***Log In or Liquidity will be provided to shareholders only through the Funds quarterly repurchases. 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. The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. San Jose (Calif.) Police & Fire Department Retirement Plan committed $19 million to Clarion Lion Industrial Trust. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. We succeed whenthey succeed. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). Lion Industrial Trust (ING Clarion) Manager Login. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. 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. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Investment in real estate is speculative and involves significant risk. 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. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. (Certification provided in Exhibit A.) Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. 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. /aboutus/PublishingImages/about-clarion-hero-mobile.jpg, /aboutus/PublishingImages/InterstateLogistics_Image.jpg. SEC form, multiple filers or classes of filers, and much more.***. Recommended for You Copia Group appoints Beata Kirr as its first chief. GS Infrastructure Partners (GSIP- Goldman Sachs) Good. Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. 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. 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. 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. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. 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. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. 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. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. The notice included securities offered of Equity,Pooled Investment Fund Interests. 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. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Non-cash financing activities not included herein consist of reinvestment of distributions of: Cash paid for interest on lines of credit during the year was: Griffin Institutional Access Real Estate Fund Class A, Ratios to Average Net Assets (including interest expense), Ratio of expenses to average net assets excluding fee waivers and reimbursements, Ratio of expenses to average net assets including fee waivers and reimbursements, Ratio of net investment income to average net assets, Ratios to Average Net Assets (excluding interest expense), Ratio of net investment income to average net assets excluding fee waivers and reimbursements. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. NYSCRF said it has made a $300m commitment to Lion Industrial Trust, an open-ended core-plus industrial fund managed by Clarion Partners, and invested $70.1m through a separate account with Heitman to buy the 539,094sqft Rickenbacker West Logistics Center in Lockbourne, Ohio. Information concerning the Trustees and officers of the Fund is set forth below. In addition, employees across the Firm have $315 million in co-investments across our products. 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. One basis point is equal to 1/100th of 1%, or 0.01%. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). 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. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . It focuses on industrial asset class. Clarion Partners, LLC : Group Fund Manager: Clarion Partners, LLC . 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. 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. Following further consideration and discussion, the Board indicated that AHICs standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 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. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. The registrants audit committee has considered whether the provision of non-audit services to 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 investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. Portfolio Managers of Closed-End Management Investment Companies. Clarion Partners Location New York, New York, United States Regions Greater New York Area, East Coast, Northeastern US Gender Male Website www.clarionpartners.com/ Jim Hendricks, equity owner and Managing Director, is the Chief Executive Officer for the Firm's largest industrial portfolio and head of Clarion Partners' Industrial Property Group. The filings are available upon request by calling 888-926-2688. Instead, they may solicit consents from their limited partners, members or shareholders. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. To the Board of Trustees and the Shareholders of. The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-Q. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Material Conflicts of Interest and Proxy Voting Committee. An investor cannot invest directly into an index. Total returns would have been lower had certain expenses not been waived during the period. 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 schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. 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 Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. HgCapital Renewable Power Partners. U.S. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. The Distributor is an affiliate of the Administrator and the Transfer Agent. Lion Properties Fund, Lion Industrial Trust, and Gables Multifamily Trust. When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Valuation Committee using procedures adopted by and under the supervision of the Funds Board of Trustees (the Trustees). Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. 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. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. Dry powder refers to cash reserves for purchasing assets or making acquisitions. Our research focus is local and global, property-specific and big picture, next year and next decade. Calculated using the average shares method. Lion Industrial Trust is based out of New York. For a description of a possible sales charge, please see (Note 1). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Status Refresh. The Oklahoma Municipal Retirement Fund (OkMRF) has approved a $30 million commitment to the open-end, value-add real estate Clarion Lion Industrial Trust fund. During the year ended September 30, 2016, the fee waiver was as follows: As of September 30, 2016, the balance of recoupable expenses for the Fund was as follows: Sub-advisory services were provided to the Fund pursuant to agreements between the Adviser and both Aon Hewitt Investment Consulting, Inc. (formerly doing business as Hewitt EnnisKnupp, Inc.) and CenterSquare Investment Management, Inc. (the Sub-Advisers). For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Although we have verified the accuracy of this link from our website to a third party website, the content of the web pages may change without notice. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. The Fund is considered an investment company for financial reporting purposes under GAAP. Randy I. Anderson Ph.D. CRE Dr. Anderson serves as Chief Investment Officer of our advisor and Portfolio Manager of Griffin Institutional Access Real Estate Fund. 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. Lion Industrial Trust; Use of this site is subject to, and your continued use constitutes your express agreement to be bound by, . The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. All material subject to strictly enforced copyright laws. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. 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. All or a portion of a distribution may consist solely of a return of capital (i.e. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. 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 registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. Griffin Institutional Access Real Estate Fund. Holdings are subject to change. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Funds 2014 and2015 returns or expected to be taken in the Funds 2016 returns. 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.
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