CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited)
March 31, 2022
| Shares | Market value |
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Real Estate Securities*- 134.5% | |||||||||
| Common Stock - 127.5% | ||||||||||
| Australia - 6.0% | ||||||||||
| 830,420 | Charter Hall Group | $ | 10,295,674 | |||||||
| 1,525,133 | Dexus | 12,540,988 | ||||||||
| 665,063 | Goodman Group | 11,431,902 | ||||||||
| 5,467,692 | Mirvac Group | 10,223,822 | ||||||||
| 3,902,508 | Scentre Group | 8,938,271 | ||||||||
| 9,164,620 | Vicinity Centres | 12,835,217 | ||||||||
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| 66,265,874 | ||||||||||
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| Belgium - 0.8% | ||||||||||
| 147,379 | Shurgard Self Storage SA | 9,232,095 | ||||||||
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| Canada - 3.0% | ||||||||||
| 361,346 | Canadian Apartment Properties REIT | 15,520,766 | ||||||||
| 818,500 | H&R Real Estate Investment Trust | 8,551,639 | ||||||||
| 464,200 | RioCan Real Estate Investment Trust | 9,376,539 | ||||||||
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| 33,448,944 | ||||||||||
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| France - 2.5% | ||||||||||
| 644,677 | Klepierre SA | 17,344,219 | ||||||||
| 134,991 | Unibail-Rodamco-Westfield (a) | 10,240,427 | ||||||||
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| 27,584,646 | ||||||||||
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| Germany - 3.2% | ||||||||||
| 157,643 | Grand City Properties SA | 3,178,258 | ||||||||
| 206,725 | LEG Immobilien SE | 23,748,672 | ||||||||
| 191,704 | Vonovia SE | 9,024,652 | ||||||||
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| 35,951,582 | ||||||||||
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| Hong Kong - 6.4% | ||||||||||
| 3,140,000 | Hang Lung Properties Ltd. | 6,335,011 | ||||||||
| 2,822,570 | Link REIT | 24,147,942 | ||||||||
| 3,630,000 | New World Development Co. Ltd. | 14,763,069 | ||||||||
| 11,252,000 | Sino Land Co. Ltd. | 14,597,686 | ||||||||
| 4,382,000 | Swire Properties Ltd. | 10,888,694 | ||||||||
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| 70,732,402 | ||||||||||
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| Japan - 10.8% | ||||||||||
| 3,139 | Activia Properties, Inc. | 10,965,487 | ||||||||
| 7,321 | AEON REIT Investment Corp. | 9,107,897 | ||||||||
| 1,755,600 | Hulic Co. Ltd. | 15,925,154 | ||||||||
| 19,687 | Japan Metropolitan Fund Investment Corp. | 16,706,579 | ||||||||
| 1,720 | Kenedix Office Investment Corp. | 10,358,970 | ||||||||
| 10,619 | LaSalle Logiport REIT | 15,328,105 | ||||||||
| 893,000 | Mitsui Fudosan Co., Ltd. | 19,276,293 | ||||||||
| 5,018 | Orix JREIT, Inc. | 6,833,989 | ||||||||
| 2,685,592 | Tokyu Fudosan Holdings Corp. | 14,913,195 | ||||||||
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| 119,415,669 | ||||||||||
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| Mexico - 1.6% | ||||||||||
| 6,890,088 | Prologis Property Mexico SA de CV | 18,014,702 | ||||||||
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| Singapore - 4.4% | ||||||||||
| 11,760,444 | CapitaLand China Trust | 10,514,750 | ||||||||
| Shares | Market value |
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| Singapore (continued) | ||||||||||
| 9,348,612 | CapitaLand Integrated Commercial Trust | $ | 15,542,452 | |||||||
| 8,338,000 | Keppel REIT | 7,516,430 | ||||||||
| 13,053,260 | Lendlease Global Commercial REIT | 7,474,989 | ||||||||
| 6,281,900 | Suntec Real Estate Investment Trust | 8,123,046 | ||||||||
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| 49,171,667 | ||||||||||
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| Spain - 0.8% | ||||||||||
| 765,576 | Merlin Properties Socimi SA | 9,016,447 | ||||||||
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| Sweden - 2.1% | ||||||||||
| 594,254 | Castellum AB | 14,876,436 | ||||||||
| 131,216 | Catena AB | 8,011,450 | ||||||||
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| 22,887,886 | ||||||||||
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| United Kingdom - 4.9% | ||||||||||
| 367,006 | Big Yellow Group PLC | 7,422,267 | ||||||||
| 1,160,331 | Land Securities Group PLC | 12,002,054 | ||||||||
| 299,624 | Safestore Holdings PLC | 5,286,322 | ||||||||
| 1,151,537 | Segro PLC | 20,400,172 | ||||||||
| 2,696,061 | Tritax Big Box REIT PLC | 8,583,378 | ||||||||
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| 53,694,193 | ||||||||||
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| United States - 81.0% | ||||||||||
| 112,946 | Alexandria Real Estate Equities, Inc. | 22,730,382 | ||||||||
| 329,759 | American Campus Communities, Inc. | 18,456,611 | ||||||||
| 372,093 | Apartment Income REIT Corp. | 19,892,092 | ||||||||
| 138,979 | AvalonBay Communities, Inc. | 34,518,214 | ||||||||
| 143,205 | Camden Property Trust | 23,800,671 | ||||||||
| 413,685 | Crown Castle International Corp. (b) | 76,366,251 | ||||||||
| 787,830 | CubeSmart | 40,990,795 | ||||||||
| 389,756 | Duke Realty Corp. | 22,629,233 | ||||||||
| 67,059 | Equinix, Inc. (b) | 49,732,296 | ||||||||
| 67,518 | Essex Property Trust, Inc. (b) | 23,326,119 | ||||||||
| 195,077 | Extra Space Storage, Inc. (b) | 40,107,831 | ||||||||
| 615,723 | Healthcare Trust of America, Inc., Class A | 19,296,759 | ||||||||
| 905,867 | Host Hotels & Resorts, Inc. | 17,600,996 | ||||||||
| 454,631 | Hudson Pacific Properties, Inc. | 12,616,010 | ||||||||
| 1,039,635 | Invitation Homes, Inc. | 41,772,534 | ||||||||
| 182,900 | Life Storage, Inc. | 25,684,647 | ||||||||
| 382,200 | National Retail Properties, Inc. | 17,176,068 | ||||||||
| 626,000 | Park Hotels & Resorts, Inc. | 12,225,780 | ||||||||
| 515,041 | Pebblebrook Hotel Trust | 12,608,204 | ||||||||
| 696,892 | Piedmont Office Realty Trust, Inc., Class A | 12,000,480 | ||||||||
| 415,385 | Prologis, Inc. (b) | 67,076,370 | ||||||||
| 478,900 | Realty Income Corp. | 33,187,770 | ||||||||
| 251,712 | Regency Centers Corp. | 17,957,134 | ||||||||
| 581,300 | Retail Opportunity Investments Corp. | 11,271,407 | ||||||||
| 505,000 | Rexford Industrial Realty, Inc. | 37,667,950 | ||||||||
| 487,937 | Simon Property Group, Inc. (b) | 64,192,992 | ||||||||
| 585,007 | Spirit Realty Capital, Inc. | 26,922,022 | ||||||||
| 229,908 | Sun Communities, Inc. | 40,300,573 | ||||||||
| 1,408,200 | Sunstone Hotel Investors, Inc. (a) | 16,588,596 | ||||||||
| 256,962 | Welltower, Inc. | 24,704,327 | ||||||||
See previously submitted notes to financial statements for the annual period ended December 31, 2021.
CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited) continued
March 31, 2022
| Shares | Market value |
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| United States (continued) | ||||||||||
| 369,300 | Weyerhaeuser Co. (b) | $ | 13,996,470 | |||||||
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| 897,397,584 | ||||||||||
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| Total Common Stock | ||||||||||
| (cost $1,270,615,883) | 1,412,813,691 | |||||||||
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| Preferred Stock - 7.0% | ||||||||||
| United States - 7.0% | ||||||||||
| 245,403 | Digital Realty Trust, Inc., Series J, 5.250% | 6,112,989 | ||||||||
| 301,100 | Digital Realty Trust, Inc., Series L, 5.200% | 7,497,390 | ||||||||
| 282,200 | Federal Realty Investment Trust, Series C, 5.000% | 7,128,372 | ||||||||
| 405,900 | National Storage Affiliates Trust, Series A, 6.000% | 10,334,214 | ||||||||
| 383,644 | Pebblebrook Hotel Trust, Series E, 6.375% | 9,289,441 | ||||||||
| 541,950 | Pebblebrook Hotel Trust, Series F, 6.300% | 13,098,986 | ||||||||
| 262,125 | Pebblebrook Hotel Trust, Series G, 6.375% | 6,474,487 | ||||||||
| 143,517 | Rexford Industrial Realty, Inc., Series B, 5.875% | 3,609,452 | ||||||||
| 287,077 | Summit Hotel Properties, Inc., Series E, 6.250% | 7,056,353 | ||||||||
| 265,000 | Sunstone Hotel Investors, Inc., Series H, 6.125% | 6,389,150 | ||||||||
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| Total Preferred Stock | ||||||||||
| (cost $75,082,081) | 76,990,834 | |||||||||
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| Total Investments - 134.5% | ||||||||||
| (cost $1,345,697,964) | 1,489,804,525 | |||||||||
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| Liabilities in Excess of Other Assets - (34.5)% | (381,895,453) | |||||||||
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| Net Assets - 100.0% | $ | 1,107,909,072 | ||||||||
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| Number of Contracts |
Notional Amount |
Market Value |
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| Written Call Options - (0.2)% |
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| United States - (0.2)% | ||||||||||||
| (2,000) | Crown Castle International Corp. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $190.00 | 200,000 | $ | (362,000) | |||||||||
| (280) | Equinix, Inc. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $760.00 | 28,000 | (274,960) | ||||||||||
| (330) | Essex Property Trust, Inc. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $360.00 | 33,000 | (64,680) | ||||||||||
| (690) | Extra Space Storage, Inc. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $210.00 | 69,000 | (231,840) | ||||||||||
| (2,500) | Prologis, Inc. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $160.00 | 250,000 | (1,347,500) | ||||||||||
| (681) | Simon Property Group, Inc. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $155.00 | 68,100 | (5,108) | ||||||||||
| (3,600) | Weyerhaeuser Co. | |||||||||||
| Expires 4/14/2022 | ||||||||||||
| Strike Price $41.00 | 360,000 | (27,000) | ||||||||||
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| Total Written Call Options |
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| (Premiums Received $1,319,904) |
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$ | (2,313,088) | |||||||||
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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. |
| (b) | A portion of the security has been pledged for open written option contracts. The aggregate market value of the collateral as of March 31, 2022 is $146,245,836. |
See previously submitted notes to financial statements for the annual period ended December 31, 2021.
CBRE Global Real Estate Income Fund
Portfolio of Investments (unaudited) concluded
March 31, 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 March 31, 2022.
| Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| INVESTMENT IN REAL ESTATE SECURITIES |
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| Common Stock |
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| Australia |
$ | 66,265,874 | $ | – | $ | – | $ | 66,265,874 | ||||||||
| Belgium |
9,232,095 | – | – | 9,232,095 | ||||||||||||
| Canada |
33,448,944 | – | – | 33,448,944 | ||||||||||||
| France |
27,584,646 | – | – | 27,584,646 | ||||||||||||
| Germany |
35,951,582 | – | – | 35,951,582 | ||||||||||||
| Hong Kong |
70,732,402 | – | – | 70,732,402 | ||||||||||||
| Japan |
119,415,669 | – | – | 119,415,669 | ||||||||||||
| Mexico |
18,014,702 | – | – | 18,014,702 | ||||||||||||
| Singapore |
49,171,667 | – | – | 49,171,667 | ||||||||||||
| Spain |
9,016,447 | – | – | 9,016,447 | ||||||||||||
| Sweden |
22,887,886 | – | – | 22,887,886 | ||||||||||||
| United Kingdom |
53,694,193 | – | – | 53,694,193 | ||||||||||||
| United States |
897,397,584 | – | – | 897,397,584 | ||||||||||||
| Total Common Stock |
1,412,813,691 | – | – | 1,412,813,691 | ||||||||||||
| Preferred Stock |
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| United States |
76,990,834 | – | – | 76,990,834 | ||||||||||||
| TOTAL INVESTMENT IN REAL ESTATE SECURITIES |
$ | 1,489,804,525 | $ | – | $ | – | $ | 1,489,804,525 | ||||||||
| Liabilities |
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| Other Financial Instruments |
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| Written Call Options |
$ | (2,280,980 | ) | $ | (32,108 | ) | $ | – | $ | (2,313,088 | ) | |||||
| Total Liabilities |
$ | (2,280,980 | ) | $ | (32,108 | ) | $ | – | $ | (2,313,088 | ) | |||||
See previously submitted notes to financial statements for the annual period ended December 31, 2021.