In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. RSM McGladrey was paid $49,050 in connection with auditing services. Griffin Institutional Access Real Estate Fund Class C, Net increase/(decrease) in net asset value, Griffin Institutional Access Real Estate Fund Class I. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. S&P 500 (Stocks), The MSCI US REIT Index (Publicly Traded Real Estate). Additionally, at the Lakemont Group, Mr. Propper was responsible for overseeing projects for a variety of clients including pension funds, private equity firms and publicly traded real estate companies and specialized in structured finance, market analysis and strategic due diligence. The Trustees also considered potential benefits for CenterSquare in managing the Fund, including promotion of CenterSquare name, the ability for CenterSquare to place small accounts into the Fund, and the potential for CenterSquare to generate soft dollars from Fund trades that may benefit CenterSquares other clients. Calculated using the average shares method. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. 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. 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. 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. If a material conflict of interest exists for the Portfolio Manager that normally would have formulated the proxy voting recommendation for the Underlying Fund, such Portfolio Manager should disclose the conflict to the CCO. Win whats next. 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. Various inputs are used in determining the value of the Funds investments as of the reporting period end. Find nearby businesses, restaurants and hotels. 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. Principal Accountant Fees and Services. The portfolio management team continues to work diligently to determine the optimal mix of private and public real estate securities that maximize risk-adjusted returns for our shareholders. Total returns would have been lower had certain expenses not been waived during the period. The Adviser has adopted procedures to implement the firms proxy voting policy and to monitor and ensure its policy is observed and amended or updated, as appropriate, which include the following: In the event Adviser employees, officers, or directors receive proxy materials on behalf of a Client, the employees, officers and directors will forward such materials to the appropriate Portfolio Manager; Such Portfolio Manager will determine which Client(s) hold the interest in an Underlying Fund to which the Proxy relates; The Portfolio Manager will (absent material conflicts of interest as described below in Material Conflicts of Interest) analyze the proxy materials and make a written recommendation to the voting members of the Investment Committee as to how to vote each Proxy. If a material conflict of interest exists for the Adviser, the Legal Department will determine how to vote the Proxy. to see more advanced email alert options such as selecting any type of 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 Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. CERTIFIED SHAREHOLDER REPORT OF REGISTERED, (Exact name of registrant as specified in charter), (Address of principal executive offices) (Zip code), Report of Independent Registered Public Accounting Firm, Trustees Consideration and Approval of Renewal of Advisory Agreements. Borrowings under the Credit Suisse arrangement bear interest at the 3 month LIBOR plus 250 basis points at the time of borrowing. In addition, employees across the Firm have $315 million in co-investments across our products. * Additional Information on Investments in Private Investment Funds: Written notice required for redemption, no minimum timeline required. Clarion Partners Location New York, New York, United States Regions Greater New York Area, East Coast, Northeastern US Gender Male Website www.clarionpartners.com/ Jim Hendricks, equity owner and Managing Director, is the Chief Executive Officer for the Firm's largest industrial portfolio and head of Clarion Partners' Industrial Property Group. The largest outstanding borrowing during the year ended September 30, 2016 relating to Credit Suisse was $149,500,000. Status Refresh. The Fund currently offers Class A, Class C and Class I shares. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. Clarion Lion Industrial Trust is a real estate core fund managed by Clarion Partners. Clarion Partners offers investment options in both commingled fund and separate account formats for institutional investors. The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 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. Because most, if not all, of the Underlying Funds are privately placed, they generally do not issue proxies. 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. Lion Industrial Trust; Use of this site is subject to, and your continued use constitutes your express agreement to be bound by, . SWFI is a minority-owned organization. In considering the nature, extent, and quality of the services provided by CenterSquare, the Trustees considered the responsibilities of CenterSquare under the Investment Sub-AdvisoryAgreementand reviewed the services provided to the Fund including, without limitation, CenterSquares procedures for formulating investment recommendations and assuring compliance with the Funds investment objectives and limitations, coordination of services for the Fund among the Funds service providers, and efforts to promote the Fund, grow the Funds assets, and assist in the distribution of Fund shares. Class A shares commenced operations on June 30, 2014 and Class C and Class I shares commenced operations on August 10, 2015. Core Partners ("CBRE Core Fund") is an open-end core fund that purchases and operates high-quality, income-producing office, industrial, . 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 Adviser will maintain a record of the analysis of any potential conflict of interest and its resolution. The Clients are permitted to place reasonable restrictions on the Advisers voting authority; Non-discretionary Clients may elect to retain full discretion regarding Proxies. A fund or portfolio may differ significantly from the securities included in the index. All Rights Reserved. Accumulated Net Realized Gain on Investments. The notice included securities offered of Equity,Pooled Investment Fund Interests. The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-Q. Over the past twelve months and through careful portfolio composition, we reduced our exposure to the multi-family sector by 603 basis points and increased our office exposure by 482 basis points. 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. Material Conflicts of Interest and Proxy Voting Committee. The Fund's Class I shares commenced operations on August 10, 2015. 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 Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The registrants audit committee has considered whether the provision of non-audit services to 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 investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountants independence. The business and affairs of the Fund are managed under the direction of the Trustees.
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