The NFI-ODCE, short for National Council of Real Estate Investment Fiduciaries (NCREIF) Fund Index - Open End Diversified Core Equity, is the first of the NCREIF Fund Database products and is an index of investment returns reporting on both a historical and current basis the results of 24 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. 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. LION INDUSTRIAL TRUST Clarion Partners, LLC. The Trustees noted the Funds success in gathering assets and that its assets under management as of May 31, 2016 exceeded all but one Fund in its peer group. SEC form, multiple filers or classes of filers, and much more.***. 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. The Fund's Class A shares commenced operations on June 30, 2014. The schedule of investments is included as part of the Reports to Stockholders filed under Item 1 of this report. 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. The filings are available upon request by calling 888-926-2688. The Trustees noted that the Funds principal officers are personnel of the Adviser and its affiliates serve the Fund without additional compensation. Any specific investment referenced may or may not be held in a Clarion Partners client account. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. The Lion Industrial Trust had a net asset value of $14.4bn last year. Average borrowings and the average interest rate for the days the BNP line of credit was outstanding during the year ended September30, 2016 were $26,229,249 and 1.54%, respectively. Indexes are not actively managed and do not reflect deduction for fees, expenses or taxes. Owning18% of the Firm, management prioritizes alignmentwith our investors interests. The Barclays U.S. The Fund invests primarily in big-box warehouse and distribution . All material subject to strictly enforced copyright laws. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. NEW YORK, NY 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. The Funds private holdings include: Formerly known as the Cornerstone Patriot Fund. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers. Mr. Cohen is independent as defined in paragraph (a)(2) of Item 3 to Form N-CSR. GS Infrastructure Partners (GSIP- Goldman Sachs) Good. 602. For over 17 years, our experienced team has been actively acquiring and developing light industrial assets in key markets, particularly in those structured as sale-leaseback transactions. 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. Privacy and security policies of such site may differ from those practiced by Clarion Partners. Fully integrated OEM electric trucks (chassis, cabin & batteries) Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. In addition, employees across the Firm have $315 million in co-investments across our products. 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. Any unauthorized use of this site is strictly prohibited. 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 Trustees also considered the anticipated portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with CenterSquare; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services (soft dollars). Performance may be lower or higher than performance data quoted. Find company research, competitor information, contact details & financial data for Banco Industrial of Plainfield, NJ. 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. United States. You have selected a link that will take you away from the Clarion Partners website. 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. 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 Funds investment adviser is Griffin Capital Advisor, LLC (the Adviser). Underlying Funds, if privately placed, generally are not subject to the regulatory scheme applicable to public companies. The CCO has responsibility for implementation and monitoring of the Advisers proxy voting policy, practices, disclosures and record keeping, including outlining voting guidelines in its procedures. Company profile page for Lion Industrial Trust including stock price, company news, press releases, executives, board members, and contact information Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as his resignation, death, or otherwise as specified in the Funds organizationaldocuments. 13F filing from LION INDUSTRIAL TRUST, enter your The fund seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. The Trustees noted the Funds strong performance over the since inception, trailing one year, and year to date through May 31, 2016 periods. Following further consideration and discussion, the Board indicated that CenterSquares standards and practices relating to the identification and mitigation of potential conflicts of interests were satisfactory. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. All rights reserved. You are leaving www.clarionpartners.com and being directed to a new site. In considering 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, the Trustees considered that the Funds fee arrangements with the Adviser involved both the management fee and an Expense LimitationAgreement. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned herein. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . The Trustees reviewed the balance sheet of the Adviser and discussed the financial stability and profitability of the firm. DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). Created and designed to be the ideal specialized all-electric truck. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. 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 difference between book basis and tax basis net unrealized appreciation is primarily attributable to the investments in partnerships, wash sales and certain other investments. 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 following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. 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. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. Allocation, Sector, and Geographic Diversification are subject to change. The Oklahoma Municipal Retirement Fund (OkMRF) has approved a $30 million commitment to the open-end, value-add real estate Clarion Lion Industrial Trust fund. 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. 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 addition to his role in the United States, Kris co-managed . 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. After further review and discussion, the Board determined that the Advisers practices regarding brokerage and portfolio transactions were satisfactory. To the Board of Trustees and the Shareholders of. The largest outstanding borrowing during the year ended September 30, 2016 relating to BNP was $65,000,000. 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. Class A and Class I shares are not currently subject to a Distribution Fee. 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 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 Trustees noted that AHIC does not engage in portfolio transactions directly on behalf of the Fund and makes recommendations to the Adviser. The MSCI US REIT Index (RMZ) is an equity REIT index that serves as a proxy for publicly traded real estate. 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. 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 Global Wealth Conferences - SWFI Event Series. 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 fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. The Funds most recent quarterly distribution payment (September 2016) represented an annualized 5.22% rate. 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. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. During the year ended September 30, 2016, the Fund incurred $435,329 of interest expense related to the BNP borrowings. One basis point is equal to 1/100th of 1%, or 0.01%. 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). 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 Adviser does not vote proxies regarding securities held by Underlying Funds but rather, may vote on issues regarding the Underlying Funds. Additionally, Dr. Anderson serves as the Chief Economist of Griffin Capital Corporation, a position he has held since joining Griffin Capital Corporation in 2014.
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