(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
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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22 |
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Notes to Financial Statements (unaudited)
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.
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2 |
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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.
The net asset value of the common shares of the Trust will be computed based upon the value of the Trust’s portfolio securities and other assets. The Trust calculates net asset value per common share by subtracting the Trust’s liabilities (including accrued expenses, dividends payable and any borrowings of the Trust) and the liquidation value of any outstanding preferred shares from the Trust’s total assets (the value of the securities the Trust holds, plus cash and/or other assets, including dividends accrued but not yet received) and dividing the result by the total number of common shares of the Trust outstanding. Net asset value per common share will be determined as of the close of the regular trading session (usually 4:00 p.m., EST) on the New York Stock Exchange (“NYSE”) on each business day on which the NYSE is open for trading.
For purposes of determining the net asset value of the Trust, readily marketable portfolio assets (including common stock, preferred stock, and options) traded principally on an exchange, or on a similar regulated market reporting contemporaneous transaction prices, are valued, except as indicated below, at the last sale price for such assets on such principal markets on the business day on which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day. Foreign securities are valued based upon quotations from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates.
During the period that a forward foreign currency contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trust’s Board of Trustees (the “Board”).
Short-term securities which mature in more than 60 days are valued at current market quotations. Short-term securities, which mature in 60 days or less, are valued at amortized cost, which approximates market value.
U.S. GAAP provides guidance on fair value measurements. In accordance with the standard, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Trust’s investments, and requires additional disclosure about fair value.
For Level 1 inputs, the Trust uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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24 |
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Notes to Financial Statements (unaudited) continued
The Trust’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment spreads, credit risk, and default rates for similar liabilities.
For Level 3 valuation techniques, the Trust uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.
The primary third-party pricing vendor for the Trust’s listed preferred stock investments is FT Interactive Data (“IDC”). When available, the Trust will obtain a closing exchange price to value the preferred stock investments and, in such instances, the investment will be classified as Level 1 since an unadjusted quoted price was utilized. When a closing price is not available for the listed preferred stock investments, IDC will produce an evaluated mean price (midpoint between the bid and the ask evaluation) and such investments will be classified as Level 2 since other observable inputs were used in the valuation. Factors used in the IDC evaluation include trading activity, the presence of a
two-sided
market, and other relevant market data.
Pursuant to the Trust’s fair value procedures noted previously, equity securities (including exchange traded securities and
open-end
regulated investment companies) and exchange traded derivatives (i.e. futures contracts and options) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities,
non-exchange
traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.
For the period ended June 30, 2024, 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.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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25 |
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Notes to Financial Statements (unaudited) continued
Forward foreign currency contracts
The Trust may enter into forward foreign currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings to hedge certain Trust purchase and sales commitments denominated in foreign currencies and for investment purposes. A forward foreign currency contract is a commitment to purchase or sell a foreign currency on a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contracts and the closing of such contracts would be included in net realized gain or loss on foreign currency transactions.
Fluctuations in the value of open forward foreign currency contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Trust.
The Trust’s custodian will place and maintain cash not available for investment or other liquid assets in a separate account of the Trust having a value at least equal to the aggregate amount of the Trust’s commitments under forward foreign currency contracts entered into with respect to position hedges.
Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars, reflects the total exposure the Trust has in that particular currency contract. As of June 30, 2024, the Trust did not hold any forward foreign currency contracts.
The Trust may purchase or sell (write) options on securities and securities indices which are listed on a national securities exchange or in the
(“OTC”) market as a means of achieving additional return or of hedging the value of the Trust’s portfolio.
An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put).
There are several risks associated with transactions in options on securities. As the writer of a covered call option, the Trust forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. As of June 30, 2024, 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.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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26 |
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Notes to Financial Statements (unaudited) continued
On August 5, 2008, the Trust acting in accordance with an exemptive order received from the SEC and with approval of the Board, adopted a managed distribution policy under which the Trust intends to make regular monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This managed distribution policy permits the Trust to include long-term capital gains in its distribution as frequently as twelve times a year. In practice, the Board views this policy as a potential means of further supporting the market price of the Trust’s shares through the payment of a steady and predictable level of cash distributions to shareholders.
The current monthly distribution rate is $0.06 per share. The Trust continues to evaluate its monthly distribution policy in light of ongoing economic and market conditions and may change the amount of the monthly distributions in the future.
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.
For the period ended June 30, 2024, the Trust did not hold any derivative instruments.
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.
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5 |
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INVESTMENT MANAGEMENT AGREEMENT AND OTHER AGREEMENTS |
Pursuant to an investment management agreement between the Adviser and the Trust, the Adviser is responsible for the daily management of the Trust’s portfolio of investments, which includes buying and selling securities for the Trust, as well as investment research. The Trust pays for investment advisory services and facilities through a fee payable monthly in arrears at an annual rate equal to 0.85% of the average daily value of the Trust’s managed assets, which adds back the line of credit payable to net assets, plus certain direct and allocated expenses of the Adviser incurred on the Trust’s behalf. During the period ended June 30, 2024, the Trust incurred management fees of $4,659,647, of which $774,857 is payable as of the end of the period.
The Trust has multiple service agreements with the Bank of New York Mellon (“BNYM”). Under the servicing agreements, BNYM will perform custodial, fund accounting, and certain administrative services for the Trust. As custodian, BNYM is responsible for the custody of the Trust’s assets. As administrator, BNYM is responsible for maintaining the books and records of the Trust’s securities and cash.
Computershare is the Trust’s transfer agent and as such is responsible for performing transfer agency services for the Trust.
For the period ended June 30, 2024, there were purchases and sales transactions (excluding short-term securities) of $348,570,939 and $283,956,433, 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.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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27 |
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Notes to Financial Statements (unaudited) continued
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.
Information on the tax components of net assets as of December 31, 2023 is as follows:
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Qualified post-
October capital |
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| $1,264,436,327 |
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$24,614,091 |
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$(201,750,126) |
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$(177,136,035) |
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$(2,981) |
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$0 |
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$0 |
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$0 |
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$0 |
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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28 |
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Notes to Financial Statements (unaudited) concluded
The Trust has access to a secured line of credit of up to $400,000,000 from BNYM for borrowing purposes. Borrowings under this arrangement bear interest at the Federal funds rate plus 75 basis points. At June 30, 2024, there were borrowings in the amount of $335,431,700 on the Trust’s line of credit.
The average daily amount of borrowings during the period ended June 30, 2024 was $ 319,095,602 with an average interest rate of 6.08%. The maximum amount outstanding for the period ended June 30, 2024 was $361,950,100. The Trust had borrowings under the line of credit for all 182 days during the period.
During 2004, the Trust issued 101,000,000 shares of common stock at $15.00.
On April 14, 2023, the Trust issued 23,378,100 additional Common Shares at an offering price of $5.03 per share as a result of a rights offering.
In connection with the Trust’s Dividend Reinvestment Plan (“DRIP”), the Trust issued no common shares for the period ended June 30, 2024 and the year ended December 31, 2023, respectively.
At June 30, 2024, 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 June 30, 2024.
At June 30, 2024, the Trust had no shares of auction rate preferred securities outstanding.
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.
Events or transactions that occur after the balance sheet date but before the financial statements are issued are categorized as recognized or
non-recognized
for financial statement purposes. Since June 30, 2024, the Trust paid a distribution on July 31, 2024 of $0.06 per share for the month of July 2024.
On July 30, 2024, the Board announced that Peter F. Finnerty has been appointed to the Board and joins as an independent trustee effective July 31, 2024.
No other notable events have occurred between period-end and the issuance of these financial statements.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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29 |
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Supplemental Information (unaudited)
The Trustees of the CBRE Global Real Estate Income Fund and their principal occupations during the past five years:
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| Name, address and age |
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Term of office and
length of time
served(1) |
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Title |
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Principal occupations during the
past five years |
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Number of
portfolios in the
Trust complex
overseen by
Trustee |
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Other directorships held
by trustee |
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555 East Lancaster Ave. Suite 120 Radnor, PA 19087 Age: 65 |
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3 years/ since inception |
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Trustee |
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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 2021); 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) |
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1 |
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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 |
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3 years/ since inception |
|
Trustee |
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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) |
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1 |
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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 |
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3 years/
20 years |
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Trustee/ Audit Committee Financial Expert |
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Senior Vice President, CFO and Treasurer, and a Director of Triumph Group, Inc. (1993—2007) (Retired) |
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1 |
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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 |
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3 years/
5 1 ⁄2 years |
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Trustee |
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Founder and Managing Member of Perennial Capital Advisors, LLC (since 2003) |
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1 |
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AIM Mutual, Inc. (2016), Kinefac Corporation (since 2009) |
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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31 |
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Supplemental Information (unaudited) continued
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| Name, address and age |
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Term of office and
length of time
served(1) |
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Title |
|
Principal occupations during the
past five years |
|
Number of
portfolios in the
Trust complex
overseen by
Trustee |
|
Other directorships held
by trustee |
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Heidi Stam 555 East Lancaster Ave.
Suite 120
Radnor, PA 19087 Age 67 |
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3 years/ 5 years |
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Trustee |
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Managing Director and General Counsel, The Vanguard Group, Inc. (2005-2016) (Retired) |
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1 |
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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. |
The Officers of the CBRE Global Real Estate Income Fund and their principal occupations during the past five years:
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| Name, Address, Age and Position(s) Held with Registrant Officers: |
|
Length of Time Served |
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Principal Occupations During the Past Five Years and Other Affiliations |
Joseph P. Smith 555 East Lancaster Ave, Suite 120 Radnor, PA 19087 Age: 56 President and Chief Executive Officer |
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Since 2022 |
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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: 47 Chief Financial Officer |
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since 2006 |
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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 |
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since 2023 1 |
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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, 2023, Mr. Chang assumed responsibilities as the Chief Compliance Officer and Secretary of the Trust. |
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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32 |
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Supplemental Information (unaudited) continued
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:
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
The policies may also be found on the website of the SEC (http://www.sec.gov).
Information regarding how the Trust voted proxies for portfolio securities, if applicable, during the most recent
12-month
period ended December 31, is also available, without charge and upon request by calling the Trust at
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.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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Supplemental Information (unaudited) concluded
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.
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CBRE Global Real Estate Income Fund |
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Confidential & Proprietary |
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34 |
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T. Ritson Ferguson
Asuka Nakahara
John R. Bartholdson
Leslie E. Greis
Heidi Stam
Joseph P. Smith – President and Chief Executive Officer
Jonathan A. Blome – Chief Financial Officer
Jeff Chang – Chief Compliance Officer and Secretary
CBRE Investment Management Listed Real Assets LLC
555 East Lancaster Ave, Suite 120
Radnor, PA 19087
Administrator and Custodian
The Bank of New York Mellon