CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited)
March 31, 2020
|
|
|
|
|
Market |
Shares |
|
|
|
Value | |
|
|
Real Estate Securities*- 122.5% |
|
|
|
|
|
Common Stock - 104.0% |
|
|
|
|
|
Australia - 2.9% |
|
|
|
2,055,932 |
|
Dexus |
$ |
11,438,251 | |
595,544 |
|
Goodman Group |
|
|
4,410,484 |
2,514,294 |
|
GPT Group |
|
|
5,586,113 |
|
|
|
|
|
21,434,848 |
|
|
Belgium - 2.3% |
|
|
|
147,379 |
|
Shurgard Self Storage SA |
|
|
4,366,215 |
421,981 |
|
Warehouses De Pauw CVA |
|
|
12,117,203 |
|
|
|
|
|
16,483,418 |
|
|
Canada - 1.9% |
|
|
|
467,776 |
|
Canadian Apartment Properties REIT |
|
|
13,996,965 |
|
|
Finland - 0.5% |
|
|
|
205,487 |
|
Kojamo OYJ |
|
|
3,896,134 |
|
|
Germany - 7.2% |
|
|
|
532,617 |
|
alstria office REIT-AG |
|
|
7,620,762 |
736,691 |
|
Aroundtown SA |
|
|
3,681,155 |
277,480 |
|
Grand City Properties SA |
|
|
5,833,550 |
134,405 |
|
LEG Immobilien AG |
|
|
15,145,779 |
420,038 |
|
Vonovia SE |
|
|
20,675,385 |
|
|
|
|
|
52,956,631 |
|
|
Hong Kong - 6.3% |
|
|
|
2,274,500 |
|
CK Asset Holdings Ltd. |
|
|
12,456,944 |
2,285,000 |
|
Hang Lung Properties Ltd. |
|
|
4,640,222 |
2,252,000 |
|
Link REIT |
|
|
19,088,931 |
7,458,000 |
|
Sino Land Co. Ltd. |
|
|
9,468,155 |
|
|
|
|
|
45,654,252 |
|
|
Ireland - 0.7% |
|
|
|
4,590,750 |
|
Hibernia REIT PLC |
|
|
5,440,178 |
|
|
Japan - 12.3% |
|
|
|
5,361 |
|
AEON REIT Investment Corp. |
|
|
5,139,767 |
12,384 |
|
GLP J-Reit |
|
|
13,949,279 |
638 |
|
Kenedix Office Investment Corp. |
|
|
3,362,716 |
6,857 |
|
LaSalle Logiport REIT |
|
|
9,260,809 |
1,038,200 |
|
Mitsubishi Estate Co. Ltd. |
|
|
15,339,067 |
1,004,400 |
|
Mitsui Fudosan Co., Ltd. |
|
|
17,402,901 |
2,516 |
|
Nippon Prologis REIT, Inc. |
|
|
6,320,589 |
282,000 |
|
Nomura Real Estate Holdings, Inc. |
|
|
4,584,410 |
10,948 |
|
Orix JREIT, Inc. |
|
|
14,400,593 |
|
|
|
|
|
89,760,131 |
|
|
Mexico - 1.4% |
|
|
|
6,890,088 |
|
Prologis Property Mexico SA de CV |
|
|
10,458,818 |
|
|
Norway - 0.8% |
|
|
|
467,704 |
|
Entra ASA (a) |
|
|
5,522,836 |
|
|
|
|
|
Market |
Shares |
|
|
|
Value | |
|
|
Singapore - 1.6% |
|
|
|
5,184,000 |
CapitaLand Retail China Trust |
$ |
4,441,816 | ||
694,000 |
City Developments Ltd. |
|
|
3,528,855 | |
3,486,800 |
Mapletree Logistics Trust |
|
|
3,869,188 | |
|
|
|
|
|
11,839,859 |
|
|
Sweden - 1.8% |
|
|
|
271,745 |
Castellum AB |
|
|
4,607,847 | |
649,206 |
Fabege AB |
|
|
8,341,383 | |
|
|
|
|
|
12,949,230 |
|
|
United Kingdom - 3.9% |
|
|
|
190,028 |
Big Yellow Group PLC |
|
|
2,365,678 | |
171,349 |
Derwent London PLC |
|
|
6,947,580 | |
1,981,921 |
Grainger PLC |
|
|
6,369,797 | |
1,154,019 |
Segro PLC |
|
|
10,932,275 | |
179,449 |
UNITE Group PLC (The) |
|
|
1,783,400 | |
|
|
|
|
|
28,398,730 |
|
|
United States - 60.4% |
|
|
|
134,586 |
Alexandria Real Estate Equities, Inc. |
|
|
18,446,357 | |
83,739 |
American Campus Communities, Inc. |
|
|
2,323,757 | |
140,707 |
American Tower Corp. |
|
|
30,638,949 | |
100,851 |
AvalonBay Communities, Inc. |
|
|
14,842,242 | |
221,550 |
Camden Property Trust |
|
|
17,555,622 | |
490,218 |
Columbia Property Trust, Inc. |
|
|
6,127,725 | |
146,823 |
Cousins Properties, Inc. |
|
|
4,297,509 | |
384,498 |
Crown Castle International Corp. |
|
|
55,521,511 | |
714,063 |
CubeSmart |
|
|
19,129,748 | |
254,844 |
CyrusOne, Inc. |
|
|
15,736,617 | |
613,743 |
Duke Realty Corp. |
|
|
19,872,998 | |
46,969 |
Equinix, Inc. |
|
|
29,335,428 | |
453,171 |
Equity Residential |
|
|
27,965,182 | |
103,297 |
Federal Realty Investment Trust |
|
|
7,706,989 | |
742,042 |
Healthcare Trust of America, Inc., Class A |
|
|
18,016,780 | |
692,063 |
Healthpeak Properties, Inc. |
|
|
16,505,703 | |
554,669 |
Hudson Pacific Properties, Inc. |
|
|
14,066,406 | |
817,140 |
Invitation Homes, Inc. |
|
|
17,462,282 | |
125,700 |
Life Storage, Inc. |
|
|
11,884,935 | |
270,118 |
MGM Growth Properties LLC, Class A |
|
|
6,393,693 | |
254,593 |
Physicians Realty Trust |
|
|
3,549,027 | |
534,192 |
Piedmont Office Realty Trust, Inc., Class A |
|
|
9,433,831 | |
540,730 |
Prologis, Inc. |
|
|
43,458,470 | |
28,747 |
Simon Property Group, Inc. |
|
|
1,577,060 | |
466,752 |
STORE Capital Corp. |
|
|
8,457,546 | |
49,003 |
Sun Communities, Inc. |
|
|
6,118,025 | |
2,983,790 |
VEREIT, Inc. |
|
|
14,590,733 | |
|
|
Total Common Stock |
|
|
441,015,125 |
|
|
|
|
| |
|
|
(cost $864,892,612) |
|
|
759,807,155 |
See previously submitted notes to financial statements for the annual period ended December 31, 2019.
CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited) continued
March 31, 2020
|
|
|
|
|
Market |
Shares |
|
|
|
Value | |
|
|
Preferred Stock - 18.5% |
|
|
|
|
|
United States - 18.5% |
|
|
|
525,265 |
American Homes 4 Rent, Series D, 6.500% |
$ |
12,427,770 | ||
248,359 |
Brookfield Property Partners LP, Series A, |
|
|
| |
|
|
5.750% |
|
|
3,477,026 |
349,353 |
Brookfield Property REIT, Inc., Series A, |
|
|
| |
|
|
6.375% |
|
|
4,943,345 |
500,302 |
Digital Realty Trust, Inc., Series C, 6.625% |
|
|
12,602,608 | |
245,403 |
Digital Realty Trust, Inc., Series J, 5.250% |
|
|
5,835,683 | |
301,100 |
Digital Realty Trust, Inc., Series L, 5.200% |
|
|
6,940,355 | |
280,000 |
EPR Properties, Series G, 5.750% |
|
|
4,354,000 | |
282,200 |
Federal Realty Investment Trust, Series C, |
|
|
| |
|
|
5.000% |
|
|
6,346,678 |
506,931 |
iStar, Inc., Series I, 7.500% |
|
|
9,664,639 | |
405,900 |
National Storage Affiliates Trust, Series A, |
|
|
| |
|
|
6.000% |
|
|
9,323,523 |
550,000 |
Pebblebrook Hotel Trust, Series D, 6.375% |
|
|
8,838,500 | |
400,000 |
Pebblebrook Hotel Trust, Series E, 6.375% |
|
|
6,400,000 | |
500,000 |
Pebblebrook Hotel Trust, Series F, 6.300% |
|
|
7,865,000 | |
143,517 |
Rexford Industrial Realty, Inc., Series B, 5.875% |
|
|
3,287,257 | |
150,000 |
STAG Industrial, Inc., Series C, 6.875% |
|
|
3,787,500 | |
225,000 |
Summit Hotel Properties, Inc., Series D, 6.450% |
|
|
3,069,000 | |
287,077 |
Summit Hotel Properties, Inc., Series E, 6.250% |
|
|
3,775,063 | |
600,000 |
Sunstone Hotel Investors, Inc., Series E, 6.950% |
|
|
12,000,000 | |
379,377 |
Sunstone Hotel Investors, Inc., Series F, 6.450% |
|
|
7,303,007 | |
120,000 |
Taubman Centers, Inc., Series K, 6.250% |
|
|
2,637,600 | |
|
|
Total Preferred Stock |
|
|
|
|
|
(cost $177,160,462) |
|
|
134,878,554 |
|
|
Total Investments - 122.5% |
|
|
|
|
|
(cost $1,042,053,074) |
|
|
894,685,709 |
|
|
Liabilities in Excess of Other Assets - (22.5)% |
|
|
(164,331,436) |
|
|
Net Assets - 100.0% |
|
$ |
730,354,273 |
*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)Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. At March 31, 2020, the security amounted to $5,522,836 or 0.8% of net assets.
See previously submitted notes to financial statements for the annual period ended December 31, 2019.
CBRE Clarion Global Real Estate Income Fund
Portfolio of Investments (unaudited) concluded
March 31, 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 March 31, 2020.
|
Assets |
|
Level 1 |
|
Level 2 |
Level 3 |
|
|
Total |
|
Investments in Real Estate Securities |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
$ |
|
$ |
21,434,848 |
|
Australia |
$ |
21,434,848 |
$ |
– |
– | |||
|
Belgium |
|
16,483,418 |
|
– |
|
– |
|
16,483,418 |
|
Canada |
|
13,996,965 |
|
– |
|
– |
|
13,996,965 |
|
Finland |
|
3,896,134 |
|
– |
|
– |
|
3,896,134 |
|
Germany |
|
52,956,631 |
|
– |
|
– |
|
52,956,631 |
|
Hong Kong |
|
45,654,252 |
|
– |
|
– |
|
45,654,252 |
|
Ireland |
|
5,440,178 |
|
– |
|
– |
|
5,440,178 |
|
Japan |
|
89,760,131 |
|
– |
|
– |
|
89,760,131 |
|
Mexico |
|
10,458,818 |
|
– |
|
– |
|
10,458,818 |
|
Norway |
|
5,522,836 |
|
– |
|
– |
|
5,522,836 |
|
Singapore |
|
11,839,859 |
|
– |
|
– |
|
11,839,859 |
|
Sweden |
|
12,949,230 |
|
– |
|
– |
|
12,949,230 |
|
United Kingdom |
|
28,398,730 |
|
– |
|
– |
|
28,398,730 |
|
United States |
|
441,015,125 |
|
– |
|
– |
|
441,015,125 |
Total Common Stock |
|
759,807,155 |
|
– |
|
– |
|
759,807,155 | |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
United States |
|
131,591,297 |
|
3,287,257 |
|
– |
|
134,878,554 |
Total Investment in Real Estate Securities |
$ |
891,398,452 |
$ |
3,287,257 |
$ |
– |
$ |
894,685,709 |
See previously submitted notes to financial statements for the annual period ended December 31, 2019.