Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. 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). All rights reserved. 2. Morgan Stanley Prime Property Fund - Staff Memo.pdf. As of None of the Funds executive officers receives compensation from the Fund. IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . Audit Committee of Listed Registrants. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Principal Accountant Fees and Services. 31-Jan-2023, As of The agreement can be extended at the discretion of the Adviser and the Trustees. 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. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. US CORE STRATEGY. A timely analysis of market-changing events and their impact on the investment landscape. Past performance does not guarantee future results. Morgan Stanley Real Estate Investing. TheEurope/Asia and South Africa category (EAA)includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system. 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. 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 information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. 764 0 obj <> endobj Performance of other share classes, when offered, may differ. . These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. 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. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Select a trending topic or type your . Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. 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. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. 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 amount being invested in the Morgan Stanley Prime Property Fund follows the pension fund's initial $50m investment in 2013 and a $65m commitment two years ago. This rating does not take into account other risk factors which should be considered before investing, these include: Insights by Global Listed Real Assets Team. The Barclays Capital U.S. A fund or portfolio may differ significantly from the securities included in the index. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. May not sum to 100% due to the exclusion of other assets and liabilities. Morgan Stanley Prime Property Fund. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. Morgan Stanley Prime Property Fund Llc. . Win whats next. 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 . The registrants Code of Ethics is attached as an Exhibit hereto. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. Class I shares are not currently subject to a shareholder services fee. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Hear their stories and learn about how they are redefining the terms of success. 2007. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Shareholders should not assume that the source of a distribution from the Fund is net profit. 6.c. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Class C and Class I shares are offered at net asset value. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. The Fund is considered an investment company for financial reporting purposes under GAAP. The Adviser maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Advisers proxy policies and practices and the availability of the Advisers proxy voting record. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. 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. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. 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. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. 31-Jan-2023, As of Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. Item 7. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. The vehicle will invest in a diverse array of core properties throughout Western Europe. Redemption price per share may be reduced for any applicable contingent deferred sales charge.

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