We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. A large standard deviation implies that there have been large swings in the return series of the manager. . Class A and Class I shares are not currently subject to a Distribution Fee. 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. Macro and thematic insights shaping the global investment landscape. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. 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. Jim Caron, Co-Lead Global Portfolio Manager and Co-Chief Investment Officer of the Global Balanced Risk Control (GBaR) Team, shares his macro thematic views on key market drivers. 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. Last Annual Report . 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). CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. Agenda/Materials. Certain Trustees and officers of the Fund are also officers of the Adviser and are not paid by the Fund for serving in such capacities. Prior to joining Morgan Stanley in November 2003, andice 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . 31-Jan-2023. Please click here for additional performance disclosures and important information, which should be reviewed carefully. As of ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. . 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. 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. 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. The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Performance of other share classes, when offered, may differ. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. Assessor Chat Bot. 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 addition of these five securities has helped to further strengthen our core real estate portfolio. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Investment Pool holds external and internal endowments and other long term cash holdings. Stay abreast of the latest trends and developments. Individual Investors. Returns may increase or decrease as a result of currency fluctuations. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Category 1 does not indicate a risk free investment. 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). 3. . Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. IC Berkeley Partners IV 30,000,000 3,087,000 26,913,000 0 n/a n/a JP Morgan Alternative Property Fund . Proprietary views on big ideas with the potential for far-reaching consequences. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Select a trending topic or type your . In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. 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 To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. 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. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. 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. Stay on top of today's volatile markets with these timely resources. In-depth insights on emerging and global markets for spotting hot growth stories. 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. Performance may be lower or higher than performance data quoted. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. As of September 30, 2019. A timely analysis of market-changing events and their impact on the investment landscape. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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. The registrants Code of Ethics is attached as an Exhibit hereto. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. We have the experience and agility to partner with clients from individual investors to global CEOs. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. Allocation, Sector, and Geographic Diversification are subject to change. Class I shares are not currently subject to a shareholder services fee. 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. 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. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. On behalf of the entire Griffin team, we thank you for your continued support. Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. It also brings the total number of private real estate holdings to 17. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. Morgan Stanley is differentiated by the caliber of our diverse team. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. PRIME's net return for 3Q19 is 1.4% and since inception is 8.1%. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Griffin Institutional Access Real Estate Fund. 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. 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. 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. Oversee all . . Newsletters . Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. To the Board of Trustees and the Shareholders of. NCREIF will calculate the overall aggregated Index return. 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. Across all our businesses, we offer keen insight on today's most critical issues. The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund. Prime Property Fund. 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. 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. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Terms of Use. 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. All metrics are based on Class A shares. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. Performance is calculated net of fees. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. hb```e``"g\dd@ A( The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. 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. 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. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. 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. 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. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. 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 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. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. None of the Funds executive officers receives compensation from the Fund. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. Effective November 16, 2016, Class M Shares of the Fund commenced operations. As of Luxemburg B 29 192. Ifthe management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. 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. Discover who we are and the right opportunity for you. 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. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. 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 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. Aggregate Bond Index, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. . Ideas across disciplines uncover novel insights for sharper decision-making. from your original investment) and not a return of net profit. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. All rights reserved. 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. 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. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. 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. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. $250 million to the Morgan Stanley Prime Property Fund (MSPPF or the Fund). endstream endobj startxref The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information., EAA Fund Property - Indirect North America, Weighted average market capitalization ($B). 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. 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. samuel donaldson iii, manchester crime rate 2021, konoha regrets banishing naruto fanfiction naruhina,
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