Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle, and the San Jose Police and Fire Retiree Health Care Trust Fund committed $1.7 million. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. 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. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. In addition, employees across the Firm have $315 million in co-investments across our products. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. 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. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. SWFI is a minority-owned organization. SEC form, multiple filers or classes of filers, and much more.***. Upload your latest press release or suggest a story idea to our editorial team. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. 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. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. In recent years, numerous other pension fund investors have committed to the fund, including the Michigan Office of Retirement Services, the Oklahoma Municipal Retirement Fund, the Teachers' Retirement System of Louisiana, the San Jose Police and Fire Department Retirement Plan, and the San Jose Police and Fire Retiree Health Care Trust Fund. ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. Company profile page for Lion Industrial Trust including stock price, company news, press releases, executives, board members, and contact information Diversification does not eliminate the risk of experiencing investment losses. Accumulated Net Realized Gain on Investments. Sign up to receive emails from IREI. All or a portion of a distribution may consist solely of a return of capital (i.e. Earlier in January, two other pension funds with the city of San Jose the San Jose Federated City Employees Retirement System and the San Jose Federated Retiree Health Care Trust Fund invested in the Clarion Lion Industrial Trust, representing the citys first commitments to this fund. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. 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. Effective November 16, 2016, Class M Shares of the Fund commenced operations. Investment in real estate is speculative and involves significant risk. A $175 million fixed rate loan was secured by HFF on behalf of Lion Industrial Trust, a fund managed by Clarion Partners. 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. 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. Past performance does not guarantee future results. Lion Industrial Trust - Company Profile and News The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. Official MapQuest website, find driving directions, maps, live traffic updates and road conditions. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. Reported distributions from net investment income and realized gains on investments are not an indication as to whether or not the Funds distributions are supported by the Funds returns. 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 Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Distribution Policy Risk. 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. 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). In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. Class I shares are not currently subject to a shareholder services fee. Clarion Partners (Real Estate - North America) | Asset manager The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Registrants Financial Officer Code of Ethics is filed herewith as Exhibit 12(a)(1). Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. By clicking on I accept, you consent to our Privacy Policy. Class C and Class I shares are offered at net asset value. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. San Jose (Calif.) Police & Fire Department Retirement Plan committed $19 million to Clarion Lion Industrial Trust. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. The Fund invests primarily in big-box warehouse and distribution . In considering the Advisers 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 the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. 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). After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Application Filed: 2011-10-07. The Distributor serves as principal underwriter of shares of the Fund. 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 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. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Item 8. Created and designed to be the ideal specialized all-electric truck. 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. 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. Shares will be repurchased at the NAV per share determined as of the close of regular trading on the NYSE no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a Repurchase Pricing Date). United States. 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. Item 10. Transwestern | John Thomas In considering 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, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. 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 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. To the Board of Trustees and the Shareholders of. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. The fund is located in New York, New York and invests in the United States. NCREIF will calculate the overall aggregated Index return. The Adviser is responsible for the allocation of, or in the case of the Non-discretionary Client, recommendations regarding the allocation of, assets on behalf of the Clients to Underlying Funds, which may include hedge funds and other alternative investment pools that are structured as limited partnerships, limited liability companies or offshore corporations. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. Clarion to acquire Crow Holdings for $1.5 billion Index performance does not represent actual Fund or portfolio performance. Owning18% of the Firm, management prioritizes alignmentwith our investors interests. Core Partners ("CBRE Core Fund") is an open-end core fund that purchases and operates high-quality, income-producing office, industrial, . Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. Youll receive updates on upcoming events, special Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. As a result, the Adviser may cast different votes on behalf of different Clients. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. How do I update this listing? 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. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. Adjusted for initial maximum sales charge of 5.75%. We'd love to hear from you. The Barclays Capital U.S. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. All metrics are based on Class A shares. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . 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. Sign up to receive emails from IREI. Harbinger Capital Partners. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. ABANDONED-FAILURE TO RESPOND OR LATE RESPONSE. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. As previously stated, we remain focused on net operating income (NOI) growth. 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. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Real estate money manager Clarion Partners has agreed to buy Crow Holdings Industrial Trust, a private REIT, for $1.5 billion. 3. As of September 30, 2016, the Fund had $1,066,237,965 of the private and public securities pledged as collateral for its lines of credit. 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. 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. 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. Lioni Construction & Maintenance | Bridgewater NJ ILC is a joint venture between Taylor & Mathis and Lion Industrial Trust, a private REIT managed by Clarion Partners. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. There was an error. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Constructed between 2001 and 2005, the portfolio [] Banco Industrial Company Profile | Plainfield, NJ | Competitors For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. 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. Safe, high-performance lithium-ion Batteries (NMC) eMotor Power: Up to 350 kW and 3,500 Nm torque. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. 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). Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. To read this full article you need to be subscribed to Newsline. 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). 4. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Audit Committee of Listed Registrants. Item 7. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Sign up here. In addition, two or more Clients may have different investment objectives or investment styles. Explore! Shareholders should not assume that the source of a distribution from the Fund is net profit. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. The Lion Industrial Trust had a net asset value of $14.4bn last year. As collateral for the lines of credit, the Fund grants the Banks a first position security interest in and lien on securities of any kind or description held by the Fund in the pledge accounts. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. It focuses on industrial asset class. In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. (Certification provided in Exhibit A.) 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. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. or to simply have an email sent to you whenever we receive a new Two institutional funds for the police and fire departments of the city of San Jose have backed the Clarion Lion Industrial Trust, a core real estate fund managed by Clarion Partners. 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. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. Sources of distributions to shareholders for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund currently offers Class A, Class C and Class I shares. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund.
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