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. Prior to Bluerock, Dr. Anderson was a founding partner of Franklin Square Capital Partners, the firm that pioneered the non-traded Business Development Company. The Fund's Class I shares commenced operations on August 10, 2015. In the absence of specific voting guidelines from the particular Client, the Adviser will vote Proxies in the best interests of such Client. The term Fund Complex refers to the Griffin Institutional Access Real Estate Fund. Effective October 1, 2016, each Trustee who is not affiliated with the Fund or the Adviser will receive an annual retainer of $50,000, to be paid quarterly, as well as reimbursement for any reasonable expenses incurred attending the meetings, and $500 per non-interested Trustee per each special telephonic meeting(exclusive of one special telephonic meeting per year and any telephonic meeting to review the agenda of any upcoming meeting of the Board). In considering the nature, extent, and quality of the services provided by the Adviser, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement and reviewed the services provided to the Fund including, without limitation, the Advisers 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. Such fees, expenses, and commissions could reduce returns. Diversification does not eliminate the risk of experiencing investment losses. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. The charts represent the diversification by sector and geography of the private fund holdings as of 10/3/16. The Trustees noted that the Fund commenced operations on June 30, 2014, and continued to gather assets. 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). The following is a summary of the inputs used in valuing the Funds investments as of September 30, 2016: Level 2 - Other Significant Observable Inputs, Private Investment Funds (Measured at net asset value). The Portfolio Manager may take into account information provided by the Underlying Funds personnel regarding the nature of the proxy. 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. Clarion Partners LLC 5 years 5 months Senior Vice President -. Privacy and security policies of such site may differ from those practiced by Clarion Partners. Certifications required by Item 12(a)(2) of Form N-CSR are filed herewith as Exhibit 99.CERT. Class C and Class I shares are offered at net asset value. O: 678-819-2460 C: 404-966-2400 wwellford@taylormathis.com. 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. Measurement is time-weighted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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. At September 30, 2016, outstanding collateral amounted to $1,066,237,965. The investment objective of the Fund is to generate a return comprised of both current income and capital appreciation with moderate volatility and low correlation to the broader markets. 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. Investment in real estate is speculative and involves significant risk. You are leaving www.clarionpartners.com and being directed to a new site. The fund is located in New York, New York and invests in the United States. If you want to remain at this site, select the DECLINE button. The term -. 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. Following further discussion of the Funds current and projected asset levels, expectations for growth, and levels of fees, theBoard determined that the Funds fee arrangements were fair and reasonable in relation to the nature and quality of the services provided by AHIC. 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. These policies are in conformity with accounting principles generally accepted in the United States of America (GAAP). The Trustees also noted that CenterSquare seeks to invest across a diversified set of public real estate securities. Aggregate Bond Index in each of the since inception, trailing one year, and year to date through May 31, 2016 periods. The Lion Industrial Trust seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets. At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Adviser to the Trustees containing information about the advisory firm and its business. 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. A $175 million fixed rate loan was secured by HFF on behalf of Lion Industrial Trust, a fund managed by Clarion Partners. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Private real estate fund dry powder is still above long-term averages as investors seek high quality, income-producing assets. In considering the Advisers practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Advisers other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Advisers code of ethics. 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. $46,993 of additional Organizational Expenses were recorded subsequent to the May 21, 2014 Seed Audit Financial Statements. The Fund elects to defer to the period ending September 30, 2017, late year ordinary losses in the amount of $9,522,584. The continued growth has allowed the portfolio to further diversify by property type, geography and fund manager. Form D contains basic information about the offering and the company. This includes acquisition and asset management roles on over 10M SF of industrial real estate for AIG, and right-sizing under performing retail centers for Clarion Partners. 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. In considering the costs of the services provided and profits realized by AHIC and its affiliates from the relationship with the Fund, the Trustees evaluated AHICs staffing, personnel, and methods of operating; the education and experience of AHICs personnel; AHICs compliance programs, policies, and procedures; the financial condition of AHIC; the level of commitment to the Fund and AHIC by the principals of AHIC; the current and projected asset levels of the Fund; and the overall expenses of the Fund, including the nature and frequency of advisory fee payments. The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the Expense LimitationAgreement) under which the Adviser has agreed contractually to waive its fees and to pay or absorb the ordinary annual operating expenses of the Fund (including organizational and offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until January 31, 2017, so that the total annual operating expenses of the Fund do not exceed 1.91% per annum of Class A average daily net assets, 2.66% per annum of Class C average daily assets and 1.66% per annum of Class I average daily assets (the Expense Limitations). U.S. It is calculated by annualizing the most recent Fund distribution yield. ALPS Fund Services, Inc. serves as the Funds administrator and accounting agent (the Administrator) and receives customary fees from the Fund for such services. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Fund offers three share classes: GIREX - Class A, GCREX - Class C, and GRIFX - Class I. These factors contributed to positive net returns with low volatility and low correlation to the broader markets. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. The Barclays Capital U.S. 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. 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. Trust Kleiner, Perkins . The filings are available upon request by calling 888-926-2688. Learn about Clarion Europe Careers at Clarion 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. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Funds organizational documents. Borrowings under the BNP arrangement bear interest at the 3 month LIBOR plus 95 basis points at the time of borrowing. The Fund pursues its investment objective by strategically investing across private institutional real estate investment funds as well as a diversified set of public real estate securities. Mr. Propper holds a Masters of Business Administration and Bachelor of Science in Finance and Real Estate from the University of Central Florida. Following further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to AHIC by the Fund were fair and reasonable in relation to the nature and quality of the services provided by AHIC and that they reflected charges that were within a range of what could have been negotiated at arms length. Clarion Lion Industrial Trust is an open-end vehicle, managed by Clarion Partners. 4. In addition to his role in the United States, Kris co-managed . In these offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares as of the Repurchase Pricing Dates. TIAA-CREF has provided a $175m fixed-rate loan to Clarion Partners' Lion Industrial Trust Fund. All Clarion Partners LLC and Clarion Partners Europe statistics, data and charts, including but not limited to assets under management (AUM), ESG data, sector data and property data, as well as data related to our investors, tenants and employees, are as of 12/31/2022 unless otherwise noted. None of the Funds executive officers receives compensation from the Fund. Schiff Hardin LLP was paid $67,130 in connection with legal services. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. The Barclays U.S. Please review the Funds Prospectus for more details regarding the Funds fees and expenses. 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 Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds toll, General Counsel, Triloma Capital (private equity firm), 2013, Class of 1938 Foundation (nonprofit), 1996, Chief Executive Officer, ROC Senior Housing Fund Manager, LLC (real estate fund management), 2013, ROC Seniors Housing & Medical Properties Fund, LP (real estate fund), 2013, Executive Vice President, Recognos Financial (financial data services firm), 2015, Valued Advisers Trust (14 portfolios), 2010, Chairman and Chief Executive Officer of Griffin Capital Corporation; Chief Executive Officer of Griffin Capital Securities, LLC; President and Director, Griffin, Chairman, Griffin Capital Corporation; 1995, Chief Financial Officer, Griffin Capital Corporation; Chief Financial Officer, Griffin, Portfolio Manager, Secretary and Trustee Since 2014, Chief Economist, Griffin Capital Corporation; Chief Investment Officer, Griffin Capital Advisor, LLC; President, Griffin Capital Asset Management Company, LLC; Howard Phillips Eminent Scholar Chair and Professor of Real Estate at the University of Central Florida; President, Bluerock Real Estate LLC; President, CNL Real Estate Advisors; and Chief Economist, Marcus and Millichap Company; Executive Vice President, Griffin, Compliance Director, Cipperman Compliance Services, LLC (compliance services provider). Our research focus is local and global, property-specific and big picture, next year and next decade. In considering the investment performance of the Fund and AHIC, the Trustees discussed the performance of the private investments portion of the Fund. The Trustees also noted that CenterSquares fee, combined with the Advisers fee, were similar to the management fees for funds with similar investment strategies. Owning18% of the Firm, management prioritizes alignmentwith our investors interests. We will be in touch soon. Actual results could differ from those estimates. Glossary, videos, podcasts, research in the Resource Center. The commitment was made on behalf of ACERAs core-plus real estate portfolio, according to a meeting document.