviser to generate soft dollars from Fund trades that may benefit the Advisers other clients. See how we can help you work toward your goalseven as they evolve over years or generations. 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 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. Home Page | Municipal Employees Retirement System of Louisiana The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States.
Morgan Stanley Goes Prime For Big New European Property Fund - Bisnow Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. You cannot invest directly in an index. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. None of the Funds executive officers receives compensation from the Fund. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. 4May not sum to 100% due to rounding. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. 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 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 noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. 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. Prime Property Fund. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. 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.
Inflation Protection | Rhode Island State Investment Information Center 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. Adjusted for contingent deferred sales charge of 1.00%. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. 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. 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. 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. . Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Morgan Stanley Prime Property Fund - AON Memo.pdf. 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 CenterSquare. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. Meet one of our Financial Advisors and see how we can help you. 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. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Last Annual Report . Homestead Capital. 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 31-Jan-2023, As of The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. We value our commitment to diverse perspectives and a culture of inclusion across the firm. 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. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Item 8. 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. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley.
PDF Annual Report - PREDEXPREDEX The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. The Fund's Class I shares commenced operations on August 10, 2015. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. As a global financial services firm, Morgan Stanley is committed to technological innovation. As of
The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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. 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. Allocation, Sector, and Geographic Diversification are subject to change. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. Correlation is a statistical measure of how two securities move in relation to each other. Securities Lending Annual Report.pdf. 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. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. The performance data quoted above represents past performance. The sources for all performance and Index data is Morgan Stanley Investment Management.
PDF Prime Property Fund - Nebraska 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.
Global Asset Management | Western Asset Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory.
SEC.gov | HOME Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. We believe that our audits provide a reasonable basis for our opinion. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. Class C and Class I shares are offered at net asset value. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements.