CBRE Global Real Estate Income Fund

Semi-Annual Report

CBRE Global Real Estate

Income Fund

2025

Table of Contents

CBRE Global Real Estate Income Fund (unaudited)



Important Information			2

Letter to Shareholders			3

Fees and Expenses			9

Additional Information – investment objectives, policies, and risks			10

FINANCIAL STATEMENTS

Portfolio of Investments			17

Statement of Assets and Liabilities			20

Statement of Operations			21

Statements of Changes in Net Assets			22

Statement of Cash Flows			23

Financial Highlights			24

Notes to Financial Statements			25

Supplemental Information			33

Administration			38


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Important Information

CBRE Global Real Estate Income Fund (the “Trust”), acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (“SEC”), utilizes a managed distribution policy under which the Trust’s regular monthly distribution may include both income and, where applicable, realized capital gains. If the Trust’s total distributions for a period exceed the total amount of net income and net capital gains realized by the Trust, the excess will generally be a return of capital.

Dividends from net investment income, if any, are declared quarterly and paid monthly. Dividends and other distributions to common shareholders are recorded on the ex-dividend date. A portion of distributions for a period may be a return of capital if the amount of the distributions paid for the period exceeds the net investment income and net realized capital gains for the period. The Trust may offset realized capital gains with realized capital losses and capital loss carryforwards rather than distribute such gains.

In furtherance of its policy, the Trust distributes a fixed amount per common share, currently $0.06, each month to its common shareholders. This amount is subject to change from time to time in the discretion of the Board of Trustees (the “Board”). In an effort to maintain the Trust’s monthly distribution at a stable level, the Board recognizes that a portion of the Trust’s distributions may be characterized as a return of capital, particularly in periods when the Trust incurs losses on its portfolio securities. Under such circumstances, the Board will not necessarily reduce the Trust’s distribution, but will closely monitor its sustainability, recognizing that losses may be reversed and that, in subsequent periods, gains on portfolio securities may give rise to the need for a supplemental distribution, which the Trust seeks to minimize. In considering sustainability, the Board may consider realized gains that have been offset, for the purposes of calculating taxable income, by capital loss carryforwards. Thus, the level of the Trust’s distributions will be independent of its performance for a particular period, but the Trust expects its distributions to correlate to its performance over time. In particular, the Trust expects that its distribution rate in relation to its net asset value (“NAV”) will correlate to its total return on NAV over time. The Trust’s total return on NAV is presented in the financial highlights table.

Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of the current distribution or from the terms of the Trust’s managed distribution policy. The Board may amend or terminate the policy without prior notice to shareholders. Shareholders should note that the managed distribution policy is subject to change or termination for a variety of reasons. Through its ownership of portfolio securities, the Trust is subject to risks including, but not limited to, declines in the value of real estate held by portfolio companies, risks related to general and local economic conditions, and portfolio company losses. An economic downturn might have a material adverse effect on the real estate markets and the real estate companies in which the Trust invests, which could result in the Trust failing to achieve its investment objectives and jeopardizing the continuance of the managed distribution policy. Please refer to the Trust’s Prospectus for a fuller description of the risks associated with investing in the Trust.

The views expressed represent the opinion of CBRE Investment Management Listed Real Assets LLC (“CBREIM”), which are subject to change and are not intended as investment advice or a guarantee of future results. This material is for informational purposes only. It is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and

non-proprietary

sources which have not been independently verified for accuracy or completeness. While CBREIM believes the information to be accurate and reliable, we do not claim or accept responsibility for its completeness, accuracy, or reliability. Statements of future expectations, forecasts, estimates, projections, and other forward-looking statements are based on CBREIM’s view at the time such statements were made. Accordingly, such statements are inherently speculative, as they are based on assumptions which may involve known and unknown risks and uncertainties. Any discussion of particular securities herein should not be perceived as a recommendation to purchase or sell any of those securities. It should not be assumed that investments in any securities discussed were or will be profitable. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in real estate securities involves risks including the potential loss of principal. Real estate equities are subject to risks similar to those associated with the direct ownership of real estate. Portfolios concentrated in real estate securities may experience price volatility and other risks associated with

non-diversification.

While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. International

(non-US)

investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. Past performance is no guarantee of future results. FINRA compliance services: Foreside Fund Services, LLC.


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Letter to Shareholders

Joseph P. Smith

Kenneth S. Weinberg

Jonathan Miniman

Dear Shareholders:

We are pleased to present the 2025 Semiannual Report for the CBRE Global Real Estate Income Fund (the “Trust”).

PERFORMANCE REVIEW

Global real estate stocks delivered positive performance during the first 6 months of 2025 (“1H2025”). Markets navigated ‘Liberation Day’ and the associated concern of the impact of U.S. trade policy on global economic growth, a downgrade of U.S. debt by Moody’s, and an escalation in military conflicts in the Middle East. Globally, central bank policy remains accommodative, especially in Europe and Asia

ex-Japan,

and investors have reacted favorably to recent rate cuts. Economic data has been mixed as, on average, inflation continues to moderate and GDP growth in most markets remains positive. Capital market conditions remain quite favorable for the listed companies, allowing companies to finance acquisitions at attractive rates and has also led to increased M&A activity, primarily in Europe.

For the six month period ending June 30

, 2025 the total returns for the Trust and its comparitive benchmarks were as follows:


Total Returns		1H2025
Fund NAV Total Return		5.12%
Fund Market Price Total Return		18.00%
FTSE EPRA Developed Net Return Index 1		6.07%
MSCI US REIT Preferred Index 2		-1.73%
Blended Index: 90% FTSE EPRA Developed Net Return Index, 10% MSCI US REIT Preferred Index 3		5.30%

The Trust’s net asset value (“NAV”) return was +5.12% during 1H2025, modestly underperforming the +5.30% return for a 90/10 mix of global common and preferred securities. While the NAV modestly underperformed our internal blended benchmark, the shareholder’s market price significantly outperformed the benchmark. As of June 30

, the market price is trading at a 6.01% premium to NAV, a significant shift from the

-5.69%

discount as of December 31

, 2024.

The Trust, acting in accordance with an exemptive order received from the U.S. Securities and Exchange Commission (“SEC”), utilizes a managed distribution policy under which the Trust’s regular monthly distribution may include both income and, where applicable, realized capital gains. If the Trust’s total distributions for a period exceed the total amount of net income and net capital gains realized by the Trust, the excess will generally be a return of capital.

In accordance with its distribution policy, and with the approval of its Board of Trustees (the “Board”), the Trust made total distributions of $0.36 per share during 1H2025. The annualized distribution of $0.72 per share represents a 13.61% rate on the $5.29 share price and a 14.43% rate on the $4.99 NAV as of June 30th, 2025.

The Board continues to regularly review the level of the Trust’s distribution and the ability to sustain it.

The Trust continues to utilize leverage with the goal of delivering incrementally higher distributions to shareholders. The Trust’s leverage position was 32% on June 30

, 2025.


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PORTFOLIO REVIEW

We own a well-balanced portfolio of securities that have been screened for their growth prospects in combination with the quality of their business models, assets, balance sheets and management teams. We are positive on property types, regions and stocks that offer these qualities at attractive relative valuations.

As of June 30th, the Trust’s portfolio was approximately 94% invested in common stock securities (63% in the Americas, 19% in Asia-Pacific, and 12% in Europe) and 6% in preferred stock of U.S. real estate companies. During 1H2025, we increased exposure to the net lease property sector, adding new positions in Iron Mountain and STAG Industrial. In the U.S. hotel sector, we reduced exposure by exiting positions in Marriott International and Host Hotels. In Asia, we decreased our Singapore position by exiting Keppel DC REIT and Capitaland Integrated Commercial Trust. European position changes were modest.

In the United States, we prefer towers, storage, and residential. In Japan, we favor

mid-cap

diversified

J-REITs

that offer earnings growth and resiliency at very attractive relative valuations. In Hong Kong, we have a positive bias towards diversified companies with a commercial bias and

non-discretionary

retail. In Australia, we prefer retail and a few select diversified companies. In the U.K., we favor the storage sector, student housing, and attractively priced diversified companies. Within Continental Europe, we have a positive bias toward retail and select diversified companies.


GEOGRAPHIC EXPOSURE as of June 30, 2025		SECTOR EXPOSURE as of June 30, 2025

Source: CBRE Investment Management as of 06/30/2025.

Geographic and Sector diversification are unaudited. Totals may not sum to 100% due to rounding. Percentages presented are based on managed trust assets, which include borrowings. The percentages in the pie charts will differ from those on the Portfolio of Investments because the figures on the Portfolio of Investments are calculated using net assets of the Trust.


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MARKET OUTLOOK

We believe listed real estate is at the start of a new cycle, remaining both discounted and capital-advantaged.

The Phases of the Listed Real Estate Cycle

Source: CBRE Investment Management

Information is the opinion of CBRE Investment Management and is subject to change and is not intended to be a forecast of future events, or a guarantee of future results, or investment advice. Forecasts and any factors discussed are not indicative of future investment performance.

We estimate that REITs are trading at a discount to our assesment of private market values and to broad equities.


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Global Real Estate NAV Premium/Discount

Estimated Net Asset Value is calculated based on individual REIT only stocks followed by the firm’s research team and are considered as investible. Global, Country, and Sector NAV Premium Discounts are calculated using simple average with CBRE Investment Management’s proprietary models. Information is the opinion of CBRE Investment Management as of 06/30/2025, is subject to change and is not intended to be a forecast of future events, or a guarantee of future results, or investment advice. Forecasts and any factors discussed are not indicative of future investment performance.


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High occupancies, long-duration leases and staggered lease terms support earnings stability, a differentiating factor to broad equities. Higher construction costs support a healthy supply vs. demand dynamic. Balance sheets and leverage levels for the public companies are in a position of strength relative to history. We project earnings growth to accelerate to 4% in 2025 and 5% in 2026.

Global real estate earnings growth forecast by region

Source: CBRE Investment Management as of 06/30/2025. “F” refers to “forecasts.” 2024 is represented by 2024/2023, 2025 is represented by 2025/2024, and 2026 is represented by 2026/2025. Earnings growth forecasts are calculated based on FFO Growth of individual stocks followed by the firm’s research team and are considered as investible. Global, Country, and Sector FFO Growth is calculated using weighted averages. Forecasts are the opinion of CBRE Investment Management, which is subject to change and is not intended to be a guarantee of future results or investment advice. Forecasts are not indicative of future investment performance.

As private market asset owners manage the upcoming wall of debt maturities, we expect more sellers of assets coming to market. Despite tighter lending standards overall, REITs have demonstrated access to capital not available to private real estate investors. Accretive acquisitions have increased as REITs have access to capital as well as a cost of capital advantage compared with private market investors.


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We believe active management can offer significant relative return potential at this time when investors have a unique opportunity to invest in listed real estate at attractive valuations. We think our “information advantage” and the disciplined use of our proprietary analytical tools will allow us to outperform a passive strategy in a variety of market environments over time. As we look ahead, we believe our portfolio is well-positioned to deliver relative outperformance.

We appreciate your continued faith and confidence.

Sincerely,

CBRE Investment Management Listed Real Assets LLC



Joseph P. Smith, CFA Portfolio Manager President & CEO	Kenneth S. Weinberg, CFA Portfolio Manager	Jonathan D. Miniman, CFA Portfolio Manager

Footnotes:

Represented by the FTSE EPRA Nareit Developed Index—Net (USD). The Index is an unmanaged market-weighted index consisting of real estate companies from developed markets, where greater than 75% of constituents’ EBITDA (earnings before interest, taxes, depreciation, and amortization) is derived from relevant real estate activities and is calculated net of withholding taxes.

Investors cannot invest directly in an index.

Represented by the MSCI REIT Preferred Index, a preferred stock market capitalization-weighted index of certain exchange-traded preferred securities issued by U.S. equity and U.S. hybrid REITs.

Investors cannot invest directly in an index.

Effective 1/1/2024, the custom benchmark changed from 80% FTSE EPRA Nareit Developed—Net and 20% MSCI Preferred Index to 90% FTSE EPRA Nareit Developed—Net and 10% MSCI Preferred Index.

Investors cannot invest directly in an index.

The Trust is currently paying distributions in excess of its net investment income and capital gains, which may result in a return of capital. Absent this, the distribution rate would have been lower. The estimated composition of each distribution, including any return of capital, will be provided to shareholders of record and is also available at www.cbreim.com. The final determination of a distribution’s tax character will be made on Form 1099 DIV and sent to shareholders.

IMPORTANT DISCLOSURES AND RISK INFORMATION

Must be preceded or accompanied by a prospectus.

non-proprietary

sources which have not been independently verified for accuracy or completeness. While CBREIM believes the information to be accurate and reliable, we do not claim or accept responsibility for its completeness, accuracy, or reliability. Statements of future expectations, forecasts, estimates, projections, and other forward-looking statements are based on CBREIM’s view at the time such statements were made. Accordingly, such statements are inherently speculative, as they are based on assumptions that may involve known and unknown risks and uncertainties. Any discussion of securities herein should not be perceived as a recommendation to purchase or sell any of those securities. It should not be assumed that investments in any securities discussed were or will be profitable. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in real estate securities involves risks including the potential loss of principal. Real estate equities are subject to risks like those associated with the direct ownership of real estate. Portfolios concentrated in real estate securities may experience price volatility and other risks associated with

non-diversification.

While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. International

(non-US)

Past performance is no guarantee of future results.

Fund holdings and sector allocations are subject to change. For a complete list of holdings, please see the Portfolio of Investments section of the financial statements.

Distributed by Foreside Funds Service


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Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples in the table is based on an investment of $1,000 invested at the beginning of the

six-month

period and held for the entire period (January 1, 2025 to June 30, 2025).

Actual expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning account value		Ending account value		Annualized expense ratio			Expenses paid during the period

	January 1, 2025		June 30, 2025					Per $1,000 (1)
CBRE GLOBAL REAL ESTATE INCOME FUND

Actual		$1,000.00		$1,051.20		3.84	%		$19.53

Hypothetical (5% return before expenses)		$1,000.00		$1,005.75		3.84	%		$19.10

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.


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Additional Information – Investment Objectives, Policies, and Risks (unaudited)

Investment objective

The Trust’s primary investment objective is high current income. The Trust’s secondary investment objective is capital appreciation. The Trust’s investment objectives and certain investment policies are considered fundamental and may not be changed without shareholder approval. There can be no assurance that the Trust’s investment objectives will be achieved.

Investment policies

The Trust has a policy of concentrating its investments in the real estate industry and not in any other industry. Under normal market conditions, the Trust will invest substantially all but no less than 80% of its total assets in income-producing global “Real Estate Equity Securities.” Real Estate Equity Securities include common stocks, preferred securities, warrants and convertible securities issued by real estate companies, such as real estate investment trusts (“REITs”). The Trust, under normal market conditions, will invest in Real Estate Equity Securities of companies domiciled primarily in developed countries. However, the Trust may invest up to 15% of its total assets in Real Estate Equity Securities of companies domiciled in emerging market countries. Under normal market conditions, the Trust expects to have investments in at least three countries, including the United States.

The Trust may invest up to 25% of its total assets in preferred securities of global real estate companies. The Trust may invest up to 20% of its total assets in preferred securities that are rated below investment grade or that are not rated and are considered by the Trust’s investment adviser to be of comparable quality. Preferred securities of

non-investment

grade quality are regarded as having predominantly speculative characteristics with respect to the capacity of the issuer of the preferred securities to pay interest and repay principal. Investment grade quality securities are those that are rated within the four highest grades by Moody’s Investors Service, Inc., S&P Global Ratings, or Fitch Ratings at the time of investment or are considered by the Trust’s investment adviser to be of comparable quality. Although it has no present intentions to do so, the Trust may invest up to 15% of its total assets in securities and other instruments that, at the time of investment, are illiquid (i.e., securities that are not readily marketable).

The Trust defines a real estate company as a company that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or has at least 50% of its assets invested in such real estate. A common type of real estate company, a REIT, is a domestic corporation that pools investors’ funds for investment primarily in income-producing real estate or in real estate related loans (such as mortgages) or other interests. Therefore, a REIT normally derives its income from rents or from interest payments and may realize capital gains by selling properties that have appreciated in value. A REIT is not taxed on income distributed to its shareholders if it complies with several requirements of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, REITs tend to pay relatively high dividends (as compared to other types of companies), and the Trust intends to use these REIT dividends in an effort to meet its primary objective of high current income.

Global real estate companies outside the U.S. include, but are not limited to, companies with similar characteristics to the REIT structure, in which revenue primarily consists of rent derived from owned, income-producing real estate properties, dividend distributions as a percentage of taxable net income are high (generally greater than 80%), debt levels are generally conservative and income derived from development activities is generally limited.

The Trust may invest in securities of foreign issuers in the form of American Depositary Receipts (“ADRs”) and European Depositary Receipts (“EDRs”).


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The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps, and other strategic transactions in connection with its investments in foreign Real Estate Equity Securities. Although not intended to be a significant element in the Trust’s investment strategy, from time to time the Trust may use various other investment management techniques that also involve certain risks and special considerations, including engaging in interest rate transactions and short sales.

The Trust will invest in Real Estate Equity Securities where dividend distributions are subject to withholding taxes as determined by United States tax treaties with respective individual foreign countries. Generally, the Trust will invest in Real Estate Equity Securities that are excluded from the reduced tax rates as determined by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Risk factors

The Trust is a diversified,

closed-end

management investment company designed primarily as a long-term investment and not as a trading vehicle. The Trust is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Trust will achieve its investment objectives. Your common shares at any point in time may be worth less than you invested, even after taking into account the reinvestment of Trust dividends and distributions.

GENERAL REAL ESTATE RISKS

Because the Trust concentrates its assets in the global real estate industry, your investment in the Trust will be closely linked to the performance of the global real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments. The price of real estate company shares may drop because of falling property values, increased interest rates, poor management of the company or other factors. Many real estate companies utilize leverage, which increases investment risk and could adversely affect a company’s operations and market value in periods of rising interest rates.

There are also special risks associated with particular sectors of real estate investments.

–

Retail Properties

Retail properties are affected by the overall health of the economy and may be adversely affected by, among other things, the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a tenant, a shift in consumer demand due to demographic changes, spending patterns and lease terminations.

–	Office Properties Office properties are affected by the overall health of the economy, and other factors such as a downturn in the businesses operated by their tenants, obsolescence and non-competitiveness.

–

Hotel Properties

The risks of hotel properties include, among other things, the necessity of a high level of continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of travel, and adverse effects of general and local economic conditions. Hotel properties tend to be more sensitive to adverse economic conditions and competition than many other commercial properties.

–

Healthcare Properties

Healthcare properties and healthcare providers are affected by several significant factors, including federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical distribution, rates, equipment, personnel and other factors regarding operations, continued availability of revenue from government reimbursement programs, and competition on a local and regional basis. The failure of any healthcare operator to comply with governmental laws and regulations may affect its ability to operate its facility or receive government reimbursements.

–

Multifamily Properties

The value and successful operation of a multifamily property may be affected by a number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, the presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other laws affecting such properties.

–

Community Shopping Centers

Community center properties are dependent upon the successful operations and financial condition of their tenants, particularly certain of their major tenants, and could be adversely affected by bankruptcy of those tenants. In some cases, a tenant may lease a significant portion of the space in one center, and the filing of bankruptcy could cause significant revenue loss. Like others in the commercial real estate industry, community centers are subject to environmental risks and interest rate risk. They also face the need to enter into new leases or renew leases on favorable terms to generate rental revenues. Community center properties could be adversely affected by changes in the local markets where their properties are located, as well as by adverse changes in national economic and market conditions.

–

Self-Storage Properties

The value and successful operation of a self-storage property may be affected by a number of factors, such as the ability of the management team, the location of the property, the presence of competing properties, changes in traffic patterns, and adverse effects of general and local economic conditions with respect to rental rates and occupancy levels.


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–

Industrial Properties

Industrial properties typically include warehouses, depots, storage, factories, logistics and distributions. Factors such as vacancy, tenant mix, lease term, property condition and design, redevelopment opportunities and property location could adversely affect the value and operation of industrial properties.

–

Towers Companies

Cell towers and wireless services have seen an increased demand in recent years. However, owners and operators of towers may be subject to, and therefore must comply with, environmental laws that impose strict, joint and several liability for the cleanup of

on-site

off-site

contamination and related personal injury or property damage.

–

Data Centers Properties

Data centers facilities house an organization’s most critical and proprietary assets. Therefore, operation of data centers properties depends upon the demand for technology-related real estate and global economic conditions that could adversely affect companies’ abilities to lease, develop or renew leases. Declining real estate valuations and impairment charges could adversely affect earnings and financial condition of data center properties.

–

Net Lease Properties

Net lease properties require the tenant to pay (in addition to the rent) property taxes, insurance, and maintenance on the property. Tenant’s ability to pay rent, interest rate fluctuations, vacancy, property location, length of the lease are only few of the risks that could affect net lease properties operations.

Other factors that may contribute to the riskiness of all real estate investments include:

–

Lack of Insurance

Certain of the portfolio companies may fail to carry comprehensive liability, fire, flood, earthquake extended coverage and rental loss insurance, or insurance in place may be subject to various policy specifications, limits and deductibles. Should any type of uninsured loss occur, the portfolio company could lose its investment in, and anticipated profits and cash flows from, a number of properties and as a result adversely affect the Trust’s investment performance.

–	Financial Leverage Global real estate companies may be highly leveraged and financial covenants may affect the ability of global real estate companies to operate effectively.

–

Environmental Issues

In connection with the ownership (direct or indirect), operation, management and development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and property. The existence of any such material environmental liability could have a material adverse effect on the results of operations and cash flow of any such portfolio company and, as a result, the amount available to make distributions on shares of the Trust could be reduced.

–	Recent Events The value of real estate is particularly susceptible to acts of terrorism and other changes in foreign and domestic conditions.

–

Acts of God and Geopolitical Risks

The performance of certain investments could be affected by acts of God or other unforeseen and/or uncontrollable events (collectively, “disruptions”), including, but not limited to, natural disasters, public health emergencies (including any outbreak or threat of

COVID-19,

SARS, H1N1/09 flu, avian flu, other coronavirus, Ebola, or other existing or new pandemic or epidemic diseases), terrorism, social and political discord, geopolitical events, national and international political circumstances, and other unforeseen and/or uncontrollable events with widespread impact. These disruptions may affect the level and volatility of security prices and liquidity of any investments. Unexpected volatility could impair an investment’s profitability or result in it suffering losses. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or securities industry participants in other countries or regions.

The extent of the impact of any such disruption on the Trust will depend on many factors, including the duration and scope of such disruption, the extent of any related travel advisories and restrictions implemented, the impact of such disruption on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. A disruption may materially and adversely impact the value and performance of any investment, the Adviser’s ability to source, manage and divest investments, and the Adviser’s ability to achieve the Trust’s investment objectives, ultimately resulting in significant losses to investors. In addition, there is a risk that a long disruption will significantly impact the operations of the Adviser, the Trust, and its portfolio investments, or even temporarily or permanently halt their operations.

–

REIT Issues

REITs are subject to a highly technical and

complex

set of provisions in the Code. It is possible that the Trust may invest in a real estate company which purports to be a REIT, but which fails to qualify as a REIT. In the event of any such unexpected failure to qualify as a REIT, the purported REIT would be subject to corporate-level taxation, significantly reducing the return to the Trust on its investment in such company.

Stock Market Risks

A portion of your investment in common shares represents an indirect investment in equity securities owned by the Trust, substantially all of which are traded on a domestic or foreign securities exchange or in the

over-the-counter

markets. The value of these securities, like other stock market investments, may move up or down, sometimes rapidly and unpredictably.


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Common Stock Risk

While common stock has historically generated higher average returns than fixed income securities, common stock has also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of common stock held by the Trust. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Trust.

Foreign Securities Risks

Although it is not the Trust’s current intent, the Trust may invest up to 100% of its total assets in real estate securities of

non-U.S.

issuers or that are denominated in various foreign currencies or multinational currency units (“Foreign Securities”). Such investments involve certain risks not involved in domestic investments. Securities markets in certain foreign countries are not as developed, efficient or liquid as securities markets in the United States. Therefore, the prices of Foreign Securities often are volatile. In addition, the Trust will be subject to risks associated with adverse political and economic developments in foreign countries, which could cause the Trust to lose money on its investments in Foreign Securities. The Trust may hold any Foreign Securities of issuers in

so-called

“emerging markets” which may entail additional risks.

Foreign Currency Risk

Although the Trust will report its net asset value and pay dividends in U.S. dollars, Foreign Securities often are purchased with and make interest payments in foreign currencies. Therefore, when the Trust invests in Foreign Securities, it will be subject to foreign currency risk, which means that the Trust’s net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. Certain foreign countries may impose restrictions on the ability of issuers of Foreign Securities to make payment of principal and interest to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Emerging Markets Risks

The Trust may invest in Real Estate Equity Securities of issuers located or doing substantial business in “emerging markets.” Because of less developed markets and economies and, in some countries, less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers domiciled or doing substantial business in emerging market countries. These risks include high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries; political and social uncertainties; over-dependence on exports, especially with respect to primary commodities, making these economies vulnerable to changes in commodity prices; overburdened infrastructure and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable custodial services and settlement practices.

Leverage Risk

The use of leverage through the use of debt creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust’s leveraging strategy may not be successful. Leverage creates two major types of risks for the holders of common shares:

–	the likelihood of greater volatility of net asset value and market price of the common shares because changes in the value of the Trust’s portfolio, including securities bought with the proceeds of the leverage, are borne entirely by the holders of common shares; and

–	the possibility either that common share net investment income will fall if the leverage expense rises or that common share net investment income will fluctuate because the leverage expense varies.

Small Cap Risk

The Trust may invest in Real Estate Equity Securities of smaller companies which may entail additional risks. There may be less trading in a smaller company’s stock, which means that buy and sell transactions in that stock could have a larger impact on the stock’s price than is the case with larger company stocks. Smaller companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on a smaller company’s stock price than is the case for a larger company. Further, smaller company stocks may perform in different cycles than larger company stocks.

Accordingly, shares of these companies can be more volatile than, and at times will perform differently from, large company stocks such as those found in the Dow Jones Industrial Average. In addition, there are relatively few REITs when compared to other types of companies. Even the larger global real estate companies tend to be small to

medium-sized

companies in comparison to many industrial and service companies.

Preferred Securities

The Trust may invest in preferred securities, which entail special risks, including:

–

Deferral

Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Trust owns a preferred security that is deferring its distributions, the Trust may be required to report income for tax purposes although it has not yet received such income.

–	Subordination Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure with respect to priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

–	Liquidity Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities.

–

Limited Voting Rights

Generally, preferred security holders (such as the Trust) have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of certain trust preferred securities,


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			13

holders generally have no voting rights, except (i) if the issuer fails to pay dividends for a specified period of time or (ii) if a declaration of default occurs and is continuing. In such an event, rights of holders of trust preferred securities generally would include the right to appoint and authorize a trustee to enforce the trust or special purpose entity’s rights as a creditor under the agreement with its operating company.

–

Special Redemption Rights

In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in Federal income tax or securities laws. As with call provisions, a redemption by the issuer may negatively impact the return on the security held by the Trust.

–

New Types of Securities

From time to time, preferred securities, including trust preferred securities, have been, and may in the future be, offered having features other than those described herein. The Trust reserves the right to invest in these securities if the Adviser believes that doing so would be consistent with the Trust’s investment objectives and policies. Since the market for these instruments would be new, the Trust may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments may present other risks, such as high price volatility.

Illiquid Securities

The Trust may invest up to 15% of its total assets in illiquid securities. Illiquid securities are securities that are not readily marketable and may include some restricted securities, which are securities that may not be resold to the public without an effective registration statement

under

the Securities Act of 1933, (the “Securities Act”) or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. Illiquid investments involve the risk that the securities will not be able to be sold at the time desired by the Trust or at prices approximating the value at which the Trust is carrying the securities on its books.

Lower-Rated Securities

The Trust will not invest more than 20% of its total assets in preferred securities rated below investment grade or unrated and considered by the Adviser to be of comparable quality.

The values of lower-rated securities often reflect individual corporate developments and have a higher sensitivity to economic changes than do higher rated securities. Issuers of lower-rated securities are often in the growth stage of their development and/or involved in a reorganization or takeover. The companies are often highly leveraged (have a significant amount of debt relative to shareholders’ equity) and may not have available to them more traditional financing methods, thereby increasing the risk associated with acquiring these types of securities. In some cases, obligations with respect to lower-rated securities are subordinated to the prior repayment of senior indebtedness, which will potentially limit the Trust’s ability to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in lower-rated securities have a lower degree of protection with respect to principal and interest payments than do investors in higher rated securities.

During an economic downturn, a substantial period of rising interest rates or a recession, issuers of lower-rated securities may experience financial distress possibly resulting in insufficient revenues to meet their principal and interest payment obligations, to meet projected business goals and to obtain additional financing. An economic downturn could also disrupt the market for lower-rated securities and adversely affect the ability of the issuers to repay principal and interest. If the issuer of a security held by the Trust defaults, the Trust may not receive full interest and principal payments due to it and could incur additional expenses if it chose to seek recovery of its investment.

Interest Rate Risk

Interest rate risk is the risk that fixed income investments such as preferred securities, and to a lesser extent dividend-paying common stocks such as REIT common stocks, will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall. The Trust’s investment in such securities means that the net asset value and market price of its common shares will tend to decline if market interest rates rise. Because market interest rates are currently near their lowest levels in many years, there is a greater than normal risk that the Trust’s portfolio will decline in value due to rising interest rates. Your common shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Trust dividends and distributions. The Trust utilizes leverage, which magnifies interest rate risk.

Strategic Transactions

For general portfolio management purposes, the Trust may use various other investment management techniques that also involve certain risks and special considerations, including engaging in hedging and risk management transactions, including interest rate swaps and options and foreign currency transactions. These strategic transactions will be entered into to seek to manage the risks of the Trust’s portfolio of securities, but may have the effect of limiting the gains from favorable market movements.

Inflation Risk

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline and the dividend payments in respect of preferred shares, if any, or interest payments on any borrowings may increase.

Deflation Risk

Deflation risk is the risk that the Trust’s dividends may be reduced in the future as lower prices reduce interest rates and earning power, resulting in lower distributions on the assets owned by the Trust.

Market Discount Risk

Shares of

closed-end

management investment companies frequently trade at a discount from their net asset value. This characteristic is a risk separate and distinct from the risk that the Trust’s net asset value could decrease as a result of Trust investment activities and may be greater for investors expecting to sell their shares in a relatively short period


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following the offering of Preferred Shares. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Trust’s net asset value but entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Trust, we cannot predict whether the shares will trade at, below or above net asset value, or at, below or above the initial public offering price.

Investment Risk

An investment in the Trust is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Anti-Takeover Provisions

The Trust’s Amended and Restated Agreement and Declaration of Trust (the “Agreement and Declaration of Trust”) includes provisions that could limit the ability of other entities or persons to acquire control of the Trust or convert the Trust to

open-end

status. These provisions could deprive the holders of common shares of opportunities to sell their common shares at a premium over the then current market price of the common shares or at net asset value. In addition, if the Trust issues Preferred Shares, the holders of the Preferred Shares will have voting rights that could deprive holders of common shares of such opportunities.

Market Disruption Risk

A disruption of the U.S. or world financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the common shares.

Concentration Risk

The Trust invests a substantial portion of its assets (“concentrates”) in a particular market, industry, group of industries, country, region, group of countries, asset class or sector generally is subject to greater risk than a portfolio that invests in a more diverse investment portfolio. In addition, the value of the Trust’s portfolio is more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector. This is because, for example, issuers in a particular market, industry, region or sector often react similarly to specific economic, market, regulatory, or political developments.


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Financial

Statements

Portfolio of Investments (unaudited)

June 30, 2025


Shares			Market value

		Real Estate Securities* – 146.5%

		Common Stock – 138.4%

		Australia – 6.4%

	950,420	Charter Hall Group	$	11,952,657

	1,105,903	Goodman Group		24,815,596

	3,236,487	Stockland		11,368,747

				48,137,000

		Belgium – 2.9%

	167,362	Aedifica SA		12,976,007

	93,958	Cofinimmo SA		8,514,564

				21,490,571

		Canada – 3.7%

	73,134	Boardwalk Real Estate Investment Trust		3,751,300

	176,498	Canadian Apartment Properties REIT		5,744,431

	939,900	H&R Real Estate Investment Trust		7,356,638

	850,000	RioCan Real Estate Investment Trust		11,032,246

				27,884,615

		France – 2.7%

	224,975	Carmila SA		4,394,394

	168,449	Unibail-Rodamco-Westfield		16,044,080

				20,438,474

		Germany – 3.0%

	105,598	LEG Immobilien SE		9,340,074

	368,268	Vonovia SE		12,929,799

				22,269,873

		Hong Kong – 7.0%

	2,729,161	CK Asset Holdings Ltd.		12,029,168

	4,706,470	Link REIT		25,121,158

	4,382,000	Swire Properties Ltd.		10,941,045

	1,422,303	Wharf Real Estate Investment Co. Ltd.		4,022,309

				52,113,680


Shares			Market value

		Japan – 11.5%

	9,417	Activia Properties, Inc.	$	7,999,348

	7,321	AEON REIT Investment Corp.		6,426,687

	18,326	Japan Hotel REIT Investment Corp.		9,654,945

	24,096	Japan Metropolitan Fund Investment Corp.		17,015,418

	8,994	KDX Realty Investment Corp.		9,719,709

	10,619	LaSalle Logiport REIT		10,226,058

	10,122	Orix JREIT, Inc.		13,160,107

	180,300	Tokyo Tatemono Co. Ltd.		3,203,572

	1,163,300	Tokyu Fudosan Holdings Corp.		8,283,112

				85,688,956

		Singapore – 3.4%

	3,822,800	CapitaLand Ascendas REIT		8,043,893

	13,702,944	CapitaLand China Trust		7,584,953

	5,878,600	Frasers Logistics & Commercial Trust		3,946,298

	8,338,000	Keppel REIT		5,793,688

				25,368,832

		Sweden – 1.9%

	1,109,753	Castellum AB		14,444,814

		United Kingdom – 7.6%

	2,598,836	Land Securities Group PLC		22,471,915

	3,939,857	LondonMetric Property PLC		10,959,944

	829,603	Safestore Holdings PLC		8,048,880

	2,668,000	Supermarket Income REIT PLC		3,104,026

	2,696,061	Tritax Big Box REIT PLC		5,453,156

	550,000	UNITE Group PLC (The)		6,387,549

				56,425,470

See notes to financial statements


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			17

Notes to Financial

Statements (unaudited)

Notes to Financial Statements (unaudited)


1		FUND ORGANIZATION

CBRE Global Real Estate Income Fund (the “Trust”) is a diversified,

closed-end

management investment company that was organized as a Delaware statutory trust on November 6, 2003 and registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended. The Trust is an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services-Investment Companies. CBRE Investment Management Listed Real Assets LLC (the “Adviser”) is the Trust’s investment adviser. The Adviser is a majority-owned subsidiary of CBRE Group, Inc. (“CBRE”) and is partially owned by its senior management team. The Trust commenced operations on February 18, 2004.


2		SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies are in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust.

Securities Valuation

The net asset value of the common shares of the Trust will be computed based upon the value of the Trust’s portfolio securities and other assets. The Trust calculates net asset value per common share by subtracting the Trust’s liabilities (including accrued expenses, dividends payable and any borrowings of the Trust) and the liquidation value of any outstanding preferred shares from the Trust’s total assets (the value of the securities the Trust holds, plus cash and/or other assets, including dividends accrued but not yet received) and dividing the result by the total number of common shares of the Trust outstanding. Net asset value per common share will be determined as of the close of the regular trading session (usually 4:00 p.m., EST) on the New York Stock Exchange (“NYSE”) on each business day on which the NYSE is open for trading.

For purposes of determining the net asset value of the Trust, readily marketable portfolio assets (including common stock, preferred stock, and options) traded principally on an exchange, or on a similar regulated market reporting contemporaneous transaction prices, are valued, except as indicated below, at the last sale price for such assets on such principal markets on the business day on which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day. Foreign securities are valued based upon quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates.

During the period that a forward foreign currency contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trust’s Board of Trustees (the “Board”).

Short-term securities which mature in more than 60 days are valued at current market quotations. Short-term securities, which mature in 60 days or less, are valued at amortized cost, which approximates market value.

U.S. GAAP provides guidance on fair value measurements. In accordance with the standard, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Trust’s investments, and requires additional disclosure about fair value.

For Level 1 inputs, the Trust uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.


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Notes to Financial Statements (unaudited) continued

The Trust’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment spreads, credit risk, and default rates for similar liabilities.

For Level 3 valuation techniques, the Trust uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The primary third-party pricing vendor for the Trust’s listed preferred stock investments is FT Interactive Data (“IDC”). When available, the Trust will obtain a closing exchange price to value the preferred stock investments and, in such instances, the investment will be classified as Level 1 since an unadjusted quoted price was utilized. When a closing price is not available for the listed preferred stock investments, IDC will produce an evaluated mean price (midpoint between the bid and the ask evaluation) and such investments will be classified as Level 2 since other observable inputs were used in the valuation. Factors used in the IDC evaluation include trading activity, the presence of a

two-sided

market, and other relevant market data.

Pursuant to the Trust’s fair value procedures noted previously, equity securities (including exchange traded securities and

open-end

regulated investment companies) and exchange traded derivatives (i.e. futures contracts and options) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities,

non-exchange

traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

For the period ended June 30, 2025, there have been no significant changes to the Trust’s fair valuation methodology.

Foreign currency translation

The books and records of the Trust are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i)	market value of investment securities, other assets and liabilities – at the current rates of exchange;

(ii)	purchases and sales of investment securities, income and expenses – at the rate of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Trust are presented at the foreign exchange rates and market values at the close of each fiscal year, the Trust does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term securities held at the end of the fiscal year. Similarly, the Trust does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of portfolio securities sold during the fiscal year. Accordingly, realized foreign currency gains or losses will be included in the reported net realized gains or losses on investment transactions.

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the holding of foreign currencies, currency gains or losses realized between the trade date and settlement date on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Trust’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets or liabilities (other than investments) at year end exchange rates are reflected as a component of net unrealized appreciation or depreciation on investments and foreign currencies.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability, or the level of governmental supervision and regulation of foreign securities markets.


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			27

Notes to Financial Statements (unaudited) continued

Forward foreign currency contracts

The Trust may enter into forward foreign currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings to hedge certain Trust purchase and sales commitments denominated in foreign currencies and for investment purposes. A forward foreign currency contract is a commitment to purchase or sell a foreign currency on a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contracts and the closing of such contracts would be included in net realized gain or loss on foreign currency transactions.

Fluctuations in the value of open forward foreign currency contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Trust.

The Trust’s custodian will place and maintain cash not available for investment or other liquid assets in a separate account of the Trust having a value at least equal to the aggregate amount of the Trust’s commitments under forward foreign currency contracts entered into with respect to position hedges.

Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars, reflects the total exposure the Trust has in that particular currency contract. As of June 30, 2025, the Trust did not hold any forward foreign currency contracts.

Options

The Trust may purchase or sell (write) options on securities and securities indices which are listed on a national securities exchange or in the

over-the-counter

(“OTC”) market as a means of achieving additional return or of hedging the value of the Trust’s portfolio.

An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put).

There are several risks associated with transactions in options on securities. As the writer of a covered call option, the Trust forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. As of June 30, 2025, the Trust did not hold any options contracts.

Securities transactions and investment income

Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost. Dividend income is recorded on the

ex-dividend

date. Distributions received from investments in REITs are recorded as dividend income on

ex-dividend

date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security. Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time the related income is earned.

Non-cash

dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of original issue discount, where applicable, and accretion of discount on short-term investments, is recorded on the accrual basis.

Dividends and distributions to shareholders

Dividends from net investment income, if any, are declared and paid on a monthly basis. Income dividends and capital gain distributions to common shareholders are recorded on the

ex-dividend

date. To the extent the Trust’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of the Trust not to distribute such gains.


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			28

Notes to Financial Statements (unaudited) continued

On August 5, 2008, the Trust acting in accordance with an exemptive order received from the SEC and with approval of the Board, adopted a managed distribution policy under which the Trust intends to make regular monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This managed distribution policy permits the Trust to include long-term capital gains in its distribution as frequently as twelve times a year. A portion of distributions for a period may be a return of capital if the amount of the distributions paid for the period exceeds the net investment income and net realized capital gains for the period. In practice, the Board views this policy as a potential means of further supporting the market price of the Trust’s shares through the payment of a steady and predictable level of cash distributions to shareholders.

The current monthly distribution rate is $0.06 per share. The Trust continues to evaluate its monthly distribution policy in light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.

Use of estimates

The preparation of financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting year. Actual results could differ from those estimates.


3		DERIVATIVE INSTRUMENTS

For the period ended June 30, 2025, the Trust did not hold any derivative instruments.


4		CONCENTRATION OF RISK

Under normal market conditions, the Trust’s investments will be concentrated in income-producing common equity securities, preferred securities, convertible securities and

non-convertible

debt securities issued by companies deriving the majority of their revenue from the ownership, construction, financing, management and/or sale of commercial, industrial, and/or residential real estate. Values of the securities of such companies may fluctuate due to economic, legal, cultural, geopolitical or technological developments affecting various global real estate industries.


5		INVESTMENT MANAGEMENT AGREEMENT AND OTHER AGREEMENTS

Pursuant to an investment management agreement between the Adviser and the Trust, the Adviser is responsible for the daily management of the Trust’s portfolio of investments, which includes buying and selling securities for the Trust, as well as investment research. The Trust pays for investment advisory services and facilities through a fee payable monthly in arrears at an annual rate equal to 0.85% of the average daily value of the Trust’s managed assets, which adds back the line of credit payable to net assets, plus certain direct and allocated expenses of the Adviser incurred on the Trust’s behalf. During the period ended June 30, 2025, the Trust incurred management fees of $4,521,557, of which $768,591 is payable as of the end of the period.

The Trust has multiple service agreements with the Bank of New York Mellon (“BNYM”). Under the servicing agreements, BNYM will perform custodial, fund accounting, and certain administrative services for the Trust. As custodian, BNYM is responsible for the custody of the Trust’s assets. As administrator, BNYM is responsible for maintaining the books and records of the Trust’s securities and cash.

Computershare is the Trust’s transfer agent and as such is responsible for performing transfer agency services for the Trust.


6		PORTFOLIO SECURITIES

For the period ended June 30, 2025, there were purchases and sales transactions (excluding short-term securities) of $144,686,847 and $135,961,308, respectively. These purchases and sales transaction amounts differ from the amounts disclosed on the Statement of Cash Flows primarily due to the

re-characterization

of dividends from ordinary income to return of capital and capital gain.


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			29

Notes to Financial Statements (unaudited) continued


7		FEDERAL INCOME TAXES

The Trust intends to elect to be, and qualify for treatment as, a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). A regulated investment company generally pays no federal income tax on the income and gains that it distributes. The Trust intends to meet the calendar year distribution requirements imposed by the Code to avoid the imposition of a 4% excise tax.

The Trust is required to evaluate tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are

“more-likely-than-not”

of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Trust as tax expense in the Statement of Operations if the tax positions were deemed to not meet the

more-likely-than-not

threshold. For the year ended December 31, 2024, the Trust did not incur any income tax, interest, or penalties. Management has analyzed the Trust’s tax positions taken on federal, state and local income tax returns for all open tax years (since inception) and has concluded that no provisions for federal, state and local income tax are required in the Trust’s financial statements.

The Trust distinguishes between dividends on a tax basis and on a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a tax return of capital. Differences in the recognition or classification of income between the financial statements and tax earnings and profits which result in temporary over- distributions for financial statement purposes are classified as distributable earnings or accumulated losses in the composition of net assets on the Statement of Assets and Liabilities.

In order to present

paid-in

capital in excess of par and total distributable earnings /(Accumulated Loss) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional

paid-in

capital, and total distributable earnings. For the year ended December 31, 2024, the adjustments were to increase additional

paid-in

capital by $264,358 and decrease distributable earnings by $264,358 due to the difference in the treatment for book and tax purposes of certain items allocated for foreign partnership investments. Results of operations and net assets were not affected by these reclassifications.

At December 31, 2024, the Trust had no capital loss carryforwards.

Certain capital and qualified late year losses incurred after October 31 and within the current taxable year, are deemed to arise on the first business day of the Trust’s following taxable year. The Trust incurred no such losses during the year ended December 31, 2024.

The final determination of the source of the 2024 distributions for tax purposes will be made after the end of the Trust’s fiscal year and will be reported to shareholders in February 2025 on the Form

1099-DIV.

For the year ended December 31, 2024, the tax character of distributions paid, as reflected in the Statements of Changes in Net Assets, was $62,386,031 of ordinary income (including net short-term capital gains) and $20,947,970 of long-term capital gain (both reflected in the Statements of Changes in Net Assets as distributions from distributable earnings) and $17,698,99 of return of capital, respectively. For the year ended December 31, 2023, the tax character of distributions paid, as reflected in the Statements of Changes in Net Assets, was $45,110,761 of ordinary income (including net short-term capital gains) and $40,406,311 of long-term capital gain (both reflected in the Statements of Changes in Net Assets as distributions from distributable earnings) and $11,052,258 of return of capital, respectively.

Information on the tax components of net assets as of December 31, 2024 is as follows:


Cost of investments for tax purposes	Gross tax unrealized appreciation	Gross tax unrealized depreciation	Net tax unrealized depreciation on investments	Net tax unrealized depreciation on foreign currency	Qualified late year ordinary losses	Qualified post- October capital deferral	Undistributed ordinary income	Undistributed long-term Capital gains / (accumulated capital loss)
$1,379,093,298	$2,718,780	$(317,821,246)	$(315,102,466)	$(80,522)	$0	$0	$0	$0


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			30

Notes to Financial Statements (unaudited) continued


8		BORROWINGS

The Trust has access to a secured line of credit of up to $400,000,000 from BNYM for borrowing purposes. Borrowings under this arrangement bear interest at the Federal funds rate plus 75 basis points. At June 30, 2025, there were borrowings in the amount of $353,287,900 on the Trust’s line of credit.

The average daily amount of borrowings during the period ended June 30, 2025 was $338,609,929 with an average interest rate of 5.08%. The maximum amount outstanding for the period ended June 30, 2025, was $357,355,000. The Trust had borrowings under the line of credit for all 181 days during the period.


9		CAPITAL

During 2004, the Trust issued 101,000,000 shares of common stock at $15.00.

On April 14, 2023, the Trust issued 23,378,100 additional common shares at an offering price of $5.03 per share as a result of a rights offering.

During the period ended June 30, 2025 and 2024, the Trust issued 8,192,057 and 1,285,410 additional common shares, respectively, under an “at the market” (“ATM”) offering.

In connection with the Trust’s Dividend Reinvestment Plan (“DRIP”), the Trust issued 280,617 and 242,481 common shares for the period ended June 30, 2025 and for the year ended December 31, 2024, respectively.

At June 30, 2025, the Trust had outstanding common shares of 149,969,159 with a par value of $0.001 per share. The Adviser owned none of the common shares outstanding as of June 30, 2025.


10		INDEMNIFICATIONS

The Trust enters into contracts that contain a variety of indemnifications. The Trust’s exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses or current claims or losses pursuant to these contracts.


11		OPERATING SEGMENT

During the year ended December 31, 2024, the Trust adopted FASB Accounting Standards Update

2023-07,

Segment Reporting (“Topic 280”)—Improvements to Reportable Segment Disclosures (“ASU

2023-07”).

Adoption of the new standard impacted financial statement disclosures only and did not affect the Trust’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The portfolio managers and officers of the Trust (herein referred to as “Management of the Adviser”) act as the Trust’s CODM. The Trust represents a single operating segment, which invests in publicly-traded global real estate securities. The CODM monitors the operating results of the Trust as a whole and ensures the Trust’s long-term strategic asset allocation is managed in accordance with the terms of its prospectus. The investment strategy utilized to achieve these objectives is executed by the Trust’s portfolio managers as a team.

The financial information of the Trust is entirely represented and disclosed in the preceding portfolio of investments, statements of assets and liabilities, operations, changes in net assets, and cash flows, and financial highlights (including expense ratios). The CODM assesses the segment’s performance versus the Trust’s comparative benchmark and makes resource allocation decisions for the Trust’s single operating segment.


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			31

Notes to Financial Statements (unaudited) concluded


12		SUBSEQUENT EVENTS

Events or transactions that occur after the balance sheet date but before the financial statements are issued are categorized as recognized or

non-recognized

for financial statement purposes. Since June 30, 2025, the Trust paid a distribution on July 31, 2025 of $0.06 per share for the month of July 2025.

No other notable events have occurred between

period-end

and the issuance of these financial statements.


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			32

Supplemental

Information

(unaudited)

Supplemental Information (unaudited)

Trustees

The Trustees of the CBRE Global Real Estate Income Fund and their principal occupations during the past five years:


Name, address and age	Term of office and length of time served (1)	Title	Principal occupations during the past five years	Number of portfolios in the Trust complex overseen by Trustee	Other directorships held by trustee
Trustees:
T. Ritson Ferguson (2) 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 66	3 years/since inception	Trustee	Senior Fellow Wharton Real Estate Center (since 2022); Managing Director of TRF3 Advisors (since 2022); Independent Investment Committee Member of CBRE Investment Management Listed Real Assets LLC (since 2022); Vice Chairman (2021) and Chief Executive Officer and Co-Chief Investment Officer (1995—2020) of CBRE Investment Management Listed Real Assets LLC; Chief Executive Officer, Chief Investment Officer and Global Chief Investment Officer of CBRE Global Investors (2015—2019)	1	Templeton World Charity Foundation (since 2023); Duke Management Company (DUMAC) (since 2018)
Asuka Nakahara 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 69	3 years/since inception	Trustee	Associate Director of the Zell-Lurie Real Estate Center at the Wharton School, University of Pennsylvania (since 1999); Practice Professor of Real Estate at the Wharton School, University of Pennsylvania (since 1999); Partner of Triton Atlantic Partners (since 2009)	1	Incompass Labs (since 2022); Rice University (since 2022); Comcast Corporation (since 2017)
John R. Bartholdson 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 80	3 years/21 years	Trustee/Audit Committee Financial Expert	Senior Vice President, CFO and Treasurer, and a Director of Triumph Group, Inc. (1993—2007) (Retired)	1	N/A
Leslie E. Greis 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 66	3 years/6 1 ⁄ 2 years	Trustee	Founder and Managing Member of Perennial Capital Advisors, LLC (since 2003)	1	AIM Mutual, Inc. (2016), Kinefac Corporation (since 2009)


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			34

Supplemental Information (unaudited) continued


Name, address and age	Term of office and length of time served (1)	Title	Principal occupations during the past five years	Number of portfolios in the Trust complex overseen by Trustee	Other directorships held by trustee
Trustees:
Heidi Stam 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age 68	3 years/5 years	Trustee	Managing Director and General Counsel, The Vanguard Group, Inc. (2005—2016) (Retired)	1	Bridge Builder Trust (since 2022); Edward Jones Money Market Fund (since 2022); Investor Advisory Committee, U.S. Securities and Exchange Commission (2017—2021); National Adjudicatory Council, FINRA (2017—2021)
Peter Finnerty 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age 61	3 years/1 year	Trustee	Partner, PwC (1996—2024) (Retired)	1	Lincoln Variable Insurance Products Trust (113 portfolios) (since 2024)

(1)

Each Trustee is elected to serve a three-year term concurrent with the class of Trustees to which he or she belongs. Ms. Greis, as Class III Trustee, is currently serving a term expiring at the Trust’s 2025 annual meeting of shareholders. Mr. Ferguson and Ms. Stam, as Class I Trustees, are currently serving a term expiring at the Trust’s 2026 annual meeting of shareholders. Mr. Nakahara and Mr. Finnerty, as Class II Trustees, are currently serving a term expiring at the Trust’s 2027 annual meeting of shareholders. Mr. Bartholdson has informed the Board that he intends to retire from the Board upon the conclusion of his term and, therefore, will not stand

for re-election at

the 2025 annual meeting of shareholders.

(2)	Mr. Ferguson is deemed to be an interested person of the Trust as defined in the Investment Company Act of 1940 (the “1940 ACT”), as amended, due to his previous position with the Adviser, and his engagement as an external consultant to the Adviser, which began on January 1, 2022.

Officers

The Officers of the CBRE Global Real Estate Income Fund and their principal occupations during the past five years:


Name, Address, Age and Position(s) Held with Registrant Officers:	Length of Time Served	Principal Occupations During the Past Five Years and Other Affiliations
Joseph P. Smith 555 East Lancaster Ave, Suite 120 Radnor, PA 19087 Age: 57 President and Chief Executive Officer	Since 2022	Chief Investment Officer (since 2021) and Co- Chief Investment Officer (since 2011) of CBRE Investment Management Listed Real Assets LLC (formerly CBRE Clarion Securities LLC)
Jonathan A. Blome 555 East Lancaster Ave, Suite 120 Radnor, PA 19087 Age: 48 Chief Financial Officer	since 2006	Chief Operating Officer (since 2021) and Chief Financial Officer and Director of Operations (since 2011) of CBRE Investment Management Listed Real Assets LLC (formerly CBRE Clarion Securities LLC)
Jeff Chang 555 East Lancaster Ave, Suite 120 Radnor, PA 19087 Age: 51 Chief Compliance Officer and Secretary	since 2023	Chief Compliance Officer of CBRE Investment Management Listed Real Assets LLC (since 2023); Chief Compliance Officer of First Quadrant, LP (2012-2022)


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			35

Supplemental Information (unaudited) continued

Additional information

Statement of Additional Information includes additional information regarding the Trustees. This information is available upon request, without charge, by calling the following toll-free telephone number:

1-888-711-4272.

The Trust has delegated the voting of the Trust’s voting securities to the Trust’s Adviser pursuant to the proxy voting policies and procedures of the Adviser. You may obtain a copy of these policies and procedures by calling

1-888-711-4272.

The policies may also be found on the website of the SEC (http://www.sec.gov).

Information regarding how the Trust voted proxies for portfolio securities, if applicable, during the most recent

12-month

period ended December 31, is also available, without charge and upon request by calling the Trust at

1-888-711-4272

or by accessing the Trust’s Form

N-PX

on the Commission’s website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form

N-PORT.

Copies of the filings are available by visiting the SEC website at www.sec.gov. The filed forms may also be viewed and copied at the Commission’s Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling

(800) SEC-0330.

Beginning on January 1, 2022, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Trust’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies.

Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold your shares through a financial intermediary (like a broker), you can inform the intermediary that you wish to continue receiving paper copies of your shareholder reports. If you are the registered owner of your shares, you should contact the Trust’s transfer agent.

Dividend reinvestment plan (unaudited)

Pursuant to the Trust’s Dividend Reinvestment Plan (the “Plan”), shareholders of the Trust are automatically enrolled, to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the Trust’s shares pursuant to the Plan. You may elect not to participate in the Plan and to receive all dividends in cash by sending written instructions or by contacting Computershare Trust Company, N.A., as dividend disbursing agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by contacting the Plan Agent before the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

After the Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated per share fees, which include any applicable brokerage commissions the Plan Agent is required to pay, (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated per share fees (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.


Semiannual report 2025 CBRE Global Real Estate Income Fund		Confidential & Proprietary			36


Shares			Market value

		United States – 88.3%

	178,107	Alexandria Real Estate Equities, Inc.	$	12,935,911

	209,073	American Tower Corp.		46,209,314

	753,292	Americold Realty Trust, Inc.		12,527,246

	154,739	AvalonBay Communities, Inc.		31,489,386

	318,138	Brixmor Property Group, Inc.		8,284,314

	170,738	COPT Defense Properties		4,708,954

	333,020	Crown Castle, Inc.		34,211,145

	659,781	CubeSmart		28,040,692

	50,136	EastGroup Properties, Inc.		8,378,728

	640,539	Empire State Realty Trust, Inc., Class A		5,181,961

	53,120	Equinix, Inc.		42,255,366

	76,610	Essex Property Trust, Inc.		21,711,274

	202,656	Extra Space Storage, Inc.		29,879,601

	145,732	Federal Realty Investment Trust		13,843,083

	147,857	First Industrial Realty Trust, Inc.		7,116,357

	941,911	Healthcare Realty Trust, Inc.,		14,938,708

	1,284,701	Healthpeak Properties, Inc.		22,495,115

	418,300	Independence Realty Trust, Inc.		7,399,727

	1,418,143	Invitation Homes, Inc.		46,515,090

	142,477	Iron Mountain, Inc.		14,613,866

	171,316	Lineage, Inc.		7,455,672

	316,068	National Storage Affiliates Trust		10,111,015

	800,659	Park Hotels & Resorts, Inc.		8,190,742

	696,892	Piedmont Office Realty Trust, Inc., Class A		5,080,343

	575,980	Realty Income Corp.		33,182,208

	126,830	Regency Centers Corp.		9,034,101

	572,115	Rexford Industrial Realty, Inc.		20,350,131

	199,188	Simon Property Group, Inc.		32,021,463

	233,558	STAG Industrial, Inc.		8,473,484

	262,148	Sun Communities, Inc.		33,159,101

	1,408,200	Sunstone Hotel Investors, Inc.		12,223,176

	772,448	VICI Properties, Inc.,		25,181,805

	137,828	Vornado Realty Trust		5,270,543

	247,950	Welltower, Inc.		38,117,353

				660,586,975

		Total Common Stock

		(cost $1,273,231,988)		1,034,849,260


Shares			Market value

		Preferred Stock – 8.1%

		United States – 8.1%

	245,403	Digital Realty Trust, Inc., Series J, 5.250%	$	5,168,187

	301,100	Digital Realty Trust, Inc., Series L, 5.200%		6,015,978

	282,200	Federal Realty Investment Trust, Series C, 5.000%		5,655,288

	405,900	National Storage Affiliates Trust, Series A, 6.000%		9,071,865

	383,644	Pebblebrook Hotel Trust, Series E, 6.375%		6,736,789

	541,950	Pebblebrook Hotel Trust, Series F, 6.300%		9,511,222

	262,125	Pebblebrook Hotel Trust, Series G, 6.375%		4,600,294

	143,517	Rexford Industrial Realty, Inc., Series B, 5.875%		3,214,063

	287,077	Summit Hotel Properties, Inc., Series E, 6.250%		5,064,039

	265,000	Sunstone Hotel Investors, Inc., Series H, 6.125%		5,331,800

		Total Preferred Stock

		(cost $74,776,800)		60,369,525

		Total Investments – 146.5%

		(cost $1,348,008,788)		1,095,218,785

		Liabilities in Excess of Other Assets – (46.5)%		(347,376,326	)

		Net Assets – 100.0%	$	747,842,459



	June 30, 2025

Assets

Investments, at value (cost $1,348,008,788)	$	1,095,218,785

Cash and cash equivalents		94,419

Dividends and interest receivable		6,950,056

Dividend withholding reclaims receivable		1,251,854

Other assets		113,761

Total assets		1,103,628,875

Liabilities

Line of credit payable		353,287,900

Line of credit interest payable		1,485,911

Management fees payable		768,591

Accrued expenses		244,014

Total liabilities		355,786,416



NET ASSETS	$	747,842,459



Composition of Net Assets

$0.001 par value per share;
Unlimited number of shares authorized	$	149,969
149,969,159 shares issued and outstanding

Additional paid-in capital		1,040,126,997

Distributable earnings / (accumulated loss)		(292,434,507)



NET ASSETS	$	747,842,459



NET ASSET VALUE

(BASED ON 149,969,159 SHARES OUTSTANDING)	$	4.99



	For the six months ended June 30, 2025

Investment Income

Dividends (net of foreign withholding taxes of $934,887)		$23,805,815

Interest		12

Total investment income		23,805,827


Expenses

Interest expense on line of credit		8,648,083

Management fees		4,521,557

Printing and mailing fees		136,109

Legal fees		123,487

Administration fees		111,355

Trustees’ fees and expenses		110,585

Custodian fees		88,258

Insurance fees		80,830

NYSE listing fee		71,144

Audit and tax fees		46,613

Transfer agent fees		25,322

Miscellaneous expenses		15,583

Total expenses		13,978,926



NET INVESTMENT INCOME		9,826,901



Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions

Net realized gain (loss) on:

Investments		(33,625,031)

Foreign currency transactions		75,366

Total Net Realized Loss		(33,549,665)



Net change in unrealized appreciation (depreciation) on:

Investments		60,203,565

Foreign currency denominated assets and liabilities		170,702

Total Net Change in Unrealized Appreciation		60,374,267



NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		26,824,602



NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$36,651,503



	For the six months ended June 30, 2025 (unaudited)		For the year ended December 31, 2024

Change in Net Assets Resulting from Operations

Net investment income		$9,826,901		$11,124,243

Net realized gain (loss) on investments and foreign currency transactions		(33,549,665)		72,393,974

Net change in unrealized appreciation (depreciation) on investments, and foreign currency denominated assets and liabilities		60,374,267		(137,963,830)

Net increase (decrease) in net assets resulting from operations		36,651,503		(54,445,613)

Distributions on Common Shares

Distributions from distributable earnings		(13,903,022)		(83,334,001)

Distribution of return of capital		(39,218,931)		(17,698,999)

Total distributions on common shares		(53,121,953)		(101,033,000)

Capital Share transactions

Proceeds from shares sold		43,278,449		9,377,313

Offering costs for common shares charged to paid-in capital		-		(138,140)

Net increase from capital share transactions		43,278,449		9,239,173



Net Increase (Decrease) in Net Assets		26,807,999		(146,239,440)



Net Assets

Beginning of period		721,034,460		867,273,900

End of period		$747,842,459		$721,034,460


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 June 30, 2025. For information on the Trust’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Assets	Level 1	Level 2	Level 3	Total
INVESTMENT IN REAL ESTATE SECURITIES
Common Stock
Australia	$48,137,000	$ -	$ -	$48,137,000
Belgium	21,490,571	-	-	21,490,571
Canada	27,884,615	-	-	27,884,615
France	20,438,474	-	-	20,438,474
Germany	22,269,873	-	-	22,269,873
Hong Kong	52,113,680	-	-	52,113,680
Japan	85,688,956	-	-	85,688,956
Singapore	25,368,832	-	-	25,368,832
Sweden	14,444,814	-	-	14,444,814
United Kingdom	56,425,470	-	-	56,425,470
United States	660,586,975	-	-	660,586,975
Total Common Stock	1,034,849,260	-	-	1,034,849,260
Preferred Stock
United States	60,369,525	-	-	60,369,525
TOTAL INVESTMENT IN REAL ESTATE SECURITIES	$1,095,218,785	$ -	$ -	$1,095,218,785



	For the Six Months Ended June 30, 2025

Cash Flows from Operating Activities

Net increase in net assets resulting from operations		$36,651,503



Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Provided by Operating Activities

Net change in unrealized appreciation/depreciation on investments		(60,203,565)

Net realized loss on investments		33,625,031

Cost of securities purchased		(142,732,727)

Proceeds from sale of securities		138,083,308

Increase in dividends and interest receivable		(723,897)

Increase in dividend withholding reclaims receivable		(367)

Decrease in other assets		2,370

Decrease in management fees payable		(25,828)

Decrease in line of credit interest payable		(79,362)

Decrease in accrued expenses		(24,036)

NET CASH PROVIDED BY OPERATING ACTIVITIES		4,572,430



Cash Flows from Financing Activities:

Cash distributions paid on Common Shares		(53,121,953)

Proceeds from shares sold		43,278,449

Proceeds from borrowing on line of credit		155,252,600

Payments on line of credit borrowings		(149,887,200)

NET CASH USED IN FINANCING ACTIVITIES		(4,478,104)

Net increase in cash		94,326

Cash and Cash Equivalents at Beginning of Period		93

CASH AND CASH EQUIVALENTS AT END OF PERIOD		$94,419



Supplemental Disclosure

Interest paid on line of credit borrowings		$8,727,445



	For the Six Months Ended June 30, 2025 (unaudited)		For the Year Ended December 31, 2024		For the Year Ended December 31, 2023			For the Year Ended December 31, 2022		For the Year Ended December 31, 2021		For the Year Ended December 31, 2020

Per share operating performance for a share outstanding throughout the period



Net asset value, beginning of period		$5.10		$6.20		$6.31			$10.48		$8.11		$8.86



Income from investment operations

Net investment income (1)		0.07		0.08		0.10			0.20		0.22		0.17

Net realized and unrealized gain (loss) on investments, written options and foreign currency transactions		0.18		(0.46)		0.74			(3.67)		2.75		(0.32)

Total from investment operations		0.25		(0.38)		0.84			(3.47)		2.97		(0.15)



Common Share transactions

Accretive/(Dilutive) effect on net asset value as a result of new shares sold and rights offering		0.00 (2)		0.00 (2)		(0.22	) (3)		-		-		-

Offering costs charged to paid-in-capital		-		(0.00) (2)		(0.01)			-		-		-

Total from Common Share transactions		-		(0.00) (2)		(0.23)			-		-		-



Distributions on Common Shares

Net investment income		(0.09)		(0.44)		(0.34)			(0.21)		(0.08)		(0.21)

Net realized gains		-		(0.15)		(0.30)			(0.49)		(0.52)		-

Return of capital		(0.27)		(0.13)		(0.08)			-		-		(0.39)

Total distributions to common shareholders		(0.36)		(0.72)		(0.72)			(0.70)		(0.60)		(0.60)



NET ASSET VALUE, END OF PERIOD		$4.99		$5.10		$6.20			$6.31		$10.48		$8.11



MARKET VALUE, END OF PERIOD		$5.29		$4.81		$5.43			$5.73		$9.79		$6.88



Total investment return (4)

Net asset value		5.12%		(6.50)%		11.03%			(33.97)%		37.88%		(0.74)%

Market value		18.00%		1.25%		8.66%			(35.54)%		52.66%		(5.52)%



Ratios and supplemental data

Net assets, applicable to common shares, end of period (thousands)		$747,842		$721,034		$867,274			$736,011		$1,221,609		$945,194

Borrowings (senior securities) outstanding, end of period (thousands)		$353,288		$347,923		$289,442			$345,209		$320,489		$289,727

Asset Coverage per $1,000 (5)		$3,117		$3,072		$3,996			$3,132		$4,812		$4,262



Ratios to average net assets applicable to common shares of:

Net expenses		3.84% (6)		3.88%		3.86%			2.29%		1.46%		1.53%

Net expenses, excluding interest on line of credit		1.46% (6)		1.41%		1.40%			1.39%		1.24%		1.26%

Net investment income		2.70% (6)		1.40%		1.63%			2.49%		2.37%		2.25%



Portfolio turnover rate		12.57%		87.60%		50.69%			53.88%		78.44%		72.50%


(a)(1)		Not applicable for semi-annual reporting period.

(a)(2)		Not applicable.

(a)(3)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)(1)		There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(3)(2)		There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)		Certification pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(c)		Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1.¹



By (Signature and Title)*:		/s/ Joseph P. Smith
		Joseph P. Smith
		President and Chief Executive Officer