The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. 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. Performance is calculated net of fees. You cannot invest directly in an index. 5.54%---- Fidelity Inv MM Fds . The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. . The Distributor serves as principal underwriter of shares of the Fund. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Select a trending topic or type your . Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. For further details, please see our Terms of Use. The fund targets investments in the retail, multi-family, office and industrials properties. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005; This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Insurance Asset Management. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. Learn why 2023 has exciting opportunities for the real estate market. 2. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. 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. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. Adjusted for contingent deferred sales charge of 1.00%. Calculated using the average shares method. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Correlation is a statistical measure of how two securities move in relation to each other. 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. NIC Audit Committee Report September 2020.pdf. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. In our 2023 outlook, our macro strategists and investment managers across equity, fixed income and alternative asset classes share their diverse views on key themes, where they think markets are headed after a turbulent year, and how they are positioning their respective strategies. Cipperman Compliance Services, LLC provides a Chief Compliance Officer to the Fund as well as related compliance services pursuant to a consulting agreement between Cipperman Compliance Services, LLC and the Fund. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). The Fund engages in a continuous offering of shares and operates as an interval fund that offers quarterly repurchases of shares at net asset value. 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. 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. Ratings do not take into account sales loads. 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. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The global presence that Morgan Stanley maintains is key to our clients' success, giving us keen insight across regions and markets, and allowing us to make a difference around the world. Morgan Stanley Real Estate Investing. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. 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. 6.c. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. May not sum to 100% due to the exclusion of other assets and liabilities. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. 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). The Adviser will provide conspicuously displayed information in its Disclosure Document summarizing this proxy voting policy and procedures, including a statement that the Clients and Investors may request information regarding how the Adviser voted a Clients Proxies, and that the Clients and Investors may request a copy of these policies and procedures. 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. 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. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. from your original investment) and not a return of net profit. Morningside Presbyterian Preschool. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; 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. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. Total returns would have been lower had certain expenses not been waived during the period. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. 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. The registrants Code of Ethics is attached as an Exhibit hereto. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period.
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