Griffin Capital : Holdings as of January 4, 2021

	G R I F F I N I N S T I T U T I O N A L A C C E S S ® R E A L E S TAT E F U N D	JANUARY 4, 2021
Holdings At-A-Glance
				Class C (NASDAQ: GCREX)
										Class A (NASDAQ: GIREX)
										Class I (NASDAQ: GRIFX)
		Q4 Annualized Distribution Rate	5.22%1							Class L (NASDAQ: GLREX)
		Private Real Estate Exposure2	68%			I N V E S T M E N T M A N A G E M E N T
		Clarion Lion Properties Fund	5.37%
		Morgan Stanley Prime Property Fund	4.75%			T E A M
		Cortland Growth and Income Fund	4.66%
		Clarion Lion Industrial Trust	3.89%			Randy I. Anderson, Ph.D., CRE
		Prudential PRISA	3.83%
		Ventas Life Science and Healthcare Real Estate Fund	3.49%			Portfolio Manager, Founding Partner
		Oaktree Real Estate Income Fund	3.35%
				Spencer J. Propper
		TA Realty Core Property Fund	3.02%
		Clarion Gables Multifamily Trust	2.92%			Associate Portfolio Manager, Founding Partner
		CBRE U.S. Core Partners	2.16%
		Prologis Targeted U.S. Logistics Fund	1.68%			A S S E T S U N D E R
		Sentinel Real Estate Fund	1.62%			$ 3 . 8 0 B I L L I O N
		USAA US Government Building Fund	1.41%			M A N A G E M E N T
		BGO Diversified US Property Trust	1.35%
		Stockbridge Smart Markets Fund	1.34%			Portfolio Exposure
		Hancock U.S. Real Estate Fund	0.88%
		American Core Realty Fund	0.77%
		AEW Core Property Trust	0.69%			31.52%
		GWL U.S. Property Fund	0.62%
				Public Real
		Heitman America Real Estate Trust	0.52%
		UBS Trumbull Property Fund	0.45%			Estate
		RREEF America REIT II	0.44%			and Cash3
		Barings Core Property Fund	0.32%
		BlackRock US Core Property Fund	0.25%
		Private Real Estate Equity	49.78%
		Heitman Core Real Estate Debt Income Trust	3.12%
		Brookfield Senior Mezzanine Real Estate Finance Fund	2.78%
		TCM CRE Credit Fund	2.68%									68.48%
		CrossHarbor Strategic Debt Fund	2.53%
												Private Real
		PGIM Real Estate US Debt Fund	2.22%
		JP Morgan U.S. Real Estate Core Mezzanine Debt Fund	2.08%									Estate2
		ARES Real Estate Enhanced Income Fund	1.71%
		Voya Commercial Mortgage Lending Fund	1.58%
		Private Real Estate Debt	18.70%					Private Real Estate Equity		49.78%
		Public Real Estate Exposure and Cash3	32%
						Private Real Estate Debt		18.70%
								Public Real Estate Equity		20.52%
		Public Real Estate Equity	20.52%
								Cash and Short-Term Investments	5.60%
		Cash and Short-Term Investments	5.60%
								Mortgage-Backed Securities		3.11%
		Mortgage-Backed Securities	3.11%
								Preferred Securities		2.29%
		Preferred Securities	2.29%

1. Past performance is not a guarantee of future results. Please see the last page for additional details regarding Fund distributions.
2. Represents the Fund's direct holdings in private funds in which the underlying holdings of each respective private fund generally consist of real estate-related interests that are not publicly traded.
3. Represents (i) the Fund's direct holdings in publicly traded, real estate-related securities; (ii) the Fund's holdings in private funds and registered investment companies in which the underlying holdings are generally publicly traded; and (iii) cash and short-term investments.

P R I VAT E F U N D D I V E R S I F I C AT I O N A S O F J A N U A RY 4 , 2 0 2 1

Through its investment in private funds, Griffin Institutional Access Real Estate Fund offers immediate diversification by property sector, geography, and exposure to real estate equity and debt.

32 4

Institutional Real Estate Managers

3,567 4

Investments

$220.00

Billion4

Gross Asset Value

94%531%5

OccupancyLeverage

Private Real Estate Exposure:

Geographic Diversification4

AK

West Midwest East South

28.20% 8.53% 34.38% 28.89%

Properties depicted (top to bottom): Worthing Place (multifamily), West Palm Beach, FL, BlackRock US Core Property Fund; Livermore Distribution Center (industrial), Livermore, CA, BGO Diversified US Property Trust. An investment in Griffin Institutional Access Real Estate Fund is not a direct investment in real estate and Griffin Institutional Access Real Estate Fund does not own the properties listed. The properties listed are a representative sample of properties owned by the underlying private investment funds as of September 30, 2020 in which Griffin Institutional Access Real Estate Fund is invested as of January 4, 2021. Holdings are subject to change without notice.

1. Metrics express the Fund's portfolio allocated to private funds in which the underlying holdings of such private funds generally consist of real estate- related interests that are not publicly traded as of January 4, 2021. Underlying data and statistics of the Fund's private real estate exposure as of
   September 30, 2020. Holdings are subject to change without notice. Diversification does not eliminate the risk of experiencing investment losses.
2. Calculations based on the Fund's allocation to private real estate equity funds as of January 4, 2021. Occupancy is the rate of which underlying properties are occupied, typically through leases. Leverage is the utilization of borrowings by the Fund's underlying private real estate equity funds and does not represent the Fund's direct use of leverage. The use of leverage increases investment risk and the potential for increased loss and could adversely affect market value of the Fund's underlying private investment funds in periods of rising interest rates.

P R I VAT E F U N D D I V E R S I F I C AT I O N A S O F J A N U A RY 4 , 2 0 2 1

Property Sector	Percentage of Total	Percentage of	Highlights4
	Fund Assets	Private Fund Assets4
Multifamily	24.85%	36.29%	622 apartment investments which
			are comprised of over 180,000 units
Private Real Estate Equity	18.98%	27.72%	diversified across high growth markets.
Private Real Estate Debt	5.87%	8.57%

Office	16.18%	23.63%
Private Real Estate Equity	8.41%	12.28%
Private Real Estate Debt	7.77%	11.35%

298 high-quality office investments in diverse, high-demand metropolitan areas representing over 120 million square feet of space.

Industrial	13.06%	19.08%
Private Real Estate Equity	12.41%	18.13%
Private Real Estate Debt	0.65%	0.95%

2,019 investments boasting over 605 million square feet of industrial assets including facilities that support the fast- growing e-commerce logistics industries.

Specialty	5.74%	8.38%
Private Real Estate Equity	5.66%	8.26%
Private Real Estate Debt	0.08%	0.12%

110 healthcare/life sciences and government office investments, comprised of nearly 18 million square feet of lab and office space serving medical, research, and government tenants across the country.

Retail	4.68%	6.83%	266 investments with more than 63
Private Real Estate Equity	3.32%	4.85%	million square feet of retail space.
Private Real Estate Debt	1.36%	1.98%
Other	2.22%	3.24%	230 investments, comprised of self-
			storage facilities, parking garages, and
Private Real Estate Equity	0.97%	1.41%	land.
Private Real Estate Debt	1.25%	1.83%
Hospitality	1.75%	2.55%	22 hospitality investments, representing
Private Real Estate Equity	0.03%	0.04%	6,581 keys across the country.
Private Real Estate Debt	1.72%	2.51%

Griffin Institutional Access Real Estate Fund (the "Fund") is a closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% and no more than 25% of the Fund's shares outstanding at net asset value. The Fund is only suitable for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. There is no secondary market for the Fund's shares and none is expected to develop.

For purposes of the Investment Company Act of 1940 (the "1940 Act"), the Fund is classified as a non-diversified fund, which means the Fund may invest more than 5% of its total assets in the securities of one or more issuers. However, among the number of issuers, the Fund seeks exposure across multiple sectors of the real estate industry (e.g., industrial, office, and multifamily) and geographic locations. As used herein, the terms "diversify," "diversified," and "diversification" are meant to reference that variety and not the Fund's diversification status under the 1940 Act.

IMPORTANT DISCLOSURES

This is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expenses of Griffin Institutional Access® Real Estate Fund (the "Fund"). This and other important information about the Fund is contained in the prospectus, which can be obtained by visiting www.griffincapital.com. Please read the prospectus carefully before investing.

The Fund is a closed-end interval fund, the shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund's shares. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no less than 5% and no more than 25% of the Fund's shares outstanding at net asset value. There is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Due to these restrictions, an investor should consider an investment in the Fund to be of limited liquidity. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment. Investing in the Fund is speculative and involves a high degree of risk, including the risks associated with leverage and the risk of a substantial loss of investment. There is no guarantee that the investment strategies will work under all market conditions. You should carefully consider which class of shares to purchase.

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. The Fund's investments may be negatively affected by the broad investment environment and capital markets in which the Fund invests, including the real estate market, the debt market and/or the equity securities market. The value of the Fund's investments will increase or decrease based on changes in the prices of the investments it holds. This will cause the value of the Fund's shares to increase or decrease. The Fund is "non-diversified" under the Investment Company Act of 1940 since changes in the financial condition or market value of a single issuer may cause a greater fluctuation in the Fund's net asset value than in a "diversified" fund. Diversification does not eliminate the risk of experiencing investment losses. Holdings are subject to change without notice. The Fund is not intended to be a complete investment program.

The Fund's investment in Private Investment Funds will require it to bear a pro rata share of the vehicles' expenses, including management and performance fees. Also, once an investment is made in a Private Investment Fund, neither the Adviser nor any Sub-Adviser will be able to exercise control over investment decisions made by the Private Investment Fund. The Fund will not invest in real estate directly, but, because the Fund will concentrate its investments in securities of REITs and other real estate industry issuers, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of companies engaged in the real estate industry is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition;

(iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. The value of securities of companies in the real estate industry may go through cycles of relative under-performance and outperformance in comparison to equity securities markets in general. 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 Fund may invest in securities of other investment companies, including ETFs. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by investment companies in which it invests, in addition to the management fees (and other expenses) paid by the Fund.

The Fund's distribution policy is to make quarterly distributions to shareholders. A portion of the Fund's distribution on December 28, 2020 included return of capital. Please refer to the Fund's most recent Section 19(a) notice, available at www.griffincapital.com, and the Fund's semi-annual or annual reports filed with the U.S. Securities and Exchange Commission (the "SEC") for additional information regarding the composition of distributions. Shareholders should not assume that the source of a distribution from the Fund is net profit. Future distributions may include return of capital. Although such distributions are not currently taxable, such distributions will have the effect of lowering a shareholder's tax basis in the shares which will result in a higher tax liability when the shares are sold, even if they have not increased in value, or, in fact, have lost value. Distributions are not guaranteed.

The Fund is advised by Griffin Capital Advisor, LLC ("GCA"). GCA is registered as an investment adviser with the SEC pursuant to the provisions of the Investment Advisers Act of 1940, as amended (the "Advisers Act"). GCA is an indirect majority-owned subsidiary of Griffin Capital Company, LLC. The Fund's private real estate funds allocation is sub-advised by Aon Investments USA Inc. ("Aon"), an Aon Company. Aon is registered as an investment adviser with the SEC pursuant to the provisions of the Advisers Act. The Fund's public real estate securities allocation is sub-advised by CenterSquare Investment Management LLC ("CenterSquare"). CenterSquare is an investment adviser registered with the SEC pursuant to the provisions of the Advisers Act. Registration with the SEC does not constitute an endorsement by the SEC nor does it imply a certain level of skill or training.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. Information contained herein has been obtained from sources deemed to be reliable, but not guaranteed. This material represents views as of the date of this publication and is subject to change without notice of any kind.

18191 Von Karman Avenue	949.270.9300
Suite 300	www.griffincapital.com
Irvine, CA 92612

Not a deposit	May lose value	No bank guarantee

Not insured by the FDIC, NCUA or any other government agency

Griffin Capital Securities, LLC, Member FINRA/SIPC, is the exclusive wholesale marketing agent for Griffin Institutional Access Real Estate Fund. ALPS Distributors, Inc. (1290 Broadway, Suite 1000, Denver, CO 80203, Member FINRA) is the distributor of Griffin Institutional Access Real Estate Fund. Griffin Capital and ALPS Distributors, Inc. are not affiliated.

© 2021 Griffin Institutional Access Real Estate Fund. All rights reserved.

IU-GI707 (072420) | GFC000993 | Exp. 07.31.21

RE-IU107277W (0121)