The Barclays U.S. 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 continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. . 1A cap rate is the current annual income of the property divided by an estimate of the current value of the property . Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. Terms of Use. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. from your original investment) and not a return of net profit. 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. Based on Market value. Whether its hardware, software or age-old businesses, everything today is ripe for disruption. Last Annual Report . We are pleased to present the Griffin Institutional Access Real Estate Fund's (the "Fund") annual report. PDF The Official Web Site for The State of New Jersey Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Morningside Presbyterian Preschool. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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 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. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. A timely analysis of market-changing events and their impact on the investment landscape. 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. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" Portfolio Managers of Closed-End Management Investment Companies. The Distributor serves as principal underwriter of shares of the Fund. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. Minutes. 8 - Prime Property Fund") sponsored and maintained by The Equitable Life Assurance Societyof the UnitedStates. Performance of other share classes, when offered, may differ. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 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. In-depth insights on emerging and global markets for spotting hot growth stories. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. 3. Information in relation to sustainability aspectsof theFund and thesummary of investor rights is availableat the aforementioned website. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Class C and Class I shares are offered at net asset value. 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. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. This proposal represents a new relationship with Morgan Stanley on behalf of the OPERF real estate portfolio. Situations may arise in which more than one Client invests in the same Underlying Fund. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Ideas across disciplines uncover novel insights for sharper decision-making. Liability Driven Investing (LDI) Customized solutions structured to fit your LDI needs. From our origins as a small Wall Street partnership to becoming a global firm of more than 60,000 employees today, Morgan Stanley has been committed to clients and communities for 85 years. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Total returns would have been lower had certain expenses not been waived during the period. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. The Market Monitor series includes a wide array of market charts and views to guide your investing discussions. WAL is the weighted average life of the portfolio. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Homestead Capital. Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Past performance is not a guarantee of future results. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Accumulated Net Realized Gain on Investments. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. 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. As previously stated, we remain focused on net operating income (NOI) growth. For 87 years, weve had a passion for whats possible. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. 3.21%---- Ta Realty Core Property Fund, L.P. 3.09%---- Clarion Gables Multifamily Trust, L.P. 2.91%---- Brookfield Senior Mezzanine Real Estate Finance Fund . 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. Prime Property Fund Morgan Stanley Real Estate Investing - ReadkonG Adjusted for contingent deferred sales charge of 1.00%. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. Return of capital is a tax concept, not an economic concept. There may be an insufficient number of buyers or sellers which may affect the funds ability to buy or sell securities. Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. 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. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. This information is available in the PitchBook Platform. Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. It is the current yield of The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.

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