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. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The Trustees noted that the Fund outperformed each of its peers in the since inception and year to date through May 31, 2016 periods. We have audited the accompanying statement of assets and liabilities of Griffin Institutional Access Real Estate Fund (the Fund), including the portfolio of investments, as of September 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the two-year period then ended and for the period June 30, 2014 (commencement of operations) through September 30, 2014. 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. ORGANISATIONAL UPDATES On July 31, 2020, Franklin Resources, Inc. acquired Legg Mason, Inc. and its specialist investment managers for $6.5 . Allocation, Sector, and Geographic Diversification are subject to change. To read this full article you need to be subscribed to Newsline. *Including accumulated net investment loss of: The Fund's Class C shares commenced operations on August 10, 2015. 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. 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 NFI-ODCE Index is capitalization-weighted and is reported gross of fees. 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. Reports to shareholders and printing fees, Less: Fees waived/expenses reimbursed by adviser (Note 3), Net change in unrealized appreciation on investments, NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS, Net Increase in Net Assets Resulting from Operations, Net Increase in Net Assets Derived from Beneficial Interest Transactions. Instead, they may solicit consents from their limited partners, members or shareholders. LION INDUSTRIAL TRUST - Clarion Partners, LLC Trademark Registration The Adviser may determine not to vote a Proxy if doing so would not be in a Clients best interest, such as when the Adviser determines that the cost of voting the Proxy exceeds the expected benefit to the Client. Sugar Hill Distribution Center. In considering the costs of the services provided and profits realized by the Adviser and its affiliates from the relationship with the Fund, the Trustees evaluated the Advisers staffing, personnel, and methods of operating; the education and experience of the Advisers personnel; the Advisers compliance programs, policies, and procedures; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; 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.