CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited)
September 30, 2022
Shares | Market value | |||||||
Real Estate Securities*- 142.2% | ||||||||
Common Stock - 133.3% | ||||||||
Australia - 5.5% | ||||||||
830,420 | Charter Hall Group | $ | 6,129,388 | |||||
1,525,133 | Dexus | 7,570,115 | ||||||
665,063 | Goodman Group | 6,747,567 | ||||||
5,194,461 | Scentre Group | 8,483,043 | ||||||
9,164,620 | Vicinity Centres | 10,223,307 | ||||||
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|
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| |||||
39,153,420 | ||||||||
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| |||||||
Belgium - 3.5% | ||||||||
141,614 | Aedifica SA | 10,939,060 | ||||||
93,958 | Cofinimmo SA | 7,805,518 | ||||||
147,379 | Shurgard Self Storage SA | 6,006,217 | ||||||
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|
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24,750,795 | ||||||||
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| |||||||
Canada - 5.2% | ||||||||
176,498 | Canadian Apartment Properties REIT | 5,407,784 | ||||||
728,500 | Chartwell Retirement Residences | 4,925,414 | ||||||
939,900 | H&R Real Estate Investment Trust | 7,113,977 | ||||||
850,000 | RioCan Real Estate Investment Trust | 11,518,504 | ||||||
919,396 | Tricon Residential, Inc. | 7,952,775 | ||||||
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|
|
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36,918,454 | ||||||||
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| |||||||
France - 2.8% | ||||||||
674,037 | Klepierre SA | 11,819,766 | ||||||
196,040 | Unibail-Rodamco-Westfield (a) | 8,236,111 | ||||||
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| |||||
20,055,877 | ||||||||
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| |||||||
Germany - 2.6% | ||||||||
157,643 | Grand City Properties SA | 1,572,152 | ||||||
213,267 | LEG Immobilien SE | 12,819,796 | ||||||
191,704 | Vonovia SE | 4,171,112 | ||||||
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|
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| |||||
18,563,060 | ||||||||
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| |||||||
Hong Kong - 6.5% | ||||||||
3,762,070 | Link REIT | 26,310,863 | ||||||
3,630,000 | New World Development Co. Ltd. | 10,312,106 | ||||||
4,382,000 | Swire Properties Ltd. | 9,433,980 | ||||||
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46,056,949 | ||||||||
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| |||||||
Japan - 13.0% | ||||||||
3,139 | Activia Properties, Inc. | 9,173,353 | ||||||
7,321 | AEON REIT Investment Corp. | 7,890,262 | ||||||
24,096 | Japan Metropolitan Fund Investment Corp. | 18,112,162 | ||||||
1,720 | Kenedix Office Investment Corp. | 8,092,300 | ||||||
10,619 | LaSalle Logiport REIT | 11,877,551 | ||||||
533,700 | Mitsui Fudosan Co., Ltd. | 10,156,321 | ||||||
10,122 | Orix JREIT, Inc. | 12,937,027 | ||||||
2,685,592 | Tokyu Fudosan Holdings Corp. | 13,934,019 | ||||||
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92,172,995 | ||||||||
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| |||||||
Mexico - 1.8% | ||||||||
5,011,288 | Prologis Property Mexico SA de CV | 12,705,481 | ||||||
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|
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Shares | Market value | |||||||
Singapore - 3.8% | ||||||||
11,760,444 | CapitaLand China Trust | $ | 8,523,843 | |||||
9,348,612 | CapitaLand Integrated Commercial Trust | 12,509,119 | ||||||
8,338,000 | Keppel REIT | 5,752,749 | ||||||
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26,785,711 | ||||||||
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Spain - 1.3% | ||||||||
1,142,990 | Merlin Properties Socimi SA | 8,851,490 | ||||||
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Sweden - 1.0% | ||||||||
594,254 | Castellum AB | 6,701,590 | ||||||
18,026 | Catena AB | 537,653 | ||||||
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| |||||
7,239,243 | ||||||||
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| |||||||
United Kingdom - 2.5% | ||||||||
1,313,897 | Land Securities Group PLC | 7,653,228 | ||||||
299,624 | Safestore Holdings PLC | 2,807,867 | ||||||
2,668,000 | Supermarket Income REIT PLC | 3,186,756 | ||||||
2,696,061 | Tritax Big Box REIT PLC | 4,087,039 | ||||||
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17,734,890 | ||||||||
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| |||||||
United States - 83.8% | ||||||||
160,730 | Alexandria Real Estate Equities, Inc. | 22,532,739 | ||||||
372,093 | Apartment Income REIT Corp. | 14,370,232 | ||||||
138,979 | AvalonBay Communities, Inc. | 25,598,542 | ||||||
74,659 | Camden Property Trust | 8,918,018 | ||||||
213,685 | Crown Castle International Corp. | 30,888,167 | ||||||
787,830 | CubeSmart | 31,560,470 | ||||||
85,400 | Digital Realty Trust, Inc. | 8,469,972 | ||||||
126,080 | Equinix, Inc. | 71,719,347 | ||||||
76,610 | Essex Property Trust, Inc. | 18,557,240 | ||||||
666,620 | Healthcare Realty Trust, Inc., Class A | 13,899,027 | ||||||
454,631 | Hudson Pacific Properties, Inc. | 4,978,209 | ||||||
418,300 | Independence Realty Trust, Inc. | 6,998,159 | ||||||
1,039,635 | Invitation Homes, Inc. | 35,108,474 | ||||||
182,900 | Life Storage, Inc. | 20,258,004 | ||||||
175,000 | National Storage Affiliates Trust | 7,276,500 | ||||||
626,000 | Park Hotels & Resorts, Inc. | 7,048,760 | ||||||
515,041 | Pebblebrook Hotel Trust | 7,473,245 | ||||||
696,892 | Piedmont Office Realty Trust, Inc., Class A | 7,359,179 | ||||||
718,154 | Prologis, Inc. | 72,964,446 | ||||||
240,000 | Realty Income Corp. | 13,968,000 | ||||||
581,300 | Retail Opportunity Investments Corp. | 7,998,688 | ||||||
505,000 | Rexford Industrial Realty, Inc. | 26,260,000 | ||||||
300,668 | Simon Property Group, Inc. | 26,984,953 | ||||||
585,007 | Spirit Realty Capital, Inc. | 21,153,853 | ||||||
546,776 | STAG Industrial, Inc. | 15,544,842 | ||||||
229,908 | Sun Communities, Inc. | 31,113,450 | ||||||
1,408,200 | Sunstone Hotel Investors, Inc. | 13,265,244 | ||||||
330,904 | Welltower, Inc. | 21,283,745 | ||||||
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593,551,505 | ||||||||
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| |||||||
Total Common Stock | ||||||||
(cost $1,214,702,853) | 944,539,870 | |||||||
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|
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2022.
CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited) continued
September 30, 2022
Shares | Market value | |||||||
United States (continued) | ||||||||
Preferred Stock - 8.9% | ||||||||
United States - 8.9% | ||||||||
245,403 | Digital Realty Trust, Inc., Series J, 5.250% | $ | 5,271,256 | |||||
301,100 | Digital Realty Trust, Inc., Series L, 5.200% | 6,338,155 | ||||||
282,200 | Federal Realty Investment Trust, Series C, 5.000% | 5,906,446 | ||||||
405,900 | National Storage Affiliates Trust, Series A, 6.000% | 9,100,278 | ||||||
383,644 | Pebblebrook Hotel Trust, Series E, 6.375% | 7,941,431 | ||||||
541,950 | Pebblebrook Hotel Trust, Series F, 6.300% | 10,264,533 | ||||||
262,125 | Pebblebrook Hotel Trust, Series G, 6.375% | 4,901,737 | ||||||
143,517 | Rexford Industrial Realty, Inc., Series B, 5.875% | 3,335,335 | ||||||
287,077 | Summit Hotel Properties, Inc., Series E, 6.250% | 5,035,331 | ||||||
265,000 | Sunstone Hotel Investors, Inc., Series H, 6.125% | 5,366,250 | ||||||
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Total Preferred Stock | ||||||||
(cost $74,725,994) | 63,460,752 | |||||||
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Total Investments - 142.2% | ||||||||
(cost $1,289,428,847) | 1,008,000,622 | |||||||
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Liabilities in Excess of Other Assets - (42.2)% | (299,344,207) | |||||||
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Net Assets - 100.0% | $ | 708,656,415 | ||||||
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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. |
(a) | Non-income producing security. |
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2022.
CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited) concluded
September 30, 2022
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, 2022.
Assets
| Level 1
| Level 2
| Level 3
| Total
| ||||||||||||
INVESTMENT IN REAL ESTATE SECURITIES | ||||||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 39,153,420 | $ | – | $ | – | $ | 39,153,420 | ||||||||
Belgium | 24,750,795 | – | – | 24,750,795 | ||||||||||||
Canada | 36,918,454 | – | – | 36,918,454 | ||||||||||||
France | 20,055,877 | – | – | 20,055,877 | ||||||||||||
Germany | 18,563,060 | – | – | 18,563,060 | ||||||||||||
Hong Kong | 46,056,949 | – | – | 46,056,949 | ||||||||||||
Japan | 92,172,995 | – | – | 92,172,995 | ||||||||||||
Mexico | 12,705,481 | – | – | 12,705,481 | ||||||||||||
Singapore | 26,785,711 | – | – | 26,785,711 | ||||||||||||
Spain | 8,851,490 | – | – | 8,851,490 | ||||||||||||
Sweden | 7,239,243 | – | – | 7,239,243 | ||||||||||||
United Kingdom | 17,734,890 | – | – | 17,734,890 | ||||||||||||
United States | 593,551,505 | – | – | 593,551,505 | ||||||||||||
Total Common Stock | 944,539,870 | – | – | 944,539,870 | ||||||||||||
Preferred Stock | ||||||||||||||||
United States | 63,460,752 | – | – | 63,460,752 | ||||||||||||
TOTAL INVESTMENT IN REAL ESTATE SECURITIES | $
| 1,008,000,622
|
| $
| –
|
| $
| –
|
| $
| 1,008,000,622
|
|
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2022.