nvq
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number     811-21465
 
ING Clarion Global Real Estate Income Fund
 
(Exact name of registrant as specified in charter)
259 N. Radnor-Chester Road, Radnor, PA 19087
 
(Address of principal executive offices)   (Zip code)
T. Ritson Ferguson, President and Chief Executive Officer
ING Clarion Global Real Estate Income Fund
259 N. Radnor-Chester Road
Radnor, PA 19087
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-888-711-4CRA               
Date of fiscal year end: December 31               
Date of reporting period: September 30, 2005               
     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.

 

TABLE OF CONTENTS

Item 1. Schedule of Investments.
Item 2. Controls and Procedures.
Item 3. Exhibits
SIGNATURES
EX-99.CERT
     
Item 1.
  Schedule of Investments.
 
  Attached hereto.

 

Table of Contents

ING Clarion Global Real Estate Income Fund
Portfolio of Investments / September 30, 2005 (unaudited)
             
        U.S. $
Shares       Value
 
 
  Common Stock — 129.2%        
 
  Real Estate Investment Trusts (“REIT”) — 129.2%        
 
  Australia — 15.4%        
 
  Building — Construction — 0.4%        
3,203,297
  Multiplex Group   $ 7,460,906  
 
 
  Diversified — 4.6%        
29,967,000
  DB RREEF Trust     31,351,501  
32,035,794
  Investa Property Group     51,130,057  
 
 
        82,481,558  
 
 
  Shopping Centers — 7.0%        
11,384,178
  Macquarie CountryWide Trust     17,169,722  
8,484,633
  Westfield Group     108,852,107  
 
 
        126,021,829  
 
 
  Warehouse & Industrial — 3.4%        
11,059,530
  Macquarie Goodman Industrial Trust     35,809,398  
28,584,000
  Macquarie ProLogis Trust     25,648,110  
 
 
        61,457,508  
 
 
        277,421,801  
 
 
  Canada — 13.8%        
 
  Diversified — 4.9%        
1,761,900
  Boardwalk Real Estate Investment Trust     32,487,213  
609,900
  Dundee Real Estate Investment Trust     13,920,602  
2,166,800
  Summit Real Estate Investment Trust     42,566,810  
 
 
        88,974,625  
 
 
  Health Care — 1.3%        
2,000,000
  Retirement Residences Real Estate Investment Trust     15,164,570  
691,000
  Sunrise Senior Living Real Estate Investment Trust     8,049,561  
 
 
        23,214,131  
 
 
  Hotels — 1.4%        
2,239,900
  InnVest Real Estate Investment Trust     24,568,264  
 
 
  Office Property — 2.6%        
3,403,700
  O&Y Real Estate Investment Trust     47,363,222  
 
 
  Shopping Centers — 2.7%        
205,100
  Calloway Real Estate Investment Trust     4,531,074  
2,276,600
  RioCan Real Estate Investment Trust     44,154,977  
 
 
        48,686,051  
 
 
  Warehouse & Industrial — 0.9%        
884,800
  H&R Real Estate Investment Trust     15,826,683  
 
 
        248,632,976  
 
 
  France — 4.9%        
 
  Diversified — 3.9%        
489,478
  Unibail     71,288,819  
 
 
  Management Services — 1.0%        
165,800
  Societe de la Tour Eiffel     17,590,918  
 
 
        88,879,737  
 
 
  Hong Kong — 2.1%        
 
  Diversified — 2.1%        
8,133,000
  Hang Lung Properties Ltd.     12,947,382  
2,400,000
  Sun Hung Kai Properties Ltd.     24,857,723  
 
 
        37,805,105  
 

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2005.

 

Table of Contents

             
        U.S. $
Shares       Value
 
 
  Japan — 1.9%        
 
  Diversified — 0.8%        
1,025,000
  Mitsubishi Estate Co., Ltd.     14,089,906  
 
 
  Shopping Centers — 1.1%        
2,388
  Japan Retail Fund Investment Corp.     19,299,524  
 
 
        33,389,430  
 
 
  Netherlands — 11.7%        
 
  Diversified — 10.2%        
116,780
  Corio NV     6,800,438  
357,401
  Eurocommercial Properties NV     13,573,368  
1,083,730
  Nieuwe Steen Investments NV     26,197,315  
436,686
  Rodamco Europe NV     37,854,670  
935,400
  Wereldhave NV     99,412,499  
 
 
        183,838,290  
 
 
  Shopping Centers — 1.5%        
417,161
  VastNed Retail NV     27,536,525  
 
 
        211,374,815  
 
 
  United Kingdom — 7.6%        
 
  Diversified — 6.6%        
1,167,200
  British Land Co. Plc     19,420,329  
1,209,242
  Hammerson Plc     19,927,306  
1,604,300
  Land Securities Group Plc     41,976,505  
3,923,700
  Slough Estates Plc     36,963,060  
 
 
        118,287,200  
 
 
  Management Services — 0.2%        
193,600
  Eurocastle Investment Ltd.     4,376,510  
 
 
  Shopping Centers — 0.8%        
853,400
  Liberty International Plc     15,022,016  
 
 
        137,685,726  
 
 
  United States — 71.8%        
 
  Apartments — 11.0%        
1,119,600
  Amli Residential Properties Trust     35,905,572  
489,000
  Apartment Investment & Management Co. — Class A     18,963,420  
1,162,000
  Archstone-Smith Trust     46,328,940  
906,200
  Camden Property Trust     50,520,650  
154,600
  Home Properties, Inc.     6,068,050  
637,700
  Mid-America Apartment Communities, Inc.     29,659,427  
454,000
  United Dominion Realty Trust, Inc.     10,759,800  
 
 
        198,205,859  
 
 
  Diversified — 9.8%        
898,200
  American Campus Communities, Inc.     21,574,764  
322,500
  BNP Residential Properties, Inc.     4,627,875  
402,900
  Colonial Properties Trust     17,920,992  
717,600
  iStar Financial, Inc.     29,012,568  
1,580,990
  Liberty Property Trust     67,255,315  
678,200
  Newcastle Investment Corp.     18,921,780  
1,068,200
  Trustreet Properties, Inc.     16,717,330  
 
 
        176,030,624  
 
 
  Health Care — 7.2%        
1,258,500
  Health Care REIT, Inc.     46,677,765  
2,490,700
  Nationwide Health Properties, Inc.     58,033,310  
1,872,270
  OMEGA Healthcare Investors, Inc.     26,061,998  
 
 
        130,773,073  
 
 
  Hotels — 1.7%        
371,000
  Hersha Hospitality Trust     3,684,030  
558,000
  Hospitality Properties Trust     23,915,880  
190,500
  Strategic Hotel Capital, Inc.     3,478,530  
 
 
        31,078,440  
 

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2005.

 

Table of Contents

             
        U.S. $
Shares       Value
 
 
  Mortgage — 0.9%        
675,000
  Gramercy Capital Corp.     16,173,000  
 
 
  Office Property — 19.5%        
1,304,000
  Arden Realty, Inc.     53,685,680  
285,000
  Boston Properties, Inc.     20,206,500  
627,600
  Brandywine Realty Trust     19,512,084  
1,165,600
  Equity Office Properties Trust     38,126,776  
541,400
  Glenborough Realty Trust, Inc.     10,394,880  
941,484
  HRPT Properties Trust     11,683,816  
2,594,500
  Maguire Properties, Inc.     77,964,725  
1,657,000
  Prentiss Properties Trust     67,274,200  
686,100
  Reckson Associates Realty Corp.     23,704,755  
296,900
  SL Green Realty Corp.     20,242,642  
369,700
  Trizec Properties, Inc.     8,525,282  
 
 
        351,321,340  
 
 
  Regional Malls — 6.4%        
465,900
  Glimcher Realty Trust     11,400,573  
994,000
  Pennsylvania Real Estate Investment Trust     41,926,920  
547,800
  The Macerich Co.     35,574,132  
467,500
  The Mills Corp.     25,749,900  
 
 
        114,651,525  
 
 
  Shopping Centers — 10.4%        
1,231,800
  Cedar Shopping Centers, Inc.     17,824,146  
570,700
  Commercial Net Lease Realty     11,414,000  
319,900
  Developers Diversified Realty Corp.     14,939,330  
2,697,530
  Heritage Property Investment Trust     94,413,550  
1,019,100
  New Plan Excel Realty Trust     23,388,345  
147,000
  Pan Pacific Retail Properties, Inc.     9,687,300  
279,700
  Regency Centers Corp.     16,068,765  
 
 
        187,735,436  
 
 
  Storage — 1.4%        
1,058,500
  Extra Space Storage, Inc.     16,279,730  
171,100
  Sovran Self Storage, Inc.     8,375,345  
 
 
        24,655,075  
 
 
  Warehouse & Industrial — 3.5%        
1,211,100
  First Industrial Realty Trust, Inc.     48,504,555  
325,000
  ProLogis     14,400,750  
 
 
        62,905,305  
 
 
        1,293,529,677  
 
 
  Total Common Stock        
 
  (cost $1,972,561,833)     2,328,719,267  
 
 
  Preferred Stock — 15.2%        
 
  Real Estate Investment Trusts (“REIT”) — 15.2%        
 
  United States — 15.2%        
 
  Apartments — 1.8%        
80,500
  Apartment Investment & Management Co., Series U     2,014,915  
400,000
  Apartment Investment & Management Co., Series V     10,160,000  
400,000
  Apartment Investment & Management Co., Series Y     10,040,000  
174,000
  Associated Estates Realty Corp.     4,532,700  
200,000
  Mid-America Apartment Communities, Inc., Series H     5,220,000  
 
 
        31,967,615  
 
 
  Diversified — 1.9%        
170,000
  Bedford Property Investors, Inc.     4,253,400  
36,000
  Bedford Property Investors, Inc. (b)     1,765,127  
125,000
  Digital Realty Trust, Inc., Series B     3,118,750  
1,015,000
  iStar Financial, Inc., Series I     25,699,800  
 
 
        34,837,077  
 
 
  Finance — 0.6%        
240,000
  RAIT Investment Trust, Series A     6,012,000  
160,000
  RAIT Investment Trust, Series B     4,048,000  
 
 
        10,060,000  
 

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2005.

 

Table of Contents

             
        U.S. $
Shares       Value
 
 
  Health Care — 2.3%        
520,000
  Health Care REIT, Inc., Series F     13,156,000  
1,000,000
  LTC Properties, Inc., Series F     25,650,000  
120,000
  OMEGA Healthcare Investors, Inc., Series D     3,112,800  
 
 
        41,918,800  
 
 
  Hotels — 3.6%        
126,800
  Eagle Hospitality Properties Trust, Inc., Series A     3,182,680  
20,000
  FelCor Lodging Trust, Inc. (a)     498,000  
905,600
  Host Marriott Corp, Series E     24,722,880  
222,600
  Innkeepers USA Trust, Series C     5,820,990  
200,000
  LaSalle Hotel Properties     5,010,000  
275,000
  Strategic Hotel Capital, Inc. (b)     7,175,795  
268,000
  Sunstone Hotel Investors, Inc., Series A     6,834,000  
464,400
  Winston Hotels, Inc., Series B     11,614,644  
 
 
        64,858,989  
 
 
  Manufactured Homes — 0.2%        
140,000
  Affordable Residential Communities, Series A     2,919,000  
 
 
  Office Property — 1.6%        
450,000
  Alexandria Real Estate Corp., Series C     11,844,000  
291,800
  Maguire Properties, Inc., Series A     7,397,130  
192,500
  SL Green Realty Corp., Series C     4,887,575  
200,000
  SL Green Realty Corp., Series D     5,148,000  
 
 
        29,276,705  
 
 
  Regional Malls — 2.9%        
430,700
  Glimcher Realty Trust, Series G     10,935,473  
342,600
  Taubman Centers, Inc., Series G     8,907,600  
573,500
  Taubman Centers, Inc., Series H (a)     14,785,576  
155,100
  The Mills Corp, Series E     4,110,150  
507,900
  The Mills Corp, Series G (a)     13,053,030  
 
 
        51,791,829  
 
 
  Shopping Centers — 0.3%        
207,700
  Cedar Shopping Centers, Inc.     5,400,200  
 
 
  Total Preferred Stock        
 
  (cost $267,943,629)     273,030,215  
 
 
  Convertible Preferred Stock — 2.0%        
 
  Real Estate Investment Trusts (“REIT”) — 2.0%        
 
  United States — 2.0%        
 
  Health Care — 0.3%        
200,000
  Windrose Medical Properties Trust, 7.50%, Series A (a)     5,450,000  
 
 
  Hotels — 1.3%        
974,000
  FelCor Lodging Trust, Inc., Series A     23,989,620  
 
 
  Shopping Centers — 0.4%        
200,000
  Ramco-Gershenson Properties Trust, 7.95%, Series C     6,275,000  
 
 
  Total Convertible Preferred Stock        
 
  (cost $32,221,810)     35,714,620  
 
 
  Investment Companies — 0.5%        
 
  United Kingdom — 0.5%        
4,620,000
  Insight Foundation Property Trust Ltd.        
 
  (cost $9,536,452)     9,154,034  
 
 
  Total Investments — 146.9%        
 
  (cost $2,282,263,724)     2,646,618,136  
 
  Liabilities in Excess of Other Assets — (7.5%)     (134,969,822 )
 
  Preferred shares, at redemption value — (39.4%)     (710,000,000 )
 
 
  Net Assets Applicable to Common Shares — 100% (c)   $ 1,801,648,314  
 
(a)   Non-income producing security.
 
(b)   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 September 30, 2005, the securities amounted to $8,940,922 or 0.5% of net assets.
 
(c)   Portfolio percentages are calculated based on net assets applicable to Common Shares.

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2005.

 

Table of Contents

Interest Rates Swaps
                                         
            Notional Amount                     Unrealized  
Counterparty   Termination Date     (000)     Fixed Rate     Floating Rate     Appreciation  
 
Citigroup
     7/01/2007     $ 200,000       3.68 %   1 Month LIBOR   $ 2,702,290  
Royal Bank of Canada
     7/01/2009       200,000       4.32 %   1 Month LIBOR     1,065,647  
 
                                      
 
                                   $ 3,767,937  
 
                                      
For each swap noted, the Trust pays a fixed rate and receives a floating rate.

 

Table of Contents

Item 2. 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-Q 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 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.

 

Table of Contents

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) ING Clarion Global Real Estate Income Fund
By: /s/ T. Ritson Ferguson               
     T. Ritson Ferguson
     President and Chief Executive Officer
Date: November 17, 2005
     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: /s/ T. Ritson Ferguson               
     T. Ritson Ferguson
     President and Chief Executive Officer
Date: November 17, 2005
By:/s/ Peter H. Zappulla               
     Peter H. Zappulla
     Treasurer and Chief Financial Officer
Date: November 17, 2005