Oversee all . GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . Distribution Policy Risk. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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. Tables present indicative values only. Past performance is no guarantee of future results. 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. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. 5.54%---- Fidelity Inv MM Fds . The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. The Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). See how you can continue your career journey at Morgan Stanley. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information., EAA Fund Property - Indirect North America, Weighted average market capitalization ($B). After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 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. 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 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. 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. Number of Funds 1,839 1,787 1,815 1,775 1,830 First Sentier Global Diversified Infrastructure Fund Harris Associates L.P. Harrison Street Mesirow Financial Morgan Stanley Investment Management Inc. Morgan Stanley Prime Property Fund PCJ Investment Counsel Ltd. Russell Investments Canada Ltd. Aristotle Capital . The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. 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. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. The Fund is now invested in 23 private and non-listed institutional real estate funds representing more than 2,600 properties in $188 billion of real estate. 4May not sum to 100% due to rounding. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. WAM is the weighted average maturity of the portfolio. Material Conflicts of Interest and Proxy Voting Committee. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. hWn8>&(I$|o$ATu! Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. Morgan Stanley Real Estate Investing Prime Property Fund Availability of Adviser's Form ADV For the Exclusive Use of SDCERS STRICTLY PRIVATE AND CONFIDENTIAL - NOT FOR REPRODUCTION Important Notices (cont'd) 5 Limitations on Use; Distribution of These Materials in Certain Jurisdictions. As a global financial services firm, Morgan Stanley is committed to technological innovation. Underpinning all that we do are five core values. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. 27-Feb-2023, As of Morningside Presbyterian Preschool. Effective November 16, 2016, Class M Shares of the Fund commenced operations. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. The term -. %PDF-1.6 % QUESTIONS! The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. Please click here for additional performance disclosures and important information, which should be reviewed carefully. The Distributor is an affiliate of the Administrator and the Transfer Agent. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. A negative correlation of -1 indicates that the securities have moved in the opposite direction. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 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. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. The amount being invested in the Morgan Stanley Prime Property Fund follows the pension fund's initial $50m investment in 2013 and a $65m commitment two years ago. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. Individual Investors. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 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 Barclays Capital U.S. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. Item 7. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. Total returns are for the period indicated and have not been annualized. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. In addition, two or more Clients may have different investment objectives or investment styles. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Griffin Institutional Access Real Estate Fund. As such this category may change in the future. At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. 31-Dec-2022, As of Newsletters . In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, industrial, self storage and hotel properties located in major real estate markets throughout the United States. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Expert understanding and client-centric approach for insurance companies. 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. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception.