CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited)
September 30, 2020
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Shares | Market Value | |||||||
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Real Estate Securities* - 131.0% | ||||||||
Common Stock - 115.3% | ||||||||
Australia - 4.6% | ||||||||
3,326,810 | Dexus | $ | 21,198,120 | |||||
2,506,274 | Ingenia Communities Group | 8,191,453 | ||||||
3,452,945 | Stockland | 9,355,113 | ||||||
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38,744,686 |
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Belgium - 2.5% | ||||||||
147,379 | Shurgard Self Storage SA | 6,429,055 | ||||||
407,437 | Warehouses De Pauw CVA | 14,839,884 | ||||||
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21,268,939 |
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Canada - 2.6% | ||||||||
644,975 | Canadian Apartment Properties REIT | 22,428,665 | ||||||
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Finland - 0.7% | ||||||||
291,440 | Kojamo OYJ | 6,267,828 | ||||||
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Germany - 9.7% | ||||||||
532,617 | alstria office REIT-AG | 7,407,443 | ||||||
169,644 | Deutsche Wohnen SE | 8,492,455 | ||||||
157,643 | Grand City Properties SA | 3,811,816 | ||||||
170,355 | LEG Immobilien AG | 24,331,606 | ||||||
566,173 | Vonovia SE | 38,892,612 | ||||||
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82,935,932 |
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Hong Kong - 7.3% | ||||||||
3,098,500 | Link REIT | 25,187,807 | ||||||
9,360,000 | Sino Land Co. Ltd. | 10,869,678 | ||||||
1,641,000 | Sun Hung Kai Properties Ltd. | 20,920,103 | ||||||
2,135,600 | Swire Properties Ltd. | 5,621,450 | ||||||
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62,599,038 |
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Ireland - 0.5% | ||||||||
3,146,225 | Hibernia REIT PLC | 3,792,726 | ||||||
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Japan - 12.3% | ||||||||
67 | Activia Properties, Inc. | 253,639 | ||||||
8,213 | AEON REIT Investment Corp. | 9,424,754 | ||||||
1,965 | Kenedix Office Investment Corp. | 11,712,167 | ||||||
10,695 | LaSalle Logiport REIT | 17,857,093 | ||||||
10,288 | MCUBS MidCity Investment Corp. | 7,906,347 | ||||||
1,429,800 | Mitsui Fudosan Co., Ltd. | 24,746,799 | ||||||
341,200 | Nomura Real Estate Holdings, Inc. | 6,447,008 | ||||||
12,522 | Orix JREIT, Inc. | 19,139,568 | ||||||
597,900 | Tokyo Tatemono Co. Ltd. | 7,269,077 | ||||||
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104,756,452 |
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Mexico - 1.6% | ||||||||
6,890,088 | Prologis Property Mexico SA de CV | 13,314,662 | ||||||
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Singapore - 3.9% | ||||||||
7,399,700 | CapitaLand Ltd. | 14,689,903 | ||||||
3,992,100 | CapitaLand Mall Trust | 5,644,094 | ||||||
5,740,800 | Mapletree Commercial Trust | 8,158,488 |
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Shares | Market Value | |||||||
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Singapore (continued) | ||||||||
1,862,900 | Mapletree Industrial Trust | $ | 4,380,565 | |||||
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32,873,050 |
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Sweden - 0.7% | ||||||||
265,536 | Castellum AB | 6,052,441 | ||||||
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United Kingdom - 3.3% | ||||||||
527,315 | Big Yellow Group PLC | 7,089,812 | ||||||
1,878,486 | Grainger PLC | 7,217,521 | ||||||
1,154,019 | Segro PLC | 13,910,620 | ||||||
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28,217,953 |
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United States - 65.6% | ||||||||
101,806 | Alexandria Real Estate Equities, Inc. | 16,288,960 | ||||||
389,700 | American Homes 4 Rent, Class A | 11,098,656 | ||||||
217,449 | American Tower Corp. (a) | 52,563,947 | ||||||
276,700 | Apartment Investment and Management Co., Class A | 9,330,324 | ||||||
58,105 | AvalonBay Communities, Inc. (a) | 8,677,401 | ||||||
822,695 | Brixmor Property Group, Inc. | 9,617,305 | ||||||
109,136 | Camden Property Trust | 9,710,921 | ||||||
474,218 | Columbia Property Trust, Inc. | 5,173,718 | ||||||
341,073 | Crown Castle International Corp. | 56,788,655 | ||||||
696,178 | CubeSmart | 22,493,511 | ||||||
201,997 | CyrusOne, Inc. | 14,145,850 | ||||||
474,408 | Duke Realty Corp. | 17,505,655 | ||||||
37,048 | Equinix, Inc. (a) | 28,161,296 | ||||||
311,967 | Equity Residential (a) | 16,013,266 | ||||||
109,087 | Federal Realty Investment Trust (a) | 8,011,349 | ||||||
571,025 | Healthcare Trust of America, Inc., Class A | 14,846,650 | ||||||
229,810 | Healthpeak Properties, Inc. | 6,239,342 | ||||||
305,400 | Highwoods Properties, Inc. | 10,252,278 | ||||||
409,223 | Hudson Pacific Properties, Inc. | 8,974,260 | ||||||
832,375 | Invitation Homes, Inc. | 23,298,176 | ||||||
161,728 | Life Storage, Inc. | 17,025,107 | ||||||
488,152 | MGM Growth Properties LLC, Class A | 13,658,493 | ||||||
535,392 | Piedmont Office Realty Trust, Inc., Class A | 7,265,269 | ||||||
438,395 | Prologis, Inc. (a) | 44,111,305 | ||||||
94,900 | QTS Realty Trust, Inc., Class A | 5,980,598 | ||||||
343,213 | Simon Property Group, Inc. (a) | 22,199,017 | ||||||
417,035 | Spirit Realty Capital, Inc. | 14,074,931 | ||||||
453,821 | STORE Capital Corp. | 12,448,310 | ||||||
316,527 | Ventas, Inc. | 13,281,473 | ||||||
3,889,348 | VEREIT, Inc. | 25,280,762 | ||||||
832,265 | VICI Properties, Inc. | 19,450,033 | ||||||
284,524 | Welltower, Inc. | 15,674,427 | ||||||
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559,641,245 |
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Total Common Stock (cost $962,087,808) | 982,893,617 | |||||||
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See previously submitted notes to financial statements for the semi-annual period ended June 30, 2020.
CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited) continued
September 30, 2020
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Shares | Market Value | |||||||
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Preferred Stock - 15.7% | ||||||||
United States - 15.7% | ||||||||
525,265 | American Homes 4 Rent, Series D, 6.500% | $ | 13,299,710 | |||||
500,302 | Digital Realty Trust, Inc., Series C, 6.625% | 12,962,825 | ||||||
245,403 | Digital Realty Trust, Inc., Series J, 5.250% | 6,503,180 | ||||||
301,100 | Digital Realty Trust, Inc., Series L, 5.200% | 8,183,898 | ||||||
282,200 | Federal Realty Investment Trust, Series C, 5.000% | 7,582,714 | ||||||
405,900 | National Storage Affiliates Trust, Series A, 6.000% | 10,752,291 | ||||||
550,000 | Pebblebrook Hotel Trust, Series D, 6.375% | 12,369,500 | ||||||
376,619 | Pebblebrook Hotel Trust, Series E, 6.375% | 8,460,746 | ||||||
500,000 | Pebblebrook Hotel Trust, Series F, 6.300% | 11,355,000 | ||||||
143,517 | Rexford Industrial Realty, Inc., Series B, 5.875% | 3,857,737 | ||||||
150,000 | STAG Industrial, Inc., Series C, 6.875% | 3,868,500 | ||||||
225,000 | Summit Hotel Properties, Inc., Series D, 6.450% | 5,062,500 | ||||||
287,077 | Summit Hotel Properties, Inc., Series E, 6.250% | 6,401,817 | ||||||
475,700 | Sunstone Hotel Investors, Inc., Series E, 6.950% | 11,849,687 | ||||||
379,377 | Sunstone Hotel Investors, Inc., Series F, 6.450% | 9,298,530 | ||||||
120,000 | Taubman Centers, Inc., Series K, 6.250% | 2,572,800 | ||||||
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Total Preferred Stock (cost $139,585,242) | 134,381,435 | |||||||
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Total Investments - 131.0% (cost $1,101,673,050) | 1,117,275,052 | |||||||
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Liabilities in Excess of Other Assets - (31.0)% | (264,644,302 | ) | ||||||
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Net Assets - 100.0% | $ | 852,630,750 | ||||||
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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) | ||||||||||
(500) | American Tower Corp. Expires 10/16/2020 Strike Price $270.00 | (50,000) | $ | (6,500) | ||||||
(230) | AvalonBay Communities, Inc. Expires 10/16/2020 Strike Price $175.00 | (23,000) | (4,600) | |||||||
(215) | Equinix, Inc. Expires 10/16/2020 Strike Price $870.00 | (21,500) | (107,500) | |||||||
(1,500) | Equity Residential Expires 10/16/2020 Strike Price $65.00 | (150,000) | (15,000) | |||||||
(545) | Federal Realty Investment Trust Expires 10/16/2020 Strike Price $85.00 | (54,500) | (5,450) | |||||||
(2,100) | Prologis, Inc. Expires 10/16/2020 Strike Price $110.00 | (210,000) | (21,000) | |||||||
(1,200) | Simon Property Group, Inc. Expires 10/16/2020 Strike Price $95.00 | (120,000) | (4,800) | |||||||
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Total Written Call Options (Premiums Received $529,618) | $ (164,850) | |||||||||
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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 of non-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, 2020 is $72,457,895. |
(b) | Rounds to less than 0.1% |
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2020.
CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited) concluded
September 30, 2020
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, 2020.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Real Estate Securities | ||||||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | 38,744,686 | $ | – | $ | – | $ | 38,744,686 | ||||||||
Belgium | 21,268,939 | – | – | 21,268,939 | ||||||||||||
Canada | 22,428,665 | – | – | 22,428,665 | ||||||||||||
Finland | 6,267,828 | – | – | 6,267,828 | ||||||||||||
Germany | 82,935,932 | – | – | 82,935,932 | ||||||||||||
Hong Kong | 62,599,038 | – | – | 62,599,038 | ||||||||||||
Ireland | 3,792,726 | – | – | 3,792,726 | ||||||||||||
Japan | 104,756,452 | – | – | 104,756,452 | ||||||||||||
Mexico | 13,314,662 | – | – | 13,314,662 | ||||||||||||
Singapore | 32,873,050 | – | – | 32,873,050 | ||||||||||||
Sweden | 6,052,441 | – | – | 6,052,441 | ||||||||||||
United Kingdom | 28,217,953 | – | – | 28,217,953 | ||||||||||||
United States | 559,641,245 | – | – | 559,641,245 | ||||||||||||
Total Common Stock | 982,893,617 | – | – | 982,893,617 | ||||||||||||
Preferred Stock | ||||||||||||||||
United States | 125,082,905 | 9,298,530 | – | 134,381,435 | ||||||||||||
Total Investment in Real Estate Securities | $ | 1,107,976,522 | $ | 9,298,530 | $ | – | $ | 1,117,275,052 | ||||||||
Liabilities | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Written Call Options | $ | (16,750 | ) | $ | (148,100 | ) | $ | – | $ | (164,850 | ) | |||||
Total Liabilities | $ | (16,750 | ) | $ | (148,100 | ) | $ | – | $ | (164,850 | ) |
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2020.