The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. 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. Transwestern | John Thomas 13F filing from LION INDUSTRIAL TRUST, enter your 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 reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. Material conflicts of interest may arise in situations that include, but are not limited to, when an Underlying Fund or an affiliate of such Underlying Fund has a relationship with the Fund or an affiliate of the Adviser and such Underlying Fund is soliciting proxies and failure to vote in a certain way may affect the Advisers relationship with such company and materially impact the Advisers business; or when a personal relationship between an Adviser officer and management of a company or other proponents of proxy proposals could impact the voting decision. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/ordistribution plans. 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. Lion Electric - HK Truck Center Spencer Propper serves as Vice President of Griffin Capital Advisor, LLC and Associate Portfolio Manager of the Fund 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). Status Refresh. The Fund is considered an investment company for financial reporting purposes under GAAP. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Various inputs are used in determining the value of the Funds investments as of the reporting period end. We have strategically shifted the portfolio composition in favor of managers whom we believe are best poised to deliver outsized growth of key operating metrics. USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. To the Board of Trustees and the Shareholders of. 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. These financial statements and financial highlights are the responsibility of the Funds management. Investment return and value of the Fund shares will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost. ILC is a joint venture between Taylor & Mathis and Lion Industrial Trust, a private REIT 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 performance data quoted above represents past performance. from your original investment) and not a return of net profit. Class A shares are offeredsubject to a maximum sales charge of 5.75% of the offering price. Item 3. The Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. It is calculated by annualizing the most recent Fund distribution yield. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. Total returns are for the period indicated and have not been annualized. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. 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. We have continued to utilize a low-cost, passive approach to investing in the flagship U.S. core property funds managed by the leading institutional real estate sponsors. 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. 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. 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. 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. 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. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The Adviser will provide conspicuously displayed information in its Disclosure Document summarizing this proxy voting policy and procedures, including a statement that the Clients and Investors may request information regarding how the Adviser voted a Clients Proxies, and that the Clients and Investors may request a copy of these policies and procedures. Previously, Dr. Anderson held several senior executive positions at Bluerock Real Estate LLC., including founding partner of the Bluerock Total Income + Real Estate Fund where he was the portfolio manager. You have selected a link that will take you away from the Clarion Partners website. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. Lioni Construction & Maintenance | Bridgewater NJ 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. The Fund has entered into a Distribution Agreement with ALPS Distributors, Inc. (the Distributor) to provide distribution services to the Fund. Healthcare Trust of America, Inc., Class A, 1.888.926.2688 | www.griffincapital.com, TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,122,109,673), TOTAL INVESTMENTS (100.16%) (Cost $1,122,109,673), Liabilities in Excess of Other Assets (-0.16%). 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. SWFI is a minority-owned organization. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. O: 678-819-2460 C: 404-966-2400 wwellford@taylormathis.com. Lion Industrial Trust Profile Use of this site is subject to, and your continued use constitutes your express agreement to be bound by, the Terms of Use and Privacy Statement. 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. Dr. Randy Anderson, CIO of the Adviser is the Funds portfolio manager. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. All material subject to strictly enforced copyright laws. 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 offers investment options in both commingled fund and separate account formats for institutional investors. CONTACT. Win whats next. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. SEC.gov | HOME ACERA said the second $50m commitment was made to Lion Industrial Trust, a core-plus industrial fund managed by Clarion Partners. 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. 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. The fund is located in New York, New York and invests in the United States. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. Lion Industrial Trust Profile 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. Allocation, Sector, and Geographic Diversification are subject to change. The Trustees also noted that the Adviser seeks, through this approach, to allocate between public and private real estate securities and allow the Fund to invest across a diversified set of investment managers and strategies as well as to provide investment exposure across property types and geographies. We will be in touch soon. Sign up here. 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. For more information on the differences in share classes, refer to the applicable prospectus, which can be found at: https://www.griffincapital.com/griffin-institutional-access-real-estate-fund/forms-and-literature. In considering CenterSquares practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience andability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and CenterSquares other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of CenterSquares code of ethics. CenterSquare Investment Management has been managing real estate securities portfolios since 1995 across multiple strategies and market cycles. Submission of Matters to a Vote of Security Holders. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Along with his or her recommendation, the Portfolio Manager will provide a written certification, provided in Exhibit A to this policy, that he is not subject to conflicts of interest regarding the Underlying Fund or the subject of the Proxy. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. As previously stated, we remain focused on net operating income (NOI) growth. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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. Audit Committee Financial Expert. Trust DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Privacy and security policies of such site may differ from those practiced by Clarion Partners. All or a portion of a distribution may consist solely of a return of capital (i.e. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. In considering the costs of the services to be provided and profits to be realized by CenterSquare and its affiliates from the relationship with the Fund, the Trustees evaluated CenterSquares staffing, personnel, and methods of operating; the education and experience of CenterSquares personnel; CenterSquares compliance programs, policies, and procedures; the financial condition of CenterSquare; the level of commitment to the Fund and CenterSquare by the principals of CenterSquare; 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. Upload your latest press release or suggest a story idea to our editorial team. 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). The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. RSM McGladrey was paid $49,050 in connection with auditing services. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. No affiliation or endorsement, express or implied, is provided by their use. The Lion Industrial Trust seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. Core Partners ("CBRE Core Fund") is an open-end core fund that purchases and operates high-quality, income-producing office, industrial, . Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. Lion Industrial Trust; Use of this site is subject to, and your continued use constitutes your express agreement to be bound by, . Clarion Partners Europe is a leading specialist investor in pan-European logistics. Class C and Class I shares are offered at net asset value. James Hendricks - Managing Director @ Clarion Partners - CrunchBase Property Flyers. There is no guarantee that shareholders will be able to sell all of the shares they desire to sell in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase at least 5% of such shareholders shares in each quarterly repurchase. 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 Funds Public Allocation Sub-Advisor, CenterSquare Investment Management, a BNY Mellon Company, is focused exclusively on real estate and structured to provide attractive investment performance to institutional real estate investors. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. 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. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. 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 CenterSquare; (ii) theinvestment performance of the Fund and CenterSquare; (iii) the costs of the services provided and profits realized by CenterSquare 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 scale for the benefit of the Funds investors; (v) CenterSquares practices regarding brokerage and portfolio transactions; and (vi) CenterSquares practices regarding possible conflicts of interest. The Trustees noted that the Adviser seeks to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategic investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. 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. 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. Situations may arise in which more than one Client invests in the same Underlying Fund. To read this full article you need to be subscribed to Newsline. 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. 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. 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. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. 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 CenterSquare and noted that the sub-advisory fees contained break points, which caused the Adviser to pay CenterSquare lower fees at lower asset levels. PDF Clarion Partners Lion Properties Fund - Nebraska Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. U.S. Official MapQuest website, find driving directions, maps, live traffic updates and road conditions. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. 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. Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. A portion of these securities are held as collateral for the outstanding Line(s) of Credit. 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. Investment in real estate is speculative and involves significant risk. Clarion Lion Industrial Trust Profile: Returns & Limited Partners Instead, they may solicit consents from their limited partners, members or shareholders. ***Log In or New York-based Clarion, a subsidiary of ING Real Estate,. The Trustees also noted that AHICs fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Ryan J. Bandy - Deputy Portfolio Manager - LinkedIn Return of capital is a tax concept, not an economic concept. Global Wealth Conferences - SWFI Event Series. The CCO will designate another Portfolio Manager the responsibility to form a proxy voting recommendation and serve as the original Portfolio Manager would have done in the proxy voting process. The Trustees also reviewed a memorandum from the Funds legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision. TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners' Lion Industrial Trust Fund. Past performance does not guarantee future results. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Explore! An investor cannot invest directly into an index. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. Griffin Capital Securities, Inc. does not accept any liability for losses either direct or consequential caused by the use of this information. (Certification provided in Exhibit A.) 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. We are pleased to present the Griffin Institutional Access Real Estate Funds (the Fund) annual report. The Trustees noted that CenterSquare assists the Adviser in seeking to achieve the Funds investment objective to generate a balanced return comprised of current income and capital appreciation with moderate volatility and low correlation to the broader markets by pursuing strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. 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. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . 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. A large standard deviation implies that there have been large swings in the return series of the manager. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. 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. Past performance is not a guarantee of future results. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Actual results could differ from those estimates. All text and design is copyright 2020 WhaleWisdom.com. The unused amount under the Credit Suisse arrangement bears interest at 90 basis points.
