UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21465

CBRE Clarion Global Real Estate Income Fund

(Exact name of registrant as specified in charter)

201 King of Prussia Road, Suite 600

Radnor, PA 19087

(Address of principal executive offices) (Zip code)

T. Ritson Ferguson, President and Chief Executive Officer

CBRE Clarion Global Real Estate Income Fund

201 King of Prussia Road, Suite 600

Radnor, PA 19087

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-711-4272

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

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Item 1. Report(s) to Stockholders.

The semi-annual Report of CBRE Clarion Global Real Estate Income Fund (the “Trust”) transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

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CBRE CLARION GLOBAL REAL ESTATE

INCOME FUND

Semi-Annual Report for the Six Months Ended June 30, 2012

 

 

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CBRE Clarion Global Real Estate Income Fund (the “Trust”), acting in accordance with an exemptive order received from the Securities and Exchange Commission (“SEC”) and with approval of its Board of Trustees (the “Board”), has adopted a managed distribution policy (the “Policy”) with the purpose of distributing over the course of each year, through periodic distributions as nearly equal as practicable and any required special distributions, an amount closely approximating the total taxable income of the Trust during such year and all of the returns of capital paid by portfolio companies to the Trust during such year. In accordance with its Policy, the Trust distributes a fixed amount per common share, currently $0.045, each month to its common shareholders. This amount is subject to change from time to time in the discretion of the Board. Although the level of distributions is independent of fund performance, the Trust expects such distributions to correlate with its performance over time. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential increases or decreases in the final dividend periods for each year in light of the Trust’s performance for the entire calendar year and to enable the Trust to comply with the distribution requirements imposed by the Internal Revenue Code. Over time, the Trust expects that the distribution rate in relation to the Trust’s Net Asset Value (“NAV”) will approximately equal the Trust’s total return on NAV.

The fixed amount of distributions will be reviewed and amended as necessary by the Board at regular intervals with consideration of the level of investment income and realized gains. The Board strives to establish a level regular distribution that will meet the Trust’s requirement to pay out all taxable income (including amounts representing return of capital paid by portfolio companies) with a minimum of special distributions. The Trust’s total return in relation to changes in NAV) is presented in the financial highlights table. Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of the current distribution or from the terms of the Trust’s managed distribution policy. The Board may amend or terminate the managed distribution policy without prior notice to Trust shareholders.

Shareholders should note that the Trust’s Policy is subject to change or termination as a result of many factors. The Trust is subject to risks through ownership of its portfolio company holdings including, but not limited to, declines in the value of real estate held by the portfolio company, risks related to general and local economic conditions, and portfolio company losses. Moreover, an economic downturn could have a material adverse effect on the real estate markets and on real estate companies in which the Trust invests, which in turn could result in the Trust not achieving its investment or distribution objectives thereby jeopardizing the continuance of the Policy. Please refer to the prospectus for a fuller description of the Trust’s risks.

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Table of Contents

 

CBRE CLARION GLOBAL REAL ESTATE INCOME FUND SEMI-ANNUAL REPORT 2012

 

Letter to Shareholders			2
Portfolio of Investments			7
Financial Statements			9
Supplemental Information			21

 

SEMI-ANNUAL REPORT 2012		1

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Letter to Shareholders

 

(1)

The S&P Developed Property Index is an unmanaged market-weighted total return index which consists of over 350 real estate companies from 22 developed markets with a free float total market capitalization of at least U.S. $100 million that derive more than 60% of their revenue from real estate development, management, rental and/or direct investment in physical property.

 

(2)	The MSCI REIT Preferred Index is a preferred stock market capitalization weighted index of all exchange traded preferred securities of equity REITs.

 

(3)	We include the return of this “blended index” as a reference point, since the Trust invests in both common and preferred stocks issued by listed property companies. The Trust does not have a formal performance benchmark.

 

2		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Portfolio Review

The Trust’s investments remain well-diversified by property type and geography as shown in the pie charts below. The geographic mix of the portfolio has been relatively stable during the past six months. At June 30, the Trust’s portfolio was 52% invested in the Americas, 10% in Europe, 25% in Asia-Pacific, with 12% invested in preferred stock of US real estate companies (down from 19% this time last year). Retail is the largest property type represented in the portfolio at 46%. We continue to favor retail properties (particularly top-quality malls) because historically these properties have shown more stable cash flows during economic slow-downs than other commercial property types. The Trust also has meaningful positions in the industrial, apartment and office sectors.

 

Geographic Diversification (4)		Sector Diversification (4)

Market Commentary

The issue regarding the market outlook is the deteriorating prospects for economic growth around the globe. While the resolution of the European financial system has captured many of the headlines, the core issue remains the anemic level of economic growth in most parts of the world. Real GDP growth projections for 2012 globally have generally been revised downward over the past year, as shown by the two charts below. The first chart reflects the Western world and the second chart reflects the Asia-Pacific region. Projections have been revised downward more recently and most notably for the Asia-Pacific region:

Economist Poll of Forecasters

Evolution of the GDP Forecast for 2012

 

 

(4)	Percentages presented are based on managed assets and are subject to change. Geographic and Sector diversification are unaudited.

 

SEMI-ANNUAL REPORT 2012		3

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With economic releases during the second quarter generally disappointing, the probability of 2012 GDP growth projections being revised further downward has increased. While we think concerns of a “double dip” scenario are likely overdone, there is little doubt that economic growth remains sluggish. An index of global leading indicators in the following chart reveals the recent loss of momentum of the global economic rebound:

Headline Global Leading Indicators vs. Global Industrial Production

The case for listed property companies remains positive, however, in the current environment of sluggish economic growth. Listed property companies have many investment attributes that are appealing in the current uncertain economic environment. This should provide support for the asset class, particularly among investors seeking a high component of current income in the total return proposition. These attributes include: (1) compelling relative yield in a low yield world with a healthy near-term growth outlook; (2) stable cash flows generated from generally improving property fundamentals; and (3) attractive real estate valuations.

Property companies provide attractive dividend yields. The average dividend yield for a global real estate securities strategy is now in the 3-4% range. This compares favorably with fixed income alternatives. Additionally, we estimate that dividend growth this year and next will be in the high single-digit range, driven by a combination of improving company cash flows as well as an increase in dividend payout policies which remain conservative. The relative yield proposition versus fixed income alternatives has only improved with the continued decline of bond yields. As shown in the following chart, current spreads between dividend yields of listed property companies and local 10-year sovereign bond yields for most major global markets are materially wider than long-term average spreads.

Indicated Dividend Yields

 

4		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Real estate cash flows remain resilient amidst the economic uncertainty. Despite the global economic slowdown, our underwritten earnings projections of funds from operations (cash flow per share) are now higher than what we projected at the beginning of the year. More specifically, our current global weighted average estimates for cash flow growth per share for 2012 and 2013 are 110 basis points higher than what we had projected at December 31, 2011. Projected earnings are higher as a result of a combination of improving revenues, lower expenses (partly via lower financing costs), and external growth, which is an increasing component of earnings growth. While a rising expectation for revenue growth seems unusual given the changing economic backdrop, listed property companies are benefiting partly from an increase in their market share of tenant demand. This is being driven by the higher-than-average quality of their property portfolios and the superior property locations versus the average private landlord in many markets globally. The chart below reflects our current earnings growth outlook.

Regional Earnings Growth Forecast

Listed real estate is cheaper than private real estate. We estimate that listed property company real estate now trades at a 4% discount to our estimate of the underlying real estate value within our net asset value (NAV) estimates. NAV relationships by major geography are displayed in the chart below. Canada and the U.S. are the only markets with observable premiums to NAV, and in the case of the U.S. the premium disappears when you focus on the pricing of the “core” property types (i.e., retail, office, industrial and apartments). The discounts in the Asia-Pacific region are particularly notable on both an absolute basis as well as relative to long-term averages.

NAV Premium/Discount by Region

 

SEMI-ANNUAL REPORT 2012		5

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Total returns for property stocks will continue to be anchored by an average dividend yield which remains in the 3-4% range and earnings growth that we project will be 6-7% this year and next. The persisting discount to NAV of listed real estate company stocks in most markets suggests that there remains the possibility of further multiple expansion. For these reasons, we continue to be constructive on the total return prospects for a portfolio of global property stocks over the course of the coming year.

We appreciate your continued faith and confidence.

Sincerely,

 

T. Ritson Ferguson		Steven D. Burton
President & Chief Executive Officer		Co-Portfolio Manager
Co-Portfolio Manager

The views expressed represent the opinion of CBRE Clarion Securities and are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only, does not constitute investment advice, and is not intended as an endorsement of any specific investment. Information and opinions are derived from proprietary and non-proprietary sources.

 

6		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Portfolio of Investments (unaudited)

 

June 30, 2012

 

 

See notes to financial statements.

 

SEMI-ANNUAL REPORT 2012		7

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Portfolio of Investments concluded

 

 

See notes to financial statements.

 

8		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Statement of Assets and Liabilities (unaudited)

 

				As of June 30, 2012
Assets
Investments, at value (cost $861,470,536)					$1,025,600,243
Cash and cash equivalents (including foreign currency of $211,386 with a cost of $211,381)					12,208,153
Dividends and interest receivable					7,030,198
Dividend withholding reclaims receivable					140,779
Other assets					94,956
Total Assets					1,045,074,329
Liabilities
Written options (premiums received $253,939)					641,000
Management fee payable					659,004
Accrued expenses					332,315
Total Liabilities					1,632,319
Net Assets					$1,043,442,010
Composition of Net Assets
$0.001 par value per share; unlimited number of shares authorized, 116,590,494 shares issued and outstanding					$116,590
Additional paid-in capital					1,363,050,697
Distributions in excess of net investment income					(55,778,383	)
Accumulated net realized loss on investments, written options, swap contracts and foreign currency transactions					(427,754,801	)
Net unrealized appreciation on investments, written options and foreign currency denominated assets and liabilities					163,807,907
Net Assets					$1,043,442,010
Net Asset Value (based on 116,590,494 shares outstanding)					$8.95

 

See notes to financial statements.

 

 

SEMI-ANNUAL REPORT 2012		9

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Statement of Operations (unaudited)

 

				For the Six Months Ended June 30, 2012
Investment Income
Dividends (net of foreign withholding taxes of $1,501,490)					$28,287,668
Interest					224
Total Investment Income					28,287,892
Expenses
Management fees					4,357,974
Printing and mailing fees					334,958
Interest expense on line of credit					90,470
Insurance fees					86,010
Custodian fees					78,696
Trustees’ fees and expenses					77,750
Legal fees					74,671
Administration fees					62,048
NYSE listing fee					52,783
Audit and tax fees					36,351
Miscellaneous expenses					17,394
Total Expenses					5,269,105
Management fee waived					(340,616	)
Net Expenses					4,928,489
Net Investment Income					23,359,403
Net Realized and Unrealized Gain (Loss) on Investments, Written Options and Foreign Currency Transactions
Net realized gain on:
Investments					92,806
Written options					476,488
Foreign currency transactions					39,871
Total Net Realized Gain					609,165
Net change in unrealized appreciation (depreciation) on:
Investments					101,720,857
Written options					(387,061	)
Foreign currency denominated assets and liabilities					42,902
Total Net Change in Unrealized Appreciation (Depreciation)					101,376,698
Net Gain on Investments, Written Options and Foreign Currency Transactions					101,985,863
Net Increase in Net Assets					$125,345,266

 

See notes to financial statements.

 

10		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Statements of Changes in Net Assets

 

 

				For the Six Months Ended June 30, 2012 (unaudited)						For the Year Ended December 31, 2011
Change in Net Assets Resulting from Operations
Net investment income					$23,359,403						$39,879,687
Net realized gain (loss) on investments, written options and foreign currency transactions					609,165						(5,923,615	)
Net change in unrealized appreciation (depreciation) on investments, written options and foreign currency denominated assets and liabilities					101,376,698						(21,658,681	)
Net increase in net assets resulting from operations					125,345,266						12,297,391
Dividends and Distributions on Common Shares *
Distribution of net investment income					(31,479,433	)					(38,608,248	)
Distribution of return of capital					—						(24,350,619	)
Total dividends and distributions on Common Shares					(31,479,433	)					(62,958,867	)
Net Increase (Decrease) in Net Assets					93,865,833						(50,661,476	)
Net Assets
Beginning of period					949,576,177						1,000,237,653
End of period (net of distributions in excess of net investment income of $55,778,383 and $47,658,353, respectively)					$1,043,442,010						$949,576,177

 

*	The final determination of the source of the 2012 distributions for tax purposes will be made after the Trust’s fiscal year.

 

See notes to financial statements.

 

SEMI-ANNUAL REPORT 2012		11

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Statement of Cash Flows (unaudited)

 

 

				For the Six Months Ended June 30, 2012
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations					$125,345,266
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Provided by Operating Activities:
Net change in unrealized appreciation/depreciation on investments					(101,333,796	)
Net realized gain on investments					(92,806	)
Cost of securities purchased					(14,479,101	)
Proceeds from sale of securities					75,714,321
Premiums on written options					253,939
Decrease in receivable for investment securities sold					3,875
Decrease in dividends and interest receivable					543,819
Increase in dividend withholding reclaims receivable					(140,779	)
Decrease in other assets					29,881
Increase in management fee payable					35,616
Decrease in accrued expenses					(87,465	)
Net Cash Provided by Operating Activities					85,792,770
Cash Flows From Financing Activities:
Cash distributions paid on common shares					(31,479,433	)
Decrease in line of credit payable					(42,169,900	)
Net Cash Used in Financing Activities					(73,649,333	)
Net increase in cash					12,143,437
Cash and Cash Equivalents at Beginning of Period					64,716
Cash and Cash Equivalents at End of Period					$12,208,153
Supplemental disclosure
Interest paid on line of credit					$121,526

 

See notes to financial statements.

 

12		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Financial Highlights

 

Per share operating performance for a share outstanding throughout the period				For the Six Months Ended June 30, 2012 (unaudited)						For the Year Ended December 31, 2011						For the Year Ended December 31, 2010						For the Year Ended December 31, 2009						For the Year Ended December 31, 2008						For the Year Ended December 31, 2007
Net asset value, beginning of period					$8.14						$8.58						$7.51						$5.63						$16.16						$22.78
Income from investment operations
Net investment income (1)					0.20						0.34						0.36						0.39						1.11						1.17
Net realized and unrealized gain (loss) on investments, written options, swap contracts and foreign currency transactions					0.88						(0.24	)					1.25						2.03						(10.15	)					(4.07	)
Dividends and distributions on Preferred Shares from net investment income (common stock equivalent basis)					—						—						—						—						(0.25	)					(0.48	)
Total from investment operations					1.08						0.10						1.61						2.42						(9.29	)					(3.38	)
Dividends and distributions on Common Shares
Net investment income					(0.27	)					(0.33	)					(0.54	)					(0.54	)					—						(1.97	)
Capital gains					—						—						—						—						(0.68	)					(1.25	)
Return of capital					—						(0.21	)					—						—						(0.56	)					—
Total dividends and distributions to Common Shareholders					(0.27	)					(0.54	)					(0.54	)					(0.54	)					(1.24	)					(3.22	)
Offering expenses in connection with the issuance of Preferred Shares					—						—						—						—						—						(0.02	)
Net asset value, end of period					$8.95						$8.14						$8.58						$7.51						$5.63						$16.16
Market value, end of period					$7.92						$6.84						$7.75						$6.37						$3.98						$13.83
Total investment return (2)
Net asset value					13.38	%					0.94	%					22.41	%					46.79	%					(61.14	)%					(15.82	)%
Market value					19.78	%					(5.38	)%					31.06	%					79.09	%					(67.38	)%					(32.34	)%
Ratios and supplemental data
Net assets, applicable to Common Shares, end of period (thousands)					$1,043,442						$949,576						$1,000,238						$875,448						$586,525						$1,659,240
Ratios to average net assets applicable to Common Shares of:
Net expenses, after fee waiver +					0.98	% (3)					1.03	%					0.94	%					1.14	%					1.28	%					1.38	%
Net expenses, before fee waiver +					1.05	% (3)					1.14	%					1.11	%					1.38	%					1.67	%					1.74	%
Net expenses, after the fee waiver excluding interest on line of credit +					0.96	% (3)					0.97	%					0.90	%					1.12	%					1.28	%					1.08	%
Net expenses, before fee waiver excluding interest on line of credit +					1.03	% (3)					1.09	%					1.07	%					1.35	%					1.67	%					1.44	%
Net investment income, after preferred share dividends					4.65	% (3)					3.98	%					4.60	%					6.75	%					7.10	%					3.17	%
Preferred share dividends					N/A						N/A						N/A						0.04	%					2.08	%					2.20	%
Net investment income, before preferred share dividends +					4.65	% (3)					3.98	%					4.60	%					6.79	%					9.18	%					5.37	%
Portfolio turnover rate					1.41	%					1.53	%					12.91	%					28.04	%					7.32	%					6.10	%
Leverage analysis:
Preferred shares, at redemption value, ($25,000 per share liquidation preference) (thousands)					N/A						N/A						N/A						N/A						$370,000						$910,000
Net asset coverage per share of preferred shares					N/A						N/A						N/A						N/A						$64,630						$70,584

 

(1)	Based on average shares outstanding.

 

(2)

Total investment return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized. Dividends and distributions are assumed to be reinvested at the prices obtained under the Trust’s Dividend Reinvestment Plan. Net Asset Value (“NAV”) total return is calculated assuming reinvestment of distributions at NAV on the date of the distribution.

 

(3)	Annualized.

 

+	Does not reflect the effects of dividends to Preferred Shareholders.

 

See notes to financial statements.

 

SEMI-ANNUAL REPORT 2012		13

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Notes to Financial Statements (unaudited)

 

 

14		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Notes to Financial Statements continued

 

 

SEMI-ANNUAL REPORT 2012		15

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Notes to Financial Statements continued

 

 

16		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Notes to Financial Statements continued

 

 

SEMI-ANNUAL REPORT 2012		17

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Notes to Financial Statements continued

 

 

18		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Notes to Financial Statements continued

 

 

SEMI-ANNUAL REPORT 2012		19

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Notes to Financial Statements concluded

 

 

20		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Supplemental Information (unaudited)

 

Trustees

The Trustees of the CBRE Clarion Global Real Estate Income Fund and their principal occupations during the past five years:

 

Name, Address and Age		Term of Office and Length of Time Served (1)		Title		Principal Occupations During The Past Five Years		Number of Portfolios in the Fund Complex Overseen by Trustee		Other Directorships Held by Trustee
Interested Trustees:
T. Ritson Ferguson* 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 53		3 years/ since inception		Trustee, President and Chief Executive Officer		Chief Executive Officer and Co-Chief Investment Officer of CBRE Clarion Securities LLC		1
Asuka Nakahara** 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 56		3 years/ since inception		Trustee		Associate Director of the Zell-Lurie Real Estate Center at the Wharton School, University of Pennsylvania (since 1999); Lecturer of Real Estate at the Wharton School, University of Pennsylvania (since 1999); Partner of Triton Atlantic Partners (since 2009).		1
Frederick S. Hammer 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 76		3 years/ since inception		Trustee		Co-Chairman of Inter-Atlantic Group (since 1994) and a member of its investment committee.		1		Serves on the Boards of Universal Business Payment Solutions Corp. (since 2011); Inter-Atlantic Financial, Inc. (since 2007); E-Duction, Inc. (2005 - 2008), Avalon Insurance Holdings, Inc. (2006 - 2009) and Homeowners Insurance Corp. (since 2006); Director of US Fiduciary Corp. (2006 - 2009); Chairman of the Board of Annuity and Life Re (Holdings), Ltd. (1998 - 2005).
Richard L. Sutton 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 77		3 years/ since inception		Trustee		Partner, Morris, Nichols, Arsht & Tunnel (1966 - 2000).		1		Board of Directors of Investors in Global Real Estate Ltd. (since 2006).

 

SEMI-ANNUAL REPORT 2012		21

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Supplemental Information continued

 

Name, Address and Age		Term of Office and Length of Time Served (1)		Title		Principal Occupations During The Past Five Years		Number of Portfolios in the Fund Complex Overseen by Trustee		Other Directorships Held by Trustee
Interested Trustees:
John Bartholdson 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 67		3 years/ 9 years		Trustee/Audit Committee Financial Expert		Senior Vice President, CFO and Treasurer, and a Director of Triumph Group, Inc. (1993 -2007).		1		Board of Old Mutual Advisor Funds, Old Mutual Funds II and Old Mutual Insurance Series Fund (since 2004), and Old Mutual Funds III (2008 - 2009).

 

(1)

After a Trustee’s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves. Messrs. Ferguson and Hammer, as Class I Trustees, are expected to stand for re-election at the Trust’s 2014 annual meeting of shareholders; Mr. Nakahara, as Class II Trustee, is expected to stand for re-election at the Trust’s 2012 annual meeting of shareholders; Messrs. Sutton and Bartholdson, as Class III Trustees, are expected to stand for re-election at the Trust’s 2013 annual meeting of shareholders.

 

*	Mr. Ferguson is deemed to be an interested person of the Trust as defined in the Investment Company Act of 1940 (the “1940 ACT”), as amended, due to his position with the Advisor.

 

**

Mr. Nakahara owned 5,000 shares of CB Richard Ellis Group, Inc. (“CB Richard Ellis”), of which the advisor is an indirect majority-owned subsidiary, as of July 1, 2011, the date CB Richard Ellis acquired the advisor, and through September 2, 2011, technically making him an interested person of the Trust (as defined in the 1940 Act) during that period. Mr. Nakahara purchased the shares several years ago. Mr. Nakahara no longer owns those shares and is an independent Trustee of the Trust.

 

22		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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Supplemental Information continued

 

Officers

The Officers of the CBRE Clarion Global Real Estate Income Fund and their principal occupations during the past five years:

 

Name, Address, Age and Position(s) Held with Registrant		Length of Time Served		Principal Occupations During the Past Five Years and Other Affiliations
Officers:
Jonathan A. Blome 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 35 Chief Financial Officer		since 2006		Chief Financial Officer and Director of Operations of CBRE Clarion Securities LLC (since 2011); Director and Head of Operations of CBRE Clarion Securities LLC (since 2010); Senior Vice President of CBRE Clarion Securities LLC (2005 - 2010).
William E. Zitelli 201 King of Prussia Road, Suite 600 Radnor, PA 19087 Age: 44 Chief Compliance Officer and Secretary		since 2007		General Counsel of CBRE Clarion Securities LLC (since 2007), Chief Compliance Officer of CBRE Clarion Securities LLC (2007 - 2010)

 

SEMI-ANNUAL REPORT 2012		23

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Supplemental Information concluded

 

Additional Information

Statement of Additional Information includes additional information regarding the Trustees. This information is available upon request, without charge, by calling the following toll-free telephone number: 1-888-711-4272.

The Trust has delegated the voting of the Trust’s voting securities to the Trust’s advisor pursuant to the proxy voting policies and procedures of the advisor. You may obtain a copy of these policies and procedures by calling 1-888-711-4272. The policies may also be found on the website of the Securities and Exchange Commission (http://www.sec.gov).

Information regarding how the Trust voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Trust at 1-888-711-4272 or by accessing the Trust’s Form N-PX on the Commission’s website at http://www.sec.gov.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the SEC website at http://www.sec.gov. The Trust’s Form N-Qs may also be viewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

Dividend Reinvestment Plan (unaudited)

Pursuant to the Trust’s Dividend Reinvestment Plan (the “Plan”), shareholders of the Trust are automatically enrolled, to have all distributions of dividends and capital gains reinvested by The Bank of New York Mellon (the “Plan Agent”) in the Trust’s shares pursuant to the Plan. You may elect not to participate in the Plan and to receive all dividends in cash by sending written instructions or by contacting The Bank of New York Mellon, as dividend disbursing agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by contacting the Plan Agent before the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

After the Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by the Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

The Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at Computershare Shareowner Services LLC, P.O. Box 358015, Pittsburgh, PA 15252-8015, Phone Number: (866) 221-1580.

 

24		CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

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CBRE CLARION GLOBAL REAL ESTATE INCOME FUND

 

 

 

 

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Item 2. Code of Ethics.

Not applicable for semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reporting period.

Item 6. Investments.

(a) The schedule of investments is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reporting period.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable for semi-annual reporting period.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

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Item 11. Controls and Procedures.

(a) The Trust’s principal executive officer and principal financial officer have evaluated the Trust’s disclosure controls and procedures within 90 days of this filing and have concluded that the Trust’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Trust in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The Trust’s principal executive officer and principal financial officer are aware of no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certification of chief executive officer and chief financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certification of chief executive officer and chief financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(c) Notices to Trust’s common shareholders in accordance with Investment Company Act Section 19(a) and Rule 19a-1.⁽¹⁾

 

(1)

The Trust has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year. This relief is conditioned, in part, on an undertaking by the Trust to make the disclosures to the holders of the Trust’s common shares, in addition to the information required by Section 19(a) of the Investment Company Act and Rule 19a-1 thereunder. The Trust is likewise obligated to file with the Commission the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) CBRE Clarion Global Real Estate Income Fund
By:		/s/ T. Ritson Ferguson
Name:		T. Ritson Ferguson
Title:		President and Chief Executive Officer
Date:		September 6, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:		/s/ T. Ritson Ferguson
Name:		T. Ritson Ferguson
Title:		President and Chief Executive Officer
Date:		September 6, 2012
By:		/s/ Jonathan A. Blome
Name:		Jonathan A. Blome
Title:		Chief Financial Officer
Date:		September 6, 2012