# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001145549-23-016059
**Filing Date:** 2023-3
**Character Count:** 21238
**Document Hash:** 305329ae4ead6a1bc2aec48ecdc2b3ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-016059.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001145549-23-016059

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forum Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001857314
- **IRS NUMBER:** 862859042
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23658
- **FILM NUMBER:** 23726969

**BUSINESS ADDRESS:**
- **STREET 1:** C/O FORUM CAPITAL ADVISORS, LLC
- **STREET 2:** 240 SAINT PAUL STREET, SUITE 400
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-501-8860

**MAIL ADDRESS:**
- **STREET 1:** C/O FORUM CAPITAL ADVISORS, LLC
- **STREET 2:** 240 SAINT PAUL STREET, SUITE 400
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Forum CRE Income Fund
- **DATE OF NAME CHANGE:** 20210415

## Internal

```

Report of
Independent
Registered Public
Accounting Firm
To the
Shareholders and
Board of Trustees
of Forum Real
Estate Income
Fund

In planning and
performing our
audit of the
financial
statements of
Forum Real Estate
Income Fund (the
"Fund") as of and
for year ended
December 31,
2022, in
accordance with
the standards of
the Public
Company
Accounting
Oversight Board
(United States)
(PCAOB), we
considered the
Fund's internal
control over
financial
reporting,
including controls
over safeguarding
securities, as a
basis for
designing our
auditing
procedures for the
purpose of
expressing our
opinion on the
financial
statements and to
comply with the
requirements of
Form N-CEN, but
not for the
purpose of
expressing an
opinion on the
effectiveness of
the Fund's
internal control
over financial
reporting.
Accordingly, we
express no such
opinion.

The management
of the Fund is
responsible for
establishing and
maintaining
effective internal
control over
financial
reporting. In
fulfilling this
responsibility,
estimates and
judgments by
management are
required to assess
the expected
benefits and
related costs of
controls. A fund's
internal control
over financial
reporting is a
process designed
to provide
reasonable
assurance
regarding the
reliability of
financial reporting
and the
preparation of
financial
statements for
external purposes
in accordance
with generally
accepted
accounting
principles
("GAAP"). A
fund's internal
control over
financial reporting
includes those
policies and
procedures that
(1) pertain to the
maintenance of
records that, in
reasonable detail,
accurately and
fairly reflect the
transactions and
dispositions of the
assets of the fund;
(2) provide
reasonable
assurance that
transactions are
recorded as
necessary to
permit preparation
of financial
statements in
accordance with
GAAP, and that
receipts and
expenditures of
the fund are being
made only in
accordance with
authorizations of
management and
trustees of the
fund; and (3)
provide
reasonable
assurance
regarding
prevention or
timely detection
of unauthorized
acquisition, use or
disposition of a
fund's assets that
could have a
material effect on
the financial
statements.

Because of its
inherent
limitations,
internal control
over financial
reporting may not
prevent or detect
misstatements.
Also, projections
of any evaluation
of effectiveness to
future periods are
subject to the risk
that controls may
become
inadequate
because of
changes in
conditions, or that
the degree of
compliance with
the policies or
procedures may
deteriorate.

A deficiency in
internal control
over financial
reporting exists
when the design or
operation of a
control does not
allow
management or
employees, in the
normal course of
performing their
assigned
functions, to
prevent or detect
misstatements on
a timely basis. A
material weakness
is a deficiency, or
combination of
deficiencies, in
internal control
over financial
reporting, such
that there is a
reasonable
possibility that a
material
misstatement of
the Funds' annual
or interim
financial
statements will
not be prevented
or detected on a
timely basis.

Our consideration
of the Fund's
internal control
over financial
reporting was for
the limited
purpose described
in the first
paragraph and
would not
necessarily
disclose all
deficiencies in
internal control
that might be
material
weaknesses under
standards
established by the
PCAOB.
However, we
noted no
deficiencies in the
Fund's internal
control over
financial reporting
and its operation,
including controls
over safeguarding
securities, that we
consider to be a
material weakness
as defined above
as of December
31, 2022.

This report is
intended solely for
the information
and use of
management and
the Board of
Trustees of the
Fund and the
Securities and
Exchange
Commission and
is not intended to
be and should not
be used by anyone
other than these
specified parties.

/s/ CohnReznick
LLP

Chicago, Illinois
February 24, 2023

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001857314

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Forum Real Estate Income Fund

- **Item B.1.b - Investment Company Act file number:** 811-23658

- **Item B.1.c - CIK:** 0001857314

- **Item B.1.d - LEI:** 5493002R068Q02JV3T45

- **Item B.2.a - Street 1:** 240 Saint Paul Street

- **Item B.2.a - Street 2:** Suite 400

- **Item B.2.b - City:** Denver

- **Item B.2.c - State:** CO

- **Item B.2.e - Zip Code:** 80206

- **Item B.2.f - Telephone:** 3035018860

- **Item B.2.g - Public Website:** https://forumcapadvisors.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB FUND SERVICES, INC.

- **b. Street 1:** 235 WEST GALENA STREET

- **c. City:** MILWAUKEE

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** TRANSFER AGENT, FUND ACCOUNTANT AND ADMINISTRATOR

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** UMB BANK, N.A.

- **b. Street 1:** 928 GRAND BOULEVARD

- **Street 2:** 5TH FLOOR

- **c. City:** KANSAS CITY

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64106

- **g. Telephone number:** 8168605683

- **h. Briefly describe the books and records kept at this location:** CUSTODIAN

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Forum Capital Advisors, LLC

- **b. Street 1:** 240 Saint Paul Street

- **Street 2:** SUITE 400

- **c. City:** DENVER

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80206

- **g. Telephone number:** 3035018860

- **h. Briefly describe the books and records kept at this location:** ADVISER

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** Distributor

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Darren Fisk        | Yes                     | N/A                                     |
| Brien Biondi       | No                      | 811-23583                               |
| Julie Cooling      | No                      | N/A                                     |
| David Gerstenhaber | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Cory Gossard

- **b. CRD Number, if any:** 002717444

- **c. Street Address 1:** 501 S. Cherry St.

- **   Street Address 2:** Suite 1090

- **d. City:** Denver

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80246

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33897

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Fund Services, LLC

- **ii. SEC file number:** 8-51293

- **iii. CRD number:** 000046106

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** CohnReznick LLP

- **b. PCAOB Number:** 596

- **c. LEI, if any:** N/A

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Forum Real Estate Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Forum Real Estate Income Fund

- **c. LEI:** 5493002R068Q02JV3T45

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4(d)(i) (17 CFR 270.18f-4(d)(i))

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Forum Capital Advisors, LLC

- **ii. SEC file number:** 801-120917

- **iii. CRD number:** 000297582

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. SEC file number:** 84-05792

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** Yes

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** INTERCONTINENTAL EXCHANGE, INC.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** PRICINGDIRECT, INC.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB BANK, NATIONAL ASSOCIATION

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any, or other identifying number:** 084-05792

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** Yes

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                     | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| LUCID MANAGEMENT AND CAPITAL PARTNERS LP | N/A               |    000287883 | 254900AGIT12GUPFM793 | NY      | US        | $83,825,000.00            |
| RBC CAPITAL MARKETS, LLC                 | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $30,171,000.00            |
| PERFORMANCE TRUST CAPITAL PARTNERS, LLC  | 8-47035           |    000036155 | 549300F8NR5Q23JRIY74 | IL      | US        | $13,461,414.00            |
| J.P. MORGAN SECURITIES LLC               | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $5,692,263.00             |
| MORGAN STANLEY                           | 8-68191           |    000149777 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $4,987,450.00             |
| BOFA SECURITIES, INC                     | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $4,013,438.00             |
| CREDIT SUISSE SECURITIES (USA) LLC       | 8-422             |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $2,977,500.00             |
| CANTOR FITZGERALD & CO.                  | 8-201             |    000000134 | 5493004J7H4GCPG6OB62 | NY      | US        | $896,055.00               |
| WELLS FARGO CLEARING SERVICES, LLC       | 8-37180           |    000019616 | 88KRVSOEKUGQZJ3DKW55 | MO      | US        | $756,820.00               |
| WESTMINSTER FINANCIAL SECURITIES, INC.   | 8-38426           |    000020677 | N/A                  | OH      | US        | $282,490.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $147,071,973.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $58,277,222.24

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Forum Real Estate Income Fund

**Date:** 2023-03-09

**Signature:** /s/ Derek Mullins

**Title:** Chief Financial Officer and Treasurer