Diversification does not eliminate the risk of experiencing investment losses. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. A timely analysis of market-changing events and their impact on the investment landscape. 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 also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. Terms of Use. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. (Certification provided in Exhibit A.) Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. 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. If the outcome that might result from a proxy solicitation could cause any Non- discretionary Client to fall out of compliance with its Investment Guidelines, the Adviser shall consult each such Non-discretionary Client prior to voting the proxy and shall take direction from such Non-discretionary Client, in the form of a completed Exhibit B, as to how to vote the proxy. 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 AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. 1. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. 3. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. 1.2% JLL Income Property Trust 3.3 78 5.6% Morgan Stanley Prime Property Fund 31.9 444 3.6% Principal Enhanced Property Fund 3.8 54 7.2% PRISA LP 26.1 250 3.0% Prologis Targeted U.S. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. 31-Jan-2023. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. All rights reserved. from your original investment) and not a return of net profit. 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. Adjusted for initial maximum sales charge of 5.75%. 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. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. The objectives of the investment pool and its policy and procedures governing fund allocations is here. 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. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. 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. Contact Information Fund Manager Morgan Stanley Fund Manager Website www.morganstanley.com Fund Category Real Assets - Real Estate Native Currency USD Fund Manager's Location 18th Floor, Tower 2, One World Center We value our commitment to diverse perspectives and a culture of inclusion across the firm. 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. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. 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. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 3Entry Chargeis a maximum possible figure. A large standard deviation implies that there have been large swings in the return series of the manager. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Learn why 2023 has exciting opportunities for the real estate market. At Morgan Stanley, we lead with exceptional ideas. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. 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. 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. PURCHASES AND SALES OF INVESTMENT SECURITIES. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. We seek attractive long-term, risk-adjusted returns by investing in publicly traded real estate securities we believe offer the best value relative to their underlying assets and earnings. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. Discover who we are and the right opportunity for you. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Shareholder servicing fees payable (Note 3), Lines of credit interest payable (Note 6), Investment advisory fees payable (Note 3), Accumulated net realized gain on investments, Net unrealized appreciation on investments, Net asset value, and redemption price per share, Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized), Maximum offering price per share ((NAV/0.9425), based on maximum sales charge of 5.75% of the offering price), Net asset value, offering and redemption price per share. Global institutions, leading hedge funds and industry innovators turn to Morgan Stanley for sales, trading and market-making services. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Morgan Stanley Prime Property Fund Llc. 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. 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. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. The term -. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream 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). Dry powder refers to cash reserves for purchasing assets or making acquisitions. Holdings are subject to change. 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. At Morgan Stanley, giving back is a core valuea central part of our culture globally. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. 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. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. We believe our greatest asset is our people. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Macro and thematic insights shaping the global investment landscape. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. The Fund is an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at net asset value, of no less than 5% of the Funds shares outstanding. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. 0 The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. It is calculated by annualizing the most recent Fund distribution yield. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.TheMinimum Initial Investment/Minimum Subsequent Investmentamounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount).For more information please see the Charges and Expenses section of the prospectus. 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 term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. endstream endobj startxref 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. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. The Fund is considered an investment company for financial reporting purposes under GAAP. 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. Return of capital is a tax concept, not an economic concept. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. 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. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. 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. After several years of growing tensions, the potential for a reset under. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. The original Morgan Stanley Prime Property Fund is 47 years old and manages around $30B of assets in all real estate sectors across the U.S. . 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. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. 31-Jan-2023, 2023 Morningstar. Performance data quoted is based on average annualized returns and net of fees. Luxemburg B 29 192. 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. . 31-Dec-2022, As of 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. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 5 Sustainable Investing Trends for Companies and Investors, 7 Investment Ideas That Could Drive Markets in 2023, Yes, You Can Be a Tech Innovator at Morgan Stanley, Morgan Stanley Schedules Quarterly Investor Conference Call, Morgan Stanley Reports Fourth Quarter 2022, Morgan Stanley 4Q22 Fixed Income Investor Presentation, Morgan Stanley 3Q22 Fixed Income Investor Presentation, Morgan Stanley 2Q22 Fixed Income Investor Presentation, Sharon Yeshaya Speaks at the Credit Suisse Financial Services Forum, Morgan Stanley Reports Third Quarter 2022, Andy Saperstein Speaks at the Barclays Global Financial Services Conference, 2022 Morgan Stanley Compensation and Governance Practices, Liquidity Coverage Ratio Disclosures - US, Morgan Stanley 1Q22 Fixed Income Investor Presentation. May not sum to 100% due to the exclusion of other assets and liabilities. Tables present indicative values only. 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. We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. endstream endobj 765 0 obj <>/Metadata 16 0 R/OCProperties<>/OCGs[791 0 R]>>/Outlines 22 0 R/PageLayout/SinglePage/Pages 762 0 R/StructTreeRoot 27 0 R/Type/Catalog>> endobj 766 0 obj <>/ExtGState<>/Font<>/Properties<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 767 0 obj <>stream Distribution Policy Risk. 2. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Candice Todd is a Managing Director of Morgan Stanley and the CFO of Prime Property Fund, responsible for the Fund's capital structure and REIT compliance. 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. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. The Investment Pool holds external and internal endowments and other long term cash holdings. NIC Audit Committee Report September 2020.pdf. 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. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. The sources for all performance and Index data is Morgan Stanley Investment Management. The vehicle will invest in a diverse array of core properties throughout Western Europe. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Stay abreast of the latest trends and developments. 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. A $1B fund might provide more than $10M in annual . The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. The Barclays U.S. Prime Property Fund, LLC /s/ Bennett A. Weaver: Bennett A. Weaver: Head of Operations, Prime Property Fund, LLC: 2021-02-04: 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. We have the experience and agility to partner with clients from individual investors to global CEOs. 2014, Fund Controller, ALPS Fund Services, Inc., 2011, Vice President and Assistant Secretary Since 2015, Vice President and General Counsel Securities, Griffin Capital Corporation, 2014, Vice President and Senior Counsel, ALPS Fund Services, Inc. 2015. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. 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. Please click here for additional performance disclosures and important information, which should be reviewed carefully. Total returns would have been lower had certain expenses not been waived during the period. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. Implement policies and procedures, set and approve annual budget. NCREIF will calculate the overall aggregated Index return. The market value of PRIME assets, including PRIME's shareof joint venture assets, before debt. Morgan Stanley Prime Property Fund - Staff Memo.pdf. 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. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The filings are available upon request by calling 888-926-2688. 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. Select a trending topic or type your . Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. 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% . Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. Newsletters . Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. The addition of these five securities has helped to further strengthen our core real estate portfolio. In the Media. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. Hello! 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. The Funds distribution policy is to make quarterly distributions to shareholders. See how we can help you work toward your goalseven as they evolve over years or generations. Submission of Matters to a Vote of Security Holders. 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.

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