morgan stanley prime property fund annual report

All or a portion of a distribution may consist solely of a return of capital (i.e. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. The Distributor serves as principal underwriter of shares of the Fund. 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. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 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. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. 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. 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. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. For a description of a possible sales charge, please see (Note 1). 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. 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. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 03-Mar-2023, As of NCREIF will calculate the overall aggregated Index return. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. Agenda/Materials. Performance is calculated net of fees. 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. 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. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. All metrics are based on Class A shares. At Morgan Stanley, we put our beliefs to work. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Accumulated Net Realized Gain on Investments. Healthcare Trust of America, Inc., Class A, 1.888.926.2688 | www.griffincapital.com, TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,122,109,673), TOTAL INVESTMENTS (100.16%) (Cost $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). 2. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. You cannot invest directly in an index. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. PDF Prime Property Fund - Nebraska Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. Past performance is no guarantee of future results. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Applications for shares in the Fund should not be made without first consulting the current Prospectus and theKey Information Document (KID) orKey Investor Information Document (KIID), which are available in English and in the official language of your local jurisdiction atmorganstanleyinvestmentfunds.comor free of charge from the Registered Office of Morgan Stanley Investment Funds, European Bank and Business Centre, 6B route de Trves, L-2633 Senningerberg, R.C.S. 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. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Griffin Institutional Access Real Estate Fund. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Prime Property Fund. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 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. . 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. 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. 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. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. As of September 30, 2019. Annual Report Jul 08, 2008. 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. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. How may we assist you today? Diversification does not eliminate the risk of experiencing investment losses. 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 . Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Morgan Stanley Los Angeles Complex | Los Angeles, CA Dry powder refers to cash reserves for purchasing assets or making acquisitions. Correlation is a statistical measure of how two securities move in relation to each other. 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. from your original investment) and not a return of net profit. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. 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. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. Please visit our Glossary page for fund related terms and definitions. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. To the Board of Trustees and the Shareholders of. 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. Various inputs are used in determining the value of the Funds investments as of the reporting period end. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. If these parties become insolvent, it may expose the fund to financial loss. 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. In addition, two or more Clients may have different investment objectives or investment styles. PURCHASES AND SALES OF INVESTMENT SECURITIES. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The Trustees also considered the anticipated 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 anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). 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. Macro and thematic insights shaping the global investment landscape. 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 Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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. The services described on this website may not be available in all jurisdictions or to all persons. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). A fund or portfolio may differ significantly from the securities included in the index. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Instead, they may solicit consents from their limited partners, members or shareholders. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. 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 In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 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. 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. Class C and Class I shares are offered at net asset value. The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. 5. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. 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. 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 Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. 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. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. Morgan Stanley Real Estate Prime Property Fund - PitchBook The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. %PDF-1.6 % The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 31-Dec-2022, As of 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. 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. 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. 31-Jan-2023, As of The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. Morgan Stanley Prime Property Fund - AON Memo.pdf. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. See how you can continue your career journey at Morgan Stanley. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. As such this category may change in the future. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. Index performance does not represent actual Fund or portfolio performance. The Distributor is an affiliate of the Administrator and the Transfer Agent. PDF Real Estate Investment Summary - Nebraska

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