morgan stanley prime property fund annual reportcleveland clinic strongsville lab hours
The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. 1Q 2020 Alts Performance Summary.pdf. 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. The vehicle will invest in a diverse array of core properties throughout Western Europe. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. The Fund currently offers Class A, Class C and Class I shares. 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. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. 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. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). Kansas PERS puts $100m into core open-ended US property fund The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). Morgan Stanley Inst Global Real Est L 2.65% 8.89% . As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. 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. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. . NCREIF will calculate the overall aggregated Index return. 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. Investor Relations | Morgan Stanley Contact Information Fund Manager Morgan Stanley Fund Manager Website www.morganstanley.com Fund Category Real Assets - Real Estate Native Currency USD Fund Manager's Location 18th Floor, Tower 2, One World Center Morgan Stanley Real Estate Investing. Item 5. Homestead Capital. Portfolio Managers of Closed-End Management Investment Companies. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. 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. 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. The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. Terms of Use. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Insurance Asset Management. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). Liquidity will be provided to shareholders only through the Funds quarterly repurchases. Info: 213-974-3211 | helpdesk@lacounty.gov. In some cases you might pay less, you can find this out from your financial adviser.Ongoing Chargesreflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. On behalf of the entire Griffin team, we thank you for your continued support. 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. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . 6.c. Material Conflicts of Interest and Proxy Voting Committee. If these parties become insolvent, it may expose the fund to financial loss. Sec Form D/A The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. Following further discussion of the Funds current and projected asset levels, expectations for growth, and fee levels, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that the Expense Limitation Agreement has provided savings for the benefit of the Funds investors. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Total returns are for the period indicated and have not been annualized. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. hb```e``"g\dd@ A( Prime Property Fund. Class C and Class I shares are offered at net asset value. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. Last Annual Report . The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? . By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. None of the Funds executive officers receives compensation from the Fund. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. 5. 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 Administrator is also reimbursed by the Fund for certain out of pocket expenses. 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. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds PDF The Official Web Site for The State of New Jersey To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. Morgan Stanley Prime Property Fund. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. 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. Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Item 4. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. 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. from your original investment) and not a return of net profit. 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. An investor cannot invest directly into an index. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The Trustees noted that CenterSquare assists the Adviser in seeking to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. 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 valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. As of September 30, 2019. In the Media. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. How may we assist you today? It's been a half century since Australia and China established formal relations, but neither side is really celebrating. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. Redemption price per share may be reduced for any applicable contingent deferred sales charge. 0 2023 Morningstar. 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. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . . Implement policies and procedures, set and approve annual budget. 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. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. Hello! 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. PDF Semi-Annual Report - predexfund.com The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. Morgan Stanley Real Estate's Prime Property Fund Acquires 2 Park Avenue All rights reserved. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. 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. Total returns would have been lower had certain expenses not been waived during the period. 31-Jan-2023, As of 31-Jan-2023, As of A correlation ranges from-1 to 1. hbbd```b``fA$zHvK'dV&60,+&;@w@c3"-vH`-9`WLL`4$30 0 t The Trustees also considered the anticipated 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 anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars).
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