Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. It also brings the total number of private real estate holdings to 17. 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. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Newsletters .
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. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. May not sum to 100% due to the exclusion of other assets and liabilities. Morgan Stanley is differentiated by the caliber of our diverse team. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. 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. 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 graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Portfolio Managers of Closed-End Management Investment Companies. 3Entry Chargeis a maximum possible figure. There are additional risks associated with investing in real estate. . 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. 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. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Discover who we are and the right opportunity for you. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. 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. 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. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. 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. Morgan Stanley Real Estate Advisor, Inc.-Street Address 1 Street Address 2; 1585 BROADWAY: FLOOR 37: City State/Province/Country ZIP/PostalCode; NEW YORK: NEW YORK: 10036: . The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Submission of Matters to a Vote of Security Holders. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. An investor cannot invest directly into an index. The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. A $1B fund might provide more than $10M in annual . Total returns are for the period indicated and have not been annualized. 4May not sum to 100% due to rounding. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. 27-Feb-2023, As of We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. It is the current yield of Index performance does not represent actual Fund or portfolio performance. Prime Property Fund. 31-Dec-2022, As of We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. 0
Category 1 does not indicate a risk free investment. 6.b. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. Expert understanding and client-centric approach for insurance companies. 31-Jan-2023. 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. The Distributor serves as principal underwriter of shares of the Fund. Adjusted for initial maximum sales charge of 5.75%. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. Total returns would have been lower had certain expenses not been waived during the period. 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. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. 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. 31-Jan-2023, As of 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. 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. 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. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.