Diversification does not eliminate the risk of experiencing investment losses. 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. 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 Trustees also considered potential benefits for AHIC in managing the Fund, including promotion of AHIC name, the ability for AHIC to place small accounts into the Fund, and the potential for AHIC to generate soft dollars from Fund trades that may benefit AHICs other clients. Griffin Capital Advisor, LLC (the Adviser), as a matter of policy and as a fiduciary to the Clients, has responsibility for voting proxies for securities consistent with the best interests of Clients. Clarion to acquire Crow Holdings for $1.5 billion Investment in real estate is speculative and involves significant risk. Instead, they may solicit consents from their limited partners, members or shareholders. If a Funds NAV decreases, the Fund will have distributed more than it has economically earned or it will have incurred an economic loss. 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 Alameda County (Calif.) Employees Retirement Association (ACERA) has approved an additional investment of up to $35 million in Clarion Partners Lion Industrial Trust. Core Partners ("CBRE Core Fund") is an open-end core fund that purchases and operates high-quality, income-producing office, industrial, . After reviewing CenterSquares and the Funds performance, and other factors, the Board concluded that the investment performance of CenterSquare was satisfactory. HFF Secures $175M Refi from TIAA-CREF - Commercial Observer A positive correlation of 1 implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Fund performance current to the most recent month-end is available by calling 1-888-926-2688 or by visiting www.griffincapital.com. If the Funds NAV has increased, the Fund will have economically earned more than it has distributed, regardless of whether such distributions are reported as being from net investment income, net realized gains on investments or return of capital. No affiliation or endorsement, express or implied, is provided by their use. Item 7. 2023 PitchBook. The voting rights of the Clients, as holders of interests in Underlying Funds, are generally contract rights set out in the organizational documents (e.g., the limited partnership agreement, limited liability company agreement, memorandum and articles of association of the Underlying Funds). By clicking on the ACCEPT button below, you acknowledge the previous statement and will be taken to the linked site. After further review and discussion, the Board determined that CenterSquares practices regarding brokerage and portfolio transactions were satisfactory. The Trustees reviewed the balance sheet of AHIC and discussed the financial stability and profitability of the firm. PDF Semi-Annual Report Furthermore, you may obtain a copy of the filing on the SECs website at http://www.sec.gov. Item 4. Redemption price per share may be reduced for any applicable contingent deferred sales charge. All text and design is copyright 2020 WhaleWisdom.com. It focuses on industrial asset class. The audit committees pre-approval policies and procedures require that all services to be performed by the registrants principal accountant must be pre-approved by the registrants audit committee. It also brings the total number of private real estate holdings to 17. 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. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. The Lion Industrial Trust seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. 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. or to simply have an email sent to you whenever we receive a new 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. A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the Securities and Exchange Commissions (SEC) website at http://www.sec.gov. Clarion Partners, LLC : Group Fund Manager: Clarion Partners, LLC . Walker Wellford. 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. The S&P 500 is an index based on market cap of the 500 largest companies having stock listed on the NYSE or NASDAQ. Average borrowings and the average interest rate for the days the Credit Suisse line of credit was outstanding during the year ended September 30, 2016 were $41,831,967 and 3.17%, respectively. 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. 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 business and affairs of the Fund are managed under the direction of the Trustees. The Fund currently offers Class A, Class C and Class I shares. Lion Industrial Trust Profile Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. 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 subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Dr. Anderson has primary responsibility for management of the Funds investment portfolio and has served the Fund in this capacity since it commenced operations in 2014. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. Youll receive updates on upcoming events, special 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). DST Systems, Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund (the Transfer Agent). 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. 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. The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. Certifications required by Item 12(b) of Form N-CSR are filed herewith as Exhibit 99.906CERT. In response to any request from a Client or an Investor, the CCO will prepare a written response with the information requested. Responsible for investment strategy and operation of a sector specific, open-ended fund sponsored by CBRE Investment Management. Although we have verified the accuracy of this link from our website to a third party website, the content of the web pages may change without notice. In the twelve-month period since our last annual report, we surpassed one billion dollars in assets under management. A $175 million fixed rate loan was secured by HFF on behalf of Lion Industrial Trust, a fund managed by Clarion Partners.
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