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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: September 30, 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 / September 30, 2006 (unaudited)
             
        U.S. $
Shares       Value
 
 
   Common Stock - 119.7%        
 
   Real Estate Investment Trusts ("REIT") - 119.7%        
 
   Australia - 14.8%        
29,967,000
   DB RREEF Trust   $ 35,780,585  
34,035,794
   Investa Property Group     62,482,036  
14,384,178
   Macquarie CountryWide Trust     21,468,378  
11,059,530
   Macquarie Goodman Industrial Trust     53,810,676  
28,584,000
   Macquarie ProLogis Trust     26,343,541  
8,484,633
   Westfield Group     119,161,747  
 
 
         319,046,963  
 
 
   Canada - 12.8%        
1,761,900
   Boardwalk Real Estate Investment Trust     50,852,131  
200,100
   Calloway Real Estate Investment Trust     4,891,074  
264,600
   Calloway Real Estate Investment Trust (a)     6,467,658  
500,000
   Crombie Real Estate Investment Trust (a)     5,310,805  
613,500
   Dundee Real Estate Investment Trust     19,015,668  
135,000
   Dundee Real Estate Investment Trust (a)     4,184,377  
884,800
   H&R Real Estate Investment Trust     18,320,154  
2,282,900
   InnVest Real Estate Investment Trust     26,908,202  
440,000
   InnVest Real Estate Investment Trust (a)     5,186,214  
700,000
   Primaris Retail Real Estate Investment Trust (a)     11,419,352  
879,900
   Retirement Residences Real Estate Investment Trust (a)     6,183,316  
2,276,600
   RioCan Real Estate Investment Trust     48,994,905  
2,166,800
   Summit Real Estate Investment Trust     57,935,413  
1,040,300
   Sunrise Senior Living Real Estate Investment Trust (a)     9,557,724  
 
 
         275,226,993  
 
 
   Finland - 0.4%        
773,000
   Sponda Oyj     8,714,857  
 
 
   France - 7.7%        
403,500
   Societe de la Tour Eiffel     63,891,683  
489,478
   Unibail     102,741,632  
 
 
         166,633,315  
 
 
   Hong Kong - 3.9%        
35,700,000
   Agile Property Holdings Ltd.     29,046,553  
12,988,000
   China Overseas Land & Investment Ltd.     10,017,374  
8,133,000
   Hang Lung Properties Ltd.     17,367,656  
2,400,000
   Sun Hung Kai Properties Ltd.     26,195,258  
1,153,000
   The Link REIT     2,400,033  
 
 
         85,026,874  
 
 
   Japan - 3.0%        
2,388
   Japan Retail Fund Investment Corp.     17,596,748  
1,025,000
   Mitsubishi Estate Co., Ltd.     22,398,679  
668,000
   Mitsui Fudosan Co., Ltd.     15,191,462  
934
   Nippon Building Fund, Inc.     9,493,076  
 
 
         64,679,965  
 
 
   Netherlands - 11.5%        
116,780
   Corio NV     8,498,637  
357,401
   Eurocommercial Properties NV     16,864,475  
1,136,730
   Nieuwe Steen Investments NV     29,835,811  
494,786
   Rodamco Europe NV     57,568,821  
417,161
   VastNed Retail NV     34,189,973  
934,400
   Wereldhave NV     101,912,336  
 
 
         248,870,053  
 
 
   United Kingdom - 8.6%        
1,167,200
   British Land Co. Plc     29,738,913  
1,209,242
   Hammerson Plc     29,635,516  
1,604,300
   Land Securities Group Plc     58,976,109  
853,400
   Liberty International Plc     19,527,838  
3,923,700
   Slough Estates Plc     48,739,703  
 
 
         186,618,079  
 
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2006.

 

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        U.S. $
Shares       Value
 
 
   United States - 57.0%        
197,300
   AMB Property Corp.     10,873,203  
115,300
   Acadia Realty Trust     2,940,150  
898,200
   American Campus Communities, Inc.     22,913,082  
289,000
   Apartment Investment & Management Co. - Class A     15,724,490  
1,162,000
   Archstone-Smith Trust     63,259,280  
65,200
   AvalonBay Communities, Inc.     7,850,080  
322,500
   BNP Residential Properties, Inc.     7,659,375  
285,800
   BioMed Realty Trust, Inc.     8,671,172  
447,000
   Boston Properties, Inc.     46,192,980  
1,243,330
   Brandywine Realty Trust     40,470,391  
1,146,700
   Camden Property Trust     87,160,667  
1,231,800
   Cedar Shopping Centers, Inc.     19,918,206  
402,900
   Colonial Properties Trust     19,262,649  
419,300
   Developers Diversified Realty Corp.     23,380,168  
532,600
   Equity Office Properties Trust     21,176,176  
1,208,500
   Extra Space Storage, Inc.     20,919,135  
87,000
   Federal Realty Investment Trust     6,464,100  
1,211,100
   First Industrial Realty Trust, Inc.     53,288,400  
1,301,600
   GMH Communities Trust     16,426,192  
315,000
   Glenborough Realty Trust, Inc.     8,104,950  
675,000
   Gramercy Capital Corp.     17,016,750  
941,484
   HRPT Properties Trust     11,250,734  
856,200
   Health Care REIT, Inc.     34,256,562  
371,000
   Hersha Hospitality Trust     3,561,600  
308,000
   Hospitality Properties Trust     14,537,600  
717,600
   iStar Financial, Inc.     29,923,920  
1,580,990
   Liberty Property Trust     75,555,512  
2,783,400
   Maguire Properties, Inc.     113,395,716  
637,700
   Mid-America Apartment Communities, Inc.     39,039,994  
570,700
   National Retail Properties, Inc.     12,327,120  
2,611,100
   Nationwide Health Properties, Inc.     69,820,814  
170,700
   New Plan Excel Realty Trust     4,617,435  
1,994,070
   OMEGA Healthcare Investors, Inc.     29,930,990  
994,000
   Pennsylvania Real Estate Investment Trust     42,314,580  
325,000
   ProLogis     18,544,500  
714,700
   Reckson Associates Realty Corp.     30,589,160  
364,700
   Regency Centers Corp.     25,076,772  
482,400
   SL Green Realty Corp.     53,884,080  
171,100
   Sovran Self Storage, Inc.     9,504,605  
1,144,100
   Spirit Finance Corp.     13,283,001  
770,000
   Strategic Hotels & Resorts, Inc.     15,307,600  
662,500
   The Macerich Co.     50,588,500  
800,000
   Trustreet Properties, Inc.     10,008,000  
200,000
   U-Store-It Trust     4,292,000  
 
 
         1,231,282,391  
 
 
   Total Common Stock        
 
   (cost $1,810.178,462)     2,586,099,490  
 
 
   Master Limited Partnerships - 0.5%        
 
   United States - 0.5%        
340,909
   Verde Realty MLP        
 
   (cost $11,249,997)     11,249,997  
 
 
   Limited Liability Company - 0.1%        
 
   United States - 0.1%        
37,879
   Verde Realty LLC        
 
   (cost $1,250,007)     1,250,007  
 
 
   Preferred Stock - 15.0%        
 
   Real Estate Investment Trusts ("REIT") - 15.0%        
 
   United States - 15.0%        
125,800
   Affordable Residential Communities, Series A     2,990,895  
450,000
   Alexandria Real Estate Corp., Series C     11,790,000  
80,500
   Apartment Investment & Management Co., Series U     2,042,285  
400,000
   Apartment Investment & Management Co., Series V     10,192,000  
400,000
   Apartment Investment & Management Co., Series Y     10,120,000  
174,000
   Associated Estates Realty Corp.     4,551,196  
207,700
   Cedar Shopping Centers, Inc.     5,522,743  
125,000
   Digital Realty Trust, Inc., Series B     3,170,000  
200,800
   Duke Realty Corp., Series M     5,116,384  
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2006.

 

Table of Contents

             
        U.S. $
Shares       Value
 
126,800
   Eagle Hospitality Properties Trust, Inc., Series A     3,253,688  
337,500
   Equity Inns, Inc., Series C     8,572,500  
20,000
   FelCor Lodging Trust, Inc.     498,200  
430,700
   Glimcher Realty Trust, Series G     10,806,263  
520,000
   Health Care REIT, Inc., Series F     13,369,200  
905,600
   Host Marriot Corp, Series E     23,971,232  
222,600
   Innkeepers USA Trust, Series C     5,636,232  
1,015,000
   iStar Financial, Inc., Series I     25,486,650  
200,000
   LaSalle Hotel Properties, Series D     5,031,260  
523,200
   LaSalle Hotel Properties, Series E     13,498,560  
36,000
   LBA Realty Fund II - WBP, Inc., Series A     1,762,877  
170,000
   LBA Realty Fund II - WBP, Inc., Series B     3,536,000  
1,000,000
   LTC Properties, Inc., Series F     25,070,000  
351,800
   Maguire Properties, Inc., Series A     8,675,388  
200,000
   Mid-America Apartment Communties, Inc., Series H     5,102,000  
120,000
   NorthStar Realty Finance Corp., Series A     3,078,000  
120,000
   OMEGA Healthcare Investors, Inc., Series D     3,141,600  
320,000
   PS Business Parks, Inc., Series O     8,128,000  
320,000
   Public Storage, Inc., Series K     8,243,200  
240,000
   RAIT Investment Trust, Series A     5,892,000  
160,000
   RAIT Investment Trust, Series B     4,088,000  
192,500
   SL Green Realty Corp., Series C     4,872,175  
200,000
   SL Green Realty Corp., Series D     5,098,000  
275,000
   Strategic Hotels & Resorts, Inc. (a)     7,012,500  
400,000
   Strategic Hotels & Resorts, Inc., Series B     10,425,000  
363,600
   Strategic Hotels & Resorts, Inc., Series C     9,326,340  
368,000
   Sunstone Hotel Investors, Inc., Series A     9,347,200  
342,600
   Taubman Centers, Inc., Series G     9,132,448  
573,500
   Taubman Centers, Inc., Series H     15,000,638  
464,400
   Winston Hotels, Inc., Series B     11,661,084  
 
 
   Total Preferred Stock        
 
   (cost $318,584,276)     324,211,738  
 
 
   Convertible Preferred Stock - 1.7%        
 
   Real Estate Investment Trusts ("REIT") - 1.7%        
 
   United States - 1.7%        
974,000
   FelCor Lodging Trust, Inc., Series A     24,262,340  
200,000
   Ramco-Gershenson Properties Trust, 7.95%, Series C     6,690,000  
200,000
   Windrose Medical Properties Trust, 7.50%, Series A     5,600,000  
 
 
   Total Convertible Preferred Stock        
 
   (cost $32,130,721)     36,552,340  
 
 
   Investment Companies - 3.4%        
 
   United Kingdom - 3.4%        
399,119
   Eurocastle Investment Ltd.     15,516,368  
15,495,600
   ING UK Real Estate Income Trust, Ltd. +     35,457,648  
4,620,000
   Insight Foundation Property Trust, Ltd.     11,520,960  
547,200
   ProLogis European Properties     10,189,531  
 
 
   Total Investment Companies        
 
   (cost $55,701,613)     72,684,507  
 
 
   Warrants (c) - 0.0%        
 
   Hong Kong - 0.0%        
1,623,500
   China Overseas Land & Investment Ltd.        
 
     expiring 7/18/07        
 
     (cost $0)     350,025  
 
 
   Total Investments - 140.4%        
 
   (cost $2,229,095,076)     3,032,398,104  
 
   Liabilities in Excess of Other Assets - (7.5%)     (161,800,455 )
 
   Preferred shares, at redemption value - (32.9%)     (710,000,000 )
 
 
   Net Assets Applicable to        
 
   Common Shares - 100% (b)   $ 2,160,597,649  
 
(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 September 30, 2006, the securities amounted to $10,221,683, or 0.5% of net assets.
 
(b)   Portfolio percentages are calculated based on net assets applicable to Common Shares.
 
(c)   Non-income producing security.
 
+   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.
     —       $1,230,020          
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2006.

 

Table of Contents

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     $ 2,624,587  
Royal Bank of Canada
     7/01/2009       200,000       4.32%     1 Month LIBOR       3,319,017  
 
                                      
 
                                   $ 5,943,604  
 
                                      
      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 January 2007 at $33.00 per share. There were no dollars expended for acquiring these options and there is no value to the options at September 30, 2006.

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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.

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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) ING Clarion Global Real Estate Income Fund
By: /s/ T. Ritson Ferguson          
    T. Ritson Ferguson
    President and Chief Executive Officer
Date: November 16, 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: November 16, 2006          
By: /s/ Jonathan A. Blome          
    Jonathan A. Blome
    Treasurer and Chief Financial Officer
Date: November 16, 2006