morgan stanley prime property fund annual report

The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Sec Form D/A As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. The fund is located in Mumbai, India. 31-Jan-2023, As of Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. All Rights Reserved. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. Index performance does not represent actual Fund or portfolio performance. 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. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. Hello! The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. The Barclays U.S. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Expert understanding and client-centric approach for insurance companies. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. SEC.gov | HOME Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. westernassetfunds.com. 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 CenterSquare. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Diversification does not eliminate the risk of experiencing investment losses. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. The Trustees noted that the Adviser seeks 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 strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. Bluerock Total Income (plus) Real Estate Fund - Intervalfunds In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. The fund relies on other parties to fulfill certain services, investments or transactions. 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. Agenda/Materials. 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. PDF Prime Property Fund Discussion Materials - WordPress.com hb```e``"g\dd@ A( A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. In considering 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, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. Dry powder refers to cash reserves for purchasing assets or making acquisitions. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. 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. 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. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. 3. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. YTD performance data is not annualised. These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. The Fund completed a quarterly repurchase offer on November 7, 2016 which resulted in 1,010,099 of Fund shares being repurchased for $26,753,389. $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005; This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. The Fund's Class A shares commenced operations on June 30, 2014. These financial statements and financial highlights are the responsibility of the Funds management. Macro and thematic insights shaping the global investment landscape. PDF Prime Property Fund One basis point is equal to 1/100th of 1%, or 0.01%. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. As such this category may change in the future. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. 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. The source for all performance and index data is Morgan Stanley Investment Management Limited. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. To the Board of Trustees and the Shareholders of. 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. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. All rights reserved. Individual Investors. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). Luxemburg B 29 192. Since our founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way. 31-Jan-2023. From 2018 to 2019 he served as the Prime Minister's Business Envoy. 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. 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. Item 5. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. 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. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. Various inputs are used in determining the value of the Funds investments as of the reporting period end. A correlation ranges from-1 to 1. Principal Accountant Fees and Services. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 2. The vehicle will invest in a diverse array of core properties throughout Western Europe. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. Morgan Stanley Los Angeles Complex | Los Angeles, CA The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. PDF Employees' Retirement System of Rhode Island CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. The fund is in this category because it invests in property company shares and the fund's simulated and/or realised return has experienced very high rises and falls historically. 1The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. PDF Prime Property Fund - Nebraska PURCHASES AND SALES OF INVESTMENT SECURITIES. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. 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. 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. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. Notes. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. Effective November 16, 2016, Class M Shares of the Fund commenced operations. Info: 213-974-3211 | helpdesk@lacounty.gov. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. 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. 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. 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. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. This dual focus for the identification of value allows us to appreciate the going concern valuation of the company as well as the liquidation value of the tangible property portfolio. 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. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Oversee all . The term -. Total returns would have been lower had certain expenses not been waived during the period. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. 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. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. For further details, please see our Terms of Use. 31-Jan-2023, As of Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; 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. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. The Funds distribution policy is to make quarterly distributions to shareholders. 6.b. 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. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. 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. Win whats next. Morgan Stanley Real Estate's Prime Property Fund Forms Joint Venture Annual Report Jul 08, 2008. In-depth insights on emerging and global markets for spotting hot growth stories. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. See how we can help you work toward your goalseven as they evolve over years or generations. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. 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. The Fund currently offers Class A, Class C and Class I shares. As of 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. A timely analysis of market-changing events and their impact on the investment landscape. We believe our greatest asset is our people. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. Submission of Matters to a Vote of Security Holders. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. 2020 Council Agendas & Meetings | Nebraska Investment Council 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. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Redemption price per share may be reduced for any applicable contingent deferred sales charge.