The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. Tables present indicative values only. Macro and thematic insights shaping the global investment landscape. 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. None of the Funds executive officers receives compensation from the Fund. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. PDF Oregon Investment Council 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 also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). No. Hear their stories and learn about how they are redefining the terms of success. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. 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. After several years of growing tensions, the potential for a reset under. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. Calculated using the average shares method. Expert understanding and client-centric approach for insurance companies. Total returns are for the period indicated and have not been annualized. Last Annual Report Date: . A $1B fund might provide more than $10M in annual . It also brings the total number of private real estate holdings to 17. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Returns may increase or decrease as a result of currency fluctuations. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. GRIFX Performance & Stats | Apollo Diversified Real Estt I - YCharts 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. All or a portion of a distribution may consist solely of a return of capital (i.e. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Period ending March31, 2022. 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. Returns may increase or decrease as a result of currency fluctuations. 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. . 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 . McMaster Investment Pool - Financial Affairs Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. Proprietary views on big ideas with the potential for far-reaching consequences. In the Media. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. . The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. All metrics are based on Class A shares. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. 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. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. . During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Privacy & Cookies WAM is the weighted average maturity of the portfolio. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. Includes all wholly owned debt and PRIME's proportionate share of joint venture debt. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. 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 Fund currently offers Class A, Class C and Class I shares. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. 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. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. 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 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. Visit website Social Media Links Most Recent Annual Report MOST RECENT 2021 Annual Report and Form 10K View PDF View Form 10K (HTML) 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. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Oversee all . The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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 CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Andrew Slimmon, lead portfolio manager of the Applied Equity Advisors suite of funds and strategies shares his TAKE -- Takeaways & Key Expectations on the financial markets. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. It is the current yield of Underpinning all that we do are five core values. Logistics Holdings, LP 15.3 715 4.8% RREEF America REIT II 15.1 109 3.6% RREEF Core Plus Industrial Fund 1.1 22 3.6% Sentinel Real Estate Fund 1.8 29 3.2% . WAL is the weighted average life of the portfolio. 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. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. 27-Feb-2023, As of 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 market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. 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. Portfolio Managers of Closed-End Management Investment Companies. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund.
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