Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. 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. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. 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. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; 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. These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . Material Conflicts of Interest and Proxy Voting Committee. 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. . Past performance is not a guarantee of future results. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 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. 5. 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. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. A timely analysis of market-changing events and their impact on the investment landscape. 2023 Morningstar. The Investment Pool holds external and internal endowments and other long term cash holdings. Tables present indicative values only. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. endstream endobj 765 0 obj <>/Metadata 16 0 R/OCProperties<>/OCGs[791 0 R]>>/Outlines 22 0 R/PageLayout/SinglePage/Pages 762 0 R/StructTreeRoot 27 0 R/Type/Catalog>> endobj 766 0 obj <>/ExtGState<>/Font<>/Properties<>/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 767 0 obj <>stream 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. 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). Please click here for additional performance disclosures and important information, which should be reviewed carefully. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. The firm was founded in 2012 and is based in San Francisco, CA. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. 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. A comprehensive assessment of noteworthy trends shaping the global investment risk environment and our portfolio allocations. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. 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 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. Situations may arise in which more than one Client invests in the same Underlying Fund. Newsletters . The registrants Code of Ethics is attached as an Exhibit hereto. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. Following further consideration and discussion, the Board indicated that the Advisers standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. 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 GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Meet one of our Financial Advisors and see how we can help you. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. The fund pursues its investment objectives by investing, under normal circumstances, at least 80% of net assets, plus the amount of any borrowings for investment purposes, in "real estate industry securities," primarily in income producing equity and debt securities. 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. 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. 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. 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. 2007. 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. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. As such this category may change in the future. 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. Our monthly Global Equity Observer shares our thoughts on world events as seen through the lens of our high quality investment process. Class A and Class I shares are not currently subject to a Distribution Fee. . The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. 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). The Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark. 4. 3. 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. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. Morgan Stanley Inst Global Real Est L 2.65% 8.89% . (Certification provided in Exhibit A.) The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 2023 PitchBook. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. All or a portion of a distribution may consist solely of a return of capital (i.e. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. 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. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The term of office for each Trustee and officer listed above will continue indefinitely. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. 2. 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). See how you can continue your career journey at Morgan Stanley. 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. 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. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. Healthcare Trust of America, Inc., Class A, 1.888.926.2688 | www.griffincapital.com, TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,122,109,673), TOTAL INVESTMENTS (100.16%) (Cost $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. Additionally, Mr. Propper serves as Vice President, Product Development of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Across all our businesses, we offer keen insight on today's most critical issues. 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. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Research We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. 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. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Item 8. 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. Distribution Policy Risk. Instead, they may solicit consents from their limited partners, members or shareholders. Home Page | Municipal Employees Retirement System of Louisiana Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. Total returns would have been lower had certain expenses not been waived during the period. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. The fund is in this category because it invests in property company shares and the fund's simulated and/or realised return has experienced very high rises and falls historically. The business and affairs of the Fund are managed under the direction of the Trustees. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. 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. Morgan Stanley Real Estate Investing. We offer scalable investment products, foster innovative solutions and provide actionable insights across sustainability issues. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). 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 Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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. There are additional risks associated with investing in real estate. No. Luxemburg B 29 192. None of the Funds executive officers receives compensation from the Fund. 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. 27-Feb-2023, As of As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts.
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