We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. Select a trending topic or type your . Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. Hear their stories and learn about how they are redefining the terms of success. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). 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. The source for all performance and index data is Morgan Stanley Investment Management Limited. 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. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. 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. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. How may we assist you today? Item 4. If these parties become insolvent, it may expose the fund to financial loss. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. An investor cannot invest directly into an index. Macro and thematic insights shaping the global investment landscape. 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. 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. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. It is calculated by annualizing the most recent Fund distribution yield. Past performance is not a reliable indicator of future results. 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. 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. 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. Annual net returns are provided in the Performance Notes. 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. The business and affairs of the Fund are managed under the direction of the Trustees. In the Media. 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. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. In some cases you might pay less, you can find this out from your financial adviser.Ongoing Chargesreflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. Oversee all . 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. During the year ended September 30, 2016, the fee waiver was as follows: As of September 30, 2016, the balance of recoupable expenses for the Fund was as follows: Sub-advisory services were provided to the Fund pursuant to agreements between the Adviser and both Aon Hewitt Investment Consulting, Inc. (formerly doing business as Hewitt EnnisKnupp, Inc.) and CenterSquare Investment Management, Inc. (the Sub-Advisers). 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. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. 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. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. Total returns are for the period indicated and have not been annualized. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. 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. 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. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. Item 8. 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. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. The Barclays U.S. All Rights Reserved. 1Q 2020 Alts Performance Summary.pdf. Meet one of our Financial Advisors and see how we can help you. The Fund raised $1.5 billion in 2021, the most of any active interval fund, representing 21% of all direct industry capital placed into interval funds last year, and recently posted its 36th consecutive distribution at a 5.25% annualized yield based on NAV on the distribution date. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. This information is available in the PitchBook Platform. A monthly publication featuring the Global Multi-Asset Teams latest views on the economic and market environment and how best to position portfolios. 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. 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. For a description of a possible sales charge, please see (Note 1). $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. Morgan Stanley Prime Property Fund is an open-end core fund with a focus on office, retail, multifamily, . 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. Audit Committee Financial Expert. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. 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 Distributor serves as principal underwriter of shares of the Fund. 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. Situations may arise in which more than one Client invests in the same Underlying Fund. Info: 213-974-3211 | helpdesk@lacounty.gov. 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. Morgan Stanley Real Estate Prime Property Fund is a real estate core fund managed by Morgan Stanley Real Estate Advisors. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. The vehicle will invest in a diverse array of core properties throughout Western Europe. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. Material Conflicts of Interest and Proxy Voting Committee. 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. 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. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. No. Actual results could differ from those estimates. . Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. 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. from your original investment) and not a return of net profit. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. To the Board of Trustees and the Shareholders of. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. 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. 5.54%---- Fidelity Inv MM Fds . Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. 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. Redemption price per share may be reduced for any applicable contingent deferred sales charge. 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. These financial statements and financial highlights are the responsibility of the Funds management. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. See how we can help you work toward your goalseven as they evolve over years or generations. 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. Top-down considerations are also incorporated into the portfolio construction process and the Team may integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. Notes. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. 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. Performance may be lower or higher than performance data quoted. YTD performance data is not annualised. 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. For additional mutual fund and exchange traded fund data (such as sector / industry / country / regional / fund allocations of sources of value add, maturity / quality / market capitalization allocations) not currently shown on individual Fund webpages or the Fund Factsheet, please call JPM Shareholder Services desk at 1-800-480-4111. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. 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% . 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. Class C and Class I shares are offered at net asset value. 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. The fund targets investments in the retail, multi-family, office and industrials properties. 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. US CORE STRATEGY. 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. Accumulated Net Realized Gain on Investments. Item 5. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The 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. experience includes acquisition activities at Lend Lease Real Estate, which is the predecessor to Prime Property. 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 sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Ideas across disciplines uncover novel insights for sharper decision-making. Instead, they may solicit consents from their limited partners, members or shareholders. Performance data for funds with less than one year's track record is not shown. WAM is the weighted average maturity of the portfolio. This is a profile preview from the PitchBook Platform. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination.