Clarion-Lion Industrial Trust PFM Yes No Clay Hill, LLC (CT Horizon Legacy Fund, L.P.) PFM Yes Yes Muller & Monroe Asset Management, LLC was paid $50,000 in connection with management services. U.S. Clarion Lion Industrial Trust, managed by Clarion Partners, seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. San Jose (Calif.) Police & Fire Department Retirement Plan committed $19 million to Clarion Lion Industrial Trust. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. In considering AHICs 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 AHICs other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of AHICs code of ethics. 2023 PitchBook. At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. New York NY 69. Currently, no secondary market exists for the Funds shares, and the Fund expects that no secondary market will develop. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. Portfolio Managers of Closed-End Management Investment Companies. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. 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. Submission of Matters to a Vote of Security Holders. The Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. email address below and choose 'Submit'. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. Dr. Anderson also served as the Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida where he directed the research and education institute. 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. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). Youll receive updates on upcoming events, special We believe Clarion's partnership culture, compensation system, and entrepreneurial spirit clearly differentiate us from our competition. Clarion Lion Properties Fund, L.P. Overview Fund Type: real estate Private Fund ID: 805-4715412151 Fund Manager: Clarion Partners (Crd# 108803) Registered Location: Delaware, United States Total Assets: $10 billion Minimum Investment: $0 Please review the Funds Prospectus for more details regarding the Funds fees and expenses. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. The Barclays Capital U.S. publication offers and more. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. The Trustees also considered the 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 allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). Formerly known as the Cornerstone Patriot Fund. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. The memorandum provided information about the Advisers finances, personnel, services to the Fund, investment advice, fees, and compliance program. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. 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. PDF Clarion Partners Lion Properties Fund - Nebraska 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. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, the Board determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by CenterSquare. Trademark Application Details. 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). Material Conflicts of Interest and Proxy Voting Committee. 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. Class I shares are not currently subject to a shareholder services fee. 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. 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. Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement for the Fund. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. 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. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. Clarion Lion Properties Fund Native Currency USD Fund Manager's Location 230 Park Avenue New York, NY 10169 United States +1 (212) 000-0000 Fund Domiciles United States: Delaware Clarion Lion Properties Fund Investment Strategy Investments by Industry Investments by Deal Type Want detailed data on 3M+ companies? 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. Banco Industrial Company Profile | Plainfield, NJ | Competitors 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. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. The Funds investment adviser has contractually agreed to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that they exceed 1.91%, 2.66% and 1.66% per annum of the Funds average daily net assets attributable to Class A, Class C and Class I shares, respectively. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Previously, Mr. Propper was a Director at Lakemont Group, a boutique real estate investment banking and consulting firm. 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. The Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. On behalf of the entire Griffin team, we thank you for your continued support. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. The Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 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. Class C and Class I shares are offered at net asset value. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. Ryan J. Bandy - Deputy Portfolio Manager - LinkedIn As previously stated, we remain focused on net operating income (NOI) growth. New York-based Clarion, a subsidiary of ING Real Estate,. 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. Get the full list, Morningstar Institutional Equity Research. 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. Allocation, Sector, and Geographic Diversification are subject to change. 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. Win whats next. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. NEW YORK, NY Lion Industrial Trust - Company Profile and News Partners is more than a word in our name. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Find company research, competitor information, contact details & financial data for Banco Industrial of Plainfield, NJ. ACERA commits to PGIM, Clarion open-ended real estate funds Based on Market value. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. 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. 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. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. The notice included securities offered of Equity,Pooled Investment Fund Interests. These financial statements and financial highlights are the responsibility of the Funds management. Audit Committee Financial Expert. Class C and Class I shares are offered at net asset value. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Constructed between 2001 and 2005, the portfolio [] 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. 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. 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. The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. If you want to remain at this site, select the DECLINE button. San Jose Police and Fire funds back the Clarion Lion Industrial Trust Official MapQuest - Maps, Driving Directions, Live Traffic 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. In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. All rights reserved. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. Because the Portfolio Manager and the Associate Portfolio Manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively Client Accounts), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. 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. Information concerning the Trustees and officers of the Fund is set forth below. 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. Clarion Lion Properties Fund, L.P. is one of the larger private funds with 10 billion in assets. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. In addition to his role in the United States, Kris co-managed . Audit Committee of Listed Registrants. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. Clarion Partners, LLC : Group Fund Manager: Clarion Partners, LLC . 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. Fund Administration and Accounting Fees and Expenses. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. or to simply have an email sent to you whenever we receive a new Lion Industrial Trust is based out of New York. The Lion Industrial Trust had a net asset value of $14.4bn last year. The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. 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. Trust We will be in touch soon. CenterSquare Investment Management, Inc. (CenterSquare) provides advisory services to the Fund by managing the portion of the Funds assets allocated to public real estate related securities pursuant to an Investment Sub-Advisory Agreement. Research: OneLook Acronym Finder; 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. All material subject to strictly enforced copyright laws. The Griffin Institutional Access Real Estate Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, closed-end management investment company. 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. RSM McGladrey was paid $49,050 in connection with auditing services. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. The Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). An investor cannot invest directly into an index. 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. 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. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. All requests for information regarding proxy votes, or policies and procedures, received by any Adviser employee, officer, or director should be forwarded to the CCO. The Adviser has sole discretion to vote proxies on behalf of the Non-discretionary Clients provided that, in each case, implementation of the outcome of the proxy vote would not cause the Non-discretionary Clients portfolio to be out of compliance with its Investment Guidelines. 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 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. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. 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. The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. Glossary, videos, podcasts, research in the Resource Center. The filings are available upon request by calling 888-926-2688. 230 Park Avenue. 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). It is calculated by annualizing the most recent Fund distribution yield. The Fund invests primarily in big-box warehouse and distribution . You are leaving www.clarionpartners.com and being directed to a new site. publication offers and more. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. The commitment was made on behalf of ACERAs core-plus real estate portfolio, according to a meeting document. /aboutus/PublishingImages/about-clarion-hero-mobile.jpg, /aboutus/PublishingImages/InterstateLogistics_Image.jpg.
