Total returns are for the period indicated and have not been annualized. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. 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 term -. Morgan Stanley Prime Property Fund. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. 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. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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. In-depth insights on emerging and global markets for spotting hot growth stories. 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 Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Situations may arise in which more than one Client invests in the same Underlying Fund. The objectives of the investment pool and its policy and procedures governing fund allocations is here. In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Submission of Matters to a Vote of Security Holders. Meet one of our Financial Advisors and see how we can help you. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. 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. Diversification does not eliminate the risk of experiencing investment losses. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. US CORE STRATEGY. Please visit our Glossary page for fund related terms and definitions. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. 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. YTD performance data is not annualised. Past performance does not guarantee future results. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. Effective November 16, 2016, Class M Shares of the Fund commenced operations. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Formerly known as the Cornerstone Patriot Fund. One basis point is equal to 1/100th of 1%, or 0.01%. A timely analysis of market-changing events and their impact on the investment landscape. Hear their stories and learn about how they are redefining the terms of success. 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. Candice Todd is a Managing Director of Morgan Stanley and the CFO of Prime Property Fund, responsible for the Fund's capital structure and REIT compliance. As of 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. 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. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Insurance Asset Management. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. 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. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. Shareholders should not assume that the source of a distribution from the Fund is net profit. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. The Barclays Capital U.S. Fair valuation procedures may be used to value a substantial portion of the 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. Past performance is not a guarantee of future results. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. There are additional risks associated with investing in real estate. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. Return of capital is a tax concept, not an economic concept. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Performance is calculated net of fees. All Rights Reserved. Morgan Stanley Real Estate Investing. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. This information is available in the PitchBook Platform. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. Principal Accountant Fees and Services. 4May not sum to 100% due to rounding. 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. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors.
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morgan stanley prime property fund annual report
