clarion partners lion industrial trustpaterson street cleaning schedule 2020
The registrants Code of Ethics is attached as an Exhibit hereto. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. publication offers and more. 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. New York-based Clarion, a subsidiary of ING Real Estate,. Dry powder refers to cash reserves for purchasing assets or making acquisitions. (Certification provided in Exhibit A.) For a description of a possible sales charge, please see (Note 1). The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. 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). 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 Funds Private Allocation Sub-Advisor, Aon Hewitt Investment Consulting, an Aon Company, provides investment consulting services to over 480 clients in North America with total client assets worldwide of approximately $4 trillion, including more than $3 trillion in the U.S. as of December 31, 2015. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Redemption price per share may be reduced for any applicable contingent deferred sales charge. Industrial. 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. During the year ended September 30, 2016, the Fund incurred $310,030 of interest expense related to the unused amount. For the year ended September 30, 2016, Class C shares incurred distribution fees of $1,075,934. The Trustees determined that the management fee and net expense ratiowere higher than some, but not all, of the comparable funds and the peer group averages. 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. 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. The notice included securities offered of Equity,Pooled Investment Fund Interests. ACERA commits to PGIM, Clarion open-ended real estate funds After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. 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. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. For the year ended September 30, 2016, the Fund did not have unobservable inputs (Level 3) used in determining fair value. ***Log In or 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. PDF Semi-Annual Report Item 3. Errors are noted below: Thanks for reaching out. Principal Accountant Fees and Services. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The Barclays U.S. 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. Sign-up None of the Funds executive officers receives compensation from the Fund. Calculated using the average shares method. U.S. Sign up here. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. Item 4. We are not responsible for the content, views, or privacy policies of the third party website. In addition, two or more Clients may have different investment objectives or investment styles. 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). Class A and Class I shares are not currently subject to a Distribution Fee. The Board of Trustees of the registrant has determined that the registrant has at least one Audit Committee Financial Expert serving on its audit committee. Based on Market value. SWFI is a minority-owned organization. Index performance does not represent actual Fund or portfolio performance. Learn about Clarion Europe Careers at Clarion The valuation techniques used by the Fund to measure fair value during the year ended September 30, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. Information concerning the Trustees and officers of the Fund is set forth below. 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. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Clarion Partners, LLC Profile 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. The Funds investment objective is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. The Trustees noted that, while the management fee remains the same at all asset levels, the Funds shareholders continue to benefit from the Funds expense limitation arrangement until the Funds assets grew to a level where the Funds expenses fell below the cap set by the arrangement and the Adviser begins receiving its full fee. 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. 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. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. How do I update this listing? Demand continues to outstrip supply, which has helped keep vacancy rates below their long-term averages and prompt favorable conditions for landlords to increase rents for most asset types. Sign up to receive emails from IREI. 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. TIAA-CREF lends $175m to Clarion Fund - Real Estate Capital Europe 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. Situations may arise in which more than one Client invests in the same Underlying Fund. /aboutus/PublishingImages/about-clarion-hero-mobile.jpg, /aboutus/PublishingImages/InterstateLogistics_Image.jpg. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. 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. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. 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. If you want to remain at this site, select the DECLINE button. 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. Created and designed to be the ideal specialized all-electric truck. As of the current SAI, Dr. Anderson and Mr. Propper owned no Fund shares. After reviewing the foregoing information and further information in the memorandum from CenterSquare (e.g., CenterSquares Form ADV and descriptions of the Advisors business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by CenterSquare were satisfactory and adequate for the Fund. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. 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. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. San Jose Police & Fire earmarks $19 million for real estate fund TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners' Lion Industrial Trust Fund. Portfolio Allocation Gross Asset Value ($B) Properties 4.8% AEW Core Property Trust $ 9.5 189 4.9% American Core Realty Fund 6.9 68 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. New York Common injects $370m into industrial real estate Clarion Lion Industrial Trust General Information. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . Clarion Partners Europe is a leading specialist investor in pan-European logistics. 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 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. No assurances can be given that the Fund will pay a dividend in the future; or, if any such dividend is paid, the amount or rate of the dividend. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. NEW YORK, NY Dead/Abandoned. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). Aggregate Bond Index measures the performance of the U.S. investment grade bond market.
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