CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited)
September 30, 2019
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Shares | Market Value | |||||||
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Real Estate Securities*- 114.3% | ||||||||
Common Stock - 92.9% | ||||||||
Australia - 5.1% | ||||||||
1,250,380 | Dexus | $ | 10,060,790 | |||||
374,634 | Goodman Group | 3,582,887 | ||||||
1,414,918 | GPT Group | 5,878,434 | ||||||
12,172,094 | Mirvac Group | 25,120,968 | ||||||
2,883,891 | Scentre Group | 7,644,006 | ||||||
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52,287,085 |
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Belgium - 1.5% | ||||||||
140,586 | Shurgard Self Storage SA | 4,483,055 | ||||||
60,283 | Warehouses De Pauw CVA | 11,067,335 | ||||||
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15,550,390 |
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Canada - 3.0% | ||||||||
448,000 | Canadian Apartment Properties REIT | 18,430,937 | ||||||
520,400 | Chartwell Retirement Residences | 5,785,716 | ||||||
470,200 | Killam Apartment Real Estate Investment Trust | 7,113,373 | ||||||
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31,330,026 |
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France - 1.1% | ||||||||
79,744 | Unibail-Rodamco-Westfield | 11,627,810 | ||||||
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Germany - 4.9% | ||||||||
1,399,480 | Aroundtown SA | 11,448,950 | ||||||
191,784 | Deutsche EuroShop AG | 5,411,065 | ||||||
396,322 | Grand City Properties SA | 8,917,929 | ||||||
138,194 | LEG Immobilien AG | 15,819,203 | ||||||
220,156 | TLG Immobilien AG | 5,988,350 | ||||||
67,103 | Vonovia SE | 3,405,397 | ||||||
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50,990,894 |
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Hong Kong - 3.9% | ||||||||
1,111,000 | Hysan Development Co. Ltd. | 4,478,353 | ||||||
2,114,000 | Link REIT | 23,312,409 | ||||||
9,532,000 | New World Development Co., Ltd. | 12,377,957 | ||||||
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40,168,719 |
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Ireland - 1.1% | ||||||||
7,073,713 | Hibernia REIT PLC | 11,428,830 | ||||||
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Japan - 11.1% | ||||||||
6,794 | AEON REIT Investment Corp. | 9,360,413 | ||||||
12,384 | GLP J-Reit | 16,431,789 | ||||||
15,770 | Japan Hotel REIT Investment Corp. | 11,760,925 | ||||||
1,098 | Kenedix Office Investment Corp. | 8,676,308 | ||||||
492,400 | Mitsubishi Estate Co. Ltd. | 9,494,903 | ||||||
932,200 | Mitsui Fudosan Co., Ltd. | 23,107,692 | ||||||
2,516 | Nippon Prologis REIT, Inc. | 6,893,246 | ||||||
282,000 | Nomura Real Estate Holdings, Inc. | 6,090,104 | ||||||
10,382 | Orix JREIT, Inc. | 22,670,849 | ||||||
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114,486,229 |
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Mexico - 1.2% | ||||||||
6,043,300 | Prologis Property Mexico SA de CV | 12,610,614 | ||||||
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Singapore - 2.0% | ||||||||
2,334,300 | CapitaLand Ltd. | 5,958,550 |
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Shares | Market Value | |||||||
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Singapore (continued) | ||||||||
5,184,000 | CapitaLand Retail China Trust | $ | 5,735,426 | |||||
1,247,100 | City Developments Ltd. | 8,855,681 | ||||||
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20,549,657 |
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Spain - 0.7% | ||||||||
595,442 | Inmobiliaria Colonial Socimi SA | 7,186,099 | ||||||
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Sweden - 2.2% | ||||||||
379,374 | Castellum AB | 8,133,728 | ||||||
894,380 | Fabege AB | 14,754,498 | ||||||
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22,888,226 |
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United Kingdom - 3.7% | ||||||||
842,423 | Land Securities Group PLC | 8,890,438 | ||||||
1,800,470 | Segro PLC | 17,989,369 | ||||||
827,413 | UNITE Group PLC (The) | 11,134,258 | ||||||
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38,014,065 |
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United States - 51.4% | ||||||||
83,603 | Alexandria Real Estate Equities, Inc. | 12,878,206 | ||||||
277,004 | American Campus Communities, Inc. | 13,318,352 | ||||||
64,894 | AvalonBay Communities, Inc. | 13,973,625 | ||||||
115,792 | Camden Property Trust | 12,854,070 | ||||||
637,618 | Columbia Property Trust, Inc. | 13,485,621 | ||||||
265,123 | Cousins Properties, Inc. | 9,965,974 | ||||||
88,179 | Crown Castle International Corp. | 12,257,763 | ||||||
541,844 | CubeSmart | 18,910,356 | ||||||
294,591 | Douglas Emmett, Inc. | 12,617,332 | ||||||
632,159 | Duke Realty Corp. | 21,474,441 | ||||||
22,909 | Equinix, Inc. (a) | 13,213,911 | ||||||
371,300 | Equity Residential | 32,028,338 | ||||||
102,113 | Extra Space Storage, Inc. (a) | 11,928,841 | ||||||
75,450 | Federal Realty Investment Trust | 10,271,763 | ||||||
513,912 | HCP, Inc. | 18,310,685 | ||||||
729,008 | Healthcare Trust of America, Inc., Class A | 21,418,255 | ||||||
617,730 | Host Hotels & Resorts, Inc. | 10,680,552 | ||||||
285,296 | Hudson Pacific Properties, Inc. | 9,546,004 | ||||||
868,164 | Invitation Homes, Inc. | 25,706,336 | ||||||
316,094 | Liberty Property Trust | 16,225,105 | ||||||
566,916 | MGM Growth Properties LLC, Class A | 17,035,826 | ||||||
545,592 | Piedmont Office Realty Trust, Inc., Class A | 11,391,961 | ||||||
378,177 | Prologis, Inc. (a) | 32,228,244 | ||||||
189,701 | Regency Centers Corp. (a) | 13,182,322 | ||||||
174,214 | Simon Property Group, Inc. | 27,116,409 | ||||||
543,728 | STORE Capital Corp. | 20,340,864 | ||||||
116,477 | Sun Communities, Inc. | 17,291,011 | ||||||
218,206 | Taubman Centers, Inc. | 8,909,351 | ||||||
99,389 | Ventas, Inc. | 7,258,379 | ||||||
1,842,544 | VEREIT, Inc. | 18,020,080 | ||||||
826,943 | VICI Properties, Inc. | 18,730,259 | ||||||
311,057 | Welltower, Inc. | 28,197,317 | ||||||
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530,767,553 |
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Total Common Stock (cost $859,122,232) | 959,886,197 | |||||||
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See previously submitted notes to financial statements for the semi-annual period ended June 30, 2019.
CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited) continued
September 30, 2019
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Shares | Market Value | |||||||
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Preferred Stock - 21.4% | ||||||||
United States - 21.4% | ||||||||
525,265 | American Homes 4 Rent, Series D, 6.500% | $ | 14,234,681 | |||||
741,000 | Brookfield Property REIT, Inc., Series A, 6.375% | 18,569,460 | ||||||
500,302 | Digital Realty Trust, Inc., Series C, 6.625% | 13,323,042 | ||||||
245,403 | Digital Realty Trust, Inc., Series J, 5.250% | 6,358,392 | ||||||
280,000 | EPR Properties, Series G, 5.750% | 7,266,000 | ||||||
282,200 | Federal Realty Investment Trust, Series C, 5.000% | 7,128,372 | ||||||
767,325 | iStar, Inc., Series I, 7.500% | 19,781,638 | ||||||
405,900 | National Storage Affiliates Trust, Series A, 6.000% | 10,792,881 | ||||||
500,000 | Pebblebrook Hotel Trust, Series D, 6.375% | 13,405,000 | ||||||
400,000 | Pebblebrook Hotel Trust, Series E, 6.375% | 10,060,000 | ||||||
500,000 | Pebblebrook Hotel Trust, Series F, 6.300% | 12,680,000 | ||||||
272,000 | Pennsylvania Real Estate Investment Trust, Series B, 7.375% | 5,630,400 | ||||||
341,100 | Pennsylvania Real Estate Investment Trust, Series C, 7.200% | 6,552,531 | ||||||
600,000 | Public Storage, Series B, 5.400% | 15,468,000 | ||||||
143,517 | Rexford Industrial Realty, Inc., Series B, 5.875% | 3,709,914 | ||||||
369,474 | SITE Centers Corp., Series J, 6.500% | 9,329,219 | ||||||
150,000 | STAG Industrial, Inc., Series C, 6.875% | 3,918,000 | ||||||
225,000 | Summit Hotel Properties, Inc., Series D, 6.450% | 5,916,375 | ||||||
287,077 | Summit Hotel Properties, Inc., Series E, 6.250% | 7,682,181 | ||||||
600,000 | Sunstone Hotel Investors, Inc., Series E, 6.950% | 16,554,000 | ||||||
379,377 | Sunstone Hotel Investors, Inc., Series F, 6.450% | 9,723,433 | ||||||
120,000 | Taubman Centers, Inc., Series K, 6.250% | 3,099,600 | ||||||
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Total Preferred Stock (cost $217,440,703) | 221,183,119 | |||||||
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Total Investments - 114.3% (cost $1,076,562,935) | 1,181,069,316 | |||||||
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Liabilities in Excess of Other Assets - (14.3)% | (148,175,424 | ) | ||||||
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Net Assets - 100.0% | $ | 1,032,893,892 | ||||||
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Number of Contracts | Notional Amount | Market Value | ||||||||||
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Written Call Options - (0.0)%(b) | ||||||||||||
United States - (0.0)%(b) | ||||||||||||
(110) | Equinix, Inc. Expires 10/18/2019 Strike Price $600.00 | (11,000 | ) | $ | (39,600 | ) | ||||||
(500) | Extra Space Storage, Inc. Expires 10/18/2019 Strike Price $125.00 | (50,000 | ) | (5,000 | ) | |||||||
(1,750) | Prologis, Inc. Expires 11/15/2019 Strike Price $90.00 | (175,000 | ) | (148,750 | ) | |||||||
(900) | Regency Centers Corp. Expires 10/18/2019 Strike Price $70.00 | (90,000 | ) | (49,500 | ) | |||||||
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Total Written Call Options (Premiums Received $228,647) | $ | 242,850 | ) | |||||||||
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* | Includes U.S. Real Estate Investment Trusts (“REIT”) and Real Estate Operating Companies (“REOC”) as well as entities similarly formed under the laws ofnon-U.S. countries. |
(a) | A portion of the security has been pledged for open written option contracts. The aggregate market value of the collateral as of September 30, 2019 is $33,356,100. |
(b) | Rounds to less than 0.1% |
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2019.
CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited) concluded
September 30, 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 September 30, 2019.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Real Estate Securities | ||||||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 52,287,085 | $ | – | $ | – | $ | 52,287,085 | ||||||||
Belgium | 15,550,390 | – | – | 15,550,390 | ||||||||||||
Canada | 31,330,026 | – | – | 31,330,026 | ||||||||||||
France | 11,627,810 | – | – | 11,627,810 | ||||||||||||
Germany | 50,990,894 | – | – | 50,990,894 | ||||||||||||
Hong Kong | 40,168,719 | – | – | 40,168,719 | ||||||||||||
Ireland | 11,428,830 | – | – | 11,428,830 | ||||||||||||
Japan | 114,486,229 | – | – | 114,486,229 | ||||||||||||
Mexico | 12,610,614 | – | – | 12,610,614 | ||||||||||||
Singapore | 20,549,657 | – | – | 20,549,657 | ||||||||||||
Spain | 7,186,099 | – | – | 7,186,099 | ||||||||||||
Sweden | 22,888,226 | – | – | 22,888,226 | ||||||||||||
United Kingdom | 38,014,065 | – | – | 38,014,065 | ||||||||||||
United States | 530,767,553 | – | – | 530,767,553 | ||||||||||||
Total Common Stock | 959,886,197 | – | – | 959,886,197 | ||||||||||||
Preferred Stock | ||||||||||||||||
United States | 217,473,205 | 3,709,914 | – | 221,183,119 | ||||||||||||
Total Investment in Real Estate Securities | $ | 1,177,359,402 | $ | 3,709,914 | $ | – | $ | 1,181,069,316 | ||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Written Call Options | $ | (237,850 | ) | $ | (5,000 | ) | $ | – | $ | (242,850) | ||||||
Total Liabilities | $ | (237,850 | ) | $ | (5,000 | ) | $ | – | $ | (242,850) |
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2019.