morgan stanley prime property fund annual report
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October 23, 2017

morgan stanley prime property fund annual report

In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. 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. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US 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 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. 764 0 obj <> endobj Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Select a trending topic or type your . It also brings the total number of private real estate holdings to 17. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. Home Page | Municipal Employees Retirement System of Louisiana We believe our greatest asset is our people. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. 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. Win whats next. Morgan Stanley is differentiated by the caliber of our diverse team. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. 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. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Greg is currently the Managing Director, Complex Manager of the Los Angeles Complex for Morgan Stanley. Annual net returns are provided in the Performance Notes. All metrics are based on Class A shares. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. The performance data quoted above represents past performance. The Funds distribution policy is to make quarterly distributions to shareholders. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. YTD performance data is not annualised. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. US CORE STRATEGY. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). All or a portion of a distribution may consist solely of a return of capital (i.e. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. Griffin Capital Advisor along with CenterSquare Investment Management have designed a public market strategy in line with the objectives of the Fund with a focus on identifying public real estate securities whose current prices are below their intrinsic values. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) Information concerning the Trustees and officers of the Fund is set forth below. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. Individual Investors. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. Stay on top of today's volatile markets with these timely resources. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. The filings are available upon request by calling 888-926-2688. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. 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. A $1B fund might provide more than $10M in annual . Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. 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. 27-Feb-2023, As of The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. Morningside Presbyterian Preschool. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. The registrants Code of Ethics is attached as an Exhibit hereto. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Item 8. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Securities Lending Annual Report.pdf. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Measurement is time-weighted. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. Class A and Class I shares are not currently subject to a Distribution Fee. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. The Distributor serves as principal underwriter of shares of the Fund. 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. 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. 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. 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. Based on Market value. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level.

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morgan stanley prime property fund annual report