# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001193125-26-103807
**Filing Date:** 2026-3
**Character Count:** 126043
**Document Hash:** f9aec9fa02045550b68f1f7e43743d62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-103807.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001193125-26-103807

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**EFFECTIVENESS DATE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forum Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001857314

**ORGANIZATION NAME:**
- **EIN:** 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:** 26747070

**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

## Advisory

**SUB-ADVISORY**

**AGREEMENT**

THIS AGREEMENT (the "Agreement") made as of this 20 day of June, 2025 by and between Forum Capital Advisors LLC, a Delaware limited liability company with its principal place of business at 240 Saint Paul Street, Suite 400, Denver, CO 80206 (the "Adviser"), and Nuveen Asset Management, LLC, a Delaware limited liability company with its principal place of business at 333 West Wacker Drive, Chicago, IL 60606 (the "Sub-Adviser").

**WITNESSETH:**

WHEREAS, the Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

WHEREAS, the Adviser has entered into an Amended and Restated Investment Management Agreement dated August 1, 2022 (the "Management Agreement") with Forum Real Estate Income Fund (the "Fund"), a Delaware statutory trust;

WHEREAS, pursuant to Section 11 of the Management Agreement and subject to the approval, direction and control of the Fund's Board of Trustees (the "Board" or the "Trustees"), the Adviser may carry out any of its obligations under the Management Agreement by employing one or more Sub-Advisers who are registered as investment advisers pursuant to the Advisers Act;

WHEREAS, the Sub-Adviser is a registered investment adviser under the Advisers Act, and engages in the business of providing investment management services to a wide variety of clients, including registered investment companies and unregistered pooled investment vehicles;

WHEREAS, the Adviser, subject to the approval of the Board desires to retain the Sub-Adviser to render non-discretionary investment recommendations and other services to the Fund, in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. Duties of the Sub-Adviser .

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction and control of the Adviser and oversight of the Board, the Sub-Adviser
 shall make recommendations for the investment and reinvestment of the portion of securities and other assets of the Fund allocated
 by the Adviser to the Sub-Adviser (the "Allocated Assets"), including the purchase, retention and disposition of the
 Allocated Assets, in accordance with the Fund's investment objectives, policies and restrictions as stated in the Fund's
 prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time
 (referred to collectively as the "Prospectus"), the standards applicable to the Fund to qualify as a "regulated
 investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code"), the Investment
 Objective and Portfolio Parameters attached as <u>Exhibit A</u>, and applicable law, regulations and interpretations and exemptions
 from the foregoing and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the Sub-Adviser makes the investment recommendation to the Adviser, the Adviser shall approve or
reject the recommendation. If approved, Sub-Adviser will have the power to effect the transaction on behalf of the Fund, as further described
below. The Sub-Adviser will not have investment discretion or have custody or control with respect to the Adviser, the Fund or the Allocated
Assets. The Adviser and Sub-Adviser acknowledge that Sub-Adviser's services to the Fund, including but not limited to its investment
advice and recommendations, are non-discretionary. For the avoidance of doubt, the Sub-Adviser's knowledge and responsibilities
are limited to the Allocated Assets, and not the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser shall with respect to the Allocated Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Obtain and evaluate such information and advice relating to the economy, securities markets, and securities
and other investments as it deems necessary or useful to discharge its duties hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Make purchase and sale recommendations to the Adviser regarding the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity
with the Fund's Amended and Restated Declaration of Trust and By-Laws, each as may be modified, amended or supplemented from time
to time, the Prospectus, the instructions and directions of the Adviser and of the Board, the then-current terms and conditions of any
exemptive and no-action relief granted to or relied upon by the Fund, and the Fund's policies and procedures, as applicable. The
Adviser undertakes to provide the Sub-Adviser with copies or other written notice of any such documents as applicable and amendments,
modifications or supplements to any such above-mentioned documents. In the performance of its duties and obligations under this Agreement,
the Sub-Adviser shall also comply in all material respects with the requirements of the Investment Company Act of 1940 (the "1940
Act"), the Advisers Act, the Code, and all other applicable federal and state laws and regulations, as each is amended from time
to time. In this regard, the Sub-Adviser represents that it has adopted and implemented and will maintain in accordance with Rule 206(4)-7
under the Advisers Act, policies and procedures reasonably designed to (a) prevent violation by the Sub-Adviser and its supervised persons
(as such term is defined by the Advisers Act) of the Advisers Act and the rules thereunder; and (b) to the extent that the Sub-Adviser's
activities or services could affect the Fund, to prevent violation of the federal securities laws (as such term is defined in Rule 38a-1
under the 1940 Act) by the Fund and the Sub-Adviser. Further, the Sub- Adviser shall maintain a disaster recovery and business continuity
plan that is in accordance with applicable law and within industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Sub-Adviser will place orders with or through such persons, brokers or dealers chosen by the Sub-Adviser
to seek best execution under the circumstances in conformity with all federal securities law, subject to any limitations as the Board
or the Adviser may direct in writing from
time to time. The Sub-Adviser may open and maintain brokerage accounts of all types on behalf of and in the name of the Fund. The Sub-Adviser
may enter into standard customer agreements with brokers and direct payments of cash, cash equivalents and securities and other property
into such brokerage accounts as the Sub-Adviser deems desirable and appropriate. Subject to the obtaining the best price and execution
reasonably available and consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act"),
the Sub-Adviser is authorized to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a
securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting
that transaction, in such instances where the Sub-Adviser has determined in good faith that such amount of commission was reasonable in
relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that
particular transaction or the Sub-Adviser's overall responsibilities with respect to such Fund and to other funds or clients for
which the Sub-Adviser exercises investment discretion. The Sub-Adviser is authorized to direct Adviser-approved portfolio transactions
to a broker that is an affiliated person of the Adviser, Sub-Adviser or the Fund in accordance with such standards and procedures as may
be approved by the Board in accordance with the 1940 Act and any applicable rules promulgated by the Securities and Exchange Commission
(the "SEC"). The Sub-Adviser shall not divert the Fund's portfolio securities transactions to a broker or dealer in
consideration of such broker or dealer's promotion or sales of shares of the Fund or any other registered investment company. In
effecting transactions, the Sub-Adviser, to the extent consistent with its fiduciary duties and as permitted by applicable laws and regulations,
may, but shall be under no obligation to, aggregate the securities to be purchased or sold to attempt to obtain a fair and reasonable
result and efficient execution. Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction,
will be made by the Sub-Adviser in the manner which the Sub-Adviser considers to be the most equitable and consistent with its fiduciary
obligations to the Fund and to its other clients over time. The Adviser agrees that the Sub-Adviser and its affiliates may give advice
and take action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the
timing or nature of actions take, with respect to the Fund. The Adviser also acknowledges that the Sub-Adviser and its affiliates are
fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar investments)
as the Fund, and that the Sub-Adviser will carry out its duties hereunder together with its duties under such relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Sub-Adviser shall assist the Adviser and any other relevant service provider in connection with any
securities lending activities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Allocated
Assets required by Rule 31a-1 under the 1940 Act and preserve such records for the periods prescribed by Rule 31a-2 under the 1940 Act.
The Sub-Adviser shall timely furnish to the Adviser all information reasonably requested by the Adviser to keep the other books and records
of the Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records that it maintains on behalf of the Fund
are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the
Fund's request; provided, however, that the Sub-Adviser may retain a copy
of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Sub-Adviser shall provide the Fund's custodian on each business day with information relating
to all transactions concerning the Allocated Assets and shall provide the Adviser with such information upon request of the Adviser and
shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Fund's administrator, the Fund's custodian
and foreign custodians, the Fund's transfer agent and pricing agents and all other agents and representatives of the Fund. The Sub-Adviser
shall not hold, or have custody of, any asset of the Fund (or the Fund's documents of title, if any) on behalf of the Fund or the
Adviser. The Sub-Adviser will also provide the Adviser with such compliance reports and certifications relating to its duties under this
Agreement and the federal securities laws or regulations as may be reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Sub-Adviser shall, when explicitly directed by the Adviser or the Board and consistent with the best
interests of the Fund, be responsible for exercising all rights of security holders with respect to securities held by the Fund, including
but not limited to: reviewing proxy solicitation materials, voting and handling proxies and converting, tendering exchanging or redeeming
securities. The Sub-Adviser shall report to the Adviser in a timely manner a record of all proxies voted, in such form and format that
complies with acceptable federal statutes and regulations (e.g., requirements of Form N-PX), including a record of all proxies not voted
and/or voted inconsistently with Sub-Adviser's proxy voting guidelines. The Sub-Adviser shall certify at least annually or more
often as may reasonably be requested by the Adviser, as to the compliance of its proxy voting policies and procedures with applicable
federal statutes and regulations. If the Adviser chooses to be responsible for voting any proxies for the Fund, the Sub-Adviser will immediately
forward any proxy solicited by or with respect to the issuers of securities in which assets of the Fund are invested to the Adviser or
to any agent of the Adviser designated by the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Sub-Adviser shall maintain books and records with respect to the Fund's investment transactions
and keep the Adviser fully informed on an ongoing basis of all material facts concerning the Sub-Adviser and its key investment personnel
providing services to the Fund. The Sub-Adviser shall furnish to the Adviser or the Board regular, periodic and special reports, balance
sheets or financial information, and such other information with regard to its affairs as the Adviser or Board may reasonably request;
and the Sub-Adviser will attend meetings with the Adviser and/or the Board, as reasonably requested, to discuss the foregoing. Upon the
request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the Allocated Assets that
is required to be filed by the Adviser or the Fund or sent to shareholders under the federal securities laws (including the rules adopted
thereunder) or any exemptive or other relief from the SEC on which the Adviser or the Fund relies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Sub-Adviser shall monitor the Allocated Assets owned by the Fund and, in accordance with
 procedures established by the Board, as amended from time to time, and in conjunction with the Adviser, promptly notify the Adviser
 and the Fund's Fund Accounting Agent of Allocated Assets that the Sub-Adviser believes should be fair valued in accordance
 with the Fund's Valuation Procedures. The Sub-Adviser will provide reasonable assistance in determining the fair value of the
 Allocated Assets, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from
 a party(ies) independent of the Sub-Adviser for which market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Sub-Adviser shall provide reasonable assistance to the Adviser in the preparation of any regulatory
filings and required disclosures relating to the Fund, as requested by the Adviser from time to time. The Sub-Adviser will promptly notify
the Adviser if it becomes aware of any material misstatement or omission in the Fund's registration statement, as amended and/or
supplemented from time to time, with respect to matters relating to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Fund agrees that any entity or person associated with Adviser or Sub-Adviser that is a member of a
national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund that is permitted by
Section 11(a) of the Exchange Act, and the Fund consents to the retention of compensation for such transactions.

2. **Duties of the Adviser**. The Adviser shall have responsibility for all services to be provided to
the Fund pursuant to its Advisory Agreement with the Fund, including without limitation overseeing:

&nbsp;&nbsp;&nbsp;&nbsp;(a) regulatory filings made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fund compliance;

&nbsp;&nbsp;&nbsp;&nbsp;(c) custody of Fund assets;

&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agency in Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Fund administration matters; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) Fund distribution activities.

The Adviser shall also oversee the Sub-Adviser's provision of services under this Agreement.

3. **Compensation**. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the
Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, a sub-advisory fee at the rate specified
in <u>Schedule A</u> hereto. To the extent applicable, the Sub-Adviser fee will be accrued daily, payable monthly in arrears, and calculated
by applying the applicable annual fee rate specified in <u>Schedule A</u>, divided by the number of days in the year, to the Fund's
daily net value of Allocated Assets. The Sub-Adviser may, in its full discretion, waive a portion of its fee, as permitted by law and
agreed by the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis
of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number
of days elapsed in the current month as a percentage of the total number of days in such month.

4. **Expenses**. Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities
and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement and administrative
facilities, including bookkeeping, and all equipment necessary for the fulfillment of its responsibilities under this Agreement.

5. **Liability and Indemnification**. Each Party (the "Indemnifying Party") agrees, at its
expense, to defend, indemnify and hold the other Party, its affiliates, officers, directors, employees and agents (collectively, the "Indemnified
Parties"), harmless from any and all claims, demands, damages, costs, expenses, suits, actions, liabilities and losses (including,
without limitation, reasonable attorneys' fees and expenses) arising by virtue of, in connection with, or related to, the Indemnifying
Party's performance hereunder or execution hereof, except as such claims, losses or damages may result from the Indemnified Party's
gross negligence, bad faith, willful misconduct or reckless disregard of its duties. In no event shall either Party be liable to the other
Party for any special, consequential or punitive damages arising under or related to this Agreement. The Indemnified Party shall not be
liable to the Indemnifying Party in connection with the Indemnified Party's performance or execution hereof except as a result of
such Indemnified Party's gross negligence, bad faith, willful misconduct or reckless disregard of its duties. No compromise or settlement
by the Indemnifying Party of any action or proceeding related to the transaction contemplated hereby shall be effective unless it also
contains an unconditional release of the Indemnified Party except to the extent related to the gross negligence, bad faith, willful misconduct
or reckless disregard of its duties of the Indemnified Party. Notwithstanding anything to the contrary herein, the indemnification obligations
under this paragraph shall survive the termination of this Agreement.

6. **Representations and Warranties of Sub-Adviser**. The Sub-Adviser represents and warrants to the Adviser
and the Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser is registered as an investment adviser under the Advisers Act and will continue to be
so registered so long as this Agreement remains in effect. The Sub-Adviser covenants to maintain all necessary registrations, licenses
and approvals in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will immediately notify the Adviser of the occurrence of any event that would substantially
impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an
investment adviser of an investment company pursuant to Section 9 of the 1940 Act, including any actions taken by the SEC to place any
restrictions on, or suspend, reject or revoke any approval, quota or license that may be necessary or appropriate for a Fund's operations
or investment strategies, as set forth in the Fund's registration statement, and as otherwise may reasonably be requested by the
Adviser; or has commenced proceedings or an investigation that may result in any of these actions. The Sub-Adviser will promptly notify
the Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity,
before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Fund, the
Sub-Adviser (as it relates to Sub-Adviser's duties hereunder or anything that would materially impact Sub-Adviser discharging its
duties hereunder) or any of the aforementioned approvals, licenses or quotas and provide such information as reasonably requested by the
Adviser regarding such matters;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser is fully authorized under all applicable law to enter into this Agreement and serve as
Sub-Adviser to the Fund and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's
powers and have been duly authorized by all necessary action on the part of its members, and no action by or in respect of, or filing
with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance
by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene
or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments,
or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser is not an affiliated person of any depositary bank for any Depositary Receipts held by
the Fund, except a depositary bank that is deemed to be affiliated solely because the Fund owns greater than 5% of the outstanding voting
securities of such depositary bank.

7. **Representations and Warranties of the Adviser**. The Adviser represents and warrants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act and will continue to be so registered
so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will immediately notify the Sub-Adviser of the occurrence of any event that would substantially
impair the Adviser's ability to fulfill its commitment under this Agreement or disqualify the Adviser from serving as an investment
adviser of an investment company pursuant to Section 9 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser is fully authorized under all applicable law to enter into this Agreement and serve as Adviser
to the Fund and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser is a limited liability company duly organized and validly existing under the laws of the state
of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's
powers and have been duly authorized by all necessary action on the part of its members, and no action by or in respect of, or filing
with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by
the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene
or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments,
or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement is a valid and binding agreement of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage.

8. Duration and Termination .

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall become effective upon
its execution and continue for two years after its initial effectiveness and thereafter for successive periods of one year for so long
as such continuance thereafter is specifically approved at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the vote of a majority of those Trustees of the Fund who are not parties to this Agreement or interested
persons of any such party, and (b) by the Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Fund;
provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Sub-Adviser may continue
to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules thereunder. The foregoing requirement that continuance
of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act
and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time,
without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the
Fund, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By the Sub-Adviser upon sixty (60) days' written notice to the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By any party, to take effect immediately upon written notice to the other party, in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the license, approval, quota, authorization or consent held by any of the other parties which is required
for the performance of its obligations under this Agreement or as described in Paragraph 1(a), is rejected, revoked, restricted, terminated
or suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any of the parties commits a material breach of this Agreement, which such material breach has not been
cured by the breaching party within thirty (30) days from the date of notice from the other party of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any step is taken with a view to the winding up, bankruptcy or administration of any party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any adverse finding is made in respect of, or official sanction imposed on, any other party by any relevant
regulatory authority which would be likely to affect its ability to perform its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a relevant regulatory authority has held, or is likely to hold, any other party to be in breach of any
regulatory or other duties in relation to this Agreement.

This Agreement may be terminated immediately in the event of breach of Section 9 - Confidentiality of this Agreement, in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Fund. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act or any rules or interpretations of the SEC or its staff thereunder. For absence of doubt, the parties acknowledge that the Adviser may transfer, assign, convey and delegate its rights and obligations under this Agreement to a wholly-owned subsidiary or other affiliate of the Adviser if and to the extent that such transfer, assignment, conveyance and delegation would not result in an actual change of control or management, and that, in accordance with Rule 2a-6 under the 1940 Act, such transfer, assignment, conveyance and delegation would not constitute an "assignment" for purposes of this <u>Section 8</u>.

9. **Confidentiality**. Except as otherwise set forth in this Agreement or any other agreement
 between the parties, each party shall keep the Confidential Information of the other party secret and confidential and shall use
 such Confidential Information only in accordance with the terms of this Agreement, and shall not (without the prior written consent
 of the other party) disclose any part of that Confidential Information to any person other than to its designated person who is
 mutually agreed by both parties in advance for getting access to that Confidential Information in order for the parties to perform
 their obligations or receive the benefit of rights under this Agreement except for the regulatory requests made to the Adviser and
 the Sub-Adviser arising from the applicable laws, including any demand of any regulatory or taxing authority having jurisdiction,
 except that a party shall notify the other party prior to providing information in response to such a request or demand so as to
 allow the party to which the Confidential Information relates to respond appropriately. For the purpose of this Agreement,
 "Confidential Information" means in relation to any party all nonpublic confidential and proprietary information
 (whether such information is in oral or written form or is recorded in any other medium) about or pertaining to any business
 initiatives or evaluation of any future business initiative, or the business of that party which it disclosed to the other party or
 its employee, or which is acquired by or otherwise comes to the knowledge of the other party or its employee in connection with this
 Agreement or any future exchange of information between the parties (including the performance by a party of its obligations
 hereunder). It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance
 of its obligations hereunder is to be regarded as confidential and for use only by the Adviser, the Fund, the Fund's service
 providers, the Board, or such persons as the Adviser, subject to the Sub-Adviser's written consent, may designate in
 connection with the Fund. It is also understood that any information supplied to the Sub-Adviser in connection with the performance
 of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser in connection with its obligation
 to provide investment advice and other services to the Fund. Except as required by applicable law or regulation, the terms of this
 Agreement, all non-public information pertaining to the establishment and on-going operation of the Fund and the actions of the
 Sub-Adviser and the Fund in respect thereof shall be considered as "Confidential Information." Notwithstanding anything
 to the contrary herein, the confidentiality obligations under this paragraph shall survive the termination of this Agreement.

10. **Exclusivity**. The services of the Adviser and Sub-Adviser are not to be deemed exclusive, and the
Adviser and Sub-Adviser and their directors, officers, employees and affiliates shall be free to render similar services to others so
long as its services to the Fund are not impaired thereby. The Sub-Adviser shall be deemed to be an independent contractor of the Adviser
and Fund.

11. **Supplemental Arrangements**. The Sub-Adviser may from time to time employ or associate itself with
any person it believes to be particularly suited to assist it in providing the services to be performed by the Sub-Adviser hereunder,
provided that no such person shall perform any services with respect to the Fund that would constitute an assignment or require approval
of an advisory agreement pursuant to Section 15 of the 1940 Act. Any compensation payable to such persons shall be the sole responsibility
of the Sub-Adviser.

12. **Use of Name**. The Sub-Adviser grants the Adviser use of the Sub-Adviser's name(s), derivatives,
logos, trademarks, service marks or trade names in connection with certain materials used in the ordinary course of business, such as
prospectuses, financial reports, fund fact sheets, fund name and related materials, including advertising and marketing materials for
the Fund. Such grant will be revoked as to future use as soon as this Agreement is terminated.

13. **Amendments**. This Agreement may be amended by mutual written consent, subject to approval by the
Board and Fund shareholders to the extent and in the manner required by the 1940 Act. No material amendment of this Agreement shall be
effective until approved, if applicable, in the manner required by the 1940 Act, any rules thereunder or any exemptive or other relief
granted by the SEC or its staff.

14. **Governing Law**. This Agreement shall be governed by the laws of the State of Delaware, without giving
effect to the conflicts of laws principles thereof, and in accordance with the 1940 Act. To the extent that the applicable laws of the
State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

15. **Severability**. Should any part of this Agreement be held invalid by a court decision, statute, rule
or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors.

16. **Fund and Shareholder Liability**. The Sub-Adviser is hereby expressly put on notice of the limitation
of shareholder liability as set forth in the Amended and Restated Declaration of Trust and agrees that any claims against or liabilities
of the Fund shall be limited in all cases to the Fund and its assets, and if the claim or liability relates to one or more of the Fund,
they shall be limited to the respective assets of that Fund. The Sub-Adviser further agrees that it shall not seek satisfaction of any
such obligation from the shareholders or any individual shareholder of the Fund, nor from the Trustees or any individual Trustee of the
Fund.

17. **Notice**. Any notice, advice or report to be given pursuant to this Agreement shall be deemed sufficient
if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed by the party giving notice to the other party
at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | Forum Capital Advisors LLC |
|  | 240 Saint Paul Street, Suite 400 |
|  | Denver, CO 80206 |
|  | Attn: Legal / Compliance Phone: (303) 501-8880 |
|  | Email: <u>legal@forumig.com</u> |
| To the Sub-Adviser at: | Nuveen Asset Management, LLC |
|  | 333 West Wacker Drive Chicago IL 60606 |
|  | Attn: Legal Department |
|  | Email: <u>stuart.cohen@nuveen.com</u> |
|  | With copy to: |
|  | <u>dl_gcsamericasinstitutionalclientservices@nuveen.com</u> |
|  | <u>samira.fogarty@nuveen.com</u> |
|  | <u>jack.allen@nuveen.com</u> |

---

18. **Third Party Beneficiaries**. The Sub-Adviser acknowledges that the Fund is a third-party beneficiary
of this Agreement and that the Fund shall have the full right to enforce any and all provisions of this Agreement for its benefit and
to pursue any breach of any provision of this Agreement or for any loss, damage, claim, liability arising due to any act or omission to
the same extent as if the Fund itself were a party to this Agreement. For the avoidance of doubt, shareholders of the Fund are not parties
to, or intended (or "third-party") beneficiaries of, this Agreement. To the maximum extent permitted by law, this Agreement
is not intended to create in any individual shareholder or group of shareholders of the Fund any right to enforce this Agreement or to
seek any remedy under this Agreement, either directly or on behalf of the Fund.

19. **Entire Agreement**. This Agreement embodies the entire agreement and understanding between the parties
hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

20. **Counterparts.** This Agreement may be executed in one or more counterparts, all of which shall constitute
one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making proof of this
Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one
or more counterparts hereof or thereof, individually or taken together, bears the original, scanned or facsimile signatures of each of
the parties.

21. **Interpretation.** Any question of interpretation of any term or provision of this Agreement having
a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision
of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence
of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. In
addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation
or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule,
regulation or order.

[*Signature Page Follows*]

---

| | | | |
|:---|:---|:---|:---|
| **ADVISER:** | **ADVISER:** | **SUB-ADVISER:** | **SUB-ADVISER:** |
| **Forum Capital Advisors LLC** | **Forum Capital Advisors LLC** | **Nuveen Asset Management, LLC** | **Nuveen Asset Management, LLC** |
| By: | /s/ Elizabeth Ryan | By: | /s/ Stuart J.Cohen |
| Name: | Elizabeth Ryan | Name: | <u>Stuart J.Cohen</u> |
| Title: | Chief Compliance Officer & General Counsel | Title: | MD & Head of Legal |

---

**SCHEDULE A**

**FEES**

---

| | |
|:---|:---|
| **Allocated Assets Tiers** | **Annual Sub-Adviser Fee Rate** |
| First $250,000,000 | 0.35% |
| Next $250,000,000 | 0.30% |
| Over $500,000,000 | 0.25% |

---

**EXHIBIT A**

**INVESTMENT OBJECTIVE AND PORTFOLIO PARAMETERS**

Investment Objective

The Investment Strategy seeks to achieve a high level of income by investing in a portfolio of real estate debt securities.

Portfolio Parameters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Eligible Investments

○ Fixed income and listed equity securities including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commercial Mortgage-Backed Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preferred shares of publicly listed REITs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· US Treasury Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETF's and Mutual Funds

○ Cash and cash equivalents

○ Other types of investments may be deemed eligible as instructed in writing by Forum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Credit Quality

○ Eligible investments will not be subject to ratings constraints or criteria

## Advisory

**AMENDED AND**

**RESTATED**

**SUB-ADVISORY**

**AGREEMENT**

THIS AGREEMENT (the "Agreement") made as of this 12 day of November, 2025 by and between Forum Capital Advisors LLC, a Delaware limited liability company with its principal place of business at 240 Saint Paul Street, Suite 400, Denver, CO 80206 (the "Adviser"), and Nuveen Asset Management, LLC, a Delaware limited liability company with its principal place of business at 333 West Wacker Drive, Chicago, IL 60606 (the "Sub-Adviser").

**WITNESSETH:**

WHEREAS, the Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act");

WHEREAS, the Adviser has entered into an Amended and Restated Investment Management Agreement dated August 1, 2022 (the "Management Agreement") with Forum Real Estate Income Fund (the "Fund"), a Delaware statutory trust;

WHEREAS, pursuant to Section 11 of the Management Agreement and subject to the approval, direction and control of the Fund's Board of Trustees (the "Board" or the "Trustees"), the Adviser may carry out any of its obligations under the Management Agreement by employing one or more Sub-Advisers who are registered as investment advisers pursuant to the Advisers Act;

WHEREAS, the Sub-Adviser is a registered investment adviser under the Advisers Act, and engages in the business of providing investment management services to a wide variety of clients, including registered investment companies and unregistered pooled investment vehicles;

WHEREAS, the Adviser, subject to the approval of the Board desires to retain the Sub- Adviser to render non-discretionary investment recommendations and other services to the Fund, in the manner and on the terms hereinafter set forth; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the Fund.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. Duties of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction and control of the Adviser and oversight
of the Board, the Sub- Adviser shall make recommendations for the investment and reinvestment of the portion of securities and other
assets of the Fund allocated by the Adviser to the Sub-Adviser (the "Allocated Assets"), including the purchase, retention
and disposition of the Allocated Assets, in accordance with the Fund's investment objectives, policies and restrictions as stated
in the Fund's prospectus and statement of additional information, as currently in effect and as amended or supplemented from time
to time (referred to collectively as the "Prospectus"), the standards applicable to the Fund to qualify as a "regulated
investment company" under Subchapter M of the Internal Revenue
Code of 1986, as amended ("Code"), the Investment Objective and Portfolio Parameters attached as <u>Exhibit A</u>, and applicable
law, regulations and interpretations and exemptions from the foregoing and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the Sub-Adviser makes the investment recommendation
to the Adviser, the Adviser shall approve or reject the recommendation. If approved, Sub-Adviser will have the power to effect the transaction
on behalf of the Fund, as further described below. The Sub-Adviser will not have investment discretion or have custody or control with
respect to the Adviser, the Fund or the Allocated Assets. The Adviser and Sub-Adviser acknowledge that Sub-Adviser's services to
the Fund, including but not limited to its investment advice and recommendations, are non-discretionary. For the avoidance of doubt,
the Sub-Adviser's knowledge and responsibilities are limited to the Allocated Assets, and not the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Sub-Adviser shall with respect to the Allocated Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Obtain and evaluate such information and advice relating to
the economy, securities markets, and securities and other investments as it deems necessary or useful to discharge its duties hereunder;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Make purchase and sale recommendations to the Adviser regarding the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to assets of the Fund other than the Allocated Assets, the Adviser may, from time to time,
request that the Sub-Adviser provide advice regarding securities identified by the Adviser. The Adviser will exercise investment discretion,
and brokerage discretion in the placing of any orders, for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the performance of its duties and obligations under this Agreement, the Sub- Adviser shall act in conformity
with the Fund's Amended and Restated Declaration of Trust and By-Laws, each as may be modified, amended or supplemented from time
to time, the Prospectus, the instructions and directions of the Adviser and of the Board, the then-current terms and conditions of any
exemptive and no-action relief granted to or relied upon by the Fund, and the Fund's policies and procedures, as applicable. The
Adviser undertakes to provide the Sub-Adviser with copies or other written notice of any such documents as applicable and amendments,
modifications or supplements to any such above-mentioned documents. In the performance of its duties and obligations under this Agreement,
the Sub-Adviser shall also comply in all material respects with the requirements of the Investment Company Act of 1940 (the "1940
Act"), the Advisers Act, the Code, and all other applicable federal and state laws and regulations, as each is amended from time
to time. In this regard, the Sub-Adviser represents that it has adopted and implemented and will maintain in accordance with Rule 206(4)-7
under the Advisers Act, policies and procedures reasonably designed to (a) prevent violation by the Sub-Adviser and its supervised persons
(as such term is defined by the Advisers Act) of the Advisers Act and the rules thereunder; and (b) to the extent that the Sub-Adviser's
activities or services could affect the Fund, to prevent violation of the federal securities laws (as such term is defined in Rule 38a-1
under the 1940 Act) by the Fund and the Sub-Adviser. Further, the Sub- Adviser shall maintain a disaster recovery and business continuity
plan that is in accordance with applicable law and within industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Sub-Adviser will place orders with or through such persons, brokers or dealers chosen by the Sub-Adviser
to seek best execution under the circumstances in conformity with all federal
securities law, subject to any limitations as the Board or the Adviser may direct in writing from time to time. The Sub-Adviser may
open and maintain brokerage accounts of all types on behalf of and in the name of the Fund. The Sub-Adviser may enter into standard
customer agreements with brokers and direct payments of cash, cash equivalents and securities and other property into such brokerage
accounts as the Sub-Adviser deems desirable and appropriate. Subject to the obtaining the best price and execution reasonably
available and consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), the
Sub-Adviser is authorized to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a
securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for
effecting that transaction, in such instances where the Sub-Adviser has determined in good faith that such amount of commission was
reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in
terms of either that particular transaction or the Sub-Adviser's overall responsibilities with respect to such Fund and to
other funds or clients for which the Sub-Adviser exercises investment discretion. The Sub-Adviser is authorized to direct
Adviser-approved portfolio transactions to a broker that is an affiliated person of the Adviser, Sub-Adviser or the Fund in
accordance with such standards and procedures as may be approved by the Board in accordance with the 1940 Act and any applicable
rules promulgated by the Securities and Exchange Commission (the "SEC"). The Sub-Adviser shall not divert the
Fund's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or
sales of shares of the Fund or any other registered investment company. In effecting transactions, the Sub-Adviser, to the extent
consistent with its fiduciary duties and as permitted by applicable laws and regulations, may, but shall be under no obligation to,
aggregate the securities to be purchased or sold to attempt to obtain a fair and reasonable result and efficient execution.
Allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the
Sub-Adviser in the manner which the Sub-Adviser considers to be the most equitable and consistent with its fiduciary obligations to
the Fund and to its other clients over time. The Adviser agrees that the Sub-Adviser and its affiliates may give advice and take
action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the
timing or nature of actions take, with respect to the Fund. The Adviser also acknowledges that the Sub-Adviser and its affiliates
are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar
investments) as the Fund, and that the Sub-Adviser will carry out its duties hereunder together with its duties under such
relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Sub-Adviser shall assist the Adviser and any other relevant service provider in connection with any
securities lending activities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Allocated
Assets required by Rule 31a-1 under the 1940 Act and preserve such records for the periods prescribed by Rule 31a-2 under the 1940 Act.
The Sub-Adviser shall timely furnish to the Adviser all information reasonably requested by the Adviser to keep the other books and records
of the Fund required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records that it maintains on behalf of the Fund
are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon
the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Sub-Adviser shall provide the Fund's custodian on each business day with information relating
to all transactions concerning the Allocated Assets and shall provide the Adviser with such information upon request of the Adviser and
shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Fund's administrator, the Fund's custodian
and foreign custodians, the Fund's transfer agent and pricing agents and all other agents and representatives of the Fund. The Sub-Adviser
shall not hold, or have custody of, any asset of the Fund (or the Fund's documents of title, if any) on behalf of the Fund or the
Adviser. The Sub- Adviser will also provide the Adviser with such compliance reports and certifications relating to its duties under this
Agreement and the federal securities laws or regulations as may be reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Sub-Adviser shall, when explicitly directed by the Adviser or the Board and consistent with the best
interests of the Fund, be responsible for exercising all rights of security holders with respect to securities held by the Fund, including
but not limited to: reviewing proxy solicitation materials, voting and handling proxies and converting, tendering exchanging or redeeming
securities. The Sub-Adviser shall report to the Adviser in a timely manner a record of all proxies voted, in such form and format that
complies with acceptable federal statutes and regulations (e.g., requirements of Form N-PX), including a record of all proxies not voted
and/or voted inconsistently with Sub-Adviser's proxy voting guidelines. The Sub-Adviser shall certify at least annually or more
often as may reasonably be requested by the Adviser, as to the compliance of its proxy voting policies and procedures with applicable
federal statutes and regulations. If the Adviser chooses to be responsible for voting any proxies for the Fund, the Sub-Adviser will immediately
forward any proxy solicited by or with respect to the issuers of securities in which assets of the Fund are invested to the Adviser or
to any agent of the Adviser designated by the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Sub-Adviser shall maintain books and records with respect to the Fund's investment transactions
and keep the Adviser fully informed on an ongoing basis of all material facts concerning the Sub-Adviser and its key investment personnel
providing services to the Fund. The Sub-Adviser shall furnish to the Adviser or the Board regular, periodic and special reports, balance
sheets or financial information, and such other information with regard to its affairs as the Adviser or Board may reasonably request;
and the Sub-Adviser will attend meetings with the Adviser and/or the Board, as reasonably requested, to discuss the foregoing. Upon the
request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the Allocated Assets that
is required to be filed by the Adviser or the Fund or sent to shareholders under the federal securities laws (including the rules adopted
thereunder) or any exemptive or other relief from the SEC on which the Adviser or the Fund relies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Sub-Adviser shall monitor the Allocated Assets owned by the Fund and, in accordance with
 procedures established by the Board, as amended from time to time, and in conjunction with the Adviser, promptly notify the Adviser
 and the Fund's Fund Accounting Agent of Allocated
Assets that the Sub-Adviser believes should be fair valued in accordance with the Fund's Valuation Procedures. The Sub-Adviser will
provide reasonable assistance in determining the fair value of the Allocated Assets, as necessary, and use reasonable efforts to arrange
for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser for which market prices are
not readily available, it being understood that the Sub- Adviser will not be responsible for determining the value of any such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Sub-Adviser shall provide reasonable assistance to the Adviser in the preparation of any regulatory
filings and required disclosures relating to the Fund, as requested by the Adviser from time to time. The Sub-Adviser will promptly notify
the Adviser if it becomes aware of any material misstatement or omission in the Fund's registration statement, as amended and/or
supplemented from time to time, with respect to matters relating to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Fund agrees that any entity or person associated with Adviser or Sub-Adviser that is a member of a
national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund that is permitted by
Section 11(a) of the Exchange Act, and the Fund consents to the retention of compensation for such transactions.

2. **Duties of the Adviser**. The Adviser shall have responsibility
for all services to be provided to the Fund pursuant to its Advisory Agreement with the Fund, including without limitation overseeing:

&nbsp;&nbsp;&nbsp;&nbsp;(a) regulatory filings made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fund compliance;

&nbsp;&nbsp;&nbsp;&nbsp;(c) custody of Fund assets;

&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer agency in Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Fund administration matters; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) Fund distribution activities.

The Adviser shall also oversee the Sub-Adviser's provision of services under this Agreement.

3. **Compensation**. For the services to be provided by the
Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation
therefor, a sub-advisory fee at the rate specified in <u>Schedule A</u> hereto. The sub-advisory fee rate shall apply to the aggregate
value of: the Allocated Assets; to any securities for which the Sub-Adviser provides advice pursuant to Section 1.a.(iii) above; and
to any holdings in commercial mortgage backed securities sourced and traded by the Adviser that are not restricted investments of the
Sub-Adviser (collectively, the "Subject Assets"). To the extent applicable, the Sub-Adviser fee will be accrued daily, payable
monthly in arrears, and calculated by applying the applicable annual fee rate specified in <u>Schedule A</u>, divided by the number of
days in the year, to the Fund's daily net value of Subject Assets. The Sub-Adviser may, in its full discretion, waive a portion
of its fee, as permitted by law and agreed by the Adviser. In the event of termination of this Agreement, the fee provided in this Section
shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata
adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

4. **Expenses**. Each of the Adviser and Sub-Adviser will furnish,
at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform
its duties under this Agreement and administrative facilities, including bookkeeping, and all equipment necessary for the fulfillment
of its responsibilities under this Agreement.

5. **Liability and Indemnification**. Each Party (the "Indemnifying
Party") agrees, at its expense, to defend, indemnify and hold the other Party, its affiliates, officers, directors, employees and
agents (collectively, the "Indemnified Parties"), harmless from any and all claims, demands, damages, costs, expenses, suits,
actions, liabilities and losses (including, without limitation, reasonable attorneys' fees and expenses) arising by virtue of,
in connection with, or related to, the Indemnifying Party's performance hereunder or execution hereof, except as such claims, losses
or damages may result from the Indemnified Party's gross negligence, bad faith, willful misconduct or reckless disregard of its
duties. In no event shall either Party be liable to the other Party for any special, consequential or punitive damages arising under
or related to this Agreement. The Indemnified Party shall not be liable to the Indemnifying Party in connection with the Indemnified
Party's performance or execution hereof except as a result of such Indemnified Party's gross negligence, bad faith, willful
misconduct or reckless disregard of its duties. No compromise or settlement by the Indemnifying Party of any action or proceeding related
to the transaction contemplated hereby shall be effective unless it also contains an unconditional release of the Indemnified Party except
to the extent related to the gross negligence, bad faith, willful misconduct or reckless disregard of its duties of the Indemnified Party.
Notwithstanding anything to the contrary herein, the indemnification obligations under this paragraph shall survive the termination of
this Agreement.

6. **Representations and Warranties of Sub-Adviser**. The Sub-Adviser
represents and warrants to the Adviser and the Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser is registered as an investment adviser under the Advisers Act and will continue to be
so registered so long as this Agreement remains in effect. The Sub-Adviser covenants to maintain all necessary registrations, licenses
and approvals in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will immediately notify the Adviser of the occurrence of any event that would substantially
impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an
investment adviser of an investment company pursuant to Section 9 of the 1940 Act, including any actions taken by the SEC to place any
restrictions on, or suspend, reject or revoke any approval, quota or license that may be necessary or appropriate for a Fund's operations
or investment strategies, as set forth in the Fund's registration statement, and as otherwise may reasonably be requested by the
Adviser; or has commenced proceedings or an investigation that may result in any of these actions. The Sub-Adviser will promptly notify
the Adviser if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity,
before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Fund, the
Sub-Adviser (as it relates to Sub-Adviser's duties hereunder or anything that would materially impact Sub- Adviser discharging its
duties hereunder) or any of the aforementioned approvals, licenses or quotas and provide such information as reasonably requested by the
Adviser regarding such matters;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser is fully authorized under all applicable law to enter into this Agreement and serve as
Sub-Adviser to the Fund and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's
powers and have been duly authorized by all necessary action on the part of its members, and no action by or in respect of, or filing
with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance
by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene
or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments,
or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser is not an affiliated person of any depositary bank for any Depositary Receipts held by
the Fund, except a depositary bank that is deemed to be affiliated solely because the Fund owns greater than 5% of the outstanding voting
securities of such depositary bank.

7. **Representations and Warranties of the Adviser**. The Adviser
represents and warrants to the Sub- Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act and will continue to be so registered
so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will immediately notify the Sub-Adviser of the occurrence of any event that would substantially
impair the Adviser's ability to fulfill its commitment under this Agreement or disqualify the Adviser from serving as an investment
adviser of an investment company pursuant to Section 9 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser is fully authorized under all applicable law to enter into this Agreement and serve as Adviser
to the Fund and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser is a limited liability company duly organized and validly existing under the laws of the state
of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's
powers and have been duly authorized by all necessary action on the part of its members, and no action by or in respect of, or filing
with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by
the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene
or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments,
or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement is a valid and binding agreement of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser agrees to maintain an appropriate level of errors and omissions or professional liability
insurance coverage.

8. Duration and Termination .

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. This Agreement, unless sooner terminated as provided herein, shall become effective upon
its execution and continue for two years after its initial effectiveness and thereafter for successive periods of one year for so long
as such continuance thereafter is specifically approved at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the vote of a majority of those Trustees of the Fund who are not parties to this Agreement or interested
persons of any such party, and (b) by the Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Fund;
provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Sub-Adviser may continue
to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules thereunder. The foregoing requirement that continuance
of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act
and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time,
without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the
Fund, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By the Sub-Adviser upon sixty (60) days' written notice to the Adviser and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By any party, to take effect immediately upon written notice to the other party, in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the license, approval, quota, authorization or consent held by any of the other parties which is required
for the performance of its obligations under this Agreement or as described in Paragraph 1(a), is rejected, revoked, restricted, terminated
or suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any of the parties commits a material breach of this Agreement, which such material breach has not been
cured by the breaching party within thirty (30) days from the date of notice from the other party of such material breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any step is taken with a view to the winding up, bankruptcy or administration of any party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any adverse finding is made in respect of, or official sanction imposed on, any other party by any relevant
regulatory authority which would be likely to affect its ability to perform its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a relevant regulatory authority has held, or is likely to hold, any other party to be in breach of any
regulatory or other duties in relation to this Agreement.

This Agreement may be terminated immediately in the event of breach of Section 9 - Confidentiality of this Agreement, in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Fund. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act or any rules or interpretations of the SEC or its staff thereunder. For absence of doubt, the parties acknowledge that the Adviser may transfer, assign, convey and delegate its rights and obligations under this Agreement to a wholly-owned subsidiary or other affiliate of the Adviser if and to the extent that such transfer, assignment, conveyance and delegation would not result in an actual change of control or management, and that, in accordance with Rule 2a-6 under the 1940 Act, such transfer, assignment, conveyance and delegation would not constitute an "assignment" for purposes of this <u>Section 8</u>.

9. **Confidentiality**. Except as otherwise set forth in this
Agreement or any other agreement between the parties, each party shall keep the Confidential Information of the other party secret and
confidential and shall use such Confidential Information only in accordance with the terms of this Agreement, and shall not (without
the prior written consent of the other party) disclose any part of that Confidential Information to any person other than to its designated
person who is mutually agreed by both parties in advance for getting access to that Confidential Information in order for the parties
to perform their obligations or receive the benefit of rights under this Agreement except for the regulatory requests made to the Adviser
and the Sub-Adviser arising from the applicable laws, including any demand of any regulatory or taxing authority having jurisdiction,
except that a party shall notify the other party prior to providing information in response to such a request or demand so as to allow
the party to which the Confidential Information relates to respond appropriately. For the purpose of this Agreement, "Confidential
Information" means in relation to any party all nonpublic confidential and proprietary information (whether such information is
in oral or written form or is recorded in any other medium) about or pertaining to any business initiatives or evaluation of any future
business initiative, or the business of that party which it disclosed to the other party or its employee, or which is acquired by or
otherwise comes to the knowledge of the other party or its employee in connection with this Agreement or any future exchange of information
between the parties (including the performance by a party of its obligations hereunder). It is understood that any information or recommendation
supplied by the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for
use only by the Adviser, the Fund, the Fund's service providers, the Board, or such persons as the Adviser, subject to the Sub-Adviser's
written consent, may designate in connection with
the Fund. It is also understood that any information supplied to the Sub-Adviser in connection with the performance of its obligations
hereunder is to be regarded as confidential and for use only by the Sub-Adviser in connection with its obligation to provide investment
advice and other services to the Fund. Except as required by applicable law or regulation, the terms of this Agreement, all non-public
information pertaining to the establishment and on-going operation of the Fund and the actions of the Sub-Adviser and the Fund in respect
thereof shall be considered as "Confidential Information." Notwithstanding anything to the contrary herein, the confidentiality
obligations under this paragraph shall survive the termination of this Agreement.

10. **Exclusivity**. The services of the Adviser and Sub-Adviser
are not to be deemed exclusive, and the Adviser and Sub-Adviser and their directors, officers, employees and affiliates shall be free
to render similar services to others so long as its services to the Fund are not impaired thereby. The Sub-Adviser shall be deemed to
be an independent contractor of the Adviser and Fund.

11. **Supplemental Arrangements**. The Sub-Adviser may from time
to time employ or associate itself with any person it believes to be particularly suited to assist it in providing the services to be
performed by the Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Fund that would constitute
an assignment or require approval of an advisory agreement pursuant to Section 15 of the 1940 Act. Any compensation payable to such persons
shall be the sole responsibility of the Sub-Adviser.

12. **Use of Name**. The Sub-Adviser grants the Adviser use of
the Sub-Adviser's name(s), derivatives, logos, trademarks, service marks or trade names in connection with certain materials used
in the ordinary course of business, such as prospectuses, financial reports, fund fact sheets, fund name and related materials, including
advertising and marketing materials for the Fund. Such grant will be revoked as to future use as soon as this Agreement is terminated.

13. **Amendments**. This Agreement may be amended by mutual written
consent, subject to approval by the Board and Fund shareholders to the extent and in the manner required by the 1940 Act. No material
amendment of this Agreement shall be effective until approved, if applicable, in the manner required by the 1940 Act, any rules thereunder
or any exemptive or other relief granted by the SEC or its staff.

14. **Governing Law**. This Agreement shall be governed by the
laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof, and in accordance with the 1940 Act.
To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall
control.

15. **Severability**. Should any part of this Agreement be held
invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

16. **Fund and Shareholder Liability**. The Sub-Adviser is hereby
expressly put on notice of the limitation of shareholder liability as set forth in the Amended and Restated Declaration of Trust and
agrees that any claims against or liabilities of the Fund shall be limited in all cases to the Fund and its assets, and if the claim
or liability relates to one or more of the Fund, they shall be limited to the respective assets of that Fund. The Sub-Adviser further
agrees that it shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Fund, nor
from the Trustees or any individual Trustee of the Fund.

17. **Notice**. Any notice, advice or report to be given pursuant
to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid addressed
by the party giving notice to the other party at the last address furnished by the other party:

---

| | |
|:---|:---|
| To the Adviser at: | Forum Capital Advisors LLC |
|  | 240 Saint Paul Street, Suite 400 |
|  | Denver, CO 80206 |
|  | Attn: Legal / Compliance Phone: (303) 501-8880 |
|  | Email: <u>legal@forumig.com</u> |

---

---

| | |
|:---|:---|
| To the Sub-Adviser at: | Nuveen Asset Management, LLC |
|  | 333 West Wacker Drive |
|  | Chicago IL 60606 |
|  | Attn: Legal Department |
|  | Email: stuart.cohen@nuveen.com |
|  | With copy to: |
|  | <u>dl_gcsamericasinstitutionalclientservices@nuveen.com</u> |
|  | <u>samira.fogarty@nuveen.com</u> |
|  | <u>jack.allen@nuveen.com</u> |

---

18. **Third Party Beneficiaries**. The Sub-Adviser acknowledges
that the Fund is a third-party beneficiary of this Agreement and that the Fund shall have the full right to enforce any and all provisions
of this Agreement for its benefit and to pursue any breach of any provision of this Agreement or for any loss, damage, claim, liability
arising due to any act or omission to the same extent as if the Fund itself were a party to this Agreement. For the avoidance of doubt,
shareholders of the Fund are not parties to, or intended (or "third-party") beneficiaries of, this Agreement. To the maximum
extent permitted by law, this Agreement is not intended to create in any individual shareholder or group of shareholders of the Fund
any right to enforce this Agreement or to seek any remedy under this Agreement, either directly or on behalf of the Fund.

19. **Entire Agreement**. This Agreement embodies the entire
agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's
subject matter.

20. **Counterparts.** This Agreement may be executed in one or
more counterparts, all of which shall constitute one and the same instrument. Each such counterpart shall be deemed an original, and
it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement
shall be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the
original, scanned or facsimile signatures of each of the parties.

21. **Interpretation.** Any question of interpretation of any
term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved
by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the
absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940
Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule,
regulation or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect
of such rule, regulation or order.

[*Signature Page Follows*]

---

| | | | |
|:---|:---|:---|:---|
| **ADVISER:** | **ADVISER:** | **SUB-ADVISER:** | **SUB-ADVISER:** |
| **Forum Capital Advisors LLC** | **Forum Capital Advisors LLC** | **Nuveen Asset Management, LLC** | **Nuveen Asset Management, LLC** |
| By: | /s/ Elizabeth Ryan | By: | /s/ Stuart J.Cohen |
| Name: | Elizabeth Ryan | Name: | Stuart J.Cohen |
| Title: | Chief Compliance Officer & General Counsel | Title: | MD & Head of Legal |

---

**SCHEDULE A**

**FEES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subject Asset Tiers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual Sub-Adviser Fee Rate** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First $250,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Next $250,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over $500,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |

---

**EXHIBIT A**

**INVESTMENT OBJECTIVE AND PORTFOLIO PARAMETERS**

Investment Objective

The Investment Strategy seeks to achieve a high level of income by investing in a portfolio of real estate debt securities.

Portfolio Parameters

&nbsp;&nbsp;&nbsp;&nbsp;1. Eligible Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fixed income and listed equity securities including but not
limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commercial
Mortgage-Backed Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preferred shares of publicly listed REITs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· US Treasury Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ETF's and Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cash and cash equivalents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Other types of investments may be deemed eligible as instructed in writing by Forum

&nbsp;&nbsp;&nbsp;&nbsp;2. Credit Quality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Eligible investments will not be subject to ratings constraints or criteria

## Material

**FORUM REAL ESTATE INCOME FUND**

**SECOND AMENDED AND RESTATED BYLAWS**

These Second Amended and Restated Bylaws are made and adopted pursuant to Section 4.1(c) of the Amended and Restated Agreement and Declaration of Trust of Forum Real Estate Income Fund (formerly, Forum CRE Income Fund) dated August 1, 2022, as from time to time amended (the "***Declaration***"). Capitalized terms used herein shall have the meaning or meanings set forth for such words or terms in the Declaration.

**<u>ARTICLE I</u>**

**OFFICES**

Section 1.1 <u>Delaware Office</u>. The Board of Trustees shall establish a registered office in the State of Delaware and shall appoint as the Trust's registered agent for service of process in the State of Delaware an individual resident in the State of Delaware or a Delaware corporation or a corporation authorized to transact business in the State of Delaware; in each case, the business office of such registered agent for service of process shall be identical with the registered Delaware office of the Trust.

Section 1.2 <u>Principal Office</u>. The Board of Trustees shall fix and, from time to time, may change the location of the principal executive office of the Trust at any place within or without the State of Delaware.

Section 1.3 <u>Other Offices</u>. The Board of Trustees may at any time establish branch or subordinate offices at any place or places where the Trust intends to do business.

**<u>ARTICLE II</u>**

**OFFICERS AND THEIR ELECTION**

Section 2.1 <u>Officers</u>. The officers of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance Officer and such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more offices may be held by the same person, except the person serving as President may not also serve as Secretary or Treasurer. No officer of the Trust need be a Trustee.

Section 2.2 <u>Election of Officers</u>. At the initial organizational meeting, the Trustees shall elect a Chairman, if any, President, Vice President, Secretary, Treasurer, Assistant Treasurer, Chief Compliance Officer and such other officers as the Trustees shall deem necessary to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

Section 2.3 <u>Resignations and Removals</u>. Any officer of the Trust may resign by filing a written resignation with the President, the Secretary or the Trustees, which resignation shall take effect on being so filed or at such later time as may be therein specified. The Board of Trustees may at any meeting, or by unanimous written consent, remove an officer with or without cause.

Section 2.4 <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

Section 2.5 <u>Compensation</u>. Each officer of the Trust may receive such compensation from the Trust for services and reimbursement for expenses as the Board of Trustees may determine, and, in the case of the Chief Compliance Officer, as the Board of Trustees, including a majority of those Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), may determine.

**<u>ARTICLE III</u>**

**POWERS AND DUTIES OF OFFICERS**

Section 3.1. <u>Chairman</u>. The Chairman shall be the Principal Executive Officer of the Trust. The Chairman is responsible for (a) presiding at Board of Trustees meetings, (b) calling special meetings of the Board of Trustees on an as-needed basis, and (c) ensuring execution and administration of Trust policies. The Chairman shall be responsible for (i) setting the agendas for Board of Trustees meetings and (ii) providing information to Board of Trustees members in advance of each Board of Trustees meeting and between Board of Trustees meetings, as necessary. In the absence or disability of the President, the Chairman shall perform all the duties of the President and, when so acting, shall have all the powers of the President.

Section 3.2 <u>President</u>. Notwithstanding Section 3.1, subject to the direction of the Board of Trustees, the President shall have general charge, supervision and control over the Trust's business affairs and shall be responsible for the management thereof and the execution of policies established by the Board of Trustees. In the absence of the Chairman, the President shall preside at any meeting of the Board of Trustees or of the Trust's shareholders (the "***Shareholders***"). Except as the Trustees may otherwise order, the President shall have the power to grant, issue, execute or sign any powers of attorney, proxies, agreements or other documents on the Trust's behalf. The President also shall have the power to employ attorneys, accountants and other advisers and agents for the Trust, except as the Board of Trustees may otherwise direct. The President shall have such other powers and perform such other duties as the Board of Trustees may determine.

Section 3.3 <u>Vice President(s)</u>. The Vice President(s) shall have such powers and perform such duties as the Board of Trustees or the President may determine. At the request or in the absence or disability of the President and the Chairman, the Vice President (or, if there are two or more Vice Presidents, then the senior of the Vice Presidents, as determined by the Board of Trustees, present and able to act) shall perform all the duties of the President and, when so acting, shall have all the powers of the President. The Board of Trustees may designate a Vice President as the Chief Financial Officer of the Trust or to serve one or more other functions. If a Vice President is designated as Chief Financial Officer of the Trust, he or she shall have general charge of the finances and books of the Trust and shall report to the Board of Trustees annually regarding the financial condition of the Trust as soon as possible.

Section 3.4 <u>Treasurer and Assistant Treasurer(s)</u>. The Treasurer shall be the Principal Financial Officer and Principal Accounting Officer of the Trust unless the Board of Trustees otherwise determines. If designated as Principal Financial Officer, the Treasurer shall have general charge of the finances and books of the Trust, and shall report to the Board of Trustees annually regarding the financial condition of the Trust as soon as possible after the close of the Trust's fiscal year. The Treasurer shall be responsible for the delivery of all funds and other assets of the Trust to such company as the Trust shall retain as custodian. The Treasurer shall furnish such reports concerning the financial condition of the Trust as the Board of Trustees may request. The Treasurer shall perform all acts incidental to the office of Treasurer, subject to the Board of Trustees' supervision, and shall perform such additional duties as the Board of Trustees may designate.

Any Assistant Treasurer may perform such duties of the Treasurer as the Board of Trustees or the Treasurer may assign, and, in the absence of the Treasurer, may perform all the duties of the Treasurer.

Section 3.5 <u>Secretary and Assistant Secretary(s)</u>. The Secretary shall record all votes and proceedings of the meetings of Board of Trustees and Shareholders in books to be kept for that purpose. The Secretary shall be responsible for giving and serving notices of the Trust. The Secretary shall have custody of any seal of the Trust and shall be responsible for the records of the Trust, including the Share register and such other books and documents as may be required by the Board of Trustees or by applicable law, but may delegate such responsibilities as deemed to be appropriate by the Board of Trustees or Trust officers. The Secretary shall perform all acts incidental to the office of Secretary, subject to the supervision of the Board of Trustees, and shall perform such additional duties as the Board of Trustees may designate.

Any Assistant Secretary may perform such duties of the Secretary as the Board of Trustees or the Secretary may assign, and, in the absence of the Secretary, may perform all the duties of the Secretary.

Section 3.6 <u>Chief Compliance Officer</u>. The Chief Compliance Officer shall be responsible for administering the Trust's compliance policies and procedures that are reasonably designed to prevent violation of the federal securities laws by the Trust, its investment advisers, principal underwriters, administrators and transfer agents. The election, compensation and removal of the Chief Compliance Officer shall be approved by the Board of Trustees, including a majority of the Trustees that are not "interested persons" as that term is defined by the 1940 Act.

Section 3.7 <u>Other Officers</u>. The Board of Trustees may appoint from time to time such other officers and assistant officers as the Board of Trustees may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Board of Trustees may determine.

**<u>ARTICLE IV</u>**

**SHAREHOLDERS' MEETINGS**

Section 4.1 <u>Chairman</u>. The Chairman, if any, shall act as chairman at all meetings of the Shareholders. In the Chairman's absence, the President shall act as chairman at a meeting of Shareholders.

Section 4.2 <u>Place of Meeting</u>. All meetings of the Shareholders shall be held at such places as the Trustees may designate. In the absence of any such designation, Shareholders' meetings shall be held at the principal office of the Trust at the time of such meetings or may be held virtually. Notwithstanding the foregoing, if either the President or Secretary of the Trust, or in the absence or unavailability of the President and the Secretary, any officer of the Trust, determines that the date, time or place designated for a meeting or adjourned meeting of Shareholders is not reasonably practicable or available as a result of (a) fire, flood, elements of nature, or other acts of god, (b) acts of terrorism, (c) outbreak or escalation of hostilities, war, riots or civil disorders or (d) other similar events, such officer may, without further notice to Shareholders designate such other date, time or place for such meeting or adjourned meeting as such officer shall, in his or her sole discretion, determine.

Section 4.3 <u>Fixing Record Dates</u>. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not, prior to any meeting of Shareholders, so fix a record date or close the transfer books, then the date of mailing notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date.

Section 4.4 <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the Chairman or the President may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of Trust shares ("***Shares***") present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chairman. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chairman or the President, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge, question or matter determined by them and shall execute a certificate of any facts found by them.

Section 4.5 <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous Meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business corporation.

**<u>ARTICLE V</u>**

**UNITS OF BENEFICIAL INTEREST**

Section 5.1 <u>Share Certificate</u>. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise authorize. The Trustees may issue certificates to a Shareholder for any purpose and the issuance of a certificate to one or more Shareholders shall not require the issuance of certificates generally. In the event that the Trustees authorize the issuance of Share certificates, such certificates shall be in the form prescribed from time to time by the Trustees and shall be signed by the Chairman and by the Treasurer or Secretary. Such signatures may be facsimiles if the certificate is signed by a transfer or shareholder services agent or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issue.

Section 5.2 <u>Loss of Certificate</u>. In case of the alleged loss or destruction or the mutilation of a Share certificate, a duplicate certificate may be issued in place thereof, upon such terms as the Trustees may prescribe.

Section 5.3 <u>Discontinuance of Issuance of Certificates</u>. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

**<u>ARTICLE VI</u>**

**INSPECTION OF BOOKS**

The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the Shareholders and no Shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or otherwise by the Trustees.

**<u>ARTICLE VII</u>**

**MISCELLANEOUS**

Section 7.1 <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or Bylaws or as the Trustees may from time to time by resolution provide.

Section 7.2 <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

**<u>ARTICLE VIII</u>**

**AMENDMENTS**

These Bylaws may be amended from time to time by the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

**<u>ARTICLE IX</u>**

**HEADINGS**

Headings are placed in these Bylaws for convenience of reference only and, in case of any conflict, the text of these Bylaws rather than the headings shall control.

Adopted: April 26, 2021

Amended: June 9, 2022

Amended: November 12, 2025

## Internal

```

Report of
Independent
Registered Public
Accounting Firm

To the Shareholders and the
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, 2025,
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, 2025.
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 27, 2026

```

# 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:** 2025-12-31

**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://forumig.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

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Nuveen Asset Management, LLC

- **b. Street 1:** 333 West Wacker Drive

- **c. City:** Chicago

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 60606

- **g. Telephone number:** 3129717700

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

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Janus Henderson Investors US, LLC

- **b. Street 1:** 151 Detroit Street

- **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:** 8005253713

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

- **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, 811-23899                    |
| Julie Cooling | No                      | N/A                                     |
| Jay Hummel    | No                      | N/A                                     |

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

**Chief compliance officer Record: 1**

- **a. Full Name:** Michelle Marcano-Johnson

- **b. CRD Number, if any:** N/A

- **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?:** Yes

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
  - IC-34810
  - IC-34834

### 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:** 254900I9MBNZITP8G247

- **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:** 00596

- **c. LEI, if any:** 5493004PQVT1NV3N7854

- **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.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Nuveen Asset Management, LLC

- **ii. SEC file number:** 801-71957

- **iii. CRD number:** 000155584

- **iv. LEI, if any:** 549300W218VXB0L5EY14

- **v. Is the sub-adviser an affiliated person?:** 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?** No

**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:** DE

- **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

**Pricing Services Record: 3**

- **i. Full name:** J.P. MORGAN SECURITIES LLC

- **ii. LEI, if any, or provide and describe other identifying number:** ZBUT11V806EZRVTWT807

- **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

**Pricing Services Record: 4**

- **i. Full name:** KENSINGTON CA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 984500A5E6BA151E6565

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

- **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?** No

**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**

**Shareholder Servicing Agents Record: 1**

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

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

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

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

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**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:** N/A

- **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?** No

**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        | $225,423,000.00           |
| RBC CAPITAL MARKETS, LLC                 | 8-45411           |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $223,116,557.00           |
| NATIXIS SECURITIES AMERICAS LLC          | 8-716             |    000001101 | N/A                  | NY      | US        | $139,358,000.00           |
| J.P. MORGAN SECURITIES LLC               | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $103,903,272.00           |
| PERFORMANCE TRUST CAPITAL PARTNERS, LLC  | 8-47035           |    000036155 | 549300F8NR5Q23JRIY74 | IL      | US        | $90,775,416.00            |
| BANC OF AMERICA SECURITIES LLC           | 8-42263           |    000026091 | N/A                  | NY      | US        | $76,739,555.00            |
| CITIGROUP GLOBAL MARKETS INC.            | 8-8177            |    000007059 | 6SHGI4ZSSLCXXQSBB395 | NY      | US        | $51,782,190.00            |
| WELLS FARGO CLEARING SERVICES, LLC       | 8-37180           |    000019616 | 88KRVSOEKUGQZJ3DKW55 | MO      | US        | $49,301,086.00            |
| MORGAN STANLEY                           | 8-68191           |    000149777 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $44,492,188.00            |
| DEUTSCHE BANK SECURITIES INC.            | 8-817822          |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $25,908,281.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,116,211,585.00

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

- **Item C.19.a - Fund's monthly average net assets:** $293,758,115.00

**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:** 2026-02-20

**Signature:** /s/ Derek Mullins

**Title:** Chief Financial Officer and Treasurer