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. 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. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report. 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. The term of office for each Trustee and officer listed above will continue indefinitely. 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. 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. To read this full article you need to be subscribed to Newsline. The Fund currently offers Class A, Class C and Class I shares. 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. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. Lion Industrial Trust is based out of New York. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. 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. 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. Clarion Lion Industrial Trust (the "Fund") is a private REIT focused on the industrial property sector in North America. 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. During the year ended September 30, 2016, the Fund completed four quarterly repurchase offers. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. The Investment Committee is responsible for ensuring that the decision is communicated to the Portfolio Manager promptly. The Barclays U.S. Significant unobservable prices or inputs (including the Funds own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. All or a portion of a distribution may consist solely of a return of capital (i.e. 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. Additionally, the chairperson of the Audit Committee shall be entitled to an additional retainer of $10,000 per year. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. Our procedures included confirmation of securities owned as of September 30, 2016 by correspondence with the custodian, brokers, and other appropriate parties or by other appropriate procedures when necessary. Fund Administration and Accounting Fees and Expenses. A common method in which to determine if the Funds distributions are supported by economic returns is to examine the Funds Net Asset Value ( NAV) over the course of a year. Privacy and security policies of such site may differ from those practiced by Clarion Partners. The Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. 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. Explore! We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. 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. 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. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. Based on Market value. 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. It focuses on industrial asset class. A correlation ranges from-1 to 1. No affiliation or endorsement, express or implied, is provided by their use. 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. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Glossary, videos, podcasts, research in the Resource Center. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. The CCO shall retain the following proxy records in accordance with the Advisers Recordkeeping Policy: These policies and procedures and any amendments; Each Proxy statement that the Adviser receives; A record of each vote that the Adviser casts; Any document the Adviser created that was material to making a decision how to vote Proxies, or that memorializes that decision; A copy of each written request from a Client or Investor for information on how the Adviser voted such Clients Proxies, and a copy of any written response. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. The Fund has entered into secured bank lines of credit through BNP Paribas Prime Brokerage International, Ltd. (BNP) and Credit Suisse (Credit Suisse) (collectively the Banks) for the purpose of investment purchases subject to the limitations of the 1940 Act for borrowings. Walker Wellford. Clarion management has strong alignment with our investors, with an 18% equity interest in the Firm. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. In consideration of the Advisers agreement to limit the Funds expenses, the Fund has agreed to repay the Adviser in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that: (1) the reimbursement for fees andexpenses will be made only if payable not more than three years from the end of the fiscal year in which they were incurred; and (2) the reimbursement may not be made if it would cause the Expense Limitations to be exceeded. 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. As previously stated, we remain focused on net operating income (NOI) growth. 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 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. NCREIF will calculate the overall aggregated Index return. 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. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. publication offers and more. 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. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. As of September 30, 2016, net unrealized appreciation/(depreciation) of investments based on the federal tax cost was as follows: Gross Appreciation (excess of value over tax cost), Gross Depreciation (excess of tax cost over value), Cost of Investments for Income Tax Purposes. Item 10. Item 7. 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). 4. 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. Item 4. LION INDUSTRIAL TRUST Clarion Partners, LLC. Recommended for You Copia Group appoints Beata Kirr as its first chief. The notice included securities offered of Equity,Pooled Investment Fund Interests. Real estate money manager Clarion Partners has agreed to buy Crow Holdings Industrial Trust, a private REIT, for $1.5 billion. Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund since it commenced operations in 2014. For the year ended September 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. Safe, high-performance lithium-ion Batteries (NMC) eMotor Power: Up to 350 kW and 3,500 Nm torque. 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). 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. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. 602. In considering the Advisers practices regarding brokerage and portfolio transactions, the Trustees reviewed the Advisers standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Principal Accountant Fees and Services. The Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. It also contained information on Fund expenses, including comparative expense ratio information for other investment companies with strategies similar to the Fund. GS Infrastructure Partners (GSIP- Goldman Sachs) Good. 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. Harbinger Capital Partners. NEW YORK, NY In considering the extent to which economies of scale would be realized as the Fund grows and whether the advisory fee levels reflect these economies of scale for benefit of the Funds investors, the Trustees considered that the Funds fee arrangements with AHIC and noted that the sub-advisory fee contained break points, which caused the Adviser to pay lower fees to AHIC based on lower asset levels. In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Investment Strategy Geography; Real Estate; USA; . Clarion Partners Europe is a leading specialist investor in pan-European logistics. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. You cannot invest directly in an index. 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. Return of capital is a tax concept, not an economic concept. Dr. Anderson also served as the Chief Economist and a Division President for CNL Real Estate Advisors, as the Chief Economist and Director of Research for the Marcus and Millichap Company where he served on the Investment Committee, and as Vice President of Research at Prudential Real Estate Advisors. Portfolio Managers of Closed-End Management Investment Companies. Total returns are for the period indicated and have not been annualized and do not reflect the impact of sales charges. Adjusted for initial maximum sales charge of 5.75%. 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. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. Acording to a recently released investment document, the San Jose Police and Fire Department Retirement Plan committed $18.5 million to the investment vehicle . Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. 2023 PitchBook. 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 Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. 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. Fully integrated OEM electric trucks (chassis, cabin & batteries) Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. Pursuant to the Investment Advisory Agreement with the Fund (Advisory Agreement), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets of the Fund. Very Good. The Barclays Capital U.S. Class I shares are not currently subject to a shareholder services fee. 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. After further review and discussion, the Board determined that AHICs practices regarding brokerage and portfolio transactions were satisfactory. HgCapital Renewable Power Partners. Total returns would have been lower had certain expenses not been waived during the period. 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. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. 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. 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. The Adviser supervises the investments of the Fund pursuant to an Investment Advisory Agreement. The result of those repurchase offers were as follows: Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. 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. 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. 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. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. 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. Lion Industrial Trust (ING Clarion) Manager Login. 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. Standard deviation measures the average deviations of a return series from its mean, and is often used as a measure of volatility/risk. Measurement is time-weighted. 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. 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. Since our last annual report (September 2015), we added five additional best in class private institutional real estate securities, which represents an increase of $73 billion in gross asset exposure and 1,195 additional assets to the portfolio. Situations may arise in which more than one Client invests in the same Underlying Fund. 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 .
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