Form N-CSR - Certified Shareholder Report

Date: March 5, 2024

/s/ Joseph P. Smith

Joseph P. Smith,

President and Chief Executive Officer

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21465

CBRE Global Real Estate Income Fund

(Exact name of registrant as specified in charter)

555 East Lancaster Avenue, Suite 120

Radnor, PA 19087

(Address of principal executive offices) (Zip code)

Joseph P. Smith, President and Chief Executive Officer

CBRE Global Real Estate Income Fund

555 East Lancaster Avenue, Suite 120

Radnor, PA 19087

(Name and address of agent for service)

Registrant’s telephone number, including area code:

1-877-711-4272

Date of fiscal year end: December 31

Date of reporting period: December 31, 2023

Form

N-CSR

is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule

30e-1

under the Investment Company Act of 1940 (17 CFR

270.30e-1).

The Commission may use the information provided on Form

N-CSR

in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form

N-CSR,

and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form

N-CSR

unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

(a)

The Report to Shareholders of CBRE Global Real Estate Income Fund (the “Trust”) is attached herewith.

Annual Report

CBRE Global Real Estate

Income Fund

2023

Table of contents

CBRE Global Real Estate Income Fund



Important Information			2

Letter to Shareholders			3

Fees and Expenses (unaudited)			8

Additional Information – investment objectives, policies, and risks (unaudited)			9

FINANCIAL STATEMENTS

Portfolio of Investments			16

Statement of Assets and Liabilities			19

Statement of Operations			20

Statements of Changes in Net Assets			21

Statement of Cash Flows			22

Financial Highlights			23

Notes to Financial Statements			24

Report of Independent Registered Public Accounting Firm			32

Supplemental Information (unaudited)			34

Administration			39


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			1

Important information

CBRE Global Real Estate Income Fund (the “Trust”), acting in accordance with an exemptive order received from the Securities and Exchange Commission and with approval of its Board of Trustees (the “Board”), has adopted a managed distribution policy with the purpose of distributing over the course of each year, through periodic distributions as nearly equal as practicable and any required special distributions, an amount closely approximating the total taxable income of the Trust during such year plus, if so desired by the Board, all or a portion of the capital gains and returns of capital from portfolio companies received by the Trust during the year.

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. 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.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			2

Letter to Shareholders

Joseph P. Smith

Kenneth S. Weinberg

Jonathan Miniman

Dear Shareholder:

We are pleased to present the 2023 Annual Report for the CBRE Global Real Estate Income Fund (the “Trust”).

PERFORMANCE REVIEW

Global real estate stocks generated strong performance in the second half of the year (“2H2023”), delivering an +8.6% return. The strong performance in 2H2023 came fourth quarter with global real estate stocks soaring +15.6% as Fed Chair Powell announced the Federal Open Market Committee will cut rates in 2024. For the calendar year (“CY2023”), real estate stocks were up +9.7% but still underperformed the broad market which delivered a +24.4% return for the year.

Investment returns during the past two years have been largely driven by the market adapting to higher interest rates, which has resulted in a material drop in commercial real estate pricing from peak valuations in early 2022. Underlying property valuations in the listed market have ‘dislocated’ further from valuations in the private market, with REITs currently trading at a discount to private market valuations. REITs have typically outperformed equities, bonds and private real estate at the end of Fed tightening cycles. In our opinion, real estate stocks remain attractively valued and offer above-average and growing dividend yields as well as resilient earnings growth. We believe investors committing capital to listed real estate at this time have the potential to earn an attractive absolute and relative long-term total return.

For the year, Europe was the best performing region followed by North America and Asia-Pacific. Common stocks underperformed preferred securities.

Global Real Estate Market Performance as of December 31, 2023


	1H2023	2H2023	CY2023
REGION
North America 2	4.6%	6.7%	11.6%
Europe 2	-6.1%	27.9%	20.0%
Asia-Pacific 2	-4.9%	3.9%	-1.2%
Global Real Estate Common Stocks 3	1.0%	8.6%	9.7%
U.S. REIT Preferred Stocks 4	9.2%	5.2%	14.9%
80/20 Blend of Global Common Stock & U.S. Preferred Stock 5	2.7%	7.9%	10.8%

The Trust’s net asset value (“NAV”) return was +11.0% during 2023, outperforming the +10.8% return for an 80/20 mix of global common stock and preferred securities. Although the Trust’s underweight to outperforming preferred stocks detracted from relative performance, the positive selection and allocation elsewhere more than offset the negative impact. We believe that an underweight position to preferred stocks is warranted given the discounted valuations our common stock universe continues to price in. Selection and allocation within the U.S. had a significant impact on the Trust’s outperformance on a relative basis and an absolute basis. Our exposure to the data center, hotel, self-storage and mall sectors were some of the largest absolute contributors for the year, posting returns above +20%. Our material overweight in these sectors during the

Global real estate stocks as measured by FTSE EPRA Nareit Developed Index – Net returned +15.6% during the fourth quarter, +8.6% during the second half of the year and +9.7% for the calendar year. The broader market as measured by the MSCI World Index (USD) returned +24.4% for the calendar year.

Regional allocations for the FTSE EPRA Nareit Developed Index – Net are determined based on classifications by CBRE Investment Management. North America regional performance excludes U.S. REIT preferred stocks and only represents U.S. common stocks within the FTSE EPRA Nareit Developed Index – Net.

Represented by the FTSE EPRA Nareit Developed Index – Net. 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.

Represented by the daily weighted average of the following indices: 80% FTSE EPRA Nareit Developed – Net and 20% MSCI Preferred Index.

Investors cannot invest directly in an index.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			3

year also contributed significantly on a relative basis. During 2H2023, we made the strategic decision to decrease our exposure to the data center sector, a material overweight at the start of the year, following the strong absolute performance in the first half of the year. Our constant underweight to the net lease sector was also a significant contributor for the year, however we did increase our exposure to the sector in 2H2023. Europe was the strongest region on an absolute basis and also had a positive impact on a relative basis. Our overweight allocation along with superior stock selection in Continental Europe resulted in positive relative performance in that region. Our overweight position to Unibail, up over +40% for the year, significantly contributed to absolute and relative performance. In Asia, we underperformed on a relative basis due most in part to an overweight allocation in Hong Kong. Hong Kong underperformed as weakness in the Chinese economy continued to weigh on Hong Kong markets. Positive stock selection in Australia and Japan REOCS did partially offset the negative impact from Hong Kong allocation.

In April of 2023, the Trust successfully completed a Transferable Rights Offering (the Offering) raising $117.6 million of additional capital. One of the primary goals of the Offering was to enhance the distribution and NAV appreciation potential of the Trust and we believe the capital was raised during a period of favorable market conditions. In the months following the close of the Offering, our portfolio management team patiently invested the capital in securities we believe offered historically attractive valuations and above total return potential.

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. The Trust may pay distributions in excess of the Fund’s investment company taxable income and net realized gains. This excess would be a return of capital distributed from the Fund’s assets. In accordance with its distribution policy, and with the approval of its Board of Trustees (the Board), the Trust made total distributions of $0.72 per share during CY2023. The total annual distribution of $0.72 represents a 13.3% rate on the $5.43 share price and an 11.6% rate on the $6.20 NAV as of December 31

, 2023.

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 25% on December 31

, 2023, down from 30% on June 30

, 2023.

PORTFOLIO REVIEW

The Trust’s investments remain well-diversified by property type and geography. On December 31

, the Trust’s portfolio was approximately 94% invested in common stock securities (63% in the Americas, 19% in Asia-Pacific, and 12% in Europe) with 6% of the portfolio invested in preferred stock of U.S. real estate companies.


Geographic exposure as of December 31, 2023		Sector exposure as of December 31, 2023


Source: CBRE Investment Management as of 12/31/2023.

Geographic and Sector diversification are unaudited. 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.

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. Final determination of a distribution’s tax character will be made on Form 1099 DIV and sent to shareholders.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			4

MARKET OUTLOOK

We believe the listed markets should benefit from central bank rate cuts in 2024 and remain attractively valued relative to fixed income, equities and private real estate. We estimate that REITs are trading at a double digit discount to our assessment of private market values. REITs rarely trade at such a wide discount to the private markets. These indications have typically preceded periods of strong returns.

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 12/31/2023, 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.

High occupancies, long-duration leases and staggered lease terms support earnings stability. 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 of 3.0% in 2024 and dividend growth at least in line with earnings


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			5

Global real estate earnings growth forecast by region

Source: CBRE Investment Management as of 12/31/2023. “e” refers to “estimate” and “f” refers to “forecasts.” 2023 is represented by 2023/2022 and 2024 is represented by 2024/2023. The global average does not include the 2022 growth rates for the U.S. hotel sector due to the negative hotel growth in 2020 as a result of the pandemic. Earnings growth forecasts are calculated based on FFO Growth of US Towers and 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 REITs to benefit from external growth opportunities that are accretive to earnings. Despite tighter lending standards overall, REITs have demonstrated access to capital not available to private real estate investors. M&A transactions have increased as REITs have access to capital as well as a cost of capital advantage compared with private market investors.

We believe real estate dividend yield remains attractive. Current income generated by listed property’s dividend yields remains an attractive investment characteristic of the sector.

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 reasonable valuations. In the United States, we are overweight malls, towers, storage, residential, hotels, industrial and healthcare. In Japan, we prefer

mid-cap

diversified

J-REITs

that provide earnings growth and resiliency at very attractive relative valuations. In Hong Kong, we are overweight diversified companies with a commercial bias and

non-discretionary

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

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


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			6

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 schedule of investments section.

Distributed by Foreside Funds Services


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			7

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 are based on an investment of $1,000 invested at the beginning of the

six-month

period and held for the entire period (July 1, 2023 to December 31, 2023).

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

	July 1, 2023		December 31, 2023					Per $1,000 (1)
CBRE GLOBAL REAL ESTATE INCOME FUND
Actual	$	1,000.00	$	1,122.00		4.04	%	$	21.61
Hypothetical (5% return before expenses)	$	1,000.00	$	1,004.84		4.04	%	$	20.42

(1)	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 (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”).


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			9

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.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			10

–

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.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			11

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,


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			12

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 following the offering of Preferred Shares. Whether investors will realize gains or losses upon the sale of the shares will depend


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			13

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.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			14

Financial

Statements

Portfolio of Investments

December 31, 2023


Shares			Market value

		Real Estate Securities* – 125.4%

		Common Stock – 117.4%

		Australia – 4.8%

	830,420	Charter Hall Group	$	6,822,327

	1,525,133	Dexus		7,992,400

	2,931,273	Mirvac Group		4,180,332

	5,015,696	Scentre Group		10,233,181

	8,780,872	Vicinity Centres		12,222,951

				41,451,191

		Belgium – 2.2%

	167,362	Aedifica SA		11,767,439

	93,958	Cofinimmo SA		7,410,690

				19,178,129

		Canada – 4.8%

	176,498	Canadian Apartment Properties REIT		6,532,006

	728,500	Chartwell Retirement Residences		6,475,064

	939,900	H&R Real Estate Investment Trust		7,056,734

	850,000	RioCan Real Estate Investment Trust		12,002,882

	1,060,471	Tricon Residential, Inc.		9,650,286

				41,716,972

		France – 3.2%

	674,037	Klepierre SA		18,376,194

	130,279	Unibail-Rodamco-Westfield (a)		9,630,681

				28,006,875

		Germany – 1.1%

	105,598	LEG Immobilien SE (a)		9,252,627

		Hong Kong – 6.1%

	1,837,310	CK Asset Holdings Ltd.		9,223,550

	4,706,470	Link REIT		26,429,838

	2,348,000	New World Development Co. Ltd.		3,644,436

	4,382,000	Swire Properties Ltd.		8,866,640

	1,422,303	Wharf Real Estate Investment Co. Ltd.		4,808,677

				52,973,141

		Japan – 8.1%

	3,139	Activia Properties, Inc.		8,650,174

	7,321	AEON REIT Investment Corp.		7,342,810

	11,306	Japan Hotel REIT Investment Corp.		5,549,547


Shares			Market value

	24,096	Japan Metropolitan Fund Investment Corp.	$	17,416,530

	6,880	Kenedix Office Investment Corp.		7,847,241

	10,619	LaSalle Logiport REIT		11,449,057

	10,122	Orix JREIT, Inc.		11,954,270

				70,209,629

		Singapore – 4.9%

	3,822,800	CapitaLand Ascendas REIT		8,781,051

	11,760,444	CapitaLand China Trust		8,291,420

	9,348,612	CapitaLand Integrated Commercial Trust		14,599,455

	5,878,600	Frasers Logistics & Commercial Trust		5,125,002

	8,338,000	Keppel REIT		5,878,508

				42,675,436

		Spain – 1.5%

	1,142,990	Merlin Properties Socimi SA		12,701,853

		Sweden – 1.5%

	891,381	Castellum AB (a)		12,674,816

		United Kingdom – 5.5%

	1,200,719	British Land Co. PLC (The)		6,116,559

	2,598,836	Land Securities Group PLC		23,349,901

	829,603	Safestore Holdings PLC		9,348,950

	2,668,000	Supermarket Income REIT PLC		2,955,601

	2,696,061	Tritax Big Box REIT PLC		5,804,965

				47,575,976

		United States – 73.7%

	178,107	Alexandria Real Estate Equities, Inc.		22,578,624

	55,905	American Tower Corp.		12,068,771

	372,093	Apartment Income REIT Corp.		12,922,790

	154,739	AvalonBay Communities, Inc.		28,970,236

	791,471	Brixmor Property Group, Inc.		18,417,530

	652,710	Broadstone Net Lease, Inc.		11,239,666

	139,875	Camden Property Trust		13,888,189

	333,020	Crown Castle, Inc.		38,360,574

	741,425	CubeSmart		34,365,049

	941,762	Empire State Realty Trust, Inc., Class A		9,125,674

	7,111	Equinix, Inc.		5,727,128

	76,610	Essex Property Trust, Inc.		18,994,683

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			16

Portfolio of Investments continued


Shares			Market value

	666,620	Healthcare Realty Trust, Inc., Class A	$	11,485,863

	844,349	Healthpeak Properties, Inc.		16,718,110

	579,218	Host Hotels & Resorts, Inc.		11,277,374

	454,631	Hudson Pacific Properties, Inc.		4,232,615

	38,541	Hyatt Hotels Corp., Class A		5,026,132

	418,300	Independence Realty Trust, Inc.		6,399,990

	1,039,635	Invitation Homes, Inc.		35,461,950

	123,551	Kilroy Realty Corp.		4,922,272

	346,849	Kite Realty Group Trust		7,928,968

	316,068	National Storage Affiliates Trust		13,107,340

	800,659	Park Hotels & Resorts, Inc.		12,250,083

	696,892	Piedmont Office Realty Trust, Inc., Class A		4,954,902

	157,312	Public Storage		47,980,160

	278,710	Realty Income Corp.		16,003,528

	581,300	Retail Opportunity Investments Corp.		8,155,639

	505,000	Rexford Industrial Realty, Inc.		28,330,500

	44,335	SBA Communications Corp., Class A		11,247,346

	302,038	Simon Property Group, Inc.		43,082,700

	585,007	Spirit Realty Capital, Inc.		25,558,956

	262,148	Sun Communities, Inc.		35,036,080

	1,408,200	Sunstone Hotel Investors, Inc.		15,109,986

	413,305	Ventas, Inc.		20,599,121

	553,677	VICI Properties, Inc.		17,651,223

	166,582	Vornado Realty Trust		4,705,942

	64,442	Welltower, Inc.		5,810,735

				639,696,429

		Total Common Stock

		(cost $1,187,118,652)		1,018,113,074

		Preferred Stock – 8.0%

		United States – 8.0%

	245,403	Digital Realty Trust, Inc., Series J, 5.250%		5,435,676

	301,100	Digital Realty Trust, Inc., Series L, 5.200%		6,708,508


Shares			Market value

	282,200	Federal Realty Investment Trust, Series C, 5.000%	$	6,436,982

	405,900	National Storage Affiliates Trust, Series A, 6.000%		9,595,476

	383,644	Pebblebrook Hotel Trust, Series E, 6.375%		8,298,219

	541,950	Pebblebrook Hotel Trust, Series F, 6.300%		11,792,832

	262,125	Pebblebrook Hotel Trust, Series G, 6.375%		5,533,459

	143,517	Rexford Industrial Realty, Inc., Series B, 5.875%		3,375,520

	287,077	Summit Hotel Properties, Inc., Series E, 6.250%		6,246,796

	265,000	Sunstone Hotel Investors, Inc., Series H, 6.125%		5,763,750

		Total Preferred Stock

		(cost $75,288,919)		69,187,218

		Total Investments – 125.4%

		(cost $1,262,407,571)		1,087,300,292

		Liabilities in Excess of Other Assets – (25.4)%		(220,026,392	)

		Net Assets – 100.0%	$	867,273,900

*	Includes U.S. Real Estate Investment Trusts (“REIT”) and Real Estate Operating Companies (“REOC”) as well as entities similarly formed under the laws of non-U.S. countries.

(a)	Non-income producing security.

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			17

Portfolio of Investments concluded

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 December 31, 2023. 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	$	41,451,191	$	-	$	-	$	41,451,191
Belgium		19,178,129		-		-		19,178,129
Canada		41,716,972		-		-		41,716,972
France		28,006,875		-		-		28,006,875
Germany		9,252,627		-		-		9,252,627
Hong Kong		52,973,141		-		-		52,973,141
Japan		70,209,629		-		-		70,209,629
Singapore		42,675,436		-		-		42,675,436
Spain		12,701,853		-		-		12,701,853
Sweden		12,674,816		-		-		12,674,816
United Kingdom		47,575,976		-		-		47,575,976
United States		639,696,429		-		-		639,696,429
Total Common Stock		1,018,113,074		-		-		1,018,113,074
Preferred Stock
United States		69,187,218		-		-		69,187,218
TOTAL INVESTMENT IN REAL ESTATE SECURITIES	$	1,087,300,292	$	-	$	-	$	1,087,300,292

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			18

Statement of Assets and Liabilities



	December 31, 2023

Assets

Investments, at value (cost $1,262,407,571)	$	1,087,300,292

Cash and cash equivalents		279,733

Receivable for investment securities sold		63,375,760

Dividends and interest receivable		7,715,072

Dividend withholding reclaims receivable		1,098,831

Unrealized appreciation on spot contracts		17,334

Other assets		119,785

Total assets		1,159,906,807

Liabilities

Line of credit payable		289,441,900

Line of credit interest payable		1,724,511

Management fees payable		834,267

Dividend and distributions payable		279,719

Accrued expenses		352,510

Total liabilities		292,632,907



NET ASSETS	$	867,273,900



Composition of Net Assets

$0.001 par value per share;
Unlimited number of shares authorized
139,968,594 shares issued and outstanding	$	139,969

Additional paid-in capital		1,044,272,947

Distributable earnings / (accumulated loss)		(177,139,016	)



NET ASSETS	$	867,273,900



NET ASSET VALUE

(BASED ON 139,968,594 SHARES OUTSTANDING)	$	6.20

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			19

Statement of Operations



	For the year ended December 31, 2023

Investment Income

Dividends (net of foreign withholding taxes of $1,706,295)		$43,076,244

Interest		5,503

Total investment income		43,081,747



Expenses

Interest expense on line of credit		19,266,496

Management fees		9,471,638

Printing and mailing fees		328,785

Administration fees		232,862

Trustees’ fees and expenses		232,090

Custodian fees		182,611

Insurance fees		167,608

Legal fees		132,364

NYSE listing fee		119,505

Audit and tax fees		64,020

Transfer agent fees		52,308

Miscellaneous expenses		47,450

Total expenses		30,297,737



NET INVESTMENT INCOME		12,784,010



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

Net realized gain (loss) on:

Investments		47,958,369

Written options		(70,908)

Foreign currency transactions		(251,030)

Total Net Realized Gain		47,636,431



Net change in unrealized appreciation (depreciation) on:

Investments		51,711,198

Foreign currency denominated assets and liabilities		7,870

Total Net Change in Unrealized Appreciation		51,719,068



NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, WRITTEN OPTIONS, AND FOREIGN CURRENCY TRANSACTIONS		99,355,499



NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$112,139,509

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			20

Statements of Changes in Net assets



	For the year ended December 31, 2023		For the year ended December 31, 2022

Change in Net Assets Resulting from Operations

Net investment income		$12,784,010		$23,011,947

Net realized gain on investments, written options, and foreign currency transactions		47,636,431		67,530,538

Net change in unrealized appreciation (depreciation) on investments, and foreign currency denominated assets and liabilities		51,719,068		(494,527,416)

Net increase (decrease) in net assets resulting from operations		112,139,509		(403,984,931)

Distributions on Common Shares

Distributions from distributable earnings		(85,517,072)		(81,613,345)

Distributions from return of capital		(11,052,258)		–

Total distributions on common shares		(96,569,330)		(81,613,345)
Capital Share transactions

Proceeds from shares sold		117,591,843		–

Offering costs for common shares charged to paid-in capital		(1,898,934)		–

Net increase from capital share transactions		115,692,909		–



Net Increase (Decrease) in Net Assets		131,263,088		(485,598,276)



Net Assets

Beginning of year		736,010,812		1,221,609,088

End of year		$867,273,900		$736,010,812

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			21

Statement of Cash Flows



	For the year ended December 31, 2023

Cash Flows from Operating Activities

Net increase in net assets resulting from operations		$112,139,509



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		(51,711,198)

Net realized gain on investments		(47,958,369)

Net realized loss on written options		70,908

Cost of securities purchased		(559,873,067)

Proceeds from sale of securities		640,539,168

Premiums received on written options		1,085,932

Payments to close written options		(862,654)

Increase in receivable for investment securities sold		(53,438,912)

Increase in dividends and interest receivable		(3,129,400)

Increase in dividend withholding reclaims receivable		(567,201)

Increase in unrealized appreciation on spot contracts		(15,777)

Increase in other assets		(123)

Increase in management fees payable		48,677

Increase in line of credit interest payable		329,680

Decrease in accrued expenses		(13,330)

NET CASH PROVIDED BY OPERATING ACTIVITIES		36,643,843



Cash Flows from Financing Activities:

Cash distributions paid on Common Shares		(96,489,773)

Proceeds from shares sold		117,591,843

Offering costs for common shares charged to paid-in capital		(1,898,934)

Proceeds from borrowing on line of credit		450,524,200

Payments on line of credit borrowings		(506,291,700)

NET CASH USED IN FINANCING ACTIVITIES		(36,564,364)

Net increase in cash		79,479

Cash and Cash Equivalents at Beginning of Year		200,254

CASH AND CASH EQUIVALENTS AT END OF YEAR		$279,733



Supplemental Disclosure

Interest paid on line of credit borrowings		$18,936,816

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			22

Financial Highlights



	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		For the Year Ended December 31, 2019

Per share operating performance for a share outstanding throughout the year



Net asset value, beginning of year		$6.31		$10.48		$8.11		$8.86		$7.55



Income from investment operations

Net investment income (1)		0.10		0.20		0.22		0.17		0.16

Net realized and unrealized gain (loss) on investments, written options and foreign currency transactions		0.74		(3.67)		2.75		(0.32)		1.75

Total from investment operations		0.84		(3.47)		2.97		(0.15)		1.91



Common Share transactions

Dilutive effect on net asset value as a result of rights offering (2)		(0.22)		–		–		–		–

Offering costs charged to paid-in-capital		(0.01)		–		–		–		–

Total from Common Share transactions		(0.23)		–		–		–		–



Distributions on Common Shares

Net investment income		(0.34)		(0.21)		(0.08)		(0.21)		(0.30)

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

Return of capital		(0.08)		-		-		(0.39)		(0.30)

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



NET ASSET VALUE, END OF YEAR		$6.20		$6.31		$10.48		$8.11		$8.86



MARKET VALUE, END OF YEAR		$5.43		$5.73		$9.79		$6.88		$8.02



Total investment return (3)

Net asset value		11.03%		(33.97)%		37.88%		(0.74)%		25.74%

Market value		8.66%		(35.54)%		52.66%		(5.52)%		40.87%



Ratios and supplemental data

Net assets, applicable to common shares, end of year (thousands)		$867,274		$736,011		$1,221,609		$945,194		$1,032,890

Borrowings (senior securities) outstanding, end of year (thousands)		$289,442		$345,209		$320,489		$289,727		$121,020

Asset Coverage per $1,000 (4)		$3,996		$3,132		$4,812		$4,262		$9,535



Ratios to average net assets applicable to common shares of:

Net expenses		3.86%		2.29%		1.46%		1.53%		1.57%

Net expenses, excluding interest on line of credit		1.40%		1.39%		1.24%		1.26%		1.16%

Net investment income		1.63%		2.49%		2.37%		2.25%		1.89%



Portfolio turnover rate		50.69%		53.88%		78.44%		72.50%		44.97%

(1)	Based on average shares outstanding.

(2)	Shares issued at a 5% discount on a 5-day average market price from 3/31/2023 to 4/6/2023.

(3)

Total investment return does not reflect brokerage commissions. Dividends and distributions are assumed to be reinvested at the prices obtained under the Trust’s Dividend Reinvestment Plan. Net Asset Value (“NAV”) total return is calculated assuming reinvestment of distributions at NAV on the date of the distribution.

(4)

Asset Coverage per $1,000: Asset coverage per $1,000 of debt is calculated by subtracting the Trust’s liabilities and indebtedness not represented by senior securities from the Trust’s total assets, dividing the result by the aggregate amount of the Trust’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000.

See notes to financial statements


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			23

Notes to Financial Statements


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.

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


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			25

Notes to Financial Statements continued

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 year ended December 31, 2023, 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.

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


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			26

Notes to Financial Statements continued

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 December 31, 2023, 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 December 31, 2023, 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.

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. 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.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			27

Notes to Financial Statements continued

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

The effect of derivative instruments on the Trust’s Statement of Operations for the year ended December 31, 2023 was as follows:

Derivatives Not Accounted for as Hedging Instruments


	Realized loss
EQUITY RISK
Written options		($70,908)

For the year ended December 31, 2023, the average

month-end

notional value of written options was $7,584,078.


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 year ended December 31, 2023, the Trust incurred management fees of $9,471,638, of which $834,267 is payable as of

year-end.

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.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			28

Notes to Financial Statements continued


6		PORTFOLIO SECURITIES

For the year ended December 31, 2023, there were purchases and sales transactions (excluding short-term securities) of $563,262,933 and $635,204,120, 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.


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, 2023, 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, 2023, the adjustments were to decrease additional

paid-in

capital by $348 and increase distributable earnings by $348 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, 2023, 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, 2023.

The final determination of the source of the 2023 distributions for tax purposes will be made after the end of the Trust’s fiscal year and will be reported to shareholders in February 2024 on the Form

1099-DIV.

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. For the year ended December 31, 2022, the tax character of distributions paid, as reflected in the Statements of Changes in Net Assets, was $24,667,447 of ordinary income (including net short-term capital gains) and $56,945,898 of long-term capital gain (both reflected in the Statements of Changes in Net Assets as distributions from distributable earnings), respectively.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			29

Notes to Financial Statements concluded

Information on the tax components of net assets as of December 31, 2023 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)
$1,264,436,327	$24,614,091	$(201,750,126)	$(177,136,035)	$(2,981)	$0	$0	$0	$0


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 December 31, 2023, there were borrowings in the amount of $289,441,900 on the Trust’s line of credit.

The average daily amount of borrowings during the year ended December 31, 2023 was $329,130,959 with an average interest rate of 5.78%. The maximum amount outstanding for the year ended December 31, 2023 was $368,712,000. The Trust had borrowings under the line of credit for all 365 days during 2023.


9		CAPITAL

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

Effective March 9, 2023, shareholders of record were issued one right for every share owned of the Trust. These rights allowed holders to subscribe to additional Common Shares of the Trust at a rate of one share for every five rights. 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 the rights offering. This price was calculated at a 5% discount on a

5-day

average market price from 3/31/2023 to 4/6/2023. The offering resulted in gross proceeds of $117,591,843, less $1,898,934 of offering expenses, for net proceeds of $115,692,909. The net asset value of the Trust decreased by $0.22 per share on the day the additional shares were issued due to the shares being issued below net asset value.

In connection with the Trust’s Dividend Reinvestment Plan (“DRIP”), the Trust issued no common shares for the year ended December 31, 2023 and the year ended December 31, 2022, respectively.

At December 31, 2023, the Trust had outstanding common shares of 139,968,594 with a par value of $0.001 per share. The Adviser owned none of the common shares outstanding as of December 31, 2023.

At December 31, 2023, the Trust had no shares of auction rate preferred securities outstanding.


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		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 December 31, 2023, the Trust paid a distribution on January 31, 2024 of $0.06 per share for the month of January 2024.

No other notable events have occurred between

year-end

and the issuance of these financial statements.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			30

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees CBRE Global Real Estate Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of CBRE Global Real Estate Income Fund (the Trust), including the portfolio of investments, as of December 31, 2023, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the

two-year

period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trust as of December 31, 2023, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the

two-year

period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Trust’s auditor since 2014.

Philadelphia, Pennsylvania

February 28, 2024


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			32

Supplemental Information

Supplemental Information (unaudited)

Federal Income Tax Information

Qualified dividend income of as much as $8,049,046 was received by the Trust through December 31, 2023. The Trust intends to designate the maximum amount of dividends that qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For corporate shareholders, 0.78% of ordinary income distributions for the year ended December 31, 2023 qualified for the corporate dividends-received deduction.

In February 2024, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by you in the calendar year 2023.

Corporate Governance

The Trust submitted its Annual CEO certification for 2023 to the New York Stock Exchange (“NYSE”) on November 8, 2023 stating that the CEO was not aware of any violation by the Trust of the NYSE’s corporate governance listing standards. In addition, the Trust had filed the required CEO/CFO certifications regarding the quality of the Trust’s public disclosure as exhibits to the Forms

N-CSR

and Forms

N-PORT

filed by the Trust over the past fiscal year. The Trust’s Form

N-CSR

and Form

N-PORT

filings are available on the Commission’s website at www.sec.gov.

Result of Shareholder Votes

The Annual Meeting of Shareholders of the Trust was held on October 11, 2023.

With regard to the election of the following Trustees of the Trust, the voting results were as follows:


	Number of shares in favor		Number of shares withheld
T. Ritson Ferguson		101,058,055.698		2,850,197.523
Heidi Stam		97,733,513.155		6,174,740.066

The other Trustees of the Trust whose terms did not expire in 2023 are John R. Bartholdson, Leslie E. Greis, and Asuka Nakahara.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			34

Supplemental Information (unaudited) continued

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: 64	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: 68	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 Management Company (2022-2023); Comcast Corporation (since 2017)
John R. Bartholdson 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 79	3 years/ 19 1 ⁄ 2 years	Trustee/ Audit Committee Financial Expert	Senior Vice President, CFO and Treasurer, and a Director of Triumph Group, Inc. (1993-2007) (Retired)	1	Berwyn Cornerstone Fund, Berwyn Income Fund, and Berwyn Fund (2013-2016)
Leslie E. Greis 555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 65	3 years/ 5 years	Trustee	Founder and Managing Member of Perennial Capital Advisors, LLC (since 2003)	1	AIM Mutual, Inc. (2016), Kinefac Corporation (since 2009)


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			35

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 67	3 years/ 4 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)

(1)

Each Trustee is elected to serve a three-year term concurrent with the class of Trustees to which he or she belongs. Mr. Nakahara, as Class II Trustee, is currently serving a term expiring at the Trust’s 2024 annual meeting of shareholders. 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. 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: 55 President and Chief Executive Officer	Since 2022 1	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: 46 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: 50 Chief Compliance Officer and Secretary	since 2023 2	Chief Compliance Officer of CBRE Investment Management Listed Real Assets LLC (since 2023); Chief Compliance Officer of First Quadrant, LP (2012-2022)

1	Effective January 1, 2022, Mr. Smith assumed responsibilities as the President and Chief Executive Officer of the Trust; he maintains his role as Portfolio Manager of the Trust.

2	Effective January 1, 2023, Mr. Chang assumed responsibilities as the Chief Compliance Officer and Secretary of the Trust.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			36

Supplemental Information (unaudited) continued

Board Considerations in Approving the Advisory Agreement

At a meeting of the Board held on December 1, 2023, the Board, including the Independent Trustees voting separately, approved the continuation of the investment management agreement (the “Advisory Agreement”) between the Adviser and the Trust through December 31, 2024. Overall, the Board concluded that the continuation of the Advisory Agreement was in the best interests of the Trust and consistent with the expectations of its shareholders. In determining to approve the continuation of the Advisory Agreement, the Board took into account a number of factors, in each case in the context of the specific facts and circumstances of the Trust and without assigning relative weight to any factor or identifying any factor as determinative. The Board considered materials provided in advance of and during the Meeting, as well as their interactions with, and information provided by, the Adviser throughout the year.

In approving the continuation of the Advisory Agreement, the Board reviewed the nature, extent and quality of advisory services and administrative services provided by the Adviser, including the performance of the Adviser for the Trust in varying market environments and conditions. The Board considered the consistency of the Adviser’s investment decision-making process, the experience of the Adviser’s personnel, the stability of the Adviser and its parent company, the ability of the Adviser to manage leverage through changing market conditions and the continued commitment of the Adviser’s executive management team and management committee to the operation and management of the Trust. The Board noted the Trust’s strategic focus on providing current income to its shareholders and discussed current industry and economic trends and conditions. In reviewing the Trust’s performance, the Board considered information relating to the reported performance and fees and expenses of

closed-end

real estate funds (“peer group funds”) and the Adviser’s view as to the reasons for performance differences, including the Trust’s global investment mandate, its focus on providing current income, its use of leverage as compared to certain of the peer group funds and the performance impact of the Trust’s recent rights offering. The Board also considered information relating to the reported performance and fees and expenses of certain

open-end

real estate funds, as a point of reference. The Board further considered the administrative resources devoted by the Adviser to oversight of the Trust’s operations, without separate charge to the Trust, in relation to its peer group funds. The Board concluded that the quality of the services provided to the Trust by the Adviser, including the performance achieved for the Trust relative to its primary and secondary investment objectives, was satisfactory and supported the continued retention of the Adviser by the Trust.

The Board also considered the level of compensation to which the Adviser is entitled under the Advisory Agreement and concluded that fees paid to the Adviser by the Trust are not excessive and that the advisory fee rate is reasonable under the circumstances of the Trust. In reaching this conclusion, the Board considered the Trust’s advisory fee structure and the methodology with which the Adviser’s fee is calculated and considered information relating to the fees and expenses of peer group funds, as well as fee and expense information for certain

open-end

real estate funds. The Board also considered information provided by the Adviser with respect to the profits realized by the Adviser as a result of its services to the Trust, including the factors considered by the Adviser in determining such profits, and the Adviser’s profitability in connection with its management of other advisory accounts and its services as

sub-adviser

to certain other registered funds and separate accounts. The Board also considered the fact that the Trust’s advisory fee and total expense ratio, both including and excluding interest on debt, were generally comparable with the average advisory fee and expense ratio of the

closed-end

U.S. real estate peer group funds (some of which funds are charged separately for administrative services provided by their investment managers) and higher than the one peer group fund that has a global real estate mandate. Additionally, the Board considered the extent to which the Adviser might benefit indirectly from its relationship with the Trust.

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).


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			37

Supplemental Information (unaudited) concluded

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.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by the Trust. However, each participant will pay per share fees (currently $0.03 per share) a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

The Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share fee. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay. All correspondence concerning the Plan should be directed to the Plan Agent at Computershare Trust Company, N.A., P.O. Box 43006, Providence, RI 02940-3006, Phone Number: (866)

221-1580,

Website: www.computershare.com/investor.


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			38

Administration

Board of Trustees

T. Ritson Ferguson

Asuka Nakahara

John R. Bartholdson

Leslie E. Greis

Heidi Stam

Officers

Joseph P. Smith – President and Chief Executive Officer

Jonathan A. Blome – Chief Financial Officer

Jeff Chang – Chief Compliance Officer and Secretary

Investment Adviser

CBRE Investment Management Listed Real Assets LLC

555 East Lancaster Ave, Suite 120

Radnor, PA 19087

888-711-4272

Administrator and Custodian

The Bank of New York Mellon

New York, New York

Transfer Agent

Computershare

Canton, Massachusetts

Legal Counsel

Morgan, Lewis & Bockius LLP

Washington, DC

Independent Registered Public Accounting Firm

KPMG LLP

Philadelphia, Pennsylvania


Annual report 2023 CBRE Global Real Estate Income Fund		Confidential & Proprietary			39

(b)

Not applicable

Item 2.

Code of Ethics.

(a)

The Trust, as of the end of the period covered by this report, has adopted a Code of Ethics for Senior Financial Officers (the “Financial Officer Code of Ethics”) that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party.

(b)

Not applicable.

(c)

There have been no amendments, during the period covered by this report, to a provision of the Financial Officer Code of Ethics that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party, and that relates to any element of the code of ethics description.

(d)

The Trust has not granted any waivers, including an implicit waiver, from a provision of the Financial Officer Code of Ethics that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

(e)

Not applicable.

(f)

The Trust’s Financial Officer Code of Ethics is attached hereto as an exhibit.

Item 3.

Audit Committee Financial Expert.

All of the members of the audit committee have the business and financial experience necessary to understand the fundamental financial statements of a closed-end, registered investment company; further, each member of the committee is financially literate, as such qualification is interpreted by the Board of Trustees in its business judgment. In addition, the Board has determined that John R. Bartholdson is an “audit committee financial expert” and “independent” as those terms are defined in Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

•

Registrant may incorporate the following information by reference, if this information has been disclosed in the registrant’s definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Trust’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $69,000 for 2023 and $ 66,000 for 2022.

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Trust’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2023 and $0 for 2022.

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $24,720 for 2023 and $24,000 for 2022. Services include income tax return services including the review and signing of the Trust’s Form 1120-RIC as prepared by the Trust’s administrator.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2023 and $12,000 for 2022. (These services consisted of certain filings to reclaim taxes paid to European countries by the Trust.)

(e)(1)

(i) The Trust has an Audit Committee Charter in place (the “Charter”) that governs the pre-approval by the Trust’s Audit Committee of all engagements for audit services and all Covered Non-Audit Engagements (as defined in the Charter) provided by the Trust’s independent auditor (the “Independent Auditor”) to the Trust and other “Related Entities” (as defined below). Each calendar year, the Audit Committee will review and re-approve the Charter, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved, or both.

“Related Entities” means (i) CBRE Investment Management Listed Real Assets LLC (the “Adviser”) or (ii) any entity controlling, controlled by or under common control with the Adviser.

Pre-approval shall be required only with respect to non-audit services (i) related directly to the operations and financial reporting of the Trust and (ii) provided to a Related Entity that furnishes ongoing services to the Trust. Such pre-approval shall not apply to non-audit services provided to any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser. Pre-approval by the Audit Committee of such non-audit services shall be effected pursuant to the pre-approval procedures described in the Charter. The Charter shall not be violated if pre-approval of any such non-audit service is not obtained in circumstances in which the pre-approval requirement is waived under applicable rules promulgated by the Securities and Exchange Commission (“SEC”) or the NYSE, in accordance with the Sarbanes Oxley Act.

Requests for pre-approval of Covered Non-Audit Engagements are submitted to the Audit Committee by the Independent Auditor and by the chief financial officer of the Related Entity for which the non-audit services are to be performed. Such requests must include a statement as to whether, in the view of the Independent Auditor and such officer, (a) the request is consistent with the SEC’s rules on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request submitted between scheduled meetings of the Audit Committee should state the reason that approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

Between regularly scheduled meetings of the Audit Committee, the Committee Chairman or Audit Committee Financial Expert shall have the authority to pre-approve Covered Non-Audit Engagements, provided that fees associated with such engagement do not exceed $10,000 and the services to be provided do not involve provision of any of the following services by the Independent Auditor: (i) bookkeeping or other services related to the accounting records or financial statements of the audit client; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions; (vii) human resources; (vii) broker dealer, investment adviser or investment banking services; (ix) legal services; or (x) expert services unrelated to the audit.

Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee.

The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.

(e)(2)

100% percent of services described in each of paragraphs (b) through (d) of this Item were approved by the Trust’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

The percentage of hours expended on the principal accountant’s engagement to audit the Trust’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

(g)

The aggregate non-audit fees billed by the Trust’s accountant for services rendered to the Trust, and rendered to the Trust’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Trust for each of the last two fiscal years of the Trust was $339,083 for 2023 and $326,000 for 2022.

(h)

The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i)

Not applicable.

(j)

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

(a)

The Trust has a separately designated audit committee consisting of all the independent trustees of the Trust. The members of the audit committee are: Asuka Nakahara, Leslie Greis, Heidi Stam and John R. Bartholdson.

Item 6.

Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The Trust has delegated the voting of proxies relating to its voting securities to the Adviser, pursuant to the proxy voting procedures of the Adviser. The Trust’s and the Adviser’s Proxy Voting Policies and Procedures are included as an exhibit hereto.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

There has been no change, as of the date of the filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

(a)(2) Other Accounts Managed (as of December 31, 2023).

The Portfolio Managers are also collectively responsible for the day-to-day management of the Adviser’s other accounts, as indicated by the following table.


Name of Portfolio Manager	Type of Accounts	Number of Accounts Managed		Total Assets in the Accounts		Managed with Advisory Fee Based on Performance		Managed with Advisory Fee Based on Performance
Joseph P. Smith	Registered Investment Companies		9	$	5,061,665,782		0	$	0
	Other Pooled Investment Vehicles		10	$	1,031,298,775		1	$	24,176,998
	Other Accounts		18	$	1,953,749,396		6	$	314,165,959
Kenneth S. Weinberg	Registered Investment Companies		5	$	2,813,280,220		0	$	0
	Other Pooled Investment Vehicles		2	$	208,040,136		0	$	0
	Other Accounts		19	$	2,007,398,840		5	$	311,025,203
Jonathan D. Miniman	Registered Investment Companies		4	$	1,654,387,515		0	$	0
	Other Pooled Investment Vehicles		7	$	601,457,076		0	$	0
	Other Accounts		5	$	458,747,318		0	$	0

Potential Conflicts of Interests

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Trust. These other accounts may include, among others, other closed-end funds, mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and private funds. Potential conflicts may arise out of the implementation of differing investment strategies for a portfolio manager’s various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager’s accounts.

A potential conflict of interest may arise as a result of a portfolio manager’s responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager’s accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.

A portfolio manager may also manage accounts whose objectives and policies differ from those of the Trust. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease while the Trust maintained its position in that security.

A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee.

The Adviser recognizes the duty of loyalty it owes to its clients and has established and implemented certain policies and procedures designed to control and mitigate conflicts of interest arising from the execution of a variety of portfolio management and trading strategies across the Adviser’s diverse client base. Such policies and procedures include, but are not limited to: (i) investment process, portfolio management, and trade allocation procedures; (ii) procedures regarding short sales in securities recommended for other clients; and (iii) procedures regarding personal trading by the Adviser’s employees (contained in the Code of Ethics).

(a)(3)

Compensation Structure of Portfolio Manager(s) or Management Team Members

In principle, portfolio manager compensation is not based on the performance of any particular account, including the Trust, nor is compensation based on the level of Trust assets.

Compensation for each portfolio manager is structured as follows:

Base Salary—Each portfolio manager receives a base salary. Base salaries have been established at a competitive market levels and are set forth in the portfolio manager’s employment agreement. An annual adjustment is made based on changes in the consumer price index. Base salaries are be reviewed periodically by the Adviser’s Compensation Committee and its Board of Directors, but adjustments are expected to be relatively infrequent.

Bonus—Portfolio manager bonuses are drawn from an incentive compensation pool into which a significant percentage of Advisor’s pre-tax profits is set aside. Incentive compensation allocations are determined by the Compensation Committee based on a variety of factors, including the performance of particular investment strategies. To avoid the pitfalls of relying solely on a rigid performance format, however, incentive compensation decisions also take into account other important factors, such as the portfolio manager’s contribution to the team, the Adviser, and overall investment process. Each of the portfolio managers is a member of the Committee. Incentive compensation allocations are reported to the Board of Directors, but the Board’s approval is not required.

Deferred Compensation—The Adviser requires deferral of a percentage of incentive compensation exceeding a certain threshold in respect of a single fiscal year. The Compensation Committee may, in its discretion, require the deferral of additional amounts. Such deferred amounts are subject to the terms of a Deferred Bonus Plan adopted by the Board

of Directors. The purpose of the Deferred Bonus Plan is to foster the retention of key employees, to focus plan participants on value creation and growth and to encourage continued cooperation among key employees in providing services to the Adviser’s clients. The value of deferred bonus amounts is tied to the performance of the Adviser’s investment funds chosen by the Compensation Committee; provided, that the Committee may elect to leave a portion of the assets uninvested. Deferred compensation vests incrementally, one-third after 2 years, 3 years and 4 years. The Deferred Bonus Plan provides for forfeiture upon voluntary termination of employment, termination for cause or conduct detrimental to the Adviser.

Profit Participation—Each of the portfolio managers owns equity of the Adviser. The Adviser distributes its income to its owners each year, so each portfolio manager receives income distributions corresponding to his ownership share. Ownership is structured so that the owners receive an increasing share of the Adviser’s profit over time. In addition, an owner may forfeit a portion of their ownership if they resigns voluntarily.

Other Compensation—Portfolio managers may also participate in benefit plans and programs available generally to all employees, such as CBRE Group’s 401(k) plan.

(a)(4)

Disclosure of Securities Ownership


Name of Portfolio Manager	Dollar Value of Trust Shares Beneficially Owned
Joseph P. Smith		Over $500,000
Kenneth S. Weinberg	$	50,001 to $100,000
Jonathan D. Miniman	$	100,001 to $500,000

(b)	Not applicable

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11.

Controls and Procedures.

(a)

The Trust’s principal executive officer and principal financial officer have evaluated the Trust’s disclosure controls and procedures within 90 days of this filing and have concluded that the Trust’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Trust in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)

The Trust’s principal executive officer and principal financial officer are aware of no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1)

Financial Officer Code of Ethics

(a)(2)

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

There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)

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

(c)

Proxy Voting Policies and Procedures.

(d)

Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1.(1)

The Trust has received exceptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year. This relief is conditioned, in part, on an undertaking by the Trust to make the disclosures to the holders of the Trust’s common shares, in addition to the information required by Section 19(a) of the Investment Company Act and Rule 19a-1 thereunder. The Trust is likewise obligated to file with the Commission the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) CBRE Global Real Estate Income Fund


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

Date March 5, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date March 5, 2024

By (Signature and Title)*		/s/ Jonathan A. Blome
		Jonathan A. Blome
		Chief Financial Officer

Date March 5, 2024

^* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

CODE OF

ETHICS FOR

SENIOR FINANCIAL OFFICERS

CBRE GLOBAL REAL ESTATE INCOME FUND

CBRE Global Real Estate Income Fund (the “Fund”) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure – financial and otherwise – in compliance with applicable law. This Code of Ethics, applicable to the Fund’s President and Chief Executive Officer, and its Treasurer (Chief Financial Officer) (together, “Senior Officers”), sets forth policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

This Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment companies, because the Senior Officers currently or may in the future serve as Senior Officers of the Fund, as officers or employees of the Fund’s investment advisor (the “Advisor”) and as officers or Trustees/directors of other registered investment companies and unregistered investment funds managed by the Advisor. This Code of Ethics also recognizes that certain laws and regulations applicable to, and certain policies and procedures adopted by, the Fund or the Advisor, govern your conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

•

the Investment Company Act of 1940, and the rules and regulation promulgated thereunder by the Securities and Exchange Commission (the “1940 Act”);

•

the Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “Advisers Act”);

•

the Code of Ethics adopted by the Fund pursuant to Rule 17j-l (c) under the 1940 Act (collectively, the “Fund’s 1940 Act Code of Ethics);

•

the Code of Ethics adopted by the Advisor that has been reviewed and approved by those Trustees (the “Trustees”) of the Fund that are not “interested persons” of the Fund (the “Independent Trustees”) within the meaning of the 1940 Act (the “Advisor’s Code of Ethics” and, together with the Fund’s 1940 Act Code of Ethics, the “40 Act Code of Ethics”); and

•

the policies and procedures adopted by the Fund to address conflict of interest situations, such as procedures under Rule 10f-3 and Rule 17a-7 under the 1940 Act (collectively, the “Fund Policies”); and

•

the Advisor’s general policies and procedures to address, among other things, conflict of interest situations and related matters (collectively, the “Advisor Policies”).

The provisions of the 1940 Act, the Advisers Act, the 40 Act Code of Ethics, the Fund Policies and the Advisor Policies are referred to herein collectively as the “Additional Conflict Rules”.

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of Trustees (the “Governance Committee”) shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

Senior Officers Should Act Honestly and Candidly

Each Senior Officer has a responsibility to the Fund to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Senior Officer must:

•

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Additional Conflict Rules;

•

comply with the laws, rules and regulations that govern the conduct of the Fund’s operations and report any suspected violations thereof in accordance with the section below entitled “Compliance with Code of Ethics”; and

•

adhere to a high standard of business ethics.

Conflicts of Interest

A conflict of interest for the purpose of this Code of Ethics occurs when your private interest interferes in any way, or even appear to interfere, with the interest of the Fund.

Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of the Fund also are or may be officers of the Advisor and other funds managed or serviced by the Advisor (as a result of which it is incumbent upon you to be familiar with and to seek to comply with the Additional Conflict Rules).

You are required to conduct the business of the Fund in an honest and ethical manner, including the ethical handling of actual or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest with respect to the Fund where you are receiving a personal benefit, you should act in accordance with the letter and spirit of this Code of Ethics.

If you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of the Fund, you should make full disclosure of all relevant facts and circumstances to the Fund’s Chief Compliance Officer (the “Compliance Officer”) and obtain the approval of the Compliance Officer prior to taking action.

Some conflict of interest situations that should always be approved by the Compliance Officer, if material, include the following:

•

the receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Advisor), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

•

any ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than the Advisor; or

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment by the Advisor, such as compensation or equity ownership.

Disclosures

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy and to abide by the Fund’s standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

•

familiarize himself of herself with the disclosure requirements applicable to the Fund as well as the business and financial operations of the Fund; and

•

not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the Trustees, the Fund’s independent auditors, the Fund’s counsel, counsel to the Independent Trustees, governmental regulators or self-regulatory organizations.

Compliance with Code of Ethics

If you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, you must report that information on a timely basis to the Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Fund. No one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

•

the Compliance Officer will take all appropriate action to investigate any actual or potential violations reported to him or her;

•

violations and potential violations will be reported to the Audit Committee after such investigation;

•

if the Audit Committee determines that a violation has occurred, it will take all appropriate disciplinary or preventive action; and

•

appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

Waivers of Code of Ethics

Except as otherwise provided in this Code of Ethics, the Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation. The Compliance Officer shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this Code of Ethics.

The Compliance Officer is authorized to consult, as appropriate, with the chair of the Audit Committee and with counsel to the Fund, the Advisor or the Independent Trustees, and is encouraged to do so.

The Audit Committee is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Recordkeeping

The Fund will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Audit Committee:

•

that provided the basis for any amendment or waiver to this Code of Ethics; and

•

relating to any violation of this Code of Ethics and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee.

Confidentiality

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Trustees and their counsel, the Fund and its counsel, the Advisor and its counsel and any other advisors, consultants or counsel retained by the Trustee, the Independent Trustees or any committee of the Trustees.

Amendments

This Code of Ethics may not be amended except in written form, which is specifically approved by a majority vote of the Trustee, including a majority of the Independent Trustees.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers in the conduct of the Fund’s business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

ACKNOWLEDGEMENT FORM

I have received and read the Code of Ethics for Senior Financial Officers, and I understand its contents. I agree to comply fully with the standards contained in the Code of Ethics and the Fund’s related policies and procedures. I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Compliance Officer or report it anonymously by following the “whistle blower” policies adopted by the Fund.

Printed Name

Signature

Date

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Joseph P. Smith, certify that:

1.	I have reviewed this report on Form N-CSR of CBRE Global Real Estate Income Fund;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the

Sarbanes-Oxley Act

I, Jonathan A. Blome, certify that:

1.	I have reviewed this report on Form N-CSR of CBRE Global Real Estate Income Fund;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the

Sarbanes-Oxley Act

I, Joseph P. Smith, President and Chief Executive Officer of CBRE Global Real Estate Income Fund (the “Registrant”), certify that:

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

I, Jonathan A. Blome, Chief Financial Officer of CBRE Global Real Estate Income Fund (the “Registrant”), certify that:

The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

LOGO

Global Proxy

Voting Policy

December 2023

Global Proxy Voting

Policy

OUR PRINCIPLES AND PHILOSOPHY

CBRE Investment Management Listed Real Assets LLC (“CBREIM Listed Real Assets” or “we”) treats proxy voting as a fundamental responsibility of shareholders – one which can work to affect positive management behavior over time and therefore ultimately contribute to generating economic value to shareholders.

Proxy voting is an important right of shareholders, and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. When CBREIM Listed Real Assets has discretion to vote the proxies of its clients, it will vote those proxies in accordance with this policy and procedures. The guidelines presented in this policy reflect a corporate governance structure that is responsive to company stakeholders and supportive of responsible investment goals.

For the accounts over which CBREIM Listed Real Assets maintains proxy voting authority, CBREIM Listed Real Assets will vote proxies in accordance with its proxy voting guidelines. CBREIM Listed Real Assets may, in certain circumstances, voluntarily adhere to guidelines established by its clients if doing so can be accomplished within the proxy voting process established with the proxy voting administrator. Otherwise, CBREIM Listed Real Assets will not accept proxy voting authority to the extent clients wish to impose voting guidelines different from those of CBREIM Listed Real Assets. As the responsibility for proxy voting is defined at the outset of the client relationship (and documented in the Investment Management Agreement), CBREIM Listed Real Assets does not anticipate any confusion on the part of its clients in this respect.

OUR PROCEDURES AND CONTROLS

PROXY VOTING ADMINISTRATION

CBREIM Listed Real Assets controls proxy voting for the majority of separate accounts under management, subject to limited exceptions; sub-advised funds may choose to handle their own voting.

CBREIM Listed Real Assets has engaged a third-party vendor, Institutional Shareholder Services (ISS), to provide proxy voting administration services, including the tracking of proxies received for clients, providing notice to CBREIM Listed Real Assets concerning dates votes are due, the actual casting of ballots, and recordkeeping. It is important to recognize that the ability of ISS and CBREIM Listed Real Assets to process proxy voting decisions in a timely manner is contingent in large part on the custodian banks holding securities for CBREIM Listed Real Assets clients. On a daily basis, CBREIM Listed Real Assets provides ISS with a list of securities held in each account over which CBREIM Listed Real Assets has voting authority.

While not the norm, in certain countries where share blocking is required, there may be times where CBREIM Listed Real Assets chooses not to vote. Share blocking entails selling the stock short for a period of time around the date of the vote. We may decide not to vote if in the in the best interest of our client to avoid failed trades or overdrafts, or to have shares be freely tradeable.


CBRE Investment Management Listed Real Assets \| Global Proxy Voting Policy		2

DETERMINATION OF VOTE

CBREIM Listed Real Assets established its own proxy voting guidelines and provides those guidelines to ISS. Proxy voting guidelines are reviewed and approved by our Sustainability and Senior Global Portfolio Managers. The approved proxy voting guidelines are provided to ISS to facilitate the administrative processing proxy voting.

Voting decisions remain within the discretion of CBREIM Listed Real Assets. On a daily basis, CBREIM Listed Real Assets Securities Operations group reviews an online system maintained by ISS in order to monitor for upcoming votes. When a pending vote is identified, the Securities Operations team forwards the ballot to the appropriate Portfolio Manager or Investment Analyst for review, along with any supplemental information about the ballots provided by ISS and – if available – other research vendors to which CBREIM Listed Real Assets subscribes.

CBREIM Listed Real Assets Senior Investment Analysts review the proxy statement and determine the votes within the firm’s specified guidelines. If the Analyst’s indicated vote conflicts with CBREIM Listed Real Assets’ guidelines, the vote must be verified (with documented rationale) and approved by a designated Senior Portfolio Manager or our Head of Sustainability; the vote and corresponding rationale is also reviewed by our Chief Compliance Officer.

This proxy voting process is tested annually by external auditors to confirm that we have adequate procedures which are consistently applied.

CONFLICTS OF INTEREST

CBREIM Listed Real Assets will identify any conflicts that exist between the interests of CBREIM Listed Real Assets (including its employees and affiliates) and its clients as it relates to proxy voting. CBREIM Listed Real Assets obtains information from all employees regarding outside business activities and personal relationships with companies within the investable universe (such as serving as board members or executive officers of an issuer), to confirm that employees do not have personal interests in transactions, holdings, or proxy matters. Additionally, CBREIM Listed Real Assets will consider the conflicts associated with any ballot which identifies a relationship to CBRE Investment Management or another affiliate within CBRE Group. Lastly, CBREIM Listed Real Assets will consider any ballot which relates to a client of CBREIM Listed Real Assets as a potential conflict of interest.

If a material conflict is identified for a particular ballot, CBREIM Listed Real Assets will refer the ballot and conflict to the CBREIM Listed Real Assets Risk & Control Committee for review. In such situations, CBREIM Listed Real Assets will generally defer the vote either to the recommendation provided by ISS (not based on the CBREIM Listed Real Assets guidelines) or to the affected client(s) so that the client may determine its voting decision.

PROXY VOTING RECORDS

The proxy voting process is coordinated by the Securities Operations group and the Compliance team is responsible for oversight of and testing of the process. As noted above, ISS provides recordkeeping services, including retaining a copy of each proxy statement received and each vote cast. This information is available to CBREIM Listed Real Assets upon request.

CBREIM Listed Real Assets maintains files relating to its proxy voting procedures in an easily accessible place. Records are maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept on site. These files include:

•

copies of the proxy voting policies and procedures and any amendments thereto,

•

a copy of any document CBREIM Listed Real Assets created that was material to making a decision how to vote proxies or that memorializes that decision, and

•

a copy of each written client request for information on how CBREIM Listed Real Assets voted such client’s proxies and a copy of any written response to any (written or oral) client request for information on how CBREIM Listed Real Assets voted its proxies.


CBRE Investment Management Listed Real Assets \| Global Proxy Voting Policy		3

Clients may contact the Compliance team at (610) 995-2500 to obtain a copy of these policies and procedures (and, if desired, the firm’s proxy voting guidelines) or to request information on the voting of such client’s proxies. A written response will list, with respect to each voted proxy that the client has inquired about:

•

the name of the issuer,

•

the proposal voted upon, and

•

how CBREIM Listed Real Assets voted the client’s proxy.

GLOBAL GUIDELINES

CBREIM Listed Real Assets global guidelines, developed by senior leadership and reviewed and updated annually, reflect our preference for a corporate governance structure which is responsive to company stakeholders and supportive of responsible investment goals.

Some items up for vote are undertaken on a case-by-case basis. In those instances, we believe our framework - comprised of senior sector Analysts, senior level Portfolio Managers, our Head of Sustainability, and our Chief Compliance Officer - allows us to the determine the appropriate vote based on the firm’s combined knowledge, engagement, and our overall philosophy around governance.

The current versions of our key guidelines are summarized below:


ITEM		Vote

Board Structure

Classification of Board		Case-by-case

For public operating companies, we favor a structure where the entire board stands for election each year.

Board Independence		For

We are in favor of public operating company boards where the majority is independent.

Overboarding		Against

We believe that while experience on other boards can be an asset, the board member’s time and dedication to the board in question must take priority.

• Vote against/withhold if the Board member is a CEO and sits on more than 3 public company boards total

• Vote against/withhold if the Board member is not a CEO and sits on more than 4 public company boards total

• Board service referenced is for public operating companies, not publicly traded funds or private companies

Board Diversity		Case-by- case

We favor representation by minorities on the board to promote diversity of thought. While industry practices vary globally, we like to see diversity on the board.

Approve Board Size		Case-by- case

We favor board size between 6 members and 15 members.

Separation of Chairperson and CEO		Case-by- case

We favor the separation of Chairperson and CEO, although there may be situations where we would approve the dual role if we believe it to be in the best interest of the company/shareholders.

Board attendance		Case-by- case

Generally require attendance at 75% of meetings


CBRE Investment Management Listed Real Assets \| Global Proxy Voting Policy		4


Require a Majority Vote for the Election of Directors		For

Mandatory Retirement Age		Case-by- case

We favor experience and contribution over an age limit, if the director is contributing fully to the

board.

ITEM		Vote

Compensation

Omnibus Stock Plans		Against

• Vote against proposed plan if the dilution from all plans (including proposed) exceeds 5% of shares and units outstanding.

Option Repricing		Against

• Vote against the repricing of underwater options

Executive Compensation Plans		Case-By- Case

We abide by the following criteria:

• Short-term and long-term compensation plans must contain both absolute and relative metrics

• Metrics must be measurable and realistic

• Long term compensation should be paid in stock, with a vesting period of at least three years

• Long term compensation must include a TSR metric

Approve Remuneration of Directors and Auditors		Case-by- case

Company Loans to Executives and Directors		Against

• Generally vote against company loans to executives and directors

Approve or Amend Severance Agreements/Change-in-Control Agreements		Case-by- case

Advisory Vote on Executive Compensation (“Say on Pay”) Frequency		For

• Vote FOR annual frequency

ITEM		Vote

Capital Structure

Approve an Increase in Authorized Common Shares or Preferred Shares		Case-by- case

Authorize New Class of Preferred Stock (USA)		Case-by- case

• Vote against if the board has unlimited rights to set the terms and conditions of the shares

(known as “blank check” preferred stock).

Approve Issuance of Warrants/Convertible Debentures (USA)		Case-by- case

• Vote against if the warrants/debentures, when exercised, would exceed ‘10’ percent of current

outstanding voting rights.

Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights		Case-by- case

Share Repurchase Programs		Case-by- case

We generally support share repurchase programs if the stock is trading below the company’s net asset value and there is no better use for the capital

Approve Special Dividends		For

Approve Stock Split		For


CBRE Investment Management Listed Real Assets \| Global Proxy Voting Policy		5


Approve Reverse Stock Split		Case-by- case

Generally approve, but vote against if the company does not intend to proportionally reduce the number of authorized shares.

Authorize Issuance of Bonds/Debentures (Global)		Case-by- case

Approve Issuance of Shares for a Private Placement		Case-by- case

• Vote against if (1) The shares have superior voting rights OR (2) The stock would be issued at a discount to the fair market value.

Clawback of Incentive Payments		Case-by- case

We are in favor of clawback of incentive payments in the event of fraud or accounting misstatements.

ITEM		Vote

Shareholder Proposals

Proxy Access		For

In favor of proxy access, with some brackets around ownership. In order to nominate a person to a board via the company’s proxy card, the shareholder or group must possess the following criteria:

• Own no less than 3% of the shares for 3 consecutive years, if the group consists of 5 or fewer shareholders

• Own no less than 5% of the shares for 3 consecutive years, if the group is over 5 but less than 10 shareholders

Shareholder Proposal to Amend Bylaws		For

In favor of a shareholder proposal to amend bylaws, with some brackets around ownership. In order to submit a proposal to amend bylaws, the shareholder or group must possess the following criteria:

• Own no less than 1% of the shares for at least 1 year

Adopt, Renew or Amend Shareholder Rights Plan (Poison Pill)		Against

• Vote against if (1) The proposal is binding rather than precatory (advisory) OR (2) The proposal seeks to redeem the current rights plan (and does not ask for a shareholder vote).

Submit or Amend Severance Agreement (Change-in-Control) to Shareholder Vote		Against

• Vote against if the company has already adopted a policy limiting golden parachutes.

Establish Cumulative Voting of Directors		Case-by- case

We are generally against cumulative voting, since we are in favor of proxy access to nominate alternate board members.

Political contributions		Case-by- case

We are in favor of the disclosure of political contributions. We treat shareholder proposals on political contributions on a case-by-case basis.

Reimburse proxy contest expenses		Case-by- case

We are generally against the reimbursement of shareholder proxy contest expenses.

Environmental Matters		Case-by- case

We strongly support disclosure of information surrounding a company’s Sustainability efforts, and disclosure of items such as energy and water usage, GHG emissions, renewable energy initiatives, and energy targets, but we review shareholder proposals case-by-case.


CBRE Investment Management Listed Real Assets \| Global Proxy Voting Policy		6


ITEM		Vote

Auditors

Ratify Auditors		For

Generally in favor of reappointing auditors unless we question the auditor’s opinion due to items such as a serious material weakness, an opinion which we deem to be inaccurate or excessive non-audit fees.

Authorize Board to Fix Remuneration of External Auditor(s)		For

Approve Special Auditors Report Regarding Related Party Transactions		For

Approve Remuneration of Directors and Auditors		Case-by- case

ITEM		Vote

Miscellaneous

Approve Listing of Shares on a Secondary Exchange		Case-by- case

• Vote against if (1) The change would result in the company being listed only on an unregulated exchange OR if (2) This proposal would completely de-list the company.

Approve Merger Agreement		Case-by- case

• Vote against if the company failed to directly or indirectly through a financial advisor contact other potential buyers as a “market check” before agreeing to the proposed deal being voted on.

Call Special Meeting of Shareholders		For

END OF POLICY


CBRE Investment Management Listed Real Assets \| Global Proxy Voting Policy		7

CBRE Global Real Estate Income Fund

(NYSE: IGR)

CUSIP: 12504G100

Dear Shareholder:

This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.

The Fund has declared a monthly distribution of $0.06 per share for the month of January 2023. You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Fund’s estimates of the sources of its income become more clear.

The Fund has paid or declared total distribution of $0.06 per share to date in fiscal year 2023 (January 1, 2023 to January 31, 2023). The source of the distributions declared for the month and current fiscal year is estimated as follows:


Estimated Source of Distributions:
Distribution		Estimated Allocations
Distribution		Net Investment Income	Net Realized Short- Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
Current	$0.06	$0.013 (22%)	0.000 (0%)	0.012 (20%)	$0.035 (58%)
YTD	$0.06	$0.013 (22%)	0.000 (0%)	0.012 (20%)	$0.035 (58%)

The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Fund’s investment experience during the remainder of its fiscal year and will not be finalized until after year-end. In addition, the allocations reported to shareholders for tax reporting purposes will also reflect adjustments required under applicable tax regulations. Some of these tax adjustments are significant, and amounts reported to you for tax reporting may be substantially different than those presented in this notice. SHAREHOLDERS WILL BE SENT A FORM 1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.

The estimated allocations presented above are based on the Fund’s monthly calculation of its year-to-date net investment income, capital gains and returns of capital. The Fund’s investment income is mainly comprised of distributions received from the real estate investment trusts (REITs) and other companies in which it invests. “Net investment income” refers to the Fund’s investment income offset by its expenditures, which include the fees paid to the investment adviser and other service providers. “Net realized capital gains” represents the aggregation of the capital gains and losses realized by the Fund from its purchase and sale of investment securities during the year-to-date period. Short-term capital gains are those arising from the sale of securities held by the Fund for less than one year. Long-term capital gains are those arising from the sale of securities held by the Fund for a year or more. The amount of net realized capital gains may also be offset by capital losses realized in prior years. Adjustments to net investment income are made based on the character of distributions received by the Fund. A portion of the distributions the Fund receives from REITs will be characterized by the REITs as capital gains or returns of capital. Because REITs often reclassify the distributions they make, the Fund does not know the ultimate character of these distributions at the time they are received, so the Fund estimates the character based on historical information. The Fund’s net investment income is reduced by the amounts characterized by the REITs as capital gains and returns of capital. Amounts characterized by the REITs as capital gains are added to the Fund’s net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”.

The Fund’s monthly distribution is set by its Board of Trustees. The Board reviews the Fund’s distribution on a quarterly basis in view of its net investment income, realized and unrealized gains, and other net unrealized appreciation or income expected during the remainder of the year. The Fund strives to establish a level monthly distribution that, over the course of the year, will serve to distribute an amount closely approximating the Fund’s net investment income and net realized capital gains during the year.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. The performance and distribution rate information disclosed in the table below is based on the Fund’s net asset value (“NAV”). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total value of its liabilities. Performance figures are not meant to represent individual shareholder performance. The value of a shareholder’s investment in the Fund is determined by the market price of the Fund’s shares.

The Fund’s Cumulative Total Return for fiscal year 2022 (January 1, 2022 through December 31, 2022) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Fund’s Cumulative Distribution Rate for 2022, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return for the preceding five-year period (January 1, 2018 through December 31, 2022) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return and its Average Annual Distribution Rate for the preceding five-year period.

Fund Performance and Distribution Rate Information:


For the Period 01/01/2022 to 12/31/2022
Cumulative Total Return¹	-33.96	%
Cumulative Distribution Rate²	11.09	%
Preceding Five-Year Period 01/01/2018 to 12/31/2022
Average Annual Total Return³	3.83	%
Average Annual Distribution Rate⁴	7.50	%
Current Annualized Distribution Rate⁵	11.41	%

1	Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2	Cumulative Distribution Rate for fiscal year 2022 (January 1, 2022 through December 31, 2022) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of December 31, 2022.

3	Average Annual Total Return represents the simple arithmetic average of the Annual Total Returns of the Fund for the preceding five-year period. Annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4	Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

5	The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of December 31, 2022.

For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.

As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.

CBRE Global Real Estate Income Fund

January 11, 2023

CBRE Global Real Estate Income Fund

(NYSE: IGR)

CUSIP: 12504G100

Dear Shareholder:

This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.

The Fund has declared a monthly distribution of $0.06 per share for the month of February 2023. You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Fund’s estimates of the sources of its income become more clear.

The Fund has paid or declared total distribution of $0.12 per share to date in fiscal year 2023 (January 1, 2023 to February 28, 2023). The source of the distributions declared for the month and current fiscal year is estimated as follows:


Estimated Source of Distributions:
Distribution		Estimated Allocations
Distribution		Net Investment Income	Net Realized Short- Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
Current	$0.06	$0.018 (30%)	0.000 (0%)	0.009 (14%)	$0.033 (56%)
YTD	$0.12	$0.036 (30%)	0.000 (0%)	0.017 (14%)	$0.067 (56%)

The Fund’s Cumulative Total Return for fiscal year 2023 (January 1, 2023 through January 31, 2023) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Fund’s Cumulative Distribution Rate for 2023, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return for the preceding five-year period (February 1, 2018 through January 31, 2023) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return and its Average Annual Distribution Rate for the preceding five-year period.

Fund Performance and Distribution Rate Information:


For the Period 01/01/2023 to 01/31/2023
Cumulative Total Return¹	15.42	%
Cumulative Distribution Rate²	0.83	%
Preceding Five-Year Period 02/01/2018 to 01/31/2023
Average Annual Total Return³	4.52	%
Average Annual Distribution Rate⁴	7.58	%
Current Annualized Distribution Rate⁵	9.97	%

1	Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2	Cumulative Distribution Rate for fiscal year to date 2023 (January 1, 2023 through January 31, 2023) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of January 31, 2023.

3	Average Annual Total Return represents the simple arithmetic average of the Annual Total Returns of the Fund for the preceding five-year period. Annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4	Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

5	The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of January 31, 2023.

For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.

As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.

CBRE Global Real Estate Income Fund

February 10, 2023

CBRE Global Real Estate Income Fund

(NYSE: IGR)

CUSIP: 12504G100

Dear Shareholder:

This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.

The Fund has declared a monthly distribution of $0.06 per share for the month of March 2023. You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Fund’s estimates of the sources of its income become more clear.

The Fund has paid or declared total distribution of $0.18 per share to date in fiscal year 2023 (January 1, 2023 to March 31, 2023). The source of the distributions declared for the month and current fiscal year is estimated as follows:


Estimated Source of Distributions:
Distribution		Estimated Allocations
Distribution		Net Investment Income	Net Realized Short- Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
Current	$0.06	$0.021 (35%)	0.003 (5%)	0.029 (48%)	$0.007 (12%)
YTD	$0.18	$0.063 (35%)	0.009 (5%)	0.086 (48%)	$0.022 (12%)

The Fund’s Cumulative Total Return for fiscal year 2023 (January 1, 2023 through February 28, 2023) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Fund’s Cumulative Distribution Rate for 2023, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return for the preceding five-year period (March 1, 2018 through February 28, 2023) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return and its Average Annual Distribution Rate for the preceding five-year period.

Fund Performance and Distribution Rate Information:


For the Period 01/01/2023 to 02/28/2023
Cumulative Total Return¹	8.03	%
Cumulative Distribution Rate²	1.79	%
Preceding Five-Year Period 03/01/2018 to 02/28/2023
Average Annual Total Return³	4.20	%
Average Annual Distribution Rate⁴	7.64	%
Current Annualized Distribution Rate⁵	10.75	%

1	Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2	Cumulative Distribution Rate for fiscal year to date 2023 (January 1, 2023 through February 28, 2023) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of February 28, 2023.

3	Average Annual Total Return represents the simple arithmetic average of the Annual Total Returns of the Fund for the preceding five-year period. Annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4	Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

5	The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of February 28, 2023.

For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.

As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.

CBRE Global Real Estate Income Fund

March 9, 2023

CBRE Global Real Estate Income Fund

(NYSE: IGR)

CUSIP: 12504G100

Dear Shareholder:

This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.

The Fund has declared three (3) distributions of $0.06 per share for the months of April, May and June 2023 ($0.18 per share in total). You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Fund’s estimates of the sources of its income become more clear.

The Fund has made or declared six (6) regular monthly distributions totaling $0.36 per share to date in fiscal year 2023 (January 1, 2023 to June 30, 2023). The source of the distributions declared for the month and current fiscal year is estimated as follows:


Estimated Source of Distributions:
Distribution		Estimated Allocations
Distribution		Net Investment Income	Net Realized Short- Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
Monthly	$0.06	$0.021 (35%)	0.003 (5%)	0.029 (48%)	$0.007 (12%)
YTD (01/01/2023-06/30/2023)	$0.36	$0.126 (35%)	0.017 (5%)	0.172 (48%)	$0.045 (12%)

Fund Performance and Distribution Rate Information:


For the Period 01/01/2023 to 02/28/2023
Cumulative Total Return¹	8.03	%
Cumulative Distribution Rate²	1.79	%
Preceding Five-Year Period 03/01/2018 to 02/28/2023
Average Annual Total Return³	4.20	%
Average Annual Distribution Rate⁴	7.64	%
Current Annualized Distribution Rate⁵	10.75	%

1	Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2	Cumulative Distribution Rate for fiscal year to date 2023 (January 1, 2023 through February 28, 2023) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of February 28, 2023.

3	Average Annual Total Return represents the simple arithmetic average of the Annual Total Returns of the Fund for the preceding five-year period. Annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4	Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

5	The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of February 28, 2023.

For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.

As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.

CBRE Global Real Estate Income Fund

March 30, 2023

CBRE Global Real Estate Income Fund

(NYSE: IGR)

CUSIP: 12504G100

Dear Shareholder:

This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.

The Fund has declared three (3) distributions of $0.06 per share for the months of July, August and September 2023 ($0.18 per share in total). You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Fund’s estimates of the sources of its income become more clear.

The Fund has made or declared nine (9) regular monthly distributions totaling $0.54 per share for the period January 1, 2023 to September 30, 2023. The sources of the distributions declared for each month and the full period from January 1, 2023, to September 30, 2023 is estimated as follows:


Estimated Source of Distributions:
Distribution		Estimated Allocations
Distribution		Net Investment Income	Net Realized Short- Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
Monthly	$0.06	$0.018 (31%)	0.003 (5%)	0.026 (43%)	$0.013 (21%)
YTD (01/01/2023- 09/30/2023)	$0.54	$0.166 (31%)	0.028 (5%)	0.230 (43%)	$0.116 (21%)

The Fund’s Cumulative Total Return for fiscal year 2023 (January 1, 2023 through June 30, 2023) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Fund’s Cumulative Distribution Rate for 2023, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return for the preceding five-year period (July 1, 2018 through June 30, 2023) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return and its Average Annual Distribution Rate for the preceding five-year period.

Fund Performance and Distribution Rate Information:


For the Period 01/01/2023 to 06/30/2023
Cumulative Total Return¹	-1.01	%
Cumulative Distribution Rate²	6.10	%
Preceding Five-Year Period 07/01/2018 to 06/30/2023
Average Annual Total Return³	2.79	%
Average Annual Distribution Rate⁴	7.94	%
Current Annualized Distribution Rate⁵	12.20	%

1	Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2	Cumulative Distribution Rate for fiscal year to date 2023 (January 1, 2023 through June 30, 2023) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of June 30, 2023.

3	Average Annual Total Return represents the simple arithmetic average of the Annual Total Returns of the Fund for the preceding five-year period. Annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4	Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

5	The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of June 30, 2023.

For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.

As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.

CBRE Global Real Estate Income Fund

July 7, 2023

CBRE Global Real Estate Income Fund

(NYSE: IGR)

CUSIP: 12504G100

Dear Shareholder:

This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.

The Fund has declared three (3) distributions of $0.06 per share for the months of October, November and December 2023 ($0.18 per share in total). You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (and year-to-date) distribution(s) in terms of income, capital gain, and return of capital. The character of the current (and YTD) distribution(s) will change throughout the course of the year, as the Fund’s estimates of the sources of its income become more clear.

The Fund has made or declared twelve (12) regular monthly distributions totaling $0.72 per share for the period January 1, 2023 to December 31, 2023. The sources of the distributions declared for each month and the full period from January 1, 2023 to December 31, 2023 is estimated as follows:


Estimated Source of Distributions:
Distribution		Estimated Allocations
Distribution		Net Investment Income	Net Realized Short- Term Capital Gains	Net Realized Long-Term Capital Gains	Return of Capital
Monthly	$0.06	$0.020 (34%)	0.005 (9%)	0.023 (38%)	$0.012 (19%)
Period: 01/01/2023 - 12/31/2023	$0.72	$0.244 (34%)	0.061 (9%)	0.275 (38%)	$0.140 (19%)

The Fund’s Cumulative Total Return for fiscal year 2023 (January 1, 2023 through September 30, 2023) is set forth below. Shareholders should take note of the relationship between the Cumulative Total Return and the Fund’s Cumulative Distribution Rate for 2023, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return for the preceding five-year period (October 1, 2018 through September 30, 2023) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return and its Average Annual Distribution Rate for the preceding five-year period.

Fund Performance and Distribution Rate Information:


For the Period 01/01/2023 to 09/30/2023
Cumulative Total Return¹	-11.68	%
Cumulative Distribution Rate²	10.59	%
Preceding Five-Year Period 10/01/2018 to 09/30/2023
Average Annual Total Return³	0.82	%
Average Annual Distribution Rate⁴	8.20	%
Current Annualized Distribution Rate⁵	14.12	%

1	Cumulative Total Return is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.

2	Cumulative Distribution Rate for fiscal year to date 2023 (January 1, 2023 through September 30, 2023) is determined by dividing the dollar value of distributions in the period by the Fund’s NAV as of September 30, 2023.

3	Average Annual Total Return represents the simple arithmetic average of the Annual Total Returns of the Fund for the preceding five-year period. Annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

4	Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

5	The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of September 30, 2023.

For more information on the Fund, please contact your financial advisor or visit us on the web at www.cbreim.com/igr.

As always, we appreciate your investment in the CBRE Global Real Estate Income Fund.

CBRE Global Real Estate Income Fund

October 9, 2023

N-2 - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cover [Abstract]

Entity Central Index Key

0001268884

Amendment Flag

false

Document Type

N-CSR

Entity Registrant Name

CBRE Global Real Estate Income Fund

Other Annual Expenses [Abstract]

Other Transaction Fees, Note [Text Block]

Financial Highlights [Abstract]

Senior Securities [Table Text Block]

Financial Highlights



	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		For the Year Ended December 31, 2019

Per share operating performance for a share outstanding throughout the year



Net asset value, beginning of year		$6.31		$10.48		$8.11		$8.86		$7.55



Income from investment operations

Net investment income (1)		0.10		0.20		0.22		0.17		0.16

Net realized and unrealized gain (loss) on investments, written options and foreign currency transactions		0.74		(3.67)		2.75		(0.32)		1.75

Total from investment operations		0.84		(3.47)		2.97		(0.15)		1.91



Common Share transactions

Dilutive effect on net asset value as a result of rights offering (2)		(0.22)		–		–		–		–

Offering costs charged to paid-in-capital		(0.01)		–		–		–		–

Total from Common Share transactions		(0.23)		–		–		–		–



Distributions on Common Shares

Net investment income		(0.34)		(0.21)		(0.08)		(0.21)		(0.30)

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

Return of capital		(0.08)		-		-		(0.39)		(0.30)

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



NET ASSET VALUE, END OF YEAR		$6.20		$6.31		$10.48		$8.11		$8.86



MARKET VALUE, END OF YEAR		$5.43		$5.73		$9.79		$6.88		$8.02



Total investment return (3)

Net asset value		11.03%		(33.97)%		37.88%		(0.74)%		25.74%

Market value		8.66%		(35.54)%		52.66%		(5.52)%		40.87%



Ratios and supplemental data

Net assets, applicable to common shares, end of year (thousands)		$867,274		$736,011		$1,221,609		$945,194		$1,032,890

Borrowings (senior securities) outstanding, end of year (thousands)		$289,442		$345,209		$320,489		$289,727		$121,020

Asset Coverage per $1,000 (4)		$3,996		$3,132		$4,812		$4,262		$9,535



Ratios to average net assets applicable to common shares of:

Net expenses		3.86%		2.29%		1.46%		1.53%		1.57%

Net expenses, excluding interest on line of credit		1.40%		1.39%		1.24%		1.26%		1.16%

Net investment income		1.63%		2.49%		2.37%		2.25%		1.89%



Portfolio turnover rate		50.69%		53.88%		78.44%		72.50%		44.97%

(1)	Based on average shares outstanding.

(2)	Shares issued at a 5% discount on a 5-day average market price from 3/31/2023 to 4/6/2023.

(3)

(4)

Senior Securities Amount

$ 289,442

$ 345,209

$ 320,489

$ 289,727

$ 121,020

Senior Securities Coverage per Unit

^[1]

$ 3,996

$ 3,132

$ 4,812

$ 4,262

$ 9,535

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Investment Objective

Investment Policies

non-investment

(i.e., securities that are not readily marketable).

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

Risk Factors [Table Text Block]

Risk Factors

The Trust is a diversified,

closed-end

GENERAL REAL ESTATE RISKS

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

–

Retail Properties

–	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

–

Healthcare Properties

–

Multifamily Properties

–

Community Shopping Centers

–

Self-Storage Properties

–

Industrial Properties

–

Towers Companies

on-site

off-site

contamination and related personal injury or property damage.

–

Data Centers Properties

–

Net Lease Properties

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

–

Lack of Insurance

–	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

–	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

COVID-19,

–

REIT Issues

Stock Market Risks

over-the-counter

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

Common Stock Risk

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.

so-called

“emerging markets” which may entail additional risks.

Foreign Currency Risk

Emerging Markets Risks

Leverage Risk

–	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

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

–	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

–

Special Redemption Rights

–

New Types of Securities

Illiquid Securities

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.

Interest Rate Risk

Strategic Transactions

Inflation Risk

Deflation Risk

Market Discount Risk

Shares of

closed-end

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

open-end

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

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Outstanding Security, Held [Shares]

139,968,594

Stock Market Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Stock Market Risks

over-the-counter

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

Common Stock Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Common Stock Risk

Foreign Securities Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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.

so-called

“emerging markets” which may entail additional risks.

Foreign Currency Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Foreign Currency Risk

Emerging Markets Risks [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Emerging Markets Risks

Leverage Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Leverage Risk

–	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 [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Small Cap Risk

medium-sized

companies in comparison to many industrial and service companies.

Inflation Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Inflation Risk

Deflation Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Deflation Risk

Market Discount Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Market Discount Risk

Shares of

closed-end

Investment Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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

open-end

Market Disruption Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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 [Member]