Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Learn how we strive to deliver results for our shareholders. 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. Annual net returns are provided in the Performance Notes. 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. Instead, they may solicit consents from their limited partners, members or shareholders. 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. The term of office for each Trustee and officer listed above will continue indefinitely. 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. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. 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. Dry powder refers to cash reserves for purchasing assets or making acquisitions. 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. It is the current yield of The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. 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. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). 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. 808 0 obj <>stream ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Distribution Policy Risk. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Hear their stories and learn about how they are redefining the terms of success. Stay abreast of the latest trends and developments. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Holdings are subject to change. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. WAL is the weighted average life of the portfolio. Morgan Stanley Prime Property Fund - AON Memo.pdf. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. In considering whether to approve the Investment 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 the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom 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) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. At Morgan Stanley, giving back is a core valuea central part of our culture globally. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. The Distributor serves as principal underwriter of shares of the Fund. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. Performance may be lower or higher than performance data quoted. All Rights Reserved. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. Diversification does not eliminate the risk of experiencing investment losses. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. Past performance does not guarantee future results. 2023Morgan Stanley. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. 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. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. Item 4. Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. 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. . 31-Jan-2023, As of Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. 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. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. No. For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. 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. Morningside Presbyterian Preschool. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. As previously stated, we remain focused on net operating income (NOI) growth. The fund pursues its investment objectives by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "real estate industry securities," primarily in income producing equity and debt securities. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream
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