Category 1 does not indicate a risk free investment. Select a trending topic or type your . The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. Past performance is no guarantee of future results. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. . 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. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. The firm was founded in 2012 and is based in San Francisco, CA. endobj 322 0 obj >/Filter/FlateDecode/ID[5B1E6BB644E5214FA1B00738D0097441>]/Index[298 41]/Info 297 0 R/Length 121/Prev 378094/Root 299 0 R/Size 339/Type/XRef/W[1 3 1 . We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. 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. 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. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. The services described on this website may not be available in all jurisdictions or to all persons. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Core AEW Core Property Trust (1) Morgan Stanley Prime Property Fund . We believe our greatest asset is our people. Learn from our industry leaders about how to manage your wealth and help meet your personal financial goals. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. 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. The Fund's Class A shares commenced operations on June 30, 2014. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. 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. 790 0 obj <>/Filter/FlateDecode/ID[<607857BE6E716B4E9D499B07A688E7D9><222708FA8A18DD4D8383652F01B69479>]/Index[764 45]/Info 763 0 R/Length 123/Prev 207225/Root 765 0 R/Size 809/Type/XRef/W[1 3 1]>>stream Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. 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. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. 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 registrants audit committee has considered whether the provision of non-audit services to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. 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. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. Expert understanding and client-centric approach for insurance companies. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 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. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. %PDF-1.6 % 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. Proprietary views on big ideas with the potential for far-reaching consequences. 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. Trustees Consideration and Approval of continuation of Sub-Advisory Agreement with CenterSquare. 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. 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). We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). 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. Ubs Triton Property Fund Annual Report Our Financial Author: mx.up.edu.ph-2023-02-28T00:00:00+00:01 Subject: 6.c. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. 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. The sources for all performance and Index data is Morgan Stanley Investment Management. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Prime Property Fund Asia is a real estate opportunistic fund managed by Morgan Stanley. 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. Total returns would have been lower had certain expenses not been waived during the period. Oversee all . The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares 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. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs. NIC Audit Committee Report September 2020.pdf. 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. 31-Jan-2023, As of Candice Todd is a Managing Director of Morgan Stanley and the CFO of Prime Property Fund, responsible for the Fund's capital structure and REIT compliance. Across all our businesses, we offer keen insight on today's most critical issues. As of Browse through ourlatestearningsreleases, financial statements, presentations and webcasts. Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. 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. Historic figures are only a guide and may not be a reliable indicator of what may happen in the future. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. See how we can help you work toward your goalseven as they evolve over years or generations. Morgan Stanley Real Estate's Prime Property Fund (PRIME) announced today that it has acquired an interest in Safeguard Storage Properties LLC (Safeguard) in a joint venture with Safeguard's existing management team. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Ratings do not take into account sales loads. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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. 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. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points.