morgan stanley prime property fund annual report

$46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. 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. $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005; This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. The vehicle will invest in a diverse array of core properties throughout Western Europe. 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. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Morgan Stanley Prime Property Fund - AON Memo.pdf. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. None of the Funds executive officers receives compensation from the Fund. 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. . Item 5. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. 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. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. Hello! As of Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . 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. The Investment Pool holds external and internal endowments and other long term cash holdings. The performance data quoted above represents past performance. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. 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. 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. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, industrial, self storage and hotel properties located in major real estate markets throughout the United States. 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 sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Class C and Class I shares are offered at net asset value. 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. 31-Dec-2022, As of In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. Morgan Stanley Real Estate Investing raises 700m - PERE 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. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Class A and Class I shares are not currently subject to a Distribution Fee. 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. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. 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 A monthly outlook for global fixed income markets, including an in-depth review of key sectors. It is the current yield of Macro and thematic insights shaping the global investment landscape. 6.c. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. 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. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. 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. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . . 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 Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. 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). Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. The sources for all performance and Index data is Morgan Stanley Investment Management. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Such fees, expenses, and commissions could reduce returns. Morningside Presbyterian Preschool. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. For further details, please see our Terms of Use. Stay abreast of the latest trends and developments. 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 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 returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 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. 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 the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? 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. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. 31-Jan-2023, As of ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. Cipperman Compliance Services, LLC provides a Chief Compliance Officer to the Fund as well as related compliance services pursuant to a consulting agreement between Cipperman Compliance Services, LLC and the Fund. 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. 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. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. The Fund's Class I shares commenced operations on August 10, 2015. Ubs Triton Property Fund Annual Report Our Financial There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Kelly Cobb - Executive Director, Alternative Investments - LinkedIn Hear their stories and learn about how they are redefining the terms of success. PDF Prime Property Fund Discussion Materials - WordPress.com The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The agreement can be extended at the discretion of the Adviser and the Trustees. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Past performance is not a guarantee of future results. 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. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. At Morgan Stanley, we lead with exceptional ideas. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. Past performance is not a reliable indicator of future results. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. . 764 0 obj <> endobj As of September 30, 2019. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Total returns are for the period indicated and have not been annualized. In-depth insights on emerging and global markets for spotting hot growth stories. (Certification provided in Exhibit A.) 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. 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. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Adjusted for initial maximum sales charge of 5.75%. 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. Audit Committee Financial Expert. 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 Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Performance may be lower or higher than performance data quoted. 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. Fund Documents | J.P. Morgan Asset Management 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 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.

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