In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Formerly known as the Cornerstone Patriot Fund. 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. /pub/content/dam/im/json/imwebdata/im/data/misc/translation/translation.json, /pub/content/dam/im/json/imwebdata/im/data/misc/translation/aggTranslation.json. 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. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. 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. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. 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. 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. 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. 31-Dec-2022, As of The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. None of the Funds executive officers receives compensation from the Fund. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, WAL is the weighted average life of the portfolio. 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. %PDF-1.6 % 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. 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. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. $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. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Past performance is no guarantee of future results. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investors reference currency and the base currency of the investments. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. 808 0 obj <>stream . Stay abreast of the latest trends and developments. 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. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) From 2018 to 2019 he served as the Prime Minister's Business Envoy. 6.c. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. There are additional risks associated with investing in real estate. 5. The source for all performance and index data is Morgan Stanley Investment Management Limited. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. 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). 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. The risk and reward category shown is based on historic data. Item 10. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. TheEurope/Asia and South Africa category (EAA)includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. The portfolio management team continues to work diligently to determine the optimal mix of private and public real estate securities that maximize risk-adjusted returns for our shareholders. Homestead Capital. No. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. Meet one of our Financial Advisors and see how we can help you. The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. hb```e``"g\dd@ A( Class C and Class I shares are offered at net asset value. Securities Lending Annual Report.pdf. 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. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Prime Property Fund One of the longest-term core open-end funds - in its 47th PRIME is a core, fully-specified, open-end commingled real estate investment fund year of operation diversified by property type and location designed to provide a stable, income- driven rate of return over the long term with potential for growth of income and 4. 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. 2023 Morningstar. 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. . Learn why 2023 has exciting opportunities for the real estate market. 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. As of The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). The Administrator is also reimbursed by the Fund for certain out of pocket expenses. 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. %%EOF GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. 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. Home Page | Municipal Employees Retirement System of Louisiana 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. 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. 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 Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. The fund relies on other parties to fulfill certain services, investments or transactions. 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. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets.
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