morgan stanley prime property fund annual report

The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Homestead Capital. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. See how we can help you work toward your goalseven as they evolve over years or generations. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. Principal Accountant Fees and Services. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. The fund relies on other parties to fulfill certain services, investments or transactions. Morgan Stanley Real Estate Investing. Past performance is not a reliable indicator of future results. 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. Learn why 2023 has exciting opportunities for the real estate market. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. Griffin Institutional Access Real Estate Fund. 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. 5 Sustainable Investing Trends for Companies and Investors, 7 Investment Ideas That Could Drive Markets in 2023, Yes, You Can Be a Tech Innovator at Morgan Stanley, Morgan Stanley Schedules Quarterly Investor Conference Call, Morgan Stanley Reports Fourth Quarter 2022, Morgan Stanley 4Q22 Fixed Income Investor Presentation, Morgan Stanley 3Q22 Fixed Income Investor Presentation, Morgan Stanley 2Q22 Fixed Income Investor Presentation, Sharon Yeshaya Speaks at the Credit Suisse Financial Services Forum, Morgan Stanley Reports Third Quarter 2022, Andy Saperstein Speaks at the Barclays Global Financial Services Conference, 2022 Morgan Stanley Compensation and Governance Practices, Liquidity Coverage Ratio Disclosures - US, Morgan Stanley 1Q22 Fixed Income Investor Presentation. Correlation is a statistical measure of how two securities move in relation to each other. Audit Committee of Listed Registrants. 31-Jan-2023, As of During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Morgan Stanley Prime Property Fund. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with AHIC. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Info: 213-974-3211 | helpdesk@lacounty.gov. Oversee all . Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. The Funds distribution policy is to make quarterly distributions to shareholders. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. 764 0 obj <> endobj 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. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. 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. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. Total returns would have been lower had certain expenses not been waived during the period. Meet one of our Financial Advisors and see how we can help you. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. 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. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. 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. We believe our greatest asset is our people. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Agenda/Materials. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Win whats next. Privacy & Cookies 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. . During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. 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. This information is available in the PitchBook Platform. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. We believe that our audits provide a reasonable basis for our opinion. Formerly known as the Cornerstone Patriot Fund. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. May not sum to 100% due to the exclusion of other assets and liabilities. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Performance may be lower or higher than performance data quoted. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 03-Mar-2023. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. Actual results could differ from those estimates. The Distributor serves as principal underwriter of shares of the Fund. The term of office for each Trustee and officer listed above will continue indefinitely. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Learn how we strive to deliver results for our shareholders. Shareholders should not assume that the source of a distribution from the Fund is net profit. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page.Cash & Equivalentsare defined as the value of assets that can be converted into cash immediately. 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. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. There are additional risks associated with investing in real estate. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. 31-Jan-2023, As of Material Conflicts of Interest and Proxy Voting Committee. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. 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.

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