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CBRE Global Real Estate Income Fund

Portfolio of Investments (unaudited)

March 31, 2025

 

 

  

 

 

  Shares  

  

Market  

value   

          
 

Real Estate Securities*- 146.4%

   
 

Common Stock - 138.3%

   

 

  

Australia - 5.4%

   

 

 

 

950,420

   Charter Hall Group    $      9,582,674  

655,202

   Goodman Group      11,607,660  

3,459,899

   Scentre Group      7,244,282  

3,986,487

   Stockland      12,172,479  

 

  

 

   

 

 

 

       40,607,095  
    

 

 

 

 

  

Belgium - 2.3%

   

 

 

 

167,362

  

Aedifica SA

      11,290,043  

93,958

  

Cofinimmo SA

      6,196,204  

 

  

 

   

 

 

 

       17,486,247  
    

 

 

 

 

  

Canada - 3.4%

   

 

 

 

73,134

  

Boardwalk Real Estate Investment Trust

      3,409,617  

176,498

  

Canadian Apartment Properties REIT

      5,290,342  

939,900

  

H&R Real Estate Investment Trust

      6,563,137  

850,000

  

RioCan Real Estate Investment Trust

      10,128,539  

 

  

 

   

 

 

 

       25,391,635  
    

 

 

 

 

  

China - 0.9%

   

 

 

 

4,500,000

  

ESR Group Ltd.

      7,079,419  

 

  

 

   

 

 

 

 

  

France - 2.3%

   

 

 

 

169,904

  

Carmila SA

      3,211,796  

168,449

  

Unibail-Rodamco-Westfield

      14,174,644  

 

  

 

   

 

 

 

       17,386,440  
    

 

 

 

 

  

Germany - 2.0%

   

 

 

 

105,598

  

LEG Immobilien SE

      7,466,859  

287,379

  

Vonovia SE

      7,748,291  

 

  

 

   

 

 

 

       15,215,150  
    

 

 

 

 

  

Hong Kong - 6.2%

   

 

 

 

2,729,161

  

CK Asset Holdings Ltd.

      11,031,980  

4,706,470

  

Link REIT

      22,019,139  

4,382,000

  

Swire Properties Ltd.

      9,608,488  

1,422,303

  

Wharf Real Estate Investment Co. Ltd.

      3,458,732  

 

  

 

   

 

 

 

       46,118,339  
    

 

 

 

 

  

Japan - 10.8%

   

 

 

 

3,139

  

Activia Properties, Inc.

      7,136,953  

7,321

  

AEON REIT Investment Corp.

      6,060,852  

18,326

  

Japan Hotel REIT Investment Corp.

      8,884,813  

24,096

  

Japan Metropolitan Fund Investment Corp.

      15,420,538  

8,994

  

KDX Realty Investment Corp.

      8,889,349  

10,619

  

LaSalle Logiport REIT

      9,891,846  

10,122

  

Orix JREIT, Inc.

      11,926,551  

280,300

  

Tokyo Tatemono Co. Ltd.

      4,735,709  

1,163,300

  

Tokyu Fudosan Holdings Corp.

      7,765,965  

 

  

 

   

 

 

 

       80,712,576  
    

 

 

 

 

  

Singapore - 5.3%

   

 

 

 

3,822,800

  

CapitaLand Ascendas REIT

      7,593,837  

13,702,944

  

CapitaLand China Trust

      7,187,393  

9,872,134

  

CapitaLand Integrated Commercial Trust

      15,424,062  
          

 

  

 

  

  Shares  

  

Market  

value   

  

 

  

Singapore (continued)

   

 

 

 

5,878,600

  

Frasers Logistics & Commercial Trust

    $      4,001,874  

8,338,000

  

Keppel REIT

      5,334,930  

 

  

 

   

 

 

 

       39,542,096  
    

 

 

 

 

  

Sweden - 1.6%

   

 

 

 

1,109,753

  

Castellum AB (a)

      12,240,857  

 

  

 

   

 

 

 

 

  

United Kingdom - 6.4%

   

 

 

 

2,598,836

  

Land Securities Group PLC

      18,449,542  

3,939,857

  

LondonMetric Property PLC

      9,326,610  

829,603

  

Safestore Holdings PLC

      6,574,802  

2,668,000

  

Supermarket Income REIT PLC

      2,637,902  

2,696,061

  

Tritax Big Box REIT PLC

      4,885,858  

550,000

  

UNITE Group PLC (The)

      5,778,713  

 

  

 

   

 

 

 

       47,653,427  
    

 

 

 

 

  

United States - 91.7%

   

 

 

 

178,107

  

Alexandria Real Estate Equities, Inc.

      16,476,679  

209,073

  

American Tower Corp.

      45,494,285  

753,292

  

Americold Realty Trust, Inc.

      16,165,646  

154,739

  

AvalonBay Communities, Inc.

      33,210,084  

652,710

  

Broadstone Net Lease, Inc.

      11,122,178  

170,738

  

COPT Defense Properties

      4,656,025  

333,020

  

Crown Castle, Inc.

      34,710,675  

659,781

  

CubeSmart

      28,179,246  

50,136

  

EastGroup Properties, Inc.

      8,831,456  

640,539

  

Empire State Realty Trust, Inc., Class A

      5,009,015  

47,064

  

Equinix, Inc.

      38,373,632  

76,610

  

Essex Property Trust, Inc.

      23,486,328  

202,656

  

Extra Space Storage, Inc.

      30,092,389  

145,732

  

Federal Realty Investment Trust

      14,255,504  

147,857

  

First Industrial Realty Trust, Inc.

      7,978,364  

941,911

  

Healthcare Realty Trust, Inc.

      15,918,296  

1,284,701

  

Healthpeak Properties, Inc.

      25,976,654  

426,460

  

Host Hotels & Resorts, Inc.

      6,059,997  

418,300

  

Independence Realty Trust, Inc.

      8,880,509  

1,418,143

  

Invitation Homes, Inc.

      49,422,283  

87,945

  

Iron Mountain, Inc.

      7,566,788  

291,063

  

Lineage, Inc.

      17,065,024  

9,589

  

Marriott International, Inc., Class A

      2,284,100  

316,068

  

National Storage Affiliates Trust

      12,453,079  

800,659

  

Park Hotels & Resorts, Inc.

      8,551,038  

696,892

  

Piedmont Office Realty Trust, Inc., Class A

      5,136,094  

575,980

  

Realty Income Corp.

      33,412,600  

201,365

  

Regency Centers Corp.

      14,852,682  

652,365

  

Rexford Industrial Realty, Inc.

      25,540,090  

209,316

  

Simon Property Group, Inc.

      34,763,201  

262,148

  

Sun Communities, Inc.

      33,722,719  

1,408,200

  

Sunstone Hotel Investors, Inc.

      13,251,162  

603,019

  

VICI Properties, Inc.

      19,670,480  

140,635

  

Vornado Realty Trust

      5,202,089  

195,099

  

Welltower, Inc.

      29,891,118  
 

 

   

 

 

 

       687,661,509  
    

 

 

 

 

Total Common Stock

(cost $1,301,552,081)

      1,037,094,790  

 

  

 

   

 

 

 

 

 

See previously submitted notes to financial statements for the annual period ended December 31, 2024.

CBRE Global Real Estate Income Fund

Portfolio of Investments (unaudited) continued

March 31, 2025

 

 

  

 

  

  Shares  

  

Market  

value   

  
 

Preferred Stock - 8.1%

   

 

  

United States - 8.1%

   

 

 

 

245,403

  

Digital Realty Trust, Inc., Series J, 5.250%

    $ 5,138,739  

301,100

  

Digital Realty Trust, Inc., Series L, 5.200%

      6,058,132  

282,200

  

Federal Realty Investment Trust, Series C, 5.000%

      5,762,524  

405,900

  

National Storage Affiliates Trust, Series A, 6.000%

      8,885,151  

383,644

  

Pebblebrook Hotel Trust, Series E, 6.375%

      6,579,495  

541,950

  

Pebblebrook Hotel Trust, Series F, 6.300%

      9,489,544  

262,125

  

Pebblebrook Hotel Trust, Series G, 6.375%

      4,642,234  

143,517

  

Rexford Industrial Realty, Inc., Series B, 5.875%

      3,286,539  

287,077

  

Summit Hotel Properties, Inc., Series E, 6.250%

      5,707,091  

265,000

  

Sunstone Hotel Investors, Inc., Series H, 6.125%

      5,244,350  

 

  

 

   

 

 

 

 

Total Preferred Stock

(cost $75,166,456)

      60,793,799  

 

  

 

   

 

 

 

 

Total Investments - 146.4%

(cost $1,376,718,537)

      1,097,888,589  

 

  

 

   

 

 

 

 

Liabilities in Excess of Other Assets - (46.4)%

      (347,940,909 ) 

 

  

 

   

 

 

 

 

Net Assets - 100.0%

    $ 749,947,680  

 

  

 

   

 

 

 

 

*

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.

(a)

Non-income producing security.

 

 

See previously submitted notes to financial statements for the annual period ended December 31, 2024.

CBRE Global Real Estate Income Fund

Portfolio of Investments (unaudited) concluded

March 31, 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 March 31, 2025.

 

Assets    Level 1      Level 2      Level 3      Total

 

  

INVESTMENT IN REAL ESTATE SECURITIES

            

Common Stock

            

Australia

    $ 40,607,095      $ –      $ –      $ 40,607,095   

Belgium

      17,486,247        –        –        17,486,247   

Canada

      25,391,635        –        –        25,391,635   

China

      7,079,419        –        –        7,079,419   

France

      17,386,440        –        –        17,386,440   

Germany

      15,215,150        –        –        15,215,150   

Hong Kong

      46,118,339        –        –        46,118,339   

Japan

      80,712,576        –        –        80,712,576   

Singapore

      39,542,096        –        –        39,542,096   

Sweden

      12,240,857        –        –        12,240,857   

United Kingdom

      47,653,427        –        –        47,653,427   

United States

      687,661,509        –        –        687,661,509   

 

  

Total Common Stock

      1,037,094,790        –        –        1,037,094,790   

 

  

Preferred Stock

            

United States

      60,793,799        –        –        60,793,799   

 

  

TOTAL INVESTMENT IN REAL ESTATE SECURITIES

    $   1,097,888,589      $       –      $       –      $   1,097,888,589   

 

  

 

See previously submitted notes to financial statements for the annual period ended December 31, 2024.