Walker Wellford. 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. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. Our research focus is local and global, property-specific and big picture, next year and next decade. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. These inputs are categorized in the following hierarchy under applicable financial accounting standards: Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and. 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. Given the amount of volatility and uncertainty surrounding the U.S. election, the United Kingdoms decision to leave the European Union (commonly referred to as Brexit) and U.S. Federal Reserve (Fed) policy this past year, we have remained overweight to private securities relative our long-term target allocation. 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 no guarantee of future results. Pursuant to Section 852 of the Internal Revenue Code, the taxability of distributions will be reported on Form 1099-DIV for 2016. To the Board of Trustees and the Shareholders of. Created and designed to be the ideal specialized all-electric truck. 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. 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. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS. Trademark Application Details. 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. 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. 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 S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. HgCapital Renewable Power Partners. 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. All rights reserved. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. 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. Form D contains basic information about the offering and the company. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. 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. Class C and Class I shares are offered at net asset value. from your original investment) and not a return of net profit. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. Nearly 300 investment consulting professionals in the U.S. advise institutional investors such as corporations, public organizations, union associations, health systems, endowments,and foundations. Thereafter, the Trustees noted that the Funds shareholders would benefit from economies of scale under the Funds agreements with service providers other than the Adviser. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 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 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. In addition, employees across the Firm have $315 million in co-investments across our products. The Administrator is also reimbursed by the Fund for certain out of pocket expenses. Griffin Institutional Access Real Estate Fund A Without Load, Griffin Institutional Access Real Estate Fund A With Load*, Barclays Capital U.S. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . 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. O: 678-819-2460 C: 404-966-2400 wwellford@taylormathis.com. 230 Park Avenue. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). 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. 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. The Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. Connecticut Retirement Plans and Trust Funds, Youre viewing 5 of 45 limited partners. 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. SWFI is a minority-owned organization. We will be in touch soon. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. 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. Portfolio Managers of Closed-End Management Investment Companies. Based on an evaluation of the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report. Following further consideration and discussion of the foregoing, the Board concluded that the fee to be paid to the Adviser by the Fund was fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arms length. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. Trust Based on Market value. Because in the context of Underlying Funds each solicited vote raises unique questions, each Proxy with respect to an Underlying Funds will be analyzed by the Portfolio Manager, and in turn the President and the Investment Committee, on a case-by-case basis. Prior to joining Scannell, Kris was a senior vice president at Clarion Partners, where he facilitated the growth of Lion Industrial Trust, a $30 billion industrial-focused, private REIT, through acquisition, disposition and development transactions throughout the United States. Youll receive updates on upcoming events, special 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 $10 billion in real estate . PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Portfolio Allocation Gross Asset Value ($B) Properties 4.8% AEW Core Property Trust $ 9.5 189 4.9% American Core Realty Fund 6.9 68 In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of Clients; this policy is intended to comply with Rule 206(4)-6 in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from an Underlying Fund. The Distributor acts as the Funds principal underwriter in a continuous public offering of the Funds shares. 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. The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. The Board of Trustees of the registrant has designated Mr. Ira Cohen as the registrants Audit Committee Financial Expert. 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. 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. New York NY 69. 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. A negative correlation of -1 indicates that the securities have moved in the opposite direction. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Distribution Policy Risk. Prior to February 1, 2016 each Trustee who is not affiliated with the Fund or the Adviser received a quarterly fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per each special telephonic meeting. Allocation, Sector, and Geographic Diversification are subject to change. RSM McGladrey was paid $49,050 in connection with auditing services. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. 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. All metrics are based on Class A shares. 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. Status Refresh. The Trustees noted that the Fund outperformed the S&P 500 Index and the Barclays U.S. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. 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. Performance may be lower or higher than performance data quoted. 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. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. Clients can select from a broad range of debt and equity investment options to build their real estate portfolios, including diversified core portfolios, sector-specific accounts, core, core-plus and value-add products as . Harbinger Capital Partners. 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. The Trustees also noted that the Advisers fee was similar to other funds employing similar strategies to the Fund. The Fund completed a quarterly repurchase offer on November 7, 2016 which resulted in 1,010,099 of Fund shares being repurchased for $26,753,389. Investment Strategy Geography; Real Estate; USA; . Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. 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.