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Correlation is a statistical measure of how two securities move in relation to each other. 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. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. 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. On behalf of the entire Griffin team, we thank you for your continued support. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. 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. 2007. 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). NIC Audit Committee Report September 2020.pdf. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. 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 S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. 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 requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. document.write(new Date().getFullYear()); MorganStanley.All rights reserved. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. 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. Annual Report Jul 09, 2007. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Kelly Cobb - Executive Director, Alternative Investments - LinkedIn Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. For further details, please see our Terms of Use. Notes. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. The objectives of the investment pool and its policy and procedures governing fund allocations is here. All metrics are based on Class A shares. 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. A timely analysis of market-changing events and their impact on the investment landscape. In our 2023 outlook, our macro strategists and investment managers across equity, fixed income and alternative asset classes share their diverse views on key themes, where they think markets are headed after a turbulent year, and how they are positioning their respective strategies. 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. 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 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. Performance of other share classes, when offered, may differ. A negative correlation of -1 indicates that the securities have moved in the opposite direction. 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. In considering AHICs practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and AHICs other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of AHICs code of ethics. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. 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 CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare 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 scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. In considering whether to approve the Investment 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 the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom 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 scale for the benefit of the Funds investors; (v) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. 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. 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. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Insurance Asset Management. If these parties become insolvent, it may expose the fund to financial loss. Learn why 2023 has exciting opportunities for the real estate market. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. Multicultural and women entrepreneurs are the cutting-edge leaders of businesses that power markets. 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. 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. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. 6.c. Griffin Institutional Access Real Estate Fund. Audit Committee Financial Expert. As a global financial services firm, Morgan Stanley is committed to technological innovation. As of September 30, 2016, Dr. Anderson and Mr. Propper were responsible for the management of the following types of accounts in addition to the Fund: Item 9. Expert understanding and client-centric approach for insurance companies. 2. %%EOF We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. The term -. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 1Q 2020 Alts Performance Summary.pdf. The term of office for each Trustee and officer listed above will continue indefinitely. 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. 03-Mar-2023. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. 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 Distributor serves as principal underwriter of shares of the Fund. Last Annual Report Date: . 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. 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. The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. TIPRX Performance & Stats | Bluerock Total Income+ Real Estate A - YCharts See how you can continue your career journey at Morgan Stanley. The fund may be impacted by movements in the exchange rates between the fund's currency and the currencies of the fund's investments. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. Total returns would have been lower had certain expenses not been waived during the period. In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. Last Annual Report . 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. The vehicle will invest in a diverse array of core properties throughout Western Europe. 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. 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 Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. 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. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. Material Conflicts of Interest and Proxy Voting Committee. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. Morgan Stanley Prime Property Fund. Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Class I shares are not currently subject to a shareholder services fee. Home Page | Municipal Employees Retirement System of Louisiana 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. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. WAL is the weighted average life of the portfolio. 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. 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.
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