Clarion Partners | Global Real Estate Asset Management Global Wealth Conferences - SWFI Event Series. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. 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. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. We believe that our audits provide a reasonable basis for our opinion. Situations may arise in which more than one Client invests in the same Underlying Fund. Errors are noted below: Thanks for reaching out. Our research focus is local and global, property-specific and big picture, next year and next decade. 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. 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. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. The Oklahoma Municipal Retirement Fund (OkMRF) has approved a $30 million commitment to the open-end, value-add real estate Clarion Lion Industrial Trust fund. Past performance does not guarantee future results. Effective November 16, 2016, Class M Shares of the Fund commenced operations. 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. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. Certain Trustees and officers of the Fund are also officers of the Adviser and are not paid by the Fund for serving in such capacities. One basis point is equal to 1/100th of 1%, or 0.01%. It should not be assumed that any investment, in any property or other asset, was or will be profitable. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. 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 Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. In considering AHICs practices regarding brokerage and portfolio transactions, the Trustees reviewed AHIC standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. How do I update this listing? 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. 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. Item 5. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. ABANDONED-FAILURE TO RESPOND OR LATE RESPONSE. 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. 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. RSM McGladrey was paid $49,050 in connection with auditing services. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. 2008-2023 Sovereign Wealth Fund Institute. 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. An investor cannot invest directly into an index. Lioni Construction & Maintenance | Bridgewater NJ 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. To the Board of Trustees and the Shareholders of. Item 4. Adjusted for initial maximum sales charge of 5.75%. LION INDUSTRIAL TRUST Top 13F Holdings - whalewisdom.com 4. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. 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. 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. Clarion Partners (Real Estate - North America) | Asset manager Total returns would have been lower had certain expenses not been waived during the period. 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. All Rights Reserved. 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. 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 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). The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. 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 Portfolio Manager is responsible for coordinating this process in a timely and appropriate manner and delivering the Proxy to the Underlying Fund prior to the deadline. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. During the year ended September 30, 2016, the Fund incurred $1,340,547 of interest expense related to the Credit Suisse borrowings. The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. 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 partnership should also make it easier for Hillwood to tap additional capital, Mr. Platt said."They are precisely the kind of partner that ING Clarion seeks for a long-term relationship," John Thomas, chief operating officer of Lion Industrial Trust, said in an announcement.ING Clarion manages more than $10 billion in real estate . ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners. The Funds distribution policy is to make quarterly distributions to shareholders. Calculated using the average shares method. In addition to his role in the United States, Kris co-managed . We provide the hands-on service thatwe believe investorsneed to achieve their goals and move forward with confidence. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. There were no transfers between Levels 1, 2 and 3 during the year ended September 30, 2016. 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. Youll receive updates on upcoming events, special or to simply have an email sent to you whenever we receive a new Material Conflicts of Interest and Proxy Voting Committee. Lion Industrial Trust (ING Clarion) Manager Login. PDF Clarion Partners Lion Properties Fund - Nebraska We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the Repurchase Request Deadline). Fund Administration and Accounting Fees and Expenses. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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. Index performance does not represent actual Fund or portfolio performance. 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. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. 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. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Win whats next. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Privacy and security policies of such site may differ from those practiced by Clarion Partners. Return of capital is a tax concept, not an economic concept. LION INDUSTRIAL TRUST - Clarion Partners, LLC Trademark Registration None of the Funds executive officers receives compensation from the Fund. The Distributor serves as principal underwriter of shares of the Fund. Class A and Class I shares are not currently subject to a Distribution Fee. 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. Total returns are for the period indicated and have not been annualized. Lion Industrial Trust - Company Profile and News 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. Application Filed: 2011-10-07. Based on Market value. 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. Glossary, videos, podcasts, research in the Resource Center. Learn about Clarion Europe Careers at Clarion Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. Transwestern | John Thomas The filings are available upon request by calling 888-926-2688. 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 Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. SEC.gov | HOME Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an advisers interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the advisers proxy voting activities when the adviser does have proxy voting authority. 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. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. 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. Actual results could differ from those estimates. Formerly known as the Cornerstone Patriot Fund. Learn about our approachView our case studies, Read about our approach to asset management. Intermodal Logistics Center | Taylor & Mathis Portfolio Managers of Closed-End Management Investment Companies. Under the Distribution Agreement the Class C shares will pay to the Distributor a Distribution Fee that will accrue at an annual rate equal to 0.75% of the Funds average daily net assets attributable to Class C shares, payable on a quarterly basis. GRIFFIN INSTITUTIONAL ACCESS REAL ESTATE FUND. Property Brochure. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. TIAA-CREF lends $175m to Clarion Fund - Real Estate Capital Europe 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. Clarion management has strong alignment with our investors, with an 18% equity interest in the Firm. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. PDF Office of the State Treasurer Summary of Responses to Request for - ct The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. 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. 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. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Past performance is no guarantee of future results. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. 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. In addition, employees across the Firm have $315 million in co-investments across our products. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. 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 This material does not constitute investment advice, nor does it constitute an offer in any product or strategy offered by Clarion Partners LLC or Clarion Partners Europe, and should not be viewed as a current or past recommendation to buy or sell any securities. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. Fully integrated OEM electric trucks (chassis, cabin & batteries) It also brings the total number of private real estate holdings to 17. Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. In considering whether to approve the Investment Sub-Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by AHIC; (ii) the investment performanceof the Fundand AHIC; (iii) the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scaleforthe benefit of the Funds investors; (v) AHICs practices regarding brokerage and portfolio transactions; and (vi) AHICs practices regarding possible conflicts of interest. A correlation ranges from-1 to 1. 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 CenterSquare.
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