morgan stanley prime property fund annual report

Morgan Stanley Prime Property Fund - Staff Memo.pdf. Dry powder refers to cash reserves for purchasing assets or making acquisitions. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Non-cash financing activities not included herein consist of reinvestment of distributions of: Cash paid for interest on lines of credit during the year was: Griffin Institutional Access Real Estate Fund Class A, Ratios to Average Net Assets (including interest expense), Ratio of expenses to average net assets excluding fee waivers and reimbursements, Ratio of expenses to average net assets including fee waivers and reimbursements, Ratio of net investment income to average net assets, Ratios to Average Net Assets (excluding interest expense), Ratio of net investment income to average net assets excluding fee waivers and reimbursements. 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 Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). 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 Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 2023 Morningstar. Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). 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). 2007. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. 3Entry Chargeis a maximum possible figure. 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 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. 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. In-depth insights on emerging and global markets for spotting hot growth stories. 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. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. Prime Property Fund. In our 2023 outlook, our macro strategists and investment managers across equity, fixed income and alternative asset classes share their diverse views on key themes, where they think markets are headed after a turbulent year, and how they are positioning their respective strategies. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. Past performance is no guarantee of future results. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. 3. 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, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. We have the experience and agility to partner with clients from individual investors to global CEOs. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. 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. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. The Barclays U.S. Last Annual Report . There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. An investor cannot invest directly into an index. 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 CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). The business and affairs of the Fund are managed under the direction of the Trustees. Luxemburg B 29 192. 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. 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Agenda/Materials. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. A correlation ranges from-1 to 1. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. Select a trending topic or type your . ^_g:L&NhK8F^3h$w#i!Efi8_2:,qEiwy el8byN4ly?9X t17%FL{WaTj^`MsAn yf]^}|*5GN-upxE4d: ePEfj>+r*x,sXjL]zEZgplC- [:6// DxD@ *(*otc-ABVafZW\jUU\u/0NF$-z'v'xMg; After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Morgan Stanley Prime Property Fund. The term -. Item 7. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Annual net returns are provided in the Performance Notes. Newsletters . %PDF-1.6 % Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. QUESTIONS! 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. 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. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Counsel with preschool director around staff, school programs and best practices. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. For 87 years, weve had a passion for whats possible. 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 CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare 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 scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. 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. 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. The Trustees noted that CenterSquare assists the Adviser in seeking 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 strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities.

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