Washington, D.C. 20549




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:    1-877-711-4272        

Date of fiscal year end:    December 31            

Date of reporting period:  March 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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.

Item 1. Schedule of Investments.

Attached hereto.

CBRE Clarion Global Real Estate Income Fund

Portfolio of Investments (unaudited)

March 31, 2018








Shares        Market
Value ($)








  Real Estate Securities*- 118.1%  
  Common Stock - 96.7%  
  Australia - 4.6%  


  Aventus Retail Property Fund Ltd.   $ 10,634,800      


  Mirvac Group     23,265,987      


  Scentre Group     10,836,742      












  Canada - 1.8%  


  Chartwell Retirement Residences     5,108,024      


  SmartCentres Real Estate Investment Trust     12,976,162      












  France - 5.6%  


  Altarea     17,358,042      


  Gecina SA     6,819,977      


  Klepierre SA     18,505,383      


  Unibail-Rodamco SE     11,867,936      












  Germany - 3.5%  


  ADO Properties SA     18,202,543      


  Aroundtown SA     16,241,998      












  Hong Kong - 8.5%  


  CK Asset Holdings Ltd.     51,034,317      


  Link REIT     20,368,997      


  Sun Hung Kai Properties Ltd.     11,565,307      












  Ireland - 1.2%  


  Hibernia REIT PLC     11,700,269      








  Japan - 11.0%  


  Hulic Co. Ltd.     8,392,760      


  Japan Hotel REIT Investment Corp.     10,441,027      


  Kenedix Office Investment Corp.     8,486,742      


  Mitsui Fudosan Co., Ltd.     40,397,721      


  Nippon Prologis REIT, Inc.     10,731,509      


  Nomura Real Estate Holdings, Inc.     13,233,156      


  Orix JREIT, Inc.     16,126,999      












  Mexico - 1.2%  


  Prologis Property Mexico SA de CV     11,508,210      








  Singapore - 2.0%  


  City Developments Ltd.     11,341,417      


  Mapletree Logistics Trust     7,961,373      



















Shares        Market
Value ($)








  Spain - 1.8%  


  Hispania Activos Inmobiliarios Socimi SA   $ 7,214,077      


  Inmobiliaria Colonial Socimi SA     10,580,464      












  Sweden - 0.9%  


  Castellum AB     8,488,025      








  United Kingdom - 7.6%  


  Derwent London PLC     6,693,281      


  Segro PLC     52,060,069      


  UNITE Group PLC (The)     15,639,181      












  United States - 47.0%  


  Alexandria Real Estate Equities, Inc.     22,366,925      


  Brandywine Realty Trust     11,017,592      


  Columbia Property Trust, Inc.     10,255,023      


  CubeSmart     19,951,585      


  CyrusOne, Inc.     19,806,287      


  DCT Industrial Trust, Inc.     11,640,520      


  Equinix, Inc.     24,091,554      


  Equity Residential     12,542,504      


  Extra Space Storage, Inc.     12,286,136      



Forest City Realty Trust, Inc.,

Class A



  GGP, Inc.     24,311,861      


  Healthcare Trust of America, Inc., Class A     20,886,798      


  Hilton Worldwide Holdings, Inc.     7,450,145      


  Invitation Homes, Inc.     26,563,983      


  Iron Mountain, Inc.     23,630,710      


  Macerich Co. (The)     13,919,401      


  Marriott International, Inc., Class A     26,140,931      


  MGM Growth Properties LLC, Class A     14,427,569      


  Prologis, Inc.     10,850,783      


  Regency Centers Corp.     34,105,775      


  Retail Opportunity Investments Corp.     7,715,694      


  Simon Property Group, Inc.     30,475,018      


  SL Green Realty Corp.     15,093,086      


  STORE Capital Corp.     5,799,267      


  Sun Communities, Inc.     20,898,512      


  Taubman Centers, Inc.     18,246,541      


  VICI Properties, Inc.     5,442,890      













Total Common Stock


(cost $972,589,278)











See previously submitted notes to financial statements for the annual period ended December 31, 2017.

CBRE Clarion Global Real Estate Income Fund

Portfolio of Investments (unaudited) concluded









Shares        Market
Value ($)








  Preferred Stock - 21.4%  
  United States - 21.4%  


  American Homes 4 Rent, Series D, 6.500%   $ 13,136,878      


  CBL & Associates Properties, Inc., Series D, 7.375%     1,718,000      


  DDR Corp., Series J, 6.500%     8,538,544      


  Digital Realty Trust, Inc., Series C, 6.625%     13,573,193      


  Digital Realty Trust, Inc., Series J, 5.250%     5,870,040      


  EPR Properties, Series G, 5.750%     6,316,800      


  Federal Realty Investment Trust, Series C, 5.000%     6,431,338      


  GGP, Inc., Series A, 6.375%     18,332,340      


  iStar, Inc., Series I, 7.500%     18,952,927      


  LaSalle Hotel Properties, Series I, 6.375%     9,776,000      


  LaSalle Hotel Properties, Series J, 6.300%     12,137,500      


  National Storage Affiliates Trust, Series A, 6.000%     6,967,405      


  Pebblebrook Hotel Trust, Series D, 6.375%     12,355,000      


  Pennsylvania Real Estate Investment Trust, Series B, 7.375%     5,712,000      


  Pennsylvania Real Estate Investment Trust, Series C, 7.200%     7,074,414      


  Public Storage, Series B, 5.400%     15,150,000      


  Rexford Industrial Realty, Inc., Series B, 5.875%     3,494,639      


  STAG Industrial, Inc., Series C, 6.875%     3,810,000      


  Summit Hotel Properties, Inc., Series D, 6.450%     5,535,000      


  Summit Hotel Properties, Inc., Series E, 6.250%     6,901,044      


  Sunstone Hotel Investors, Inc., Series E, 6.950%     15,066,000      


  Sunstone Hotel Investors, Inc., Series F, 6.450%     9,385,787      


  Taubman Centers, Inc., Series K, 6.250%     2,884,800      









Total Preferred Stock


(cost $216,985,082)










Total Investments - 118.1%

(cost $1,189,574,360)










Liabilities in Excess of Other

Assets - (18.1)%









  Net Assets - 100.0%   $ 978,133,827      









* 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.




See previously submitted notes to financial statements for the annual period ended December 31, 2017.

Notes to Portfolio of Investments (unaudited)

(A) Securities Valuation

U.S. generally accepted accounting principles (“U.S. GAAP”) provides guidance on fair value measurements. In accordance with the standard, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Trust’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:


• Level 1   -   unadjusted quoted prices in active markets for identical investments
• Level 2   -   other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3   -   significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)

For Level 1 inputs, the Trust uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.

The Trust’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.

For Level 3 valuation techniques, the Trust uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used as of March 31, 2018 in valuing the Trust’s investments carried at fair value:


        Assets    Level 1              Level 2      Level 3      Total  

Investments in Real Estate Securities


Common Stock



     $    44,737,529        $                  –        $                –        $        44,737,529  


     18,084,186                      18,084,186  


     54,551,338                      54,551,338  


     34,444,541                      34,444,541  

Hong Kong

     82,968,621                      82,968,621  


     11,700,269                      11,700,269  


     107,809,914                      107,809,914  


     11,508,210                      11,508,210  


     19,302,790                      19,302,790  


     17,794,541                      17,794,541  


     8,488,025                      8,488,025  

United Kingdom

     74,392,531                      74,392,531  

United States

     460,373,803                      460,373,803  

Total Common Stock

     946,156,298                      946,156,298  

Preferred Stock


United States

     187,596,362        21,523,287               209,119,649  

Total Investments in Real Estate Securities

     $1,133,752,660        $    21,523,287        $                –        $    1,155,275,947  


See previously submitted notes to financial statements for the annual period ended December 31, 2017.

Notes to Portfolio of Investments (unaudited) (continued)


The primary third party pricing vendor for the Trust’s listed preferred stock investments is FT Interactive Data (“IDC”). When available, the Trust will obtain a closing exchange price to value the preferred stock investments and, in such instances, the investment will be classified as Level 1 since an unadjusted quoted price was utilized. When a closing price is not available for the listed preferred stock investments, IDC will produce an evaluated mean price (midpoint between the bid and the ask evaluation) and such investments will be classified as Level 2 since other observable inputs were used in the valuation. Factors used in the IDC evaluation include trading activity, the presence of a two-sided market, and other relevant market data.

The Trust’s policy is to recognize transfers in and transfers out at the fair value as of the beginning of the period. The portfolio may hold securities which are periodically fair valued in accordance with the Trust’s fair value procedures. This may result in movements between Levels 1, 2 and 3 throughout the period. $12,870,000 was transferred out of Level 1 into Level 2 during the period ended March 31, 2018 due to the unavailability of significant observable pricing inputs. $3,651,072 was transferred out of level 2 into level 1 during the period ended March 31, 2018 due to the availability of significant observable pricing inputs. Pursuant to the Trust’s fair value procedures noted previously, equity securities (including exchange traded securities and open-end regulated investment companies) and exchange traded derivatives (i.e. futures contracts and options) are generally categorized as Level 1 securities in the fair value hierarchy. Fixed income securities, non-exchange traded derivatives and money market instruments are generally categorized as Level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. These valuations are typically categorized as Level 2 or Level 3 securities in the fair value hierarchy.

For the period ended March 31, 2018, there have been no significant changes to the Trust’s fair valuation methodology.

(B) Forward Foreign Currency Contracts

The Trust enters into forward foreign currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain Trust purchase and sales commitments denominated in foreign currencies and for investment purposes. A forward foreign currency contract is a commitment to purchase or sell a foreign currency on a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contracts and the closing of such contracts would be included in net realized gain or loss on foreign currency transactions.

Fluctuations in the value of open forward foreign currency contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Trust.

The Trust’s custodian will place and maintain cash not available for investment or other liquid assets in a separate account of the Trust having a value at least equal to the aggregate amount of the Trust’s commitments under forward foreign currency contracts entered into with respect to position hedges.

Risks may arise from the potential inability of counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars, reflects the total exposure the Trust has in that particular currency contract. As of March 31, 2018, the Trust did not hold any forward foreign currency contracts.

(C) Options

The Trust may purchase or sell (write) options on securities and securities indices which are listed on national securities exchange or in the over-the-counter (“OTC”) market as a means of achieving additional return or of hedging the value of the Trust’s portfolio.

An option on a security is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option at a specified exercise or “strike” price. The writer of an option on a security has an obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put).

There are several risks associated with transactions in options on securities. As the writer of a covered call option, the Trust forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline.


See previously submitted notes to financial statements for the annual period ended December 31, 2017.

Notes to Portfolio of Investments (unaudited) (concluded)


The writer of an option has no control over the time when it may be required to fulfil its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. As of March 31, 2018, the Trust did not hold any options contracts.


See previously submitted notes to financial statements for the annual period ended December 31, 2017.

Item 2. Controls and Procedures.



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-Q was recorded, processed, summarized, and reported timely.



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 most recent quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 3. Exhibits.

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


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 (Signature and Title)*        /s/ T. Ritson Ferguson                                                                             


                                                T. Ritson Ferguson


                                                President and Chief Executive Officer

Date: May 21, 2018

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


By (Signature and Title)*        /s/ T. Ritson Ferguson                                                                             


                                T. Ritson Ferguson


                                President and Chief Executive Officer

Date: May 21, 2018

By (Signature and Title)*        /s/ Jonathan A. Blome                                                                             


                               Jonathan A. Blome


                               Chief Financial Officer

Date: May 21, 2018

* Print the name and title of each signing officer under his or her signature.