The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Stay abreast of the latest trends and developments. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. 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. None of the Funds executive officers receives compensation from the Fund. Morgan Stanley Real Estate Investing. Morgan Stanley Real Estate Prime Property Fund, Youre viewing 5 of 128 limited partners. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. 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. 0 Fund Administration and Accounting Fees and Expenses. The Fund's Class I shares commenced operations on August 10, 2015. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. 4May not sum to 100% due to rounding. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Redemption price per share may be reduced for any applicable contingent deferred sales charge. 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. 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. Last Annual Report . The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. 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. Audit Committee of Listed Registrants. 808 0 obj <>stream It is calculated by annualizing the most recent Fund distribution yield. 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. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. See how you can continue your career journey at Morgan Stanley. This information is available in the PitchBook Platform. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In the Media. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. Principal Accountant Fees and Services. The term -. From 2018 to 2019 he served as the Prime Minister's Business Envoy. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. Assessor Chat Bot. 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. The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Annual net returns are provided in the Performance Notes. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. 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. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. A $1B fund might provide more than $10M in annual . Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. 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. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. NCREIF will calculate the overall aggregated Index return. Performance data for funds with less than one year's track record is not shown. How may we assist you today? 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. 2023 Morningstar. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. 03-Mar-2023. The vehicle will invest in a diverse array of core properties throughout Western Europe. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. At Morgan Stanley, we focus the expertise of the entire firmour advice, data, strategies and insightson creating solutions for our clients, large and small. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. In addition, two or more Clients may have different investment objectives or investment styles. A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. 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. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. YTD performance data is not annualised. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. The performance data quoted above represents past performance. Class C and Class I shares are offered at net asset value. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information., EAA Fund Property - Indirect North America, Weighted average market capitalization ($B). The fund is located in Mumbai, India. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. 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. WAL is the weighted average life of the portfolio. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. 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 WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). 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. Distribution Policy Risk. Class I shares are not currently subject to a shareholder services fee. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. As of Notes. 03-Mar-2023, As of 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. 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 Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). 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 continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. hb```e``"g\dd@ A( Get the full list, Morningstar Institutional Equity Research. PRIME's assets include office, retail, multifamily, industrial, self storage and hotel properties and are located in major real estate markets throughout the United States. Item 5. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. 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. 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. Class A and Class I shares are not currently subject to a Distribution Fee. Actual results could differ from those estimates. Effective November 16, 2016, Class M Shares of the Fund commenced operations. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. 2007. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. 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. 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. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The sources for all performance and Index data is Morgan Stanley Investment Management. Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). PURCHASES AND SALES OF INVESTMENT SECURITIES. 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. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. 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. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. Portfolio Managers of Closed-End Management Investment Companies. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. The Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. All metrics are based on Class A shares. 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. 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 may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. 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. Privacy & Cookies For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page.Cash & Equivalentsare defined as the value of assets that can be converted into cash immediately. We believe our greatest asset is our people. 5.54%---- Fidelity Inv MM Fds . Implement policies and procedures, set and approve annual budget. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers 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. Performance is calculated net of fees. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Based on Market value. 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. Performance of 100 USD invested Download Average Annual Total Returns As of 31-Dec-2022 TIMEFRAME: Month-end Quarter-end Calendar Year Risk/Return Statistics As of 31-Jan-2023 TIMEFRAME: 3 Yrs Risk and Reward Profile As of 01-Dec-2022 Lower Risk High Risk Potentially Lower Rewards Potentially Higher Rewards Item 8. 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. Diversification does not eliminate the risk of experiencing investment losses. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. You cannot invest directly in an index. 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.