clarion partners lion industrial trust

The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Effective November 16, 2016, Class M Shares of the Fund commenced operations. Item 7. 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. 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. 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. All rights reserved. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. Past performance is not a guarantee of future results. TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners' Lion Industrial Trust Fund. Aggregate Bond Index, Griffin Institutional Access Real Estate Fund C Without Load, Griffin Institutional Access Real Estate Fund C With Load**, Griffin Institutional Access Real Estate Fund I NAV. 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. Each voting member of the Investment Committee, including the President of the Adviser, will provide a written certification that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy, and document that persons proxy voting recommendation. Any unauthorized use of this site is strictly prohibited. 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. 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. Interest rate shocks increased volatility for yield sensitive securities, including publicly traded real estate, higher than that of the S&P 500 throughout the year (10/1/15 9/30/16 MSCI U.S. REIT Index (RMZ) standard deviation: 19.93% vs S&P 500 standard deviation of 17.36%). The Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. Any specific investment referenced may or may not be held in a Clarion Partners client account. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. Investment in real estate is speculative and involves significant risk. Investment Strategy Geography; Real Estate; USA; . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. The Trustees reviewed the balance sheet of CenterSquare and discussed the financial stability and profitability of the firm. At a meeting of the Funds Board of Trustees on June 21, 2016 the Trustees approved the continuation of the Investment Advisory Agreement for a one-year term. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. Audit Committee of Listed Registrants. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. 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. Net increase in net assets resulting from operations, Net cash provided by financing activities, Cash & cash equivalents, beginning of year. All material subject to strictly enforced copyright laws. 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. Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. 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. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 888-926-2688, or on the SECs website at http://www.sec.gov. 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. 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. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. To read this full article you need to be subscribed to Newsline. On behalf of the entire Griffin team, we thank you for your continued support. 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 the Adviser and discussed the financial stability and profitability of the firm. No affiliation or endorsement, express or implied, is provided by their use. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Our research focus is local and global, property-specific and big picture, next year and next decade. 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 Barclays U.S. Errors are noted below: Thanks for reaching out. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. 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. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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. 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. Upload your latest press release or suggest a story idea to our editorial team. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . How do I update this listing? Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. Lion Properties Fund, Lion Industrial Trust, and Gables Multifamily Trust. 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. 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. The fund is located in New York, New York and invests in the United States. 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. 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. 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 has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. 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. A $175 million fixed rate loan was secured by HFF on behalf of Lion Industrial Trust, a fund managed by Clarion Partners. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. 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. It is calculated by annualizing the most recent Fund distribution yield. 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. We will be in touch soon. ILC is a joint venture between Taylor & Mathis and Lion Industrial Trust, a private REIT managed by Clarion Partners. In addition, two or more Clients may have different investment objectives or investment styles. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. 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. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points. (Certification provided in Exhibit A.) Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. Total distributions during a calendar year generally will be made from the Funds net investment income, net realized gains on investments and net unrealized gains on investments, if any. 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. Measurement is time-weighted. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. 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. 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. As of the end of last year, real estate accounted for 6.3% of ACERA's total 6.3% of the pension fund's total portfolio. Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Our underlying private securities have benefited from a growing economy that has driven strong demand for core real estate across all sectors. 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. 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. Item 3. Form D contains basic information about the offering and the company. Allocation, Sector, and Geographic Diversification are subject to change. None of the Funds executive officers receives compensation from the Fund. Sign up to receive emails from IREI. 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. Kleiner, Perkins . 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 Shareholders should not assume that the source of a distribution from the Fund is net profit. As of October 3, 2016 the private securities represent over $139 billion of real estate and 2,196 investments diversified by sector, geography and manager. 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. 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. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. 2014, Fund Controller, ALPS Fund Services, Inc., 2011, Vice President and Assistant Secretary Since 2015, Vice President and General Counsel Securities, Griffin Capital Corporation, 2014, Vice President and Senior Counsel, ALPS Fund Services, Inc. 2015. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Class C and Class I shares are offered at net asset value. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. Actual results could differ from those estimates. 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).

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