nvq
 

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, 2007               
     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.

 


 

ING Clarion Global Real Estate Income Fund
Portfolio of Investments / March 31, 2007 (unaudited)
                 
            U.S. $  
Shares         Value  
 
       
Common Stock - 123.4%
       
       
Real Estate Investment Trusts (“REIT”) - 123.4%
       
       
Australia - 15.2%
       
  29,967,000    
DB RREEF Trust
  $ 41,760,236  
  34,035,794    
Investa Property Group
    66,814,810  
  14,384,178    
Macquarie CountryWide Trust
    24,053,926  
  11,059,530    
Macquarie Goodman Industrial Trust
    62,451,723  
  28,584,000    
Macquarie ProLogis Trust
    28,979,928  
  8,484,633    
Westfield Group
    140,993,123  
 
       
 
    365,053,746  
 
       
Canada - 10.1%
       
  1,761,900    
Boardwalk Real Estate Investment Trust
    67,763,622  
  200,100    
Calloway Real Estate Investment Trust
    4,837,506  
  264,600    
Calloway Real Estate Investment Trust (a)
    6,396,822  
  500,000    
Crombie Real Estate Investment Trust (a)
    6,024,357  
  663,500    
Dundee Real Estate Investment Trust
    22,832,705  
  135,000    
Dundee Real Estate Investment Trust (a)
    4,645,690  
  884,800    
H&R Real Estate Investment Trust
    18,882,483  
  2,282,900    
InnVest Real Estate Investment Trust
    27,308,126  
  440,000    
InnVest Real Estate Investment Trust (a)
    5,263,295  
  700,000    
Primaris Retail Real Estate Investment Trust (a)
    12,329,563  
  2,447,000    
RioCan Real Estate Investment Trust
    52,687,973  
  1,040,300    
Sunrise Senior Living Real Estate Investment Trust (a)
    15,185,413  
 
       
 
    244,157,555  
 
       
Finland - 1.6%
       
  2,012,400    
Citycon Oyj
    15,697,808  
  1,294,448    
Sponda Oyj
    22,314,207  
 
       
 
    38,012,015  
 
       
France - 9.3%
       
  403,500    
Societe de la Tour Eiffel
    75,121,481  
  489,478    
Unibail
    147,827,920  
 
       
 
    222,949,401  
 
       
Hong Kong - 5.1%
       
  37,700,000    
Agile Property Holdings Ltd.
    37,148,799  
  12,988,000    
China Overseas Land & Investment Ltd.
    16,321,740  
  8,133,000    
Hang Lung Properties Ltd.
    22,741,280  
  3,062,900    
Hongkong Land Holdings Ltd.
    14,273,114  
  2,500,000    
Sun Hung Kai Properties Ltd.
    28,921,522  
  1,153,000    
The Link REIT
    2,773,958  
 
       
 
    122,180,413  
 
       
Japan - 4.6%
       
  2,388    
Japan Retail Fund Investment Corp.
    23,460,343  
  1,325,000    
Mitsubishi Estate Co., Ltd.
    43,427,906  
  968,000    
Mitsui Fudosan Co., Ltd.
    28,365,700  
  934    
Nippon Building Fund, Inc.
    15,424,942  
 
       
 
    110,678,891  
 
       
Netherlands - 13.2%
       
  116,780    
Corio NV
    10,572,272  
  357,401    
Eurocommercial Properties NV
    20,937,952  
  1,136,730    
Nieuwe Steen Investments NV
    33,213,827  
  494,786    
Rodamco Europe NV
    68,530,920  
  417,161    
VastNed Retail NV
    42,369,693  
  934,400    
Wereldhave NV
    143,351,038  
 
       
 
    318,975,702  
 
       
New Zealand - 0.2%
       
  3,500,000    
Macquarie Goodman Property Trust
    4,004,001  
 
       
Singapore - 0.1%
       
  500,000    
Capitalland Ltd
    2,634,352  
 
       
United Kingdom - 10.7%
       
  1,367,200    
British Land Co. Plc
    40,974,194  
  945,400    
Great Portland Estates Plc
    14,389,057  
  1,209,242    
Hammerson Plc
    41,102,364  
  1,902,400    
Land Securities Group Plc
    79,849,211  
  753,400    
Liberty International Plc
    18,426,680  
  45,000    
Mapeley Ltd.
    3,433,343  
  3,923,700    
Slough Estates Plc
    60,334,661  
 
       
 
    258,509,510  
 
See previously submitted notes to financial statements for the annual period ended December 31, 2006.

 


 

                 
            U.S. $  
Shares         Value  
 
       
United States - 53.3%
       
  197,300    
AMB Property Corp.
    11,599,267  
  115,300    
Acadia Realty Trust
    3,005,871  
  898,200    
American Campus Communities, Inc.
    27,206,478  
  259,800    
Apartment Investment & Management Co. - Class A
    14,987,862  
  1,213,100    
Archstone-Smith Trust
    65,847,068  
  104,600    
AvalonBay Communities, Inc.
    13,598,000  
  285,800    
BioMed Realty Trust, Inc.
    7,516,540  
  505,200    
Boston Properties, Inc.
    59,310,480  
  1,215,230    
Brandywine Realty Trust
    40,600,834  
  1,198,300    
Camden Property Trust
    84,252,473  
  1,231,800    
Cedar Shopping Centers, Inc.
    19,955,160  
  402,900    
Colonial Properties Trust
    18,400,443  
  419,300    
Developers Diversified Realty Corp.
    26,373,970  
  219,900    
Douglas Emmett, Inc. (b)
    5,614,047  
  1,208,500    
Extra Space Storage, Inc.
    22,888,990  
  146,900    
Federal Realty Investment Trust
    13,312,078  
  1,211,100    
First Industrial Realty Trust, Inc.
    54,862,830  
  1,655,400    
GMH Communities Trust
    16,537,446  
  675,000    
Gramercy Capital Corp.
    20,709,000  
  941,484    
HRPT Properties Trust
    11,580,253  
  856,200    
Health Care REIT, Inc.
    37,587,180  
  371,000    
Hersha Hospitality Trust
    4,370,380  
  425,000    
Highwoods Properties, Inc.
    16,783,250  
  308,000    
Hospitality Properties Trust
    14,414,400  
  755,400    
iStar Financial, Inc.
    35,375,382  
  1,580,990    
Liberty Property Trust
    77,025,833  
  2,508,400    
Maguire Properties, Inc.
    89,198,704  
  637,700    
Mid-America Apartment Communities, Inc.
    35,877,002  
  570,700    
National Retail Properties, Inc.
    13,805,233  
  2,650,300    
Nationwide Health Properties, Inc.
    82,848,378  
  215,000    
Newcastle Investment Corp.
    5,961,950  
  1,994,070    
OMEGA Healthcare Investors, Inc.
    34,198,301  
  994,000    
Pennsylvania Real Estate Investment Trust
    44,064,020  
  325,000    
ProLogis
    21,102,250  
  364,700    
Regency Centers Corp.
    30,470,685  
  617,735    
SL Green Realty Corp.
    84,740,887  
  171,100    
Sovran Self Storage, Inc.
    9,480,651  
  1,144,100    
Spirit Finance Corp.
    17,047,090  
  770,000    
Strategic Hotels & Resorts, Inc.
    17,609,900  
  738,900    
The Macerich Co.
    68,244,804  
  200,000    
U-Store-It Trust
    4,024,000  
 
       
 
    1,282,389,370  
 
       
Total Common Stock
       
       
(cost $1,873,487,835)
    2,969,544,956  
 
       
Master Limited Partnerships - 0.8%
       
       
United States - 0.8%
       
  603,351    
Verde Realty MLP (b)
       
       
(cost $19,910,583)
    19,910,583  
 
       
Preferred Stock - 15.3%
       
       
Real Estate Investment Trusts (“REIT”) - 15.3%
       
       
United States - 15.3%
       
  450,000    
Alexandria Real Estate Corp., Series C
    12,199,500  
  80,500    
Apartment Investment & Management Co., Series U
    2,055,165  
  400,000    
Apartment Investment & Management Co., Series V
    10,516,000  
  400,000    
Apartment Investment & Management Co., Series Y
    10,462,520  
  174,000    
Associated Estates Realty Corp.
    4,537,920  
  400,000    
Biomed Realty Trust, Inc., Series A
    10,080,000  
  207,700    
Cedar Shopping Centers, Inc.
    5,450,048  
  125,000    
Digital Realty Trust, Inc., Series B
    3,212,500  
  200,800    
Duke Realty Corp., Series M
    5,080,240  
  126,800    
Eagle Hospitality Properties Trust, Inc., Series A
    3,106,600  
  337,500    
Equity Inns, Inc., Series C
    9,291,375  
  20,000    
FelCor Lodging Trust, Inc.
    508,800  
  430,700    
Glimcher Realty Trust, Series G
    10,896,710  
  520,000    
Health Care REIT, Inc., Series F
    13,390,000  
  905,600    
Host Marriot Corp, Series E
    24,451,200  
See previously submitted notes to financial statements for the annual period ended December 31, 2006.

 


 

                 
            U.S. $  
Shares         Value  
 
  222,600    
Innkeepers USA Trust, Series C
    5,589,486  
  1,015,000    
iStar Financial, Inc., Series I
    25,816,525  
  200,000    
LaSalle Hotel Properties, Series D
    5,068,000  
  523,200    
LaSalle Hotel Properties, Series E
    14,210,112  
  520,000    
LaSalle Hotel Properties, Series G
    13,130,000  
  36,000    
LBA Realty Fund II — WBP, Inc., Series A
    1,762,877  
  170,000    
LBA Realty Fund II — WBP, Inc., Series B
    3,463,750  
  1,000,000    
LTC Properties, Inc., Series F
    25,500,000  
  351,800    
Maguire Properties, Inc., Series A
    8,689,460  
  200,000    
Mid-America Apartment Communities, Inc., Series H
    5,136,000  
  237,100    
National Retail Properties, Inc., Series C
    6,057,905  
  120,000    
NorthStar Realty Finance Corp., Series A
    3,101,256  
  240,000    
NorthStar Realty Finance Corp., Series B
    5,820,000  
  120,000    
OMEGA Healthcare Investors, Inc., Series D
    3,096,000  
  320,000    
PS Business Parks, Inc., Series O
    8,150,400  
  320,000    
Public Storage, Inc., Series K
    8,281,600  
  360,000    
Public Storage, Inc., Series M
    8,910,000  
  240,000    
RAIT Investment Trust, Series A
    5,640,000  
  160,000    
RAIT Investment Trust, Series B
    4,000,000  
  192,500    
SL Green Realty Corp., Series C
    4,885,650  
  200,000    
SL Green Realty Corp., Series D
    5,178,000  
  275,000    
Strategic Hotels & Resorts, Inc. (a)
    6,978,125  
  400,000    
Strategic Hotels & Resorts, Inc., Series B
    10,162,520  
  363,600    
Strategic Hotels & Resorts, Inc., Series C
    9,300,888  
  368,000    
Sunstone Hotel Investors, Inc., Series A
    9,464,518  
  342,600    
Taubman Centers, Inc., Series G
    8,819,381  
  573,500    
Taubman Centers, Inc., Series H
    14,606,357  
  464,400    
Winston Hotels, Inc., Series B
    10,866,960  
 
       
Total Preferred Stock
       
       
(cost $359,529,294)
    366,924,348  
 
       
Convertible Preferred Stock - 1.6%
       
       
Real Estate Investment Trusts (“REIT”) - 1.6%
       
       
United States - 1.6%
       
  974,000    
FelCor Lodging Trust, Inc., Series A
    25,119,460  
  200,000    
Health Care REIT, Inc., 7.50%, Series G
    6,352,000  
  200,000    
Ramco-Gershenson Properties Trust, 7.95%, Series C
    7,296,000  
 
       
Total Convertible Preferred Stock
       
       
(cost $31,700,171)
    38,767,460  
 
       
Investment Companies - 3.4%
       
       
United Kingdom - 3.4%
       
  399,119    
Eurocastle Investment Ltd.
    20,720,207  
  15,495,600    
ING UK Real Estate Income Trust, Ltd. +
    36,774,670  
  4,620,000    
Insight Foundation Property Trust, Ltd.
    12,255,591  
  547,200    
ProLogis European Properties
    11,326,704  
 
       
Total Investment Companies
       
       
(cost $55,701,613)
    81,077,172  
 
       
Purchased Options (b) - 0.1%
       
       
Brazil - 0.1%
       
  438,400    
Brascan Residential Properties SA
expiring 10/22/07 @ $0
       
       
(cost $3,285,288)
    2,764,106  
 
       
Warrants (b) - 0.0%
       
       
Hong Kong - 0.0%
       
  1,623,500    
China Overseas Land & Investment Ltd.
expiring 7/18/07
       
       
(cost $0)
    1,074,127  
 
       
Total Investments - 144.6%
       
       
(cost $2,343,614,784)
    3,480,062,752  
       
Liabilities in Excess of Other Assets - (6.8%)
    (164,254,454 )
       
Preferred shares, at redemption value - (37.8%)
    (910,000,000 )
 
       
Net Assets Applicable to
       
       
Common Shares - 100% (c)
  $ 2,405,808,298  
 
(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, 2007, the securities amounted to $56,823,265 or 2.4% of net assets.
 
(b)   Non-income producing security.
 
(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:
                         
    Gross   Gross   Dividend
Affiliate   Additions   Reductions   Income
 
ING UK Real Estate
Income Trust, Ltd.
  $     $     $ 474,783  
See previously submitted notes to financial statements for the annual period ended December 31, 2006.

 


 

Interest Rates Swaps
                                         
            Notional                    
    Termination     Amount     Fixed   Floating   Unrealized  
Counterparty   Date     (000)     Rate   Rate   Appreciation  
Citigroup
    7/01/2007     $ 200,000       3.68 %   1 Month LIBOR   $ 1,118,680  
Royal Bank of Canada
    7/01/2009       200,000       4.32 %   1 Month LIBOR     2,414,753  
 
                                     
 
                                  $ 3,533,433  
 
                                     
     For each swap noted, the Trust pays a fixed rate and receives a floating rate.

 


 

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.

 


 

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: May 3, 2007               
     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: May 3, 2007               
By: /s/ Jonathan A. Blome               
     Jonathan A. Blome
     Treasurer and Chief Financial Officer
Date: May 3, 2007