CBRE Clarion Global Real Estate Income Fund
(NYSE: IGR)
CUSIP:12504G100
Dear Shareholder:
This notice provides detailed information which may assist you and your advisors. This notice is for informational purposes only. No action is required on your part.
CBRE Clarion Global Real Estate Income Fund (the “Fund”) has declared a monthly distribution of $0.05 per share for the month of September 2018. You are receiving this notice as a requirement of the Fund’s managed distribution plan. This notice is intended to provide insight into the estimated character of the current (andyear-to-date) distribution(s) in terms of income, capital gain, and return of capital. You should expect to receive this notice with every distribution. The character of the current (and YTD) distribution(s) will change through the course of the year, as the Fund’s estimates of the sources of its income become more clear.
The Fund has paid or declared total distribution of $0.45 per share to date in fiscal year 2018 (January 1, 2018 to September 30, 2018). The source of the distributions declared for the month and current fiscal year isestimated as follows:
Estimated Source of Distributions:
| | | | | | | | | | | | | | | | | | | | |
Distribution | | | Estimated Allocations | |
| Net Investment Income | | | Net Realized Short- Term Capital Gains | | | Net Realized Long-Term Capital Gains | | | Return of Capital | |
Current | | $ | 0.05 | | | $ | 0.015 (30 | %) | | | — (0 | %) | | | — (0 | %) | | $ | 0.035 (70 | %) |
YTD | | $ | 0.45 | | | $ | 0.133 (30 | %) | | | — (0 | %) | | | — (0 | %) | | $ | 0.317 (70 | %) |
The allocations reported in this notice are only estimates and are not provided for tax reporting purposes. The actual allocations will depend on the Fund’s investment experience during the remainder of its fiscal year and will not be finalized until afteryear-end. In addition, the allocations reported to shareholders for tax reporting purposes will also reflect adjustments required under applicable tax regulations. Some of these tax adjustments are significant, and amounts reported to you for tax reporting may be substantially different than those presented in this notice. SHAREHOLDERS WILL BE SENT A FORM1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The estimated allocations presented above are based on the Fund’s monthly calculation of itsyear-to-date net investment income, capital gains and returns of capital. The Fund’s investment income is mainly comprised of distributions received from the real estate investment trusts (REITs) and other companies in which it invests. “Net investment income” refers to the Fund’s investment income offset by its expenditures, which include the fees paid to the investment adviser and other service providers. “Net realized capital gains” represents the aggregation of the capital gains and losses realized by the Fund from its purchase and sale of investment securities during theyear-to-date period. Short-term capital gains are those arising from the sale of securities held by the Fund for less than one year. Long-term capital gains are those arising from the sale of securities held by the Fund for a year or more. The amount of net realized capital gains is also offset by capital losses realized in prior years. Adjustments to net investment income are made based on the character of distributions received by the Fund. A portion of the distributions the Fund receives from REITs will be characterized by the REITs as capital gains or returns of capital. Because REITs often reclassify the distributions they make, the Fund does not know the ultimate character of these distributions at the time they are received, so the Fund estimates the character based on historical information. The Fund’s net investment income is reduced by the amounts characterized by the REITs as capital gains and returns of capital. Amounts characterized by the REITs as capital gains are added to the Fund’s net realized capital gains. Amounts characterized by the REITs as return of capital are classified as such by the Fund.
The Fund’s monthly distribution is set by its Board of Trustees. The Board reviews the Fund’s distribution on a quarterly basis in view of its net investment income, realized and unrealized gains, and other net unrealized appreciation or income expected during the remainder of the year. The Fund strives to establish a level monthly distribution that, over the course of the year, will serve to distribute an amount closely approximating the Fund’s net investment income and net realized capital gains during the year.
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution includes a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”