Such fees, expenses, and commissions could reduce returns. Clarion Partners Europe is a leading specialist investor in pan-European logistics. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. Clarion Partners 2002-2007 Managing Director, Chief Real Estate Officer, Lion Industrial Trust (LIT), Trustee, LIT Fund Led efforts to convert Crow Holdings Industrial Trust into an open-end fund (LIT) and to raise capital and expand the business resulting in a tripling the fund's size. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. The Fund has been successful in delivering on its stated objective, delivering returns comprised of income and appreciation with moderate volatility and low correlation to the broad markets. 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. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. NCREIF will calculate the overall aggregated Index return. It is calculated by annualizing the most recent Fund distribution yield. During the period covered by this report, the registrant had not granted any express or implicit waivers from the provisions of the code of ethics adopted in Item 2(a) of this report. 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. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Tables present indicative values only. Under the Shareholder Services Plan, the Class A and Class C shares may pay up to 0.25% per year of their average daily net assets for such services. HgCapital Renewable Power Partners. 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. Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. Status Refresh. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. 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. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. The fund is located in New York, New York and invests in the United States. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. NEW YORK, NY Learn about Clarion Europe Careers at Clarion Gabriel Cantu - Argosy Real Estate Partners Lion Industrial Trust is based out of New York. Clarion Lion Industrial Trust Profile: Returns & Limited Partners Ryan J. Bandy - Deputy Portfolio Manager - LinkedIn The business and affairs of the Fund are managed under the direction of the Trustees. The Lion Industrial Trust had a net asset value of $14.4bn last year. Dry powder refers to cash reserves for purchasing assets or making acquisitions. 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. The Fund's Class A shares commenced operations on June 30, 2014. The addition of these five securities has helped to further strengthen our core real estate portfolio. Form D is a form used to file a notice of an exempt offering of securities with the Securities and Exchange Commission. On behalf of the entire Griffin team, we thank you for your continued support. All Clarion Partners LLC and Clarion Partners Europe statistics, data and charts, including but not limited to assets under management (AUM), ESG data, sector data and property data, as well as data related to our investors, tenants and employees, are as of 12/31/2022 unless otherwise noted. 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. Official MapQuest website, find driving directions, maps, live traffic updates and road conditions. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. 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. Industrial. 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. For over 17 years, our experienced team has been actively acquiring and developing light industrial assets in key markets, particularly in those structured as sale-leaseback transactions. Item 10. The Barclays Capital U.S. 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. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. Clarion Partners | Global Real Estate Asset Management * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Sign up here. New York-based Clarion, a subsidiary of ING Real Estate,. Information concerning the Trustees and officers of the Fund is set forth below. Return of capital is a tax concept, not an economic concept. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Fully integrated OEM electric trucks (chassis, cabin & batteries) 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. San Jose Police & Fire earmarks $19 million for real estate fund The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Griffin Institutional Access Real Estate Fund. 2023 PitchBook. 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 Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Clarion-Lion Industrial Trust PFM Yes No Clay Hill, LLC (CT Horizon Legacy Fund, L.P.) PFM Yes Yes Muller & Monroe Asset Management, LLC was paid $50,000 in connection with management services. Lion Electric - HK Truck Center The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. 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. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Trademark Application Details. Kris Arviso | Scannell Properties A correlation ranges from-1 to 1. Clarion management has strong alignment with our investors, with an 18% equity interest in the Firm. 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. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. To read this full article you need to be subscribed to Newsline. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Owning18% of the Firm, management prioritizes alignmentwith our investors interests. Transparency, integrity,communication -- its how we do business. Investment in real estate is speculative and involves significant risk. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle . Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. Get the latest business insights from Dun & Bradstreet. Oklahoma Municipal Retirement Fund puts $30m in open-end Clarion Lion In considering AHICs practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and AHICs other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of AHICs code of ethics. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. Portfolio Allocation Gross Asset Value ($B) Properties 4.8% AEW Core Property Trust $ 9.5 189 4.9% American Core Realty Fund 6.9 68 Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. Situations may arise in which more than one Client invests in the same Underlying Fund. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. 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. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. 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. We have continued to utilize a low-cost, passive approach to investing in the flagship U.S. core property funds managed by the leading institutional real estate sponsors. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. To read this full article you need to be subscribed to Newsline. Harbinger Capital Partners. Property Brochure. The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or it may, directly or indirectly, receive a performance-based fee on a Client Account. Clarion Partners offers investment options in both commingled fund and separate account formats for institutional investors.