Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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. 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. Company profile page for Lion Industrial Trust including stock price, company news, press releases, executives, board members, and contact information If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. Clarion Partners Europe is a leading specialist investor in pan-European logistics. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. The Fund pursues its investment objective by strategically 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. Following further consideration and discussionof the foregoing, the Board concluded that the fees to be paid to CenterSquare by the Fund were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare and that they reflected charges that were within a range of what could have been negotiated at arms length. CenterSquares team of REIT experts has been a trusted advisor to endowments, pension plans and corporate clients. 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. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. If you want to remain at this site, select the DECLINE button. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. New York-based Clarion, a subsidiary of ING Real Estate,. The Funds distribution policy is to make quarterly distributions to shareholders. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. 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). The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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. Class A and Class I shares are not currently subject to a Distribution Fee. 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. 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. Adjusted for initial maximum sales charge of 5.75%. Glossary, videos, podcasts, research in the Resource Center. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. 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. HgCapital Renewable Power Partners. As of September 30, 2016, the Fund had $65,000,000 of outstanding borrowings relating to BNP. Learn about Clarion Europe Careers at Clarion To read this full article you need to be subscribed to Newsline. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. 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. /aboutus/PublishingImages/about-clarion-hero-mobile.jpg, /aboutus/PublishingImages/InterstateLogistics_Image.jpg. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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 notice included securities offered of Equity,Pooled Investment Fund Interests. 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. Photos used in this website were selected based on visual appearance, are used for illustrative purposes only, and are not necessarily reflective of all the investments in a Clarion fund or portfolio or the investments a Clarion fund or portfolio will make in the future. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. 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. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. NCREIF will calculate the overall aggregated Index return. Based on Market value. In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Financial Analyst - Clarion Partners, Lion Industrial Trust Finance Analyst - Citigroup Education MBA, Real Estate and Finance Concentrations, The Wharton School, University of Pennsylvania BBA, Major in Finance, University of Texas at Austin The Fund's Class I shares commenced operations on August 10, 2015. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. 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 AHIC. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. Investors should consider their investment objectives, and it is strongly suggested that the reader seek his or her own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory risks and evaluate their own risk tolerance before investing. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. The fund is located in New York, New York and invests in the United States. 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. All metrics are based on Class A shares. 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. Fully integrated OEM electric trucks (chassis, cabin & batteries) The Fund is considered an investment company for financial reporting purposes under GAAP. 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. We believe that our audits provide a reasonable basis for our opinion. Item 5. 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. 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. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 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. Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. The Adviser maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Advisers proxy policies and practices and the availability of the Advisers proxy voting record. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. 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. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. Very Good. 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). PURCHASES AND SALES OF INVESTMENT SECURITIES. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. 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 Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. Trademark Application Details. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. The Trustees noted that the Expense Limitation Agreement the Adviser had agreed to in order to help limit the Funds annual operating expenses was still in effect and that to date, fund expenses have exceeded the Expense Limitation Agreement. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. The Fund completed a quarterly repurchase offer on November 7, 2016 which resulted in 1,010,099 of Fund shares being repurchased for $26,753,389. 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. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Walker Wellford. 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 cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended September 30, 2016 were as follows: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The filings are available upon request by calling 888-926-2688. GS Infrastructure Partners (GSIP- Goldman Sachs) Good. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. RSM McGladrey was paid $49,050 in connection with auditing services. 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. Clarion Lion Industrial Trust General Information. Any specific investment referenced may or may not be held in a Clarion Partners client account. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. SEC form, multiple filers or classes of filers, and much more.***. One basis point is equal to 1/100th of 1%, or 0.01%. Class C and Class I shares are offered at net asset value. Up to 588 kWh. The Adviser will provide conspicuously displayed information in its Disclosure Document summarizing this proxy voting policy and procedures, including a statement that the Clients and Investors may request information regarding how the Adviser voted a Clients Proxies, and that the Clients and Investors may request a copy of these policies and procedures. 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 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). For more information about certain of the material risks and limitations associated with Clarion Partners investment advisory products, strategies and services, please see Clarions current Form ADV Part 2A brochure, which is available on the SECs Investment Adviser Public Disclosure website at https://adviserinfo.sec.gov/firm/summary/108803. These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. 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. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants Board of Trustees. 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. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. 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 AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. All text and design is copyright 2020 WhaleWisdom.com. Sign up to receive emails from IREI. 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. 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. ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners. 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. Youll receive updates on upcoming events, special These factors contributed to positive net returns with low volatility and low correlation to the broader markets. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Redemption price per share may be reduced for any applicable contingent deferred sales charge. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. (Certification provided in Exhibit A.) The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. 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. 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. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. An investor cannot invest directly into an index. Audit Committee Financial Expert. ABANDONED-FAILURE TO RESPOND OR LATE RESPONSE. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. On behalf of the entire Griffin team, we thank you for your continued support. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. Dr. Anderson was the former editor of the Journal of Real Estate Portfolio Management; was awarded the Counselors of Real Estate designation, named a Kinnard Young Scholar by the American Real Estate Society, and named both a NAIOP Research Foundation Distinguished Fellow and a Homer Hoyt Institute Fellow. 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. 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. from your original investment) and not a return of net profit. Actual results could differ from those estimates. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 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. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). 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. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. 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. To the Board of Trustees and the Shareholders of. The performance data quoted above represents past performance. Explore! The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. We will be in touch soon. 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. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. 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. USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Index performance does not represent actual Fund or portfolio performance. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. The Fund commenced operations on June 30, 2014, and isauthorized to issue an unlimited number of shares with no par value. 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. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. The Barclays U.S. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. 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.

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