Annual Report by Investment Company (Form N-CSR)

Item 1.

Reports to Stockholders.

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

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			25
Report of Independent Registered Public Accounting Firm			33
Supplemental Information (unaudited)			35
Administration			40

Annual report 2024CBRE 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 retuof 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 retuon NAV over time. The Trust's total retuon 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 downtumight 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.

Total Returns		1H2024		2H2024		CY2024
Fund NAV Total Return		-7.7%		1.3%		-6.5%
Fund Market Price Total Return		-0.3%		1.6%		1.3%
FTSE EPRA Developed Net RetuIndex1		-3.7%		4.8%		0.9%
MSCI US REIT Preferred Index2		0.2%		4.5%		4.8%
Blended Index: 90% FTSE EPRA Developed Net RetuIndex, 10% MSCI US REIT Preferred Index3		-3.3%		4.8%		1.4%

1

Represented by the FTSE EPRA Nareit Developed Index - Net (USD). The Index is an unmanaged market-weighted index consisting of real estate companies from developed markets, where greater than 75% of constituents' EBITDA (earnings before interest, taxes, depreciation, and amortization) is derived from relevant real estate activities and is calculated net of withholding taxes. Investors cannot invest directly in an index.

2

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.

3

Effective 1/1/2024, the custom benchmark changed from 80% FTSE EPRA Nareit Developed - Net and 20% MSCI Preferred Index to 90% FTSE EPRA Nareit Developed - Net and 10% MSCI Preferred Index. Investors cannot invest directly in an index.

4

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

The Trust continues to utilize leverage with the goal of delivering incrementally higher distributions to shareholders. The Trust's leverage position was 33% on December 31^st, 2024.

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

As of December 31^st, the Trust's portfolio was approximately 94% invested in common stock securities (approximately, 64% in the Americas, 20% in Asia-Pacific and 10% in Europe) with 6% of the portfolio invested in preferred stock of U.S. real estate companies. During 2H2024, we increased our exposure to the industrial sector by acquiring new positions of Americold Realty Trust and Lineage. In the net lease sector, we reduced our exposure by selling down Realty Income Corporation and exiting a position in STAG Industrial. In Asia, we expanded our investments by purchasing new positions in Goodman Group and Scentre Group in Australia, and ESR Group in Hong Kong.

In the United States, we are overweight towers, storage, residential, retail, and hotels. In Japan, we favor mid-cap diversified J-REITs that offer 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 retail and a few select diversified companies. In the U.K., we favor the storage sector, student housing, and attractively priced diversified companies. Within Continental Europe, we have a positive bias toward retail and select diversified companies.

Geographic 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.

We believe a new cycle for listed real estate began in the fourth quarter of 2023 and the asset class is poised to outperform broad equities, bonds and private real estate.

Source: CBRE Investment Management

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

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

Estimated Net Asset Value is calculated based on individual REIT only stocks that are followed by the firm's research team and are considered 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 12/31/2024, is subject to change and is not intended to be a forecast of future events, 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 to accelerate to 5% in 2025.

Source: CBRE Investment Management as of 12/31/2024. "f" refers to "forecasts." 2024 is represented by 2024/2023, 2025 is represented by 2025/2024, and 2026 is represented by 2026/2025. Earnings growth forecasts are calculated based on FFO Growth of individual stocks followed by the firm's research team and are considered as investible. Global, Country, and Sector FFO Growth is calculated using weighted averages. Forecasts are the opinion of CBRE Investment Management, which is subject to change and is not intended to be a guarantee of future results or investment advice. Forecasts are not indicative of future investment performance.

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

As a result of the material rise in the 10-year treasury yield in December, interest rate sensitive investments such as real estate stocks, closed end funds, and specifically CBRE Global Real Estate Income Fund ("IGR") swooned. For IGR, it was a particularly disappointing performance to end the year. Looking ahead, with a year-end stock price of $4.81/share, a discount to NAV of -5.7%, a dividend yield of 15.0% (based on a monthly dividend of $0.06/share), and a positive outlook for real estate stocks, we believe IGR is well-positioned to generate attractive long-term returns for investors.

We believe active management can offer significant relative retupotential 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

Must be preceded or accompanied by a prospectus.

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 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) 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.

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

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

The examples in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2024 to December 31, 2024).

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.

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Trust's actual expense ratios and an assumed rate of retuof 5% per year before expenses (which is not the Trust's 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 Trust 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 trusts. In addition, if these transactional costs were included, your costs would have been higher.

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.

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").

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.

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.

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.

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

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.

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.

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:

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:

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 downtucould 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

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.

Financial

Statements

Shares														Market value
								Real Estate Securities* - 147.6%
								Common Stock - 138.5%
								Australia - 5.4%
	830,420							Charter Hall Group						$	7,378,106
	1,525,133							Dexus							6,288,936
	655,202							Goodman Group							14,457,996
	2,931,273							Mirvac Group							3,402,928
	3,459,899							Scentre Group							7,347,723
															38,875,689
								Belgium - 2.1%
	167,362							Aedifica SA							9,739,618
	93,958							Cofinimmo SA							5,409,503
															15,149,121
								Canada - 3.1%
	176,498							Canadian Apartment Properties REIT							5,231,616
	939,900							H&R Real Estate Investment Trust							6,064,714
	850,000							RioCan Real Estate Investment Trust							10,803,782
															22,100,112
								China - 1.0%
	4,500,000							ESR Group Ltd.							6,916,883
								France - 2.1%
	169,904							Carmila SA							2,818,479
	168,449							Unibail-Rodamco-Westfield							12,684,434
															15,502,913
								Germany - 2.5%
	105,598							LEG Immobilien SE							8,944,535
	287,379							Vonovia SE							8,725,047
															17,669,582
								Hong Kong - 5.8%
	1,837,310							CK Asset Holdings Ltd.							7,545,130
	4,706,470							Link REIT							19,903,261
	2,348,000							New World Development Co. Ltd.							1,559,701
	4,382,000							Swire Properties Ltd.							8,924,264
	1,422,303							Wharf Real Estate Investment Co. Ltd.							3,636,344
															41,568,700

Shares														Market value
								Japan - 10.4%
	3,139							Activia Properties, Inc.						$	6,561,221
	7,321							AEON REIT Investment Corp.							5,902,079
	18,326							Japan Hotel REIT Investment Corp.							8,232,474
	24,096							Japan Metropolitan Fund Investment Corp.							13,829,595
	8,994							KDX Realty Investment Corp.							8,555,631
	10,619							LaSalle Logiport REIT							9,601,425
	10,122							Orix JREIT, Inc.							10,568,976
	280,300							Tokyo Tatemono Co. Ltd.							4,649,670
	1,163,300							Tokyu Fudosan Holdings Corp.							7,162,185
															75,063,256
								Singapore - 6.7%
	3,822,800							CapitaLand Ascendas REIT							7,201,727
	13,702,944							CapitaLand China Trust							7,232,165
	9,872,134							CapitaLand Integrated Commercial Trust							13,966,588
	5,878,600							Frasers Logistics & Commercial Trust							3,792,089
	6,921,400							Keppel DC REIT							11,060,440
	8,338,000							Keppel REIT							5,317,446
															48,570,455
								Sweden - 1.7%
	1,109,753							Castellum AB (a)							12,107,675
								United Kingdom - 6.5%
	2,598,836							Land Securities Group PLC							19,007,855
	3,939,857							LondonMetric Property PLC							8,886,599
	829,603							Safestore Holdings PLC							6,691,101
	2,668,000							Supermarket Income REIT PLC							2,275,487
	2,696,061							Tritax Big Box REIT PLC							4,480,660
	550,000							UNITE Group PLC (The)							5,555,312
															46,897,014

Shares														Market value
								United States - 91.2%
	178,107							Alexandria Real Estate Equities, Inc.						$	17,374,338
	209,073							American Tower Corp.							38,346,079
	753,292							Americold Realty Trust, Inc.							16,120,449
	154,739							AvalonBay Communities, Inc.							34,037,938
	652,710							Broadstone Net Lease, Inc.							10,351,981
	170,738							COPT Defense Properties							5,284,341
	333,020							Crown Castle, Inc.							30,224,895
	659,781							CubeSmart							28,271,616
	640,539							Empire State Realty Trust, Inc., Class A							6,610,362
	47,064							Equinix, Inc.							44,376,175
	76,610							Essex Property Trust, Inc.							21,867,558
	202,656							Extra Space Storage, Inc.							30,317,338
	145,732							Federal Realty Investment Trust							16,314,697
	941,911							Healthcare Realty Trust, Inc.							15,965,391
	1,284,701							Healthpeak Properties, Inc.							26,040,889
	426,460							Host Hotels & Resorts, Inc.							7,471,579
	454,631							Hudson Pacific Properties, Inc.							1,377,532
	418,300							Independence Realty Trust, Inc.							8,299,072
	1,418,143							Invitation Homes, Inc.							45,338,031
	291,063							Lineage, Inc.							17,047,560
	9,589							Marriott International, Inc., Class A							2,674,756
	316,068							National Storage Affiliates Trust							11,982,138
	800,659							Park Hotels & Resorts, Inc.							11,265,272
	696,892							Piedmont Office Realty Trust, Inc., Class A							6,376,562
	538,271							Realty Income Corp.							28,749,054
	157,680							Regency Centers Corp.							11,657,282
	581,300							Retail Opportunity Investments Corp.							10,091,368
	652,365							Rexford Industrial Realty, Inc.							25,220,431
	209,103							Simon Property Group, Inc.							36,009,628

Shares														Market value
	262,148							Sun Communities, Inc.						$	32,236,340
	1,408,200							Sunstone Hotel Investors, Inc.							16,673,088
	603,019							VICI Properties, Inc.							17,614,185
	209,000							Welltower, Inc.							26,340,270
															657,928,195
								Total Common Stock
								(cost $1,302,036,893)							998,349,595
								Preferred Stock - 9.1%
								United States - 9.1%
	245,403							Digital Realty Trust, Inc., Series J, 5.250%							5,509,297
	301,100							Digital Realty Trust, Inc., Series L, 5.200%							6,386,331
	282,200							Federal Realty Investment Trust, Series C, 5.000%							6,070,122
	405,900							National Storage Affiliates Trust, Series A, 6.000%							8,661,906
	383,644							Pebblebrook Hotel Trust, Series E, 6.375%							7,649,861
	541,950							Pebblebrook Hotel Trust, Series F, 6.300%							11,028,683
	262,125							Pebblebrook Hotel Trust, Series G, 6.375%							5,176,969
	143,517							Rexford Industrial Realty, Inc., Series B, 5.875%							3,351,122
	287,077							Summit Hotel Properties, Inc., Series E, 6.250%							5,873,596
	265,000							Sunstone Hotel Investors, Inc., Series H, 6.125%							5,933,350
								Total Preferred Stock
								(cost $74,947,507)							65,641,237
								Total Investments - 147.6%
								(cost $1,376,984,400)							1,063,990,832
								Liabilities in Excess of Other Assets - (47.6)%							(342,956,372	)
								Net Assets - 100.0%						$	721,034,460

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, 2024. 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.

Notes to Financial Statements

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.

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.

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 year ended December 31, 2024, there have been no significant changes to the Trust's fair valuation methodology.

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:

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.

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 December 31, 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 over-the-counter ("OTC") market as a means of achieving additional retuor 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 retufor 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, 2024, the Trust did not hold any options contracts.

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 retuof 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 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.

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 year ended December 31, 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.

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 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, 2024, the Trust incurred management fees of $9,571,041, of which $794,419 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.

For the year ended December 31, 2024, there were purchases and sales transactions (excluding short-term securities) of $1,035,345,181 and $985,614,715, 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 retuof capital and capital gain.

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. In 2024, the Trust met these requirements.

The Trust is required to evaluate tax positions taken or expected to be taken in the course of preparing the Trust's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Trust as tax expense in the Statement of Operations if the tax positions were deemed to not meet the more-likely-than-not threshold. For the year ended December 31, 2024, the Trust did not incur any income tax, interest, or penalties. Management has analyzed the Trust's tax positions taken on federal, state and local income tax returns for all open tax years (since inception) and has concluded that no provisions for federal, state and local income tax are required in the Trust's financial statements.

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

In order to present paid-in capital in excess of par and total distributable earnings /(Accumulated Loss) on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, and total distributable earnings. For the year ended December 31, 2024, the adjustments were to increase additional paid-in capital by $264,358 and decrease distributable earnings by $264,358 due to the difference in the treatment for book and tax purposes of certain items allocated for foreign partnership investments. Results of operations and net assets were not affected by these reclassifications.

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

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

The final determination of the source of the 2024 distributions for tax purposes will be made after the end of the Trust's fiscal year and will be reported to shareholders in February 2025 on the Form 1099-DIV.

For the year ended December 31, 2024, the tax character of distributions paid, as reflected in the Statements of Changes in Net Assets, was $62,386,031 of ordinary income (including net short-term capital gains) and $20,947,970 of long-term capital gain (both reflected in the Statements of Changes in Net Assets as distributions from distributable earnings) and $17,698,999 of retuof capital, respectively. For the year ended December 31, 2023, the tax character of distributions paid, as reflected in the Statements of Changes in Net Assets, was $45,110,761 of ordinary income (including net short-term capital gains) and $40,406,311 of long-term capital gain (both reflected in the Statements of Changes in Net Assets as distributions from distributable earnings) and $11,052,258 of retuof capital, respectively.