Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. As of September 30, 2016, the Fund had $149,500,000 of outstanding borrowings and $500,000 unused outstanding relating to Credit Suisse. publication offers and more. Clarion Lion Industrial Trust (the "Fund") is a private REIT focused on the industrial property sector in North America. ILC is a joint venture between Taylor & Mathis and Lion Industrial Trust, a private REIT managed by Clarion Partners. 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. Formerly known as the Cornerstone Patriot Fund. The Funds Form N-Q may also be reviewed and copied at the SECs Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Past performance is not a guarantee of future results. It is calculated by annualizing the most recent Fund distribution yield. 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 largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. SEC form, multiple filers or classes of filers, and much more.***. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. Portfolio Allocation Gross Asset Value ($B) Properties 4.8% AEW Core Property Trust $ 9.5 189 4.9% American Core Realty Fund 6.9 68 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. Call us now at 732-740-7240 or send a message using the form below we'll get back to you as soon as we can. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. We provide the hands-on service thatwe believe investorsneed to achieve their goals and move forward with confidence. 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%). Class C and Class I shares are offered at net asset value. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. The Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Class A and Class I shares are not currently subject to a Distribution Fee. Sugar Hill Distribution Center. 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. Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. The Fund currently offers Class A, Class C and Class I shares. Schiff Hardin LLP was paid $67,130 in connection with legal services. As of September 30, 2016, Dr. Anderson and Mr. Propper were responsible for the management of the following types of accounts in addition to the Fund: Item 9. We will be in touch soon. In addition, two or more Clients may have different investment objectives or investment styles. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. These financial statements and financial highlights are the responsibility of the Funds management. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. In considering whether to approve the Investment Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) the investment performance of the Fund; (iii) the costs of the services provided and profits realized by the Adviser and its affiliatesfrom the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Funds investors; (v) the Advisers practices regarding brokerage and portfolio transactions; and (vi) the Advisers practices regarding possible conflicts of interest. Fully integrated OEM electric trucks (chassis, cabin & batteries) For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. 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. By clicking on I accept, you consent to our Privacy Policy. Upload your latest press release or suggest a story idea to our editorial team. 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. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Investment Strategy Geography; Real Estate; USA; . The Funds distribution policy is to make quarterly distributions to shareholders. XBRL Voluntary Filing Program Visit the CSA's XBRL websitefor information about XBRL and the voluntary program. 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. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle . Past performance does not guarantee future results. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. As of the end of last year, real estate accounted for 6.3% of ACERA's total 6.3% of the pension fund's total portfolio. 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 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. Clarion Lion Industrial Trust, Follow-on (located in United States, North America) was purchased by a Public Pension from United States on 03/17/2022 as a Fund Investment in the Logistics, Industrials and Warehouses industry. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Effective November 16, 2016, Class M Shares of the Fund commenced operations. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. The Distributor is an affiliate of the Administrator and the Transfer Agent. The Trustees noted that CenterSquare assists the Adviser in seeking 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 strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. The Expense Limitation Agreement will remain in effect at least until January 31, 2017, unless and until the Board approves its modification or termination. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Item 10. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. Explore! Dry powder refers to cash reserves for purchasing assets or making acquisitions. Within this role Mr. Propper provided portfolio management services to the Bluerock Total Income Plus Real Estate Fund. The difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. The registrants Code of Ethics is attached as an Exhibit hereto. The Distributor serves as principal underwriter of shares of the Fund. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers current views. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. All material subject to strictly enforced copyright laws. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). At September 30, 2016, outstanding collateral amounted to $1,066,237,965. The notice included securities offered of Equity,Pooled Investment Fund Interests Summary 13D/G Insider (Form 4) Form D 14 Elevate your investments Try it for free Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. A Fund can have distributions from net investment income and realized capital gains in years in which it incurs an economic loss due to unrealized losses not being recognized for tax purposes. valid reasons for not voting in australia,
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