CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited)
September 30, 2025
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| Shares | Market value | |||||
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| Real Estate Securities*- 146.4% |
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| Common Stock - 137.6% |
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Australia - 6.5% |
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| 542,769 |
Charter Hall Group | $ | 8,183,658 | |||
| 1,105,903 |
Goodman Group | 24,025,755 | ||||
| 4,031,007 |
Stockland | 16,349,935 | ||||
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| 48,559,348 | ||||||
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Belgium - 2.8% |
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| 167,362 |
Aedifica SA | 12,398,860 | ||||
| 93,958 |
Cofinimmo SA | 8,147,605 | ||||
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| 20,546,465 | ||||||
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Canada - 3.7% |
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| 73,134 |
Boardwalk Real Estate Investment Trust | 3,633,573 | ||||
| 176,498 |
Canadian Apartment Properties REIT | 5,162,763 | ||||
| 939,900 |
H&R Real Estate Investment Trust | 7,599,450 | ||||
| 850,000 |
RioCan Real Estate Investment Trust | 11,576,470 | ||||
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| 27,972,256 | ||||||
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France - 1.5% |
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| 224,975 |
Carmila SA | 4,641,930 | ||||
| 63,031 |
Unibail-Rodamco-Westfield | 6,624,084 | ||||
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| 11,266,014 | ||||||
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Germany - 2.7% |
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| 105,598 |
LEG Immobilien SE | 8,400,095 | ||||
| 368,268 |
Vonovia SE | 11,488,632 | ||||
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| 19,888,727 | ||||||
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Hong Kong - 7.3% |
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| 2,729,161 |
CK Asset Holdings Ltd. | 13,231,190 | ||||
| 4,706,470 |
Link REIT | 24,196,545 | ||||
| 4,382,000 |
Swire Properties Ltd. | 12,469,472 | ||||
| 1,422,303 |
Wharf Real Estate Investment Co. Ltd. | 4,204,536 | ||||
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| 54,101,743 | ||||||
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Japan - 12.5% |
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| 9,417 |
Activia Properties, Inc. | 8,582,647 | ||||
| 7,321 |
AEON REIT Investment Corp. | 6,429,453 | ||||
| 13,589 |
Japan Hotel REIT Investment Corp. | 8,207,596 | ||||
| 24,096 |
Japan Metropolitan Fund Investment Corp. | 18,551,073 | ||||
| 8,994 |
KDX Realty Investment Corp. | 10,261,631 | ||||
| 10,619 |
LaSalle Logiport REIT | 10,318,086 | ||||
| 1,229,000 |
Mitsui Fudosan Co., Ltd. | 13,423,008 | ||||
| 20,244 |
Orix JREIT, Inc. | 13,734,968 | ||||
| 180,300 |
Tokyo Tatemono Co. Ltd. | 3,620,406 | ||||
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| 93,128,868 | ||||||
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Singapore - 3.7% |
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| 3,822,800 |
CapitaLand Ascendas REIT | 8,273,047 | ||||
| 13,702,944 |
CapitaLand China Trust | 8,396,933 | ||||
| 5,878,600 |
Frasers Logistics & Commercial Trust | 4,331,888 | ||||
| 8,338,000 |
Keppel REIT | 6,532,252 | ||||
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| 27,534,120 | ||||||
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| Shares | Market value | |||||
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Sweden - 1.7% |
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| 1,109,753 |
Castellum AB |
$ | 12,542,848 | |||
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United Kingdom - 6.8% |
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| 2,598,836 |
Land Securities Group PLC | 20,362,447 | ||||
| 3,939,857 |
LondonMetric Property PLC | 9,648,088 | ||||
| 829,603 |
Safestore Holdings PLC | 7,348,933 | ||||
| 2,668,000 |
Supermarket Income REIT PLC | 2,815,983 | ||||
| 2,696,061 |
Tritax Big Box REIT PLC | 5,244,761 | ||||
| 550,000 |
UNITE Group PLC (The) | 5,323,775 | ||||
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| 50,743,987 | ||||||
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United States - 88.4% |
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| 178,107 |
Alexandria Real Estate Equities, Inc. | 14,843,437 | ||||
| 209,073 |
American Tower Corp. | 40,208,919 | ||||
| 753,292 |
Americold Realty Trust, Inc. | 9,220,294 | ||||
| 154,739 |
AvalonBay Communities, Inc. | 29,890,933 | ||||
| 318,138 |
Brixmor Property Group, Inc. | 8,806,060 | ||||
| 170,738 |
COPT Defense Properties | 4,961,646 | ||||
| 333,020 |
Crown Castle, Inc. | 32,133,100 | ||||
| 659,781 |
CubeSmart | 26,826,695 | ||||
| 50,136 |
EastGroup Properties, Inc. | 8,486,019 | ||||
| 640,539 |
Empire State Realty Trust, Inc., Class A | 4,906,529 | ||||
| 53,120 |
Equinix, Inc. | 41,605,709 | ||||
| 76,610 |
Essex Property Trust, Inc. | 20,505,433 | ||||
| 202,656 |
Extra Space Storage, Inc. | 28,562,337 | ||||
| 145,732 |
Federal Realty Investment Trust | 14,764,109 | ||||
| 147,857 |
First Industrial Realty Trust, Inc. | 7,610,200 | ||||
| 1,284,701 |
Healthpeak Properties, Inc. | 24,602,024 | ||||
| 418,300 |
Independence Realty Trust, Inc. | 6,855,937 | ||||
| 1,418,143 |
Invitation Homes, Inc. | 41,594,134 | ||||
| 142,477 |
Iron Mountain, Inc. | 14,524,105 | ||||
| 171,316 |
Lineage, Inc. | 6,619,650 | ||||
| 316,068 |
National Storage Affiliates Trust | 9,551,575 | ||||
| 332,374 |
Netstreit Corp. | 6,002,674 | ||||
| 800,659 |
Park Hotels & Resorts, Inc. | 8,871,302 | ||||
| 696,892 |
Piedmont Office Realty Trust, Inc., Class A | 6,272,028 | ||||
| 575,980 |
Realty Income Corp. | 35,013,824 | ||||
| 126,830 |
Regency Centers Corp. | 9,245,907 | ||||
| 572,115 |
Rexford Industrial Realty, Inc. | 23,519,648 | ||||
| 199,188 |
Simon Property Group, Inc. | 37,381,612 | ||||
| 233,558 |
STAG Industrial, Inc. | 8,242,262 | ||||
| 262,148 |
Sun Communities, Inc. | 33,817,092 | ||||
| 1,408,200 |
Sunstone Hotel Investors, Inc. | 13,194,834 | ||||
| 353,999 |
Ventas, Inc. | 24,776,390 | ||||
| 772,448 |
VICI Properties, Inc., | 25,189,529 | ||||
| 137,828 |
Vornado Realty Trust | 5,586,169 | ||||
| 131,840 |
Welltower, Inc. |
23,485,978 | ||||
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| 657,678,094 | ||||||
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| Total Common Stock (cost $1,263,020,291) |
1,023,962,470 | |||||
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See previously submitted notes to financial statements for the semi-annual period ended June 30, 2025.
CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited) continued
September 30, 2025
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| Shares | Market value | |||||
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| Preferred Stock - 8.8% |
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United States - 8.8% |
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| 245,403 |
Digital Realty Trust, Inc., Series J, 5.250% | $ | 5,497,027 | |||
| 301,100 |
Digital Realty Trust, Inc., Series L, 5.200% | 6,579,035 | ||||
| 282,200 |
Federal Realty Investment Trust, Series C, 5.000% | 6,039,080 | ||||
| 405,900 |
National Storage Affiliates Trust, Series A, 6.000% | 9,441,234 | ||||
| 383,644 |
Pebblebrook Hotel Trust, Series E, 6.375% | 7,753,445 | ||||
| 541,950 |
Pebblebrook Hotel Trust, Series F, 6.300% | 10,947,390 | ||||
| 262,125 |
Pebblebrook Hotel Trust, Series G, 6.375% | 5,216,288 | ||||
| 143,517 |
Rexford Industrial Realty, Inc., Series B, 5.875% | 3,343,946 | ||||
| 287,077 |
Summit Hotel Properties, Inc., Series E, 6.250% | 5,572,165 | ||||
| 265,000 |
Sunstone Hotel Investors, Inc., Series H, 6.125% |
5,644,500 | ||||
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| Total Preferred Stock (cost $74,691,447) |
66,034,110 | |||||
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| Total Investments - 146.4% (cost $1,337,711,738) |
1,089,996,580 | |||||
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| Liabilities in Excess of Other Assets - (46.4)% |
(345,698,223 | ) | ||||
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| Net Assets - 100.0% |
$ | 744,298,357 | ||||
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| * | Includes U.S. Real Estate Investment Trusts (“REIT”) and Real Estate Operating Companies (“REOC”) as well as entities similarly formed under the laws of non-U.S. countries. |
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2025.
CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited) concluded
September 30, 2025
Securities Valuation
The following is a summary of various inputs used in determining the value of the Trust’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical investments. Level 2 includes other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of inputs used as of September 30, 2025.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
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| INVESTMENT IN REAL ESTATE SECURITIES |
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| Common Stock |
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| Australia |
$ | 48,559,348 | $ | – | $ | – | $ | 48,559,348 | ||||||||
| Belgium |
20,546,465 | – | – | 20,546,465 | ||||||||||||
| Canada |
27,972,256 | – | – | 27,972,256 | ||||||||||||
| France |
11,266,014 | – | – | 11,266,014 | ||||||||||||
| Germany |
19,888,727 | – | – | 19,888,727 | ||||||||||||
| Hong Kong |
54,101,743 | – | – | 54,101,743 | ||||||||||||
| Japan |
93,128,868 | – | – | 93,128,868 | ||||||||||||
| Singapore |
27,534,120 | – | – | 27,534,120 | ||||||||||||
| Sweden |
12,542,848 | – | – | 12,542,848 | ||||||||||||
| United Kingdom |
50,743,987 | – | – | 50,743,987 | ||||||||||||
| United States |
657,678,094 | – | – | 657,678,094 | ||||||||||||
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| Total Common Stock |
1,023,962,470 | – | – | 1,023,962,470 | ||||||||||||
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| Preferred Stock |
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| United States |
66,034,110 | – | – | 66,034,110 | ||||||||||||
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| TOTAL INVESTMENT IN REAL ESTATE SECURITIES |
$ | 1,089,996,580 | $ | – | $ | – | $ | 1,089,996,580 | ||||||||
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See previously submitted notes to financial statements for the semi-annual period ended June 30, 2025.