GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND | SEMI-ANNUAL REPORT 2016 . Past performance is not a guarantee of future results. 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. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, 31-Jan-2023, As of Calculated using the average shares method. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. 2023 PitchBook. Audit Committee Financial Expert. Macro and thematic insights shaping the global investment landscape. 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. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. 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. Class I shares are not currently subject to a shareholder services fee. Terms of Use. 6.b. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. A monthly outlook for global fixed income markets, including an in-depth review of key sectors. The filings are available upon request by calling 888-926-2688. Annual Report Jul 09, 2007. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. Fund Documents | J.P. Morgan Asset Management An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. Performance of other share classes, when offered, may differ. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. Across all our businesses, we offer keen insight on today's most critical issues. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. 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. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. Performance may be lower or higher than performance data quoted. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. 0 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. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. 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. For a description of a possible sales charge, please see (Note 1). All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. 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. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. Item 8. 20 November 2020 Fund name: Prime Property Fund Europe Fund size: 700 million Launch date: October 2019 Morgan Stanley Real Estate Investing has raised 700 million for its Prime Property Fund Europe. 2TheFTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index: is a free float-adjusted market-capitalization-weighted index of tax qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. The Adviser maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Advisers proxy policies and practices and the availability of the Advisers proxy voting record. 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. Prime Property Fund. 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. 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. TIPRX Performance & Stats | Bluerock Total Income+ Real Estate A - YCharts In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. Our culture of access and inclusion has built our legacy and shapes our future, helping to strengthen our business and bring value to clients. We utilize proprietary research to assess both real estate specific factors and broader equity market factors and may consider Environmental, Social and Governance (ESG) factors to calculate appropriate valuation metrics. The Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. 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. 808 0 obj <>stream The joint venture also acquired one additional storage property bringing the total capitalization to more than $400 million. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations. 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. In the Media. 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. The Trustees noted that the Adviser seeks to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. Performance data quoted is based on average annualized returns and net of fees. Counsel with preschool director around staff, school programs and best practices. The fund targets investments in the retail, multi-family, office and industrials properties. 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. Morgan Stanley - AnnualReports.com Stay on top of today's volatile markets with these timely resources. . SEC.gov | HOME The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. The Fund is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. 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. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. 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. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. 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. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Last Annual Report . The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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. All or a portion of a distribution may consist solely of a return of capital (i.e. )E;CIa#939$N JC'IG8u+ zM7Dy(9 @0N%y0DH"%P"R*M6Fs{YLra]~{fvn~o? In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions.

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