After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. See the parent company profile. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Our research focus is local and global, property-specific and big picture, next year and next decade. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Liquidity will be provided to shareholders only through the Funds quarterly repurchases. The Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. In addition to his role in the United States, Kris co-managed . An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. Class C and Class I shares are offered at net asset value. Dry powder refers to cash reserves for purchasing assets or making acquisitions. 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 Lion8 is an all-electric urban truck, which combines power, comfort and modern technology. SEC.gov | HOME The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. publication offers and more. The Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. Audit Committee Financial Expert. Situations may arise in which more than one Client invests in the same Underlying Fund. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. No affiliation or endorsement, express or implied, is provided by their use. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Lion Industrial Trust - Company Profile and News 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. 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 Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Total returns would have been lower had certain expenses not been waived during the period. 602. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. 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. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. By clicking on I accept, you consent to our Privacy Policy. XBRL Voluntary Filing Program Visit the CSA's XBRL websitefor information about XBRL and the voluntary program. 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. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . 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. 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. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement with CenterSquare. Owning18% of the Firm, management prioritizes alignmentwith our investors interests. Form D contains basic information about the offering and the company. 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. Application Filed: 2011-10-07. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. 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. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. Diversification does not eliminate the risk of experiencing investment losses. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. 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. New York Common injects $370m into industrial real estate The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. The Distributor serves as principal underwriter of shares of the Fund. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. RSM McGladrey was paid $49,050 in connection with auditing services. 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. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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%). We believe that our audits provide a reasonable basis for our opinion. 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. The Funds distribution policy is to make quarterly distributions to shareholders. Information concerning the Trustees and officers of the Fund is set forth below. A negative correlation of -1 indicates that the securities have moved in the opposite direction. The Trustees determined that the management fee and net expense ratio were higher than some, but not all, of the comparable funds and the peer group averages. 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. Griffin Capital Advisor along with CenterSquare Investment Management have designed a public market strategy in line with the objectives of the Fund with a focus on identifying public real estate securities whose current prices are below their intrinsic values. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. The Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. Property Flyers. This includes acquisition and asset management roles on over 10M SF of industrial real estate for AIG, and right-sizing under performing retail centers for Clarion Partners. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. We believe Clarion's partnership culture, compensation system, and entrepreneurial spirit clearly differentiate us from our competition. Investment Strategy Geography; Real Estate; USA; . Get the latest business insights from Dun & Bradstreet. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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. Youll receive updates on upcoming events, special After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. to see more advanced email alert options such as selecting any type of Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. Under the terms of the sub-advisory agreements, the Adviser compensates the Sub-Advisers based on a portion of the Funds average daily net assets which they had been allocated to manage. 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. 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. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Schiff Hardin LLP was paid $67,130 in connection with legal services. 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.
