NPORT-EX 1 CBRE_Clarion_Global.htm HTML

CBRE Clarion Global Real Estate Income Fund

Portfolio of Investments (unaudited)

 

March 31, 2019     

 

  

 

 
Shares        

        Market    

        Value ($)    

 

  

 

 
   Real Estate Securities* - 116.0%   
  

Common Stock - 94.8%

  
  

Australia - 4.1%

  

2,998,631

  

GPT Group

   $ 13,227,779  

12,172,094

  

Mirvac Group

         23,777,725  

1,452,245

  

Scentre Group

     4,239,884  

 

  

 

  

 

 

 

        41,245,388  
     

 

 

 

  

Belgium - 1.5%

  

140,586

  

Shurgard Self Storage SA (a)

     4,646,520  

67,859

  

Warehouses De Pauw CVA

     10,895,952  

 

  

 

  

 

 

 

        15,542,472  
     

 

 

 

  

Canada - 3.2%

  

354,900

  

Canadian Apartment Properties REIT

     13,646,628  

520,400

  

Chartwell Retirement Residences

     5,835,242  

470,200

  

Killam Apartment Real Estate Investment Trust

     6,828,010  

215,200

  

SmartCentres Real Estate Investment Trust

     5,639,547  

 

  

 

  

 

 

 

        31,949,427  
     

 

 

 

  

France - 1.1%

  

65,761

  

Unibail-Rodamco-Westfield

     10,790,938  

 

  

 

  

 

 

 

  

Germany - 6.9%

  

191,784

  

Deutsche EuroShop AG

     5,818,612  

396,322

  

Grand City Properties SA

     9,567,717  

138,194

  

LEG Immobilien AG

     16,983,479  

715,529

  

Vonovia SE

     37,134,611  

 

  

 

  

 

 

 

        69,504,419  
     

 

 

 

 

  

Hong Kong - 7.8%

  

 

 

 

3,277,200   

CK Asset Holdings Ltd.

     29,140,130  

1,081,700

  

Hongkong Land Holdings Ltd.

     7,690,887  

2,880,500

  

Link REIT

     33,685,552  

5,232,000

  

New World Development Co., Ltd.

     8,677,844  

 

  

 

  

 

 

 

        79,194,413  
     

 

 

 

  

Ireland - 1.0%

  

7,073,713

  

Hibernia REIT PLC

     10,659,127  

 

  

 

  

 

 

 

  

Japan - 10.0%

  

4,186

  

AEON REIT Investment Corp.

     4,939,166  

579,584

  

Hulic Co. Ltd.

     5,686,662  

3,510

  

Hulic Reit, Inc.

     5,987,153  

15,770

  

Japan Hotel REIT Investment Corp.

     12,723,142  

1,098

  

Kenedix Office Investment Corp.

     7,628,513  

492,400

  

Mitsubishi Estate Co. Ltd.

     8,921,789  

932,200

  

Mitsui Fudosan Co., Ltd.

     23,434,490  

282,000

  

Nomura Real Estate Holdings, Inc.

     5,414,013  

10,382

  

Orix JREIT, Inc.

     17,830,946  

665,200

  

Tokyo Tatemono Co. Ltd.

     8,155,363  

 

  

 

  

 

 

 

        100,721,237  
     

 

 

 

 

  

Mexico - 1.2%

  

 

 

 

        6,043,300

  

Prologis Property Mexico SA de CV

     11,683,142    

 

  

 

  

 

 

 

 

  

Singapore - 1.7%

  

 

 

 

3,452,300

  

CapitaLand Ltd.

     9,302,987  
      

 

  

 

 
Shares        

        Market    

        Value ($)    

 

  

 

 

 

  

Singapore (continued)

  

 

 

 

1,247,100

  

City Developments Ltd.

   $ 8,332,414  

 

  

 

  

 

 

 

        17,635,401  
     

 

 

 

 

  

Spain - 0.6%

  

 

 

 

613,729

  

Inmobiliaria Colonial Socimi SA

     6,315,836  

 

  

 

  

 

 

 

 

  

Sweden - 2.2%

  

 

 

 

516,861

  

Castellum AB

     10,049,905  

810,972

  

Fabege AB

     11,803,523  

 

  

 

  

 

 

 

        21,853,428  
     

 

 

 

 

  

United Kingdom - 4.1%

  

 

 

 

3,124,773

  

Segro PLC

     27,419,076  

1,149,176

  

UNITE Group PLC (The)

     13,738,960  

 

  

 

  

 

 

 

        41,158,036  
     

 

 

 

 

  

United States - 49.4%

  

 

 

 

79,668

  

Alexandria Real Estate Equities, Inc. (b)

     11,357,470  

230,640

  

American Campus Communities, Inc.

     10,973,851  

30,940

  

AvalonBay Communities, Inc. (b)

     6,210,586  

84,389

  

Camden Property Trust

     8,565,483  

674,218

  

Columbia Property Trust, Inc.

     15,176,647  

1,322,822

  

Cousins Properties, Inc.

     12,778,461  

48,140

  

Crown Castle International Corp. (b)

     6,161,920  

415,091

  

CubeSmart

     13,299,516  

371,491

  

Douglas Emmett, Inc.

     15,015,666  

570,859

  

Duke Realty Corp.

     17,456,868  

21,806

  

Equinix, Inc. (b)

     9,881,607  

371,300

  

Equity Residential

     27,966,316  

19,567

  

Essex Property Trust, Inc. (b)

     5,659,559  

145,291

  

Extra Space Storage, Inc. (b)

     14,806,606  

97,097

  

Federal Realty Investment Trust (b)

     13,384,821  

431,712

  

HCP, Inc.

     13,512,586  

686,308

  

Healthcare Trust of America, Inc., Class A

     19,621,546  

37,532

  

Hilton Worldwide Holdings, Inc. (b)

     3,119,285  

580,043

  

Host Hotels & Resorts, Inc.

     10,962,813  

330,125

  

Hudson Pacific Properties, Inc.

     11,362,903  

677,196

  

Invitation Homes, Inc.

     16,476,179  

240,205

  

Liberty Property Trust

     11,630,726  

543,616

  

MGM Growth Properties LLC, Class A

     17,531,616  

102,359

  

Pebblebrook Hotel Trust

     3,179,271  

545,592

  

Piedmont Office Realty Trust, Inc., Class A

     11,375,593  

185,097

  

Prologis, Inc.

     13,317,729  

47,748

  

Public Storage (b)

     10,398,559  

254,701

  

Regency Centers Corp.

     17,189,770  

175,275

  

Simon Property Group, Inc. (b)

     31,936,858  

581,528

  

STORE Capital Corp.

     19,481,188  

274,171

  

Sun Communities, Inc. (b)

     32,494,747  

197,971

  

Taubman Centers, Inc.

     10,468,706  

99,389

  

Ventas, Inc. (b)

     6,342,012  

          1,874,544

  

VEREIT, Inc.

     15,689,933  

477,301

  

VICI Properties, Inc.

     10,443,346  

306,180

  

Welltower, Inc. (b)

     23,759,568  

 

  

 

  

 

 

 

        498,990,311    
     

 

 

 

  

Total Common Stock

  
  

(cost $880,948,700)

     957,243,575  

 

  

 

  

 

 

 

 

 

See previously submitted notes to financial statements for the annual period ended December 31, 2018.


CBRE Clarion Global Real Estate Income Fund

Portfolio of Investments (unaudited) continued

 

March 31, 2019     

 

  

 

 
Shares        

        Market     

        Value ($)    

 

  

 

 
   Preferred Stock - 21.2%   

 

   United States - 21.2%   

 

 

 

525,265

   American Homes 4 Rent, Series D, 6.500%    $ 13,919,522  

741,000

  

Brookfield Property REIT, Inc.,

Series A, 6.375%

     18,747,300  

500,302

   Digital Realty Trust, Inc., Series C, 6.625%      13,147,937  

245,403

   Digital Realty Trust, Inc., Series J, 5.250%      5,811,143  

280,000

   EPR Properties, Series G, 5.750%      6,658,400  

282,200

  

Federal Realty Investment Trust,

Series C, 5.000%

     6,682,496  

767,325

   iStar, Inc., Series I, 7.500%      19,428,669  

284,500

  

National Storage Affiliates Trust,

Series A, 6.000%

     7,081,205  

500,000

   Pebblebrook Hotel Trust, Series D, 6.375%      13,125,000  

400,000

   Pebblebrook Hotel Trust, Series E, 6.375%      10,520,000  

500,000

   Pebblebrook Hotel Trust, Series F, 6.300%      12,450,000  

272,000

   Pennsylvania Real Estate Investment Trust, Series B, 7.375%      5,848,000  

341,100

   Pennsylvania Real Estate Investment Trust, Series C, 7.200%      7,077,825  

600,000

   Public Storage, Series B, 5.400%      15,222,000  

143,517

   Rexford Industrial Realty, Inc., Series B, 5.875%      3,511,861  

369,474

   SITE Centers Corp., Series J, 6.500%      9,547,208  

150,000

   STAG Industrial, Inc., Series C, 6.875%      3,963,000  

225,000

   Summit Hotel Properties, Inc., Series D, 6.450%      5,652,000  

287,077

   Summit Hotel Properties, Inc., Series E, 6.250%      6,671,669  

600,000

   Sunstone Hotel Investors, Inc., Series E, 6.950%      16,020,000  

379,377

   Sunstone Hotel Investors, Inc., Series F, 6.450%      9,685,495  

          120,000

   Taubman Centers, Inc., Series K, 6.250%      3,084,000  

 

  

 

  

 

 

 

  

Total Preferred Stock

(cost $214,426,340)

     213,854,730  

 

  

 

  

 

 

 

  

Total Investments - 116.0%

(cost $1,095,375,040)

     1,171,098,305  

 

  

 

  

 

 

 

   Liabilities in Excess of Other Assets - (16.0)%      (161,380,198

 

  

 

  

 

 

 

   Net Assets - 100.0%    $     1,009,718,107    

 

  

 

  

 

 

 

        

 

  

 

 
Number of
Contracts
  

Notional

Amount

  

Market   

Value ($) 

 

 

  

 

 
   Written Call Options - (0.1)%

 

 

   United States - (0.1)%

 

(400)

   Alexandria Real Estate Equities, Inc.      
     Expires 5/17/2019            
     Strike Price $150.00    (40,000)    $            (38,000)    

(150)

   AvalonBay Communities, Inc.      
     Expires 5/17/2019            
     Strike Price $210.00    (15,000)    (16,500)    

(240)

   Crown Castle International Corp.      
     Expires 5/17/2019            
     Strike Price $130.00    (24,000)    (59,520)    

(100)

   Equinix, Inc.      
     Expires 4/18/2019            
     Strike Price $460.00    (10,000)    (48,000)    

(100)

   Essex Property Trust, Inc.      
     Expires 4/18/2019            
     Strike Price $300.00    (10,000)    (7,000)    

(700)

   Extra Space Storage, Inc.      
     Expires 4/18/2019            
     Strike Price $100.00    (70,000)    (254,800)    

(400)

   Federal Realty Investment Trust      
     Expires 5/17/2019            
     Strike Price $145.00    (40,000)    (49,000)    

(190)

   Hilton Worldwide Holdings, Inc.      
     Expires 5/17/2019            
     Strike Price $87.50    (19,000)    (20,140)    

(230)

   Public Storage      
     Expires 5/17/2019            
     Strike Price $230.00    (23,000)    (37,030)    

(800)

   Simon Property Group, Inc.      
     Expires 5/17/2019            
     Strike Price $195.00    (80,000)    (72,800)    

(1,000)

   Sun Communities, Inc.      
     Expires 5/17/2019            
     Strike Price $125.00    (100,000)    (50,000)    

(500)

   Ventas, Inc.      
     Expires 5/17/2019            
     Strike Price $67.50    (50,000)    (27,500)    

        (1,500)

   Welltower, Inc.      
     Expires 5/17/2019            
     Strike Price $82.50    (150,000)    (48,750)    

 

  

 

  

 

 

 
  

Total Written Call Options

(Premiums Received $396,347)

   $     (729,040)    

 

  

 

  

 

 

 

 

*

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

(a)

Non-income producing security.

(b)

A portion of the security has been pledged for open written option contracts. The aggregate market value of the collateral as of March 31, 2019 is $79,704,380.

 

 

See previously submitted notes to financial statements for the annual period ended December 31, 2018.


CBRE Clarion Global Real Estate Income Fund

Portfolio of Investments (unaudited) concluded

March 31, 2019

 

Securities Valuation

The following is a summary of various inputs used in determining the value of the Trust’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical investments. Level 2 includes other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of inputs used as of March 31, 2019.

 

Assets                Level 1                             Level 2                             Level 3                                   Total              

Investments in Real Estate Securities

         

Common Stock

         

Australia

   $ 41,245,388     $     $      $ 41,245,388  

Belgium

     15,542,472                    15,542,472  

Canada

     31,949,427                    31,949,427  

France

     10,790,938                    10,790,938  

Germany

     69,504,419                    69,504,419  

Hong Kong

     79,194,413                    79,194,413  

Ireland

     10,659,127                    10,659,127  

Japan

     100,721,237                    100,721,237  

Mexico

     11,683,142                    11,683,142  

Singapore

     17,635,401                    17,635,401  

Spain

     6,315,836                    6,315,836  

Sweden

     21,853,428                    21,853,428  

United Kingdom

     41,158,036                    41,158,036  

United States

     498,990,311                    498,990,311  

Total Common Stock

     957,243,575                    957,243,575  

Preferred Stock

         

United States

     208,202,730       5,652,000              213,854,730  

Total Investment in Real Estate Securities

   $ 1,165,446,305     $ 5,652,000     $      $ 1,171,098,305  

Liabilities

                                 

Other Financial Instruments

         

Written Call Options

   $ (509,790   $ (219,250   $      $ (729,040

Total Liabilities

   $ (509,790   $ (219,250   $      $ (729,040

 

See previously submitted notes to financial statements for the annual period ended December 31, 2018.