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. 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. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. 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. The objectives of the investment pool and its policy and procedures governing fund allocations is here. 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. We rely on our technologists around the world to create leading-edge, secure platforms for all our businesses. 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. To explore Morgan Stanley Real Estate Prime Property Funds full profile, request access. Kansas Public Employees Retirement System (PERS) has approved a $100m (85.1m) commitment to Morgan Stanley's core open-ended US fund. Item 7. Office of LA County Assessor Jeff Prang - Committed to establishing accurate & fairly assessed property values. Ratings do not take into account sales loads. 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 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. The tax character of distributions paid for the years ended September 30, 2016 and September 30, 2015 were as follows: As of September 30, 2016 the components of accumulated earnings/(deficit) on a tax basis were as follows: Other cumulative effect of timing differences. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Discover who we are and the right opportunity for you. Cipperman Compliance Services, LLC provides a Chief Compliance Officer to the Fund as well as related compliance services pursuant to a consulting agreement between Cipperman Compliance Services, LLC and the Fund. The Pool Managers Carbon Intensity Clean Solutions Fossil Fuel Investment Pool McMaster invests funds in Investment Manager products. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. SEC.gov | HOME Allocation, Sector, and Geographic Diversification are subject to change. A correlation ranges from-1 to 1. 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). Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. 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. 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. A large standard deviation implies that there have been large swings in the return series of the manager. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. NIC Audit Committee Report September 2020.pdf. 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. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. YTD performance data is not annualised. The Fund is considered an investment company for financial reporting purposes under GAAP. The Distributor serves as principal underwriter of shares of the Fund. Oversee all . Principal Accountant Fees and Services. Morgan Stanley, founded in 1935, is a global financial services firm focused on securities underwriting, 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. Inflation Protection | Rhode Island State Investment Information Center Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). We have the experience and agility to partner with clients from individual investors to global CEOs. 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. Morgan Stanley Prime Property Fund. 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. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. This information is available in the PitchBook Platform. For the registrants last two fiscal year ended September 30, 2015 and September 30, 2016, the aggregate non-audit fees for services rendered to the registrant, 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 adviser that provides ongoing services to the registrant were $3,000 and $3,000, respectively. 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. gross of) investment advisory fees specifically they do not reflect a deduction for asset management fees. In addition, two or more Clients may have different investment objectives or investment styles. We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. ;:@t" bI cK?#;#E},Y`b[{u&P4\O)|30=4`Afv o" Spencer Propper Mr. Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of Griffin Institutional Access Real Estate Fund. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. 2023 Morningstar. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. 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. PDF The Annual Report of McMaster's Endowment 2021 - 2022 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. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements. 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The performance data quoted above represents past performance. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. 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.