morgan stanley prime property fund annual report

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. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 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. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). endstream endobj startxref Past performance is not a reliable indicator of future results. We believe that our audits provide a reasonable basis for our opinion. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. 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. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. 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. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. 2007. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). 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. It is the current yield of The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. 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. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, 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 adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; 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. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Implement policies and procedures, set and approve annual budget. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. To the Board of Trustees and the Shareholders of. The filings are available upon request by calling 888-926-2688. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. Hello! Luxemburg B 29 192. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: Morgan Stanley Prime Property Fund. Individual Investors. 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 . 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. 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). 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. 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. 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. We have the experience and agility to partner with clients from individual investors to global CEOs. Situations may arise in which more than one Client invests in the same Underlying Fund. Item 5. 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. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 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. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. 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. Morgan Stanley Prime Property Fund - Staff Memo.pdf. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. Description Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. . Class C and Class I shares are offered at net asset value. Dry powder refers to cash reserves for purchasing assets or making acquisitions. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 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. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. 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. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Holdings are subject to change. 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. Privacy & Cookies We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. See how we can help you work toward your goalseven as they evolve over years or generations. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Across all our businesses, we offer keen insight on today's most critical issues. 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. Newsletters . See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. Returns may increase or decrease as a result of currency fluctuations. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Audit Committee Financial Expert. 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). Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. 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. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. 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. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. 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. 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 $1B fund might provide more than $10M in annual . After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. 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 Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. 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. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Total returns are for the period indicated and have not been annualized. 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 noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. 4May not sum to 100% due to rounding. 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 . The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. A negative correlation of -1 indicates that the securities have moved in the opposite direction. 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 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. 31-Jan-2023, As of We value our commitment to diverse perspectives and a culture of inclusion across the firm. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. The fund is located in Mumbai, India. 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. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. 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. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). 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. The term of office for each Trustee and officer listed above will continue indefinitely. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. 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. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Last Annual Report Date: . . 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. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. 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. The sources for all performance and Index data is Morgan Stanley Investment Management. 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. Total returns would have been lower had certain expenses not been waived during the period. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. As of 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. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. Measurement is time-weighted. 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. 03-Mar-2023, As of 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. 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. The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. 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. 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. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively.

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