morgan stanley prime property fund annual report

Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. 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. hb```e``"g\dd@ A( Redemption price per share may be reduced for any applicable contingent deferred sales charge. 1Q 2020 Alts Performance Summary.pdf. 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. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. Class C and Class I shares are offered at net asset value. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. The Investment Pool holds external and internal endowments and other long term cash holdings. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. 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. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Class A and Class I shares are not currently subject to a Distribution Fee. 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. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Ubs Triton Property Fund Annual Report Our Financial Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. 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. For a description of a possible sales charge, please see (Note 1). 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. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. Material Conflicts of Interest and Proxy Voting Committee. PDF Prime Property Fund Discussion Materials - WordPress.com The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Annual net returns are provided in the Performance Notes. As of September 30, 2019. Allocation, Sector, and Geographic Diversification are subject to change. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Performance may be lower or higher than performance data quoted. Minutes. All Rights Reserved. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. Discover who we are and the right opportunity for you. Morgan Stanley Prime Property Fund - AON Memo.pdf. On behalf of the entire Griffin team, we thank you for your continued support. PRIME, a $6.3 billion diversified core real estate fund, is managed by Morgan Stanley Real Estate. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Luxemburg B 29 192. 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. We believe our greatest asset is our people. We value our commitment to diverse perspectives and a culture of inclusion across the firm. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. 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. Return of capital is a tax concept, not an economic concept. From 2018 to 2019 he served as the Prime Minister's Business Envoy. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. For additional mutual fund and exchange traded fund data (such as sector / industry / country / regional / fund allocations of sources of value add, maturity / quality / market capitalization allocations) not currently shown on individual Fund webpages or the Fund Factsheet, please call JPM Shareholder Services desk at 1-800-480-4111. 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. 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. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. May not sum to 100% due to the exclusion of other assets and liabilities. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Implement policies and procedures, set and approve annual budget. Macro and thematic insights shaping the global investment landscape. 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 Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. 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. Global Asset Management | Western Asset Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. 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. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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 MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. 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. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. Total returns are for the period indicated and have not been annualized. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. 31-Jan-2023, As of All Rights Reserved. Item 7. Correlation is a statistical measure of how two securities move in relation to each other. 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. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. Underpinning all that we do are five core values. Total returns would have been lower had certain expenses not been waived during the period. CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Insurance Asset Management. Returns may increase or decrease as a result of currency fluctuations. (Certification provided in Exhibit A.) There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase.

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