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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: March 31, 2006               
     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


Table of Contents

Item 1. Schedule of Investments.
     Attached hereto.

 


Table of Contents

ING Clarion Global Real Estate Income Fund
Portfolio of Investments / March 31, 2006 (unaudited)
             
        U.S. $  
Shares       Value  
 
 
  Common Stock - 124.0%        
 
  Real Estate Investment Trusts ("REIT") - 124.0%        
 
  Australia - 13.4%        
29,967,000
  DB RREEF Trust   $ 31,410,919  
34,035,794
  Investa Property Group     52,421,529  
14,384,178
  Macquarie CountryWide Trust     20,461,996  
11,059,530
  Macquarie Goodman Industrial Trust     39,272,275  
28,584,000
  Macquarie ProLogis Trust     24,458,189  
8,484,633
  Westfield Group     103,454,460  
 
 
        271,479,368  
 
 
  Canada - 11.3%        
1,761,900
  Boardwalk Real Estate Investment Trust     34,389,219  
205,100
  Calloway Real Estate Investment Trust     4,658,966  
500,000
  Crombie Real Estate Investment Trust (a)     4,860,278  
748,500
  Dundee Real Estate Investment Trust     17,836,705  
884,800
  H&R Real Estate Investment Trust     16,685,754  
2,722,900
  InnVest Real Estate Investment Trust     30,459,322  
700,000
  Primaris Retail Real Estate Investment Trust     10,974,627  
879,900
  Retirement Residences Real Estate Investment Trust     7,165,309  
2,276,600
  RioCan Real Estate Investment Trust     45,001,197  
2,166,800
  Summit Real Estate Investment Trust     48,941,522  
691,000
  Sunrise Senior Living Real Estate Investment Trust     7,380,302  
 
 
        228,353,201  
 
 
  Finland - 0.4%        
773,000
  Sponda Oyj     8,231,923  
 
 
  France - 6.5%        
403,500
  Societe de la Tour Eiffel     43,189,731  
489,478
  Unibail     88,258,912  
 
 
        131,448,643  
 
 
  Hong Kong - 4.0%        
35,700,000
  Agile Property Holdings Ltd. (a)     29,673,898  
13,416,000
  China Overseas Land & Investment Ltd.     9,163,167  
8,133,000
  Hang Lung Properties Ltd.     15,459,287  
2,400,000
  Sun Hung Kai Properties Ltd.     24,371,605  
1,153,000
  The Link REIT (a)     2,496,234  
 
 
        81,164,191  
 
 
  Japan - 3.3%        
2,388
  Japan Retail Fund Investment Corp.     18,619,883  
1,025,000
  Mitsubishi Estate Co., Ltd.     24,237,224  
668,000
  Mitsui Fudosan Co., Ltd.     15,314,349  
934
  Nippon Building Fund, Inc.     8,628,358  
 
 
        66,799,814  
 
 
  Netherlands - 12.0%        
116,780
  Corio NV     7,525,359  
357,401
  Eurocommercial Properties NV     13,861,905  
1,136,730
  Nieuwe Steen Investments NV     32,326,918  
494,786
  Rodamco Europe NV     49,607,694  
417,161
  VastNed Retail NV     33,419,566  
935,400
  Wereldhave NV     105,047,196  
 
 
        241,788,638  
 
 
  United Kingdom - 8.3%        
1,167,200
  British Land Co. Plc     25,124,891  
1,209,242
  Hammerson Plc     26,008,903  
1,604,300
  Land Securities Group Plc     53,651,237  
853,400
  Liberty International Plc     17,422,731  
3,923,700
  Slough Estates Plc     45,395,077  
 
 
        167,602,839  
 
See previously submitted notes to financial statements for the annual period ended December 31, 2005.

 


Table of Contents

             
        U.S. $  
Shares       Value  
 
 
  United States - 64.8%        
115,300
  Acadia Realty Trust     2,715,315  
147,300
  AMB Property Corp.     7,993,971  
898,200
  American Campus Communities, Inc.     23,272,362  
289,000
  Apartment Investment & Management Co. - Class A     13,554,100  
1,162,000
  Archstone-Smith Trust     56,670,740  
570,400
  Arden Realty, Inc.     25,742,152  
65,200
  AvalonBay Communities, Inc.     7,113,320  
322,500
  BNP Residential Properties, Inc.     5,418,000  
422,000
  Boston Properties, Inc.     39,351,500  
1,243,330
  Brandywine Realty Trust     39,488,161  
1,086,700
  Camden Property Trust     78,296,735  
1,231,800
  Cedar Shopping Centers, Inc.     19,511,712  
402,900
  Colonial Properties Trust     20,197,377  
570,700
  Commercial Net Lease Realty     13,297,310  
419,300
  Developers Diversified Realty Corp.     22,956,675  
532,600
  Equity Office Properties Trust     17,884,708  
1,208,500
  Extra Space Storage, Inc.     20,774,115  
87,000
  Federal Realty Investment Trust     6,542,400  
1,211,100
  First Industrial Realty Trust, Inc.     51,701,859  
315,000
  Glenborough Realty Trust, Inc.     6,851,250  
689,500
  GMH Communities Trust     8,025,780  
675,000
  Gramercy Capital Corp.     16,827,750  
1,258,500
  Health Care REIT, Inc.     47,948,850  
2,697,530
  Heritage Property Investment Trust     106,795,213  
371,000
  Hersha Hospitality Trust     3,632,090  
308,000
  Hospitality Properties Trust     13,450,360  
941,484
  HRPT Properties Trust     11,053,022  
717,600
  iStar Financial, Inc.     27,469,728  
1,580,990
  Liberty Property Trust     74,559,488  
2,733,400
  Maguire Properties, Inc.     99,769,100  
637,700
  Mid-America Apartment Communities, Inc.     34,914,075  
2,611,100
  Nationwide Health Properties, Inc.     56,138,650  
170,700
  New Plan Excel Realty Trust     4,427,958  
1,994,070
  OMEGA Healthcare Investors, Inc.     27,956,861  
297,000
  Pan Pacific Retail Properties, Inc.     21,057,300  
994,000
  Pennsylvania Real Estate Investment Trust     43,736,000  
325,000
  ProLogis     17,387,500  
714,700
  Reckson Associates Realty Corp.     32,747,554  
364,700
  Regency Centers Corp.     24,504,193  
457,400
  SL Green Realty Corp.     46,426,100  
171,100
  Sovran Self Storage, Inc.     9,444,720  
1,144,100
  Spirit Finance Corp.     13,958,020  
466,900
  Strategic Hotels & Resorts, Inc.     10,869,432  
662,500
  The Macerich Co.     48,991,875  
490,000
  Trizec Properties, Inc.     12,607,700  
800,000
  Trustreet Properties, Inc.     12,152,000  
200,000
  U-Store-It Trust     4,030,000  
 
 
        1,310,215,081  
 
 
  Total Common Stock        
 
  (cost $1,906,374,314)     2,507,083,698  
 
 
  Master Limited Partnerships - 0.5%        
 
  United States - 0.5%        
303,030
  Verde Realty MLP        
 
  (cost $9,999,990)     9,999,990  
 
 
  Preferred Stock - 15.0%        
 
  Real Estate Investment Trusts ("REIT") - 15.0%        
 
  United States - 15.0%        
125,800
  Affordable Residential Communities, Series A     2,756,278  
450,000
  Alexandria Real Estate Corp., Series C     11,758,500  
80,500
  Apartment Investment & Management Co., Series U     2,009,280  
400,000
  Apartment Investment & Management Co., Series V     10,120,000  
400,000
  Apartment Investment & Management Co., Series Y     10,032,000  
174,000
  Associated Estates Realty Corp.     4,437,000  
170,000
  Bedford Property Investors, Inc.     3,680,500  
36,000
  Bedford Property Investors, Inc. (b)     1,747,127  
See previously submitted notes to financial statements for the annual period ended December 31, 2005.

 


Table of Contents

             
        U.S. $  
Shares       Value  
 
207,700
  Cedar Shopping Centers, Inc.     5,569,475  
125,000
  Digital Realty Trust, Inc., Series B     3,105,475  
200,800
  Duke Realty Corp., Series M     5,180,640  
126,800
  Eagle Hospitality Properties Trust, Inc., Series A     3,225,475  
337,500
  Equity Inns, Inc., Series C     8,538,750  
20,000
  FelCor Lodging Trust, Inc.     500,400  
430,700
  Glimcher Realty Trust, Series G     10,896,710  
520,000
  Health Care REIT, Inc., Series F     13,260,000  
905,600
  Host Marriott Corp, Series E     24,025,568  
222,600
  Innkeepers USA Trust, Series C     5,518,254  
1,015,000
  iStar Financial, Inc., Series I     25,222,750  
200,000
  LaSalle Hotel Properties     4,930,000  
523,200
  LaSalle Hotel Properties, Series E     13,308,900  
1,000,000
  LTC Properties, Inc., Series F     25,165,000  
291,800
  Maguire Properties, Inc., Series A     7,327,098  
200,000
  Mid-America Apartment Communities, Inc., Series H     5,060,000  
120,000
  OMEGA Healthcare Investors, Inc., Series D     3,119,400  
240,000
  RAIT Investment Trust, Series A     5,829,600  
160,000
  RAIT Investment Trust, Series B     4,080,000  
192,500
  SL Green Realty Corp., Series C     4,804,800  
200,000
  SL Green Realty Corp., Series D     5,054,000  
275,000
  Strategic Hotels & Resorts, Inc. (b)     7,029,688  
400,000
  Strategic Hotels & Resorts, Inc., Series B     10,060,000  
268,000
  Sunstone Hotel Investors, Inc., Series A     6,917,750  
342,600
  Taubman Centers, Inc., Series G     8,777,412  
573,500
  Taubman Centers, Inc., Series H     14,394,850  
155,100
  The Mills Corp, Series E     3,497,505  
510,800
  The Mills Corp, Series G     10,880,040  
464,400
  Winston Hotels, Inc., Series B     11,610,000  
 
 
  Total Preferred Stock        
 
  (cost $303,352,591)     303,430,225  
 
 
  Convertible Preferred Stock - 1.8%        
 
  Real Estate Investment Trusts ("REIT") - 1.8%        
 
  United States - 1.8%        
974,000
  FelCor Lodging Trust, Inc., Series A     24,350,000  
200,000
  Ramco-Gershenson Properties Trust, 7.95%, Series C     6,390,000  
200,000
  Windrose Medical Properties Trust, 7.50%, Series A     5,220,000  
 
 
  Total Convertible Preferred Stock        
 
  (cost $32,130,721)     35,960,000  
 
 
  Investment Companies - 2.9%        
 
  United Kingdom - 2.9%        
399,119
  Eurocastle Investment Ltd.     16,011,243  
15,495,600
  ING UK Real Estate Income Trust, Ltd. +     32,320,689  
4,620,000
  Insight Foundation Property Trust, Ltd.     10,337,578  
 
 
  Total Investment Companies        
 
  (cost $45,646,790)     58,669,510  
 
 
  Total Investments - 144.2%        
 
  (cost $2,297,504,406)     2,915,143,423  
 
  Liabilities in Excess of Other Assets - (9.1%)     (184,172,725 )
 
  Preferred shares, at redemption value - (35.1%)     (710,000,000 )
 
 
  Net Assets Applicable to        
 
  Common Shares - 100% (c)   $ 2,020,970,698  
 
(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 March 31, 2006, the securities amounted to $8,776,815 or 0.4% of net assets.
 
(c)   Portfolio percentages are calculated based on net assets applicable to Common Shares.
 
+   Investments in companies considered to be an affiliate of the Trust (such companies are defined as “Affiliated Companies” in Section 2(a)(3) of the Investment Company Act of 1940) were as follows:
                 
Affiliate   Net Activity     Dividend Income (in Thousands)    
 
ING UK Real Estate Income Trust, Ltd.
  $ 32,320,689     $179,749  
See previously submitted notes to financial statements for the annual period ended December 31, 2005.

 


Table of Contents

Interest Rates Swaps
                                         
          Notional                  
    Termination     Amount     Fixed     Floating     Unrealized
Counterparty   Date     (000)     Rate     Rate     Appreciation
 
Citigroup
    7/1/2007     $ 200,000       3.68%       1 Month LIBOR     $ 3,802,093  
Royal Bank of Canada
    7/1/2009       200,000       4.32%       1 Month LIBOR       4,876,945  
                                       
                                    $ 8,679,038  
                                       
      For each swap noted, the Trust pays a fixed rate and receives a floating rate.
Call Options
      In 2005, the Trust received 303,030 in call options for Verde Realty MLP in connection with its purchase of shares in Verde Realty MLP. These options expire in May 2006 at $33.00 per share. There were no dollars expended for acquiring these options and there is no value to the options at March 31, 2006.


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: April 28, 2006               
     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: April 28, 2006               
By: /s/ Jonathan A. Blome               
     Jonathan A. Blome
     Treasurer and Chief Financial Officer
Date: April 28, 2006