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. 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. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Walker Wellford. 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. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. 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). USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. 2023 PitchBook. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. The Distributor serves as principal underwriter of shares of the Fund. (Certification provided in Exhibit A.) 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. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. CONTACT. Clarion Partners, LLC Profile The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. 602. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. We believe Clarion's partnership culture, compensation system, and entrepreneurial spirit clearly differentiate us from our competition. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. 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). 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. Our research focus is local and global, property-specific and big picture, next year and next decade. Clarion Lion Properties Fund, L.P. is one of the larger private funds with 10 billion in assets. The Funds distribution policy is to make quarterly distributions to shareholders. 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. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. San Jose Police & Fire earmarks $19 million for real estate fund LION INDUSTRIAL TRUST Clarion Partners, LLC. By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. 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 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. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. 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. The Barclays U.S. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. Clarion Lion Properties Fund Profile: Returns & Limited Partners We have continued to utilize a low-cost, passive approach to investing in the flagship U.S. core property funds managed by the leading institutional real estate sponsors. 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. 13F filing from LION INDUSTRIAL TRUST, enter your Absent material conflicts, the President of the Adviser, in consultation with the Investment Committee, will determine how the Adviser should vote the Proxy in accordance with applicable voting guidelines (see below), taking into account the recommendation of the Portfolio Manager. Sign up to receive emails from IREI. 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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. It is calculated by annualizing the most recent Fund distribution yield. Clarion Lion Industrial Trust, Follow-on in United States, North Actual results could differ from those estimates. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. Accumulated Net Realized Gain on Investments. 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. Aon Hewitt Investment Consulting, Inc. (AHIC) provides advisory services to the Fund by recommending private investment securities in which to invest to the Adviser pursuant to an Investment Sub-Advisory Agreement. 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. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. 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. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. All material subject to strictly enforced copyright laws. Redemption price per share may be reduced for any applicable contingent deferred sales charge. Situations may arise in which more than one Client invests in the same Underlying Fund. Explore! 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. You have selected a link that will take you away from the Clarion Partners website. For the year ended September 30, 2016, the Distributor received $1,550,339 in underwriting commissions for sales of the Funds Class A shares, of which $0 was retained by the principal underwriter or other affiliated broker-dealers. The pension fund has slated $85 million of funds each for Carlyle Property Investors Fund, managed by Carlyle Group; Clarion Lion Industrial Trust, managed by Clarion Partners; and Principal Enhanced Property Fund, managed by Principal Global Investors. Holdings are subject to change. publication offers and more. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. The Fund's Class A shares commenced operations on June 30, 2014. Clarion to acquire Crow Holdings for $1.5 billion Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). Dr. Anderson and Mr. Propper receive a salary, retirement plan benefits and performance-based bonus from the Adviser. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. See the parent company profile. Submission of Matters to a Vote of Security Holders. The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Clarion Lion Industrial Trust (the "Fund") is a private REIT focused on the industrial property sector in North America. 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. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. 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. You are leaving www.clarionpartners.com and being directed to a new site. SWFI is a minority-owned organization. HFF Secures $175M Refi from TIAA-CREF - Commercial Observer The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. Effective February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $5,000, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. The sale of securities could reduce the market price of those securities, which in turn would reduce the Funds net asset value. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. 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. Index performance does not represent actual Fund or portfolio performance. Fully integrated OEM electric trucks (chassis, cabin & batteries) The portfolio management team continues to work diligently to determine the optimal mix of private and public real estate securities that maximize risk-adjusted returns for our shareholders. For the year ended September 30, 2016, Class A and C shares incurred shareholder servicing fees of $783,216 and $358,645, respectively. O: 678-819-2460 C: 404-966-2400 wwellford@taylormathis.com. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Property Brochure. 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. Performance may be lower or higher than performance data quoted. Griffin Institutional Access Real Estate Fund. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. 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. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. A fund or portfolio may differ significantly from the securities included in the index. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Instead, they may solicit consents from their limited partners, members or shareholders. 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. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. 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. 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). Form D is a form used to file a notice of an exempt offering of securities with the Securities and Exchange Commission. Past performance is no guarantee of future results. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Recommended for You Copia Group appoints Beata Kirr as its first chief. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. 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. 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. 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. Safe, high-performance lithium-ion Batteries (NMC) eMotor Power: Up to 350 kW and 3,500 Nm torque. 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. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. 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. Class A and Class I shares are not currently subject to a Distribution Fee. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. 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 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 largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Lion Industrial Trust (ING Clarion) Manager Login. Various inputs are used in determining the value of the Funds investments as of the reporting period end. 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. Fund Administration and Accounting Fees and Expenses. We are not responsible for the content, views, or privacy policies of the third party website. On behalf of the entire Griffin team, we thank you for your continued support. 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Ryan J. Bandy - Deputy Portfolio Manager - LinkedIn 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. 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. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. None of the Funds executive officers receives compensation from the Fund. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. 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. 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. No services described in paragraphs (b) through (d) of Item 4 of this report were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. At a meeting of the Funds Board of Trustees on June 21, 2016, the Trustees approved the continuation of the Investment Sub-Advisory Agreement for a one-year term. 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. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; 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. Return of capital is a tax concept, not an economic concept. to see more advanced email alert options such as selecting any type of Any unauthorized use of this site is strictly prohibited. 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. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. Form D contains basic information about the offering and the company. It should not be assumed that any investment, in any property or other asset, was or will be profitable. Trustees Consideration and Approval of Continuation of Sub-Advisory Agreement with AHIC. Measurement is time-weighted. The portion of distributions paid not attributable to net investment income or net realized gains on investments, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution (Return of Capital) for tax purposes. Lion Industrial Trust is based out of New York. 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. 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. 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. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management.
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