Forum Real Estate Income Fund

*The team behind the Forum Real Estate Income Fund has a combined 150+ years of experience in real estate finance, commercial real estate-backed securities and active portfolio management.

¹ Allocations are subject to change and may include un-invested cash held by an underlying manager, committed to pending capital calls, or held as liquidity for upcoming distributions or tender offers of the Fund as of September 30, 2022.
² Total properties excludes exposure of number of properties through REIT preferred holdings.
³ Please refer to the most recent Fund Fact Sheet for Forum Real Estate Income Fund's relative performance to benchmarks and a description of each benchmark.
⁴ The 1940 Act limits fund leverage to 33 1/3% of total assets. The Fund may enter into investment management techniques that have similar effects as leverage, but which are not subject to the 33 1/3% limitation. Please see the prospectus for more information.
⁵ The Fund will target quarterly repurchases of 5% of shares outstanding at Net Asset Value.
⁶ Internal Revenue Code of 1986 permits Real Estate Income Trusts (REITS) as pass-through vehicles, that do not pay corporate income tax to the extent they distribute their taxable income. Forum Real Estate Income Fund Board of Trustees is authorized to revoke this REIT election, which may cause adverse consequences to our stockholders.
⁷As of September 28, 2022, the Fund converted to a registered closed-end interval fund in accordance with Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund commenced investment operations as a registered closed-end tender fund on April 16, 2021, after the conversion from a limited partnership private fund exempt from registration under the 1940 Act, Forum Integrated Income Fund I, L.P., which commenced operations on October 24, 2019, (the “Private Fund”). Information portrayed prior to April 16, 2021, reflects the Private Fund. The Private Fund was not registered
under the 1940 Act, and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Private Fund had been registered under the 1940 Act, the Private Fund’s performance may have been adversely affected. Furthermore, the fees and expenses of the Private Fund were substantially different from the Fund’s fees and expenses. The fees and expenses of the Fund in the tender fund structure differ from the fees and expenses of the interval fund structure. Please see important information on fees and expenses in the current prospectus.

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and may be reviewed through the Prospectus link above. Please read the prospectus carefully. An investment in the Fund is subject to, among others, the following risks.

• Past performance is not guarantee of future returns. There can be no assurance that the Fund will achieve its investment objective.
• Investing involves a high degree of risk. Principal loss is possible.
• Forum Real Estate Income Fund is a diversified, closed-end management investment company that continuously offers its shares of common stock (the “Shares”), and is operated as an “interval fund.”
• There is currently no secondary market for its shares and the Fund does not expect any secondary market to develop for its shares. Accordingly, you may not be able to sell shares when and/or in the amount that you desire. Investors should consider shares of the Fund to be an illiquid investment.

IMPORTANT DISCLOSURES

Past performance is no guarantee of future returns. The Fund’s performance may be volatile, and the investment may involve a high degree of risk. The Fund is intended only for sophisticated investors who meet the investor suitability requirements described in the relevant Memorandum and who can bear the risk of investment losses, including the potential loss of their entire investment.

Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. Investors should read the prospectus or summary prospectus carefully with this and other information about the Fund. For additional information, please call (888) 267-1456 or email InvestorRelations@forumcapadvisors.com.

Investing in the Fund involves risks, including the risk that an investor may receive little or no return on his, her or its investment or that an investor may lose part or all of such investment. Therefore, investors should consider carefully the following principal risks before investing in the Fund. There is no assurance that the Fund will achieve its performance or investment objectives or achieve any targeted rate of return or return of capital or any target distribution yield. Shareholders may lose some or all of their invested capital, and prospective investors should not purchase the Fund’s shares unless they can readily bear the consequence of such loss. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. The Fund’s investments are also subject to liquidity risk. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, derivatives or securities with substantial market and credit risk tend to have the greatest exposure to liquidity risk.

The Fund is an “interval fund,” a type of fund that, in order to provide liquidity to Shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at net asset value. Subject to applicable law and approval of the Fund’s Board of Trustees, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase at least 5% of the Fund’s outstanding Shares at net asset value, which is the minimum amount permitted. Written notification of each quarterly repurchase offer (the “Repurchase Offer Notice”) will be sent to shareholders at least twenty-one (21) and no more than forty-two (42) days before the repurchase request deadline (i.e., the date by which shareholders can tender their shares in response to a repurchase offer) (the “Repurchase Request Deadline”).

As a non-diversified investment company, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by events impacting a single borrower, geographic location, security, or investment type. The Fund’s investments in real estate debt are expected to be secured by real estate assets. The Fund’s concentration in the real estate sector may increase the volatility of the Fund’s returns and may also expose the Fund to the risk of economic downturns in this sector to a greater extent than if its portfolio also included investments in other sectors. Further, there is no limit regarding the amount of Fund assets that may be invested in any single geographic area within the United States. To the extent the Fund concentrates its investments in a limited number of assets or geographic areas, the Fund will be subject to certain risks relating to concentrated investments.

Commercial real estate debt instruments (e.g., mortgages, mezzanine loans and preferred equity) that are secured by commercial property are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar risks associated with loans made on the security of single-family residential properties. The Fund expects to invest a portion of its assets in pools or tranches of commercial mortgage-backed securities (CMBS)*. In a rising interest rate environment, the value of CMBS may be adversely affected when payments on underlying mortgages do not occur as anticipated, resulting in the extension of the security’s effective maturity and the related increase in interest rate sensitivity of a longer-term instrument. Subordinate CMBS are also subject to greater credit risk than those CMBS that are more highly rated. Mortgage loans on commercial properties generally lack standardized terms, which may complicate their structure and increase due diligence costs. Commercial mortgage loans also tend to have shorter maturities than single-family residential mortgage loans and are generally not fully amortizing, which means that they may have a significant principal balance or “balloon” payment due on maturity.

Distributor: Foreside Fund Services, LLC

*A security backed by commercial and multifamily mortgages rather than residential real estate.