- 7. Mai 2023
- Posted by:
- Category: Allgemein
PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Actual results could differ from those estimates. The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. The Funds income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. 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. Portfolio turnover rate for periods less than one full year have not been annualized and is calculated at the Fund level. The Portfolio Manager will provide the CCO with a completed Exhibit A, any supporting documentation and the executed Proxy. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Funds Net Asset Value (NAV). 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. 2023 PitchBook. Dr. Anderson received his bachelors degree in Finance from North Central College in 1991 as a Presidential Scholar and holds a Ph.D. in Finance as a Presidential Fellow from the University of Alabama, where he graduated with highest distinction in 1996. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. 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. We provide the hands-on service thatwe believe investorsneed to achieve their goals and move forward with confidence. 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. After reviewing AHICs and the Funds performance, and other factors, the Board concluded that the investment performance of AHIC was satisfactory. Real estate money manager Clarion Partners has agreed to buy Crow Holdings Industrial Trust, a private REIT, for $1.5 billion. 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. 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. USPTO Trademarks Clarion Partners, LLC Lion Industrial Trust Application #85442431. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. 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. Harbinger Capital Partners. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. The tax character of the Funds distributions, in isolation, does not reveal much information about whether the distributions are supported by the Funds returns. Clarion Partners offers investment options in both commingled fund and separate account formats for institutional investors. 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. 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 Lion8 is an all-electric urban truck, which combines power, comfort and modern technology. The firm last filed a Form D notice of exempt offering of securities on 2022-12-30. Any specific investment referenced may or may not be held in a Clarion Partners client account. 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 . Together with our experienced sub-advisors, we will continue to work to create value for our shareholders. The Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. 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. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. 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. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. To achieve this goal the Fund diversifies its holdings by property type, geography and fund managers. Pursuant to Section 852(b)(3) of the Internal revenue Code, the Fund designated $1,881,291 as long-term capital gain distribution for the year ended September 30, 2016. 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. The Fund was organized as a statutory trust on November 5, 2013 and under the laws of the State of Delaware. 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. Clarion Partners Lion Properties Fund ("LPF" or the "Fund") is an open-end, diversified Core real estate fund with a . Schiff Hardin LLP was paid $67,130 in connection with legal services. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. 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. Lion Industrial Trust is based out of New York. 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. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. By investing in the Fund, a shareholder will not be deemed to be an investor in any underlying fund and will not have the ability to exercise any rights attributable to an investor in any such underlying fund related to their investment. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe Clarion's partnership culture, compensation system, and entrepreneurial spirit clearly differentiate us from our competition. Total returns would have been lower had certain expenses not been waived during the period. Index performance does not represent actual Fund or portfolio performance. Information concerning the Trustees and officers of the Fund is set forth below. Class A shares are offered subject to a maximum sales charge of 5.75% of the offering price. Aggregate Bond Index measures the performance of the U.S. investment grade bond market. Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Management has determined that there were no other subsequent events to report through the issuance of these financial statements. 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. 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. The Lion Industrial Trust had a net asset value of $14.4bn last year. Fully integrated OEM electric trucks (chassis, cabin & batteries) Class C shares may be subject to a 1.00% contingent deferred sales charge on shares redeemed during the first 365 days after their purchase. 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. In considering the investment performance of the Fund and CenterSquare, the Trustees discussed the performance of the public investments portion of the Fund. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Griffin Institutional Access Real Estate Fund as of September 30, 2016, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 through September 30, 2014, in conformity with accounting principles generally accepted in the United States of America. The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Item 4. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014. 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 returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. Formerly known as the Cornerstone Patriot Fund. 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. After reviewing the foregoing information and further information in the memorandum from the Adviser (e.g., the Advisers Form ADV and descriptions of the Advisers business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Adviser were satisfactory and adequate for the Fund. The firm currently manages $8.2 billion across a variety of real estate strategies as of December 31, 2015. On behalf of the entire Griffin team, we thank you for your continued support. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. or to simply have an email sent to you whenever we receive a new 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 . The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. For a description of a possible sales charge, please see (Note 1). The Lion Industrial Trust seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. Adjusted for contingent deferred sales charge of 1.00%. We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. Investors in the Fund should understand that the net asset value (NAV) of the Fund will fluctuate, which may result in a loss of the principal amount invested. No affiliation or endorsement, express or implied, is provided by their use. All or a portion of a distribution may consist solely of a return of capital (i.e. 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. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. 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. 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. By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. By clicking on I accept, you consent to our Privacy Policy. 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. 2008-2023 Sovereign Wealth Fund Institute. Tables present indicative values only. A fund or portfolio may differ significantly from the securities included in the index. (Certification provided in Exhibit A.) Trust The fund is located in New York, New York and invests in the United States. 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. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. Recognition of net investment income is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. Without the waiver the expenses would be 2.68%, 3.43% and 2.43% for Class A, Class C and Class I, respectively. Portfolio Managers of Closed-End Management Investment Companies. We'd love to hear from you. In considering CenterSquares practices regarding brokerage and portfolio transactions, the Trustees reviewed CenterSquare standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions. 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. The Barclays Capital U.S. Additionally, Mr. Propper serves as Vice President, Product Development of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014.
