The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. Allocation, Sector, and Geographic Diversification are subject to change. Formerly known as the Cornerstone Patriot Fund. In considering whether to approve the Investment Sub-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 AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from 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 scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. Prior to joining Morgan Stanley in November 2003, andice 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 The fund is located in New York, New York and invests in Northern California, Southern California, Chicago, South Florida, Chicago, Washington D.C., Boston and New York across the United States. In the Media. Macro and thematic insights shaping the global investment landscape. A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Since our annual report, the Fund has observed its third anniversary and added two new funds managed by Morgan Stanley and Principal. 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. 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 risk and reward category shown is based on historic data. Holdings are subject to change. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. On behalf of the entire Griffin team, we thank you for your continued support. CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. 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. 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. Tables present indicative values only. 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. The business and affairs of the Fund are managed under the direction of the Trustees. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. 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. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. 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. 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. 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. 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. All rights reserved. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. 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. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. 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. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. 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. 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. 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. 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. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. a number of leadership roles at Nomura, Lehman Brothers and Morgan Stanley. 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. 4.76%---- Cortland Growth And Income Fund, L.P. 4.71%-- . Fund Administration and Accounting Fees and Expenses. We value our commitment to diverse perspectives and a culture of inclusion across the firm. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. US CORE STRATEGY. Effective November 16, 2016, Class M Shares of the Fund commenced operations. This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Dry powder refers to cash reserves for purchasing assets or making acquisitions. 2023 PitchBook. 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). Across all our businesses, we offer keen insight on today's most critical issues. Redemption price per share may be reduced for any applicable contingent deferred sales charge. Past performance is not a guarantee of future results. 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. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 2023Morgan Stanley. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. Return of capital is a tax concept, not an economic concept. 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. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Learn how we strive to deliver results for our shareholders. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. 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.

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