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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)
201 King of Prussia 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
201 King of Prussia 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, 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

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, 2007 (unaudited)
             
        U.S. $  
Shares       Value  
 
 
  Common Stock - 121.5%        
 
  Real Estate Investment Trusts ("REIT") - 121.5%        
 
  Australia - 14.7%        
29,967,000
  DB RREEF Trust   $ 53,303,803  
14,384,178
  Macquarie CountryWide Trust     25,331,272  
11,059,530
  Macquarie Goodman Industrial Trust     67,629,096  
9,222,427
  Westfield Group     177,102,147  
 
 
        323,366,318  
 
 
  Brazil - 0.4%        
702,900
  BR Malls Participacoes SA (a)     8,400,419  
 
 
  Canada - 10.4%        
1,761,900
  Boardwalk Real Estate Investment Trust     83,954,881  
200,100
  Calloway Real Estate Investment Trust     4,991,928  
264,600
  Calloway Real Estate Investment Trust (b)     6,601,020  
500,000
  Crombie Real Estate Investment Trust (b)     6,339,942  
884,800
  H&R Real Estate Investment Trust     21,191,748  
2,282,900
  InnVest Real Estate Investment Trust     27,568,481  
440,000
  InnVest Real Estate Investment Trust (b)     5,313,475  
700,000
  Primaris Retail Real Estate Investment Trust (b)     13,046,191  
2,447,000
  RioCan Real Estate Investment Trust     61,193,469  
 
 
        230,201,135  
 
 
  Finland - 1.5%        
2,212,400
  Citycon Oyj     14,064,244  
1,470,267
  Sponda Oyj     20,386,659  
 
 
        34,450,903  
 
 
  France - 10.2%        
403,500
  Societe de la Tour Eiffel     70,754,137  
598,078
  Unibail     153,516,902  
 
 
        224,271,039  
 
 
  Hong Kong - 9.4%        
37,700,000
  Agile Property Holdings Ltd.     79,198,316  
14,611,500
  China Overseas Land & Investment Ltd.     33,365,901  
8,133,000
  Hang Lung Properties Ltd.     36,432,121  
3,062,900
  Hongkong Land Holdings Ltd.     13,844,308  
2,500,000
  Sun Hung Kai Properties Ltd.     42,156,617  
1,153,000
  The Link REIT     2,537,931  
 
 
        207,535,194  
 
 
  Japan - 4.5%        
2,388
  Japan Retail Fund Investment Corp.     20,762,509  
1,325,000
  Mitsubishi Estate Co., Ltd.     37,901,578  
968,000
  Mitsui Fudosan Co., Ltd.     26,847,976  
934
  Nippon Building Fund, Inc.     13,561,535  
 
 
        99,073,598  
 
 
  Netherlands - 9.4%        
116,780
  Corio NV     9,948,109  
357,401
  Eurocommercial Properties NV     19,822,827  
1,136,730
  Nieuwe Steen Investments NV     31,572,196  
417,161
  VastNed Retail NV     33,489,824  
934,400
  Wereldhave NV     112,221,924  
 
 
        207,054,880  
 
 
  New Zealand - 0.2%        
3,500,000
  Macquarie Goodman Property Trust     4,099,129  
 
 
  Singapore - 0.1%        
500,000
  Capitaland Ltd.     2,745,125  
 
 
  United Kingdom - 8.8%        
1,367,200
  British Land Co. Plc     32,645,628  
945,400
  Great Portland Estates Plc     11,508,504  
1,209,242
  Hammerson Plc     28,873,950  
1,902,400
  Land Securities Group Plc     65,191,833  
753,400
  Liberty International Plc     17,513,648  
45,000
  Mapeley Ltd.     1,934,463  
3,621,876
  Segro Plc     36,858,226  
 
 
        194,526,252  
 
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2007.

 

Table of Contents

             
        U.S. $  
Shares       Value  
 
 
  United States - 51.9%        
197,300
  AMB Property Corp.     11,800,513  
115,300
  Acadia Realty Trust     3,128,089  
898,200
  American Campus Communities, Inc.     26,308,278  
259,800
  Apartment Investment & Management Co. - Class A     11,724,774  
1,213,100
  Archstone-Smith Trust     72,955,834  
117,600
  AvalonBay Communities, Inc.     13,883,856  
285,800
  BioMed Realty Trust, Inc.     6,887,780  
518,200
  Boston Properties, Inc.     53,840,980  
1,215,230
  Brandywine Realty Trust     30,757,471  
1,198,300
  Camden Property Trust     76,990,775  
1,231,800
  Cedar Shopping Centers, Inc.     16,777,116  
402,900
  Colonial Properties Trust     13,819,470  
419,300
  Developers Diversified Realty Corp.     23,426,291  
219,900
  Douglas Emmet, Inc.     5,438,127  
1,208,500
  Extra Space Storage, Inc.     18,598,815  
159,900
  Federal Realty Investment Trust     14,167,140  
1,211,100
  First Industrial Realty Trust, Inc.     47,075,457  
1,655,400
  GMH Communities Trust     12,829,350  
675,000
  Gramercy Capital Corp.     16,989,750  
941,484
  HRPT Properties Trust     9,311,277  
856,200
  Health Care REIT, Inc.     37,878,288  
371,000
  Hersha Hospitality Trust     3,672,900  
475,000
  Highwoods Properties, Inc.     17,418,250  
13,000
  Home Properties, Inc.     678,340  
308,000
  Hospitality Properties Trust     12,520,200  
755,400
  iStar Financial, Inc.     25,676,046  
1,580,990
  Liberty Property Trust     63,571,608  
2,004,100
  Maguire Properties, Inc.     51,765,903  
637,700
  Mid-America Apartment Communities, Inc.     31,789,345  
570,700
  National Retail Properties, Inc.     13,913,666  
2,650,300
  Nationwide Health Properties, Inc.     79,853,539  
215,000
  Newcastle Investment Corp.     3,788,300  
1,994,070
  OMEGA Healthcare Investors, Inc.     30,967,907  
994,000
  Pennsylvania Real Estate Investment Trust     38,706,360  
325,000
  ProLogis     21,563,750  
200,000
  Ramco-Gershenson Properties Trust     6,248,000  
364,700
  Regency Centers Corp.     27,990,725  
630,735
  SL Green Realty Corp.     73,650,926  
171,100
  Sovran Self Storage, Inc.     7,843,224  
770,000
  Strategic Hotels & Resorts, Inc.     15,854,300  
751,900
  The Macerich Co.     65,851,402  
200,000
  U-Store-It Trust     2,640,000  
712,120
  Verde Realty (a)     23,499,960  
 
 
        1,144,054,082  
 
 
  Total Common Stock        
 
  (cost $1,803,264,688)     2,679,778,074  
 
 
  Preferred Stock - 15.0%        
 
  Real Estate Investment Trusts ("REIT") - 15.0%        
 
  United States - 15.0%        
450,000
  Alexandria Real Estate Corp., Series C     11,295,000  
126,800
  AP Aimcap Corp., Series A     2,484,494  
80,500
  Apartment Investment & Management Co., Series U     1,984,325  
400,000
  Apartment Investment & Management Co., Series V     9,868,000  
400,000
  Apartment Investment & Management Co., Series Y     9,896,000  
174,000
  Associated Estates Realty Corp.     4,437,000  
400,000
  Biomed Realty Trust, Inc., Series A     9,300,000  
207,700
  Cedar Shopping Centers, Inc.     5,246,502  
125,000
  Digital Realty Trust, Inc., Series B     3,037,500  
200,800
  Duke Realty Corp., Series M     4,688,680  
400,000
  Entertainment Properties Trust, Series D     9,020,000  
337,500
  Equity Inns, Inc., Series C     5,450,625  
430,700
  Glimcher Realty Trust, Series G     10,130,064  
520,000
  Health Care REIT, Inc., Series F     12,854,400  
905,600
  Host Marriot Corp, Series E     23,206,000  
222,600
  Innkeepers USA Trust, Series C     3,561,600  
1,015,000
  iStar Financial, Inc., Series I     22,248,800  
200,000
  LaSalle Hotel Properties, Series D     4,546,000  
523,200
  LaSalle Hotel Properties, Series E     12,828,864  
520,000
  LaSalle Hotel Properties, Series G     11,549,200  
36,000
  LBA Realty Fund II - WBP, Inc., Series A     1,762,877  
170,000
  LBA Realty Fund II - WBP, Inc., Series B     3,485,000  
1,000,000
  LTC Properties, Inc., Series F     24,260,000  
351,800
  Maguire Properties, Inc., Series A     7,567,218  
200,000
  Mid-America Apartment Communties, Inc., Series H     5,000,000  
237,100
  National Retail Properties, Inc., Series C     5,697,821  
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2007.

 

Table of Contents

             
        U.S. $  
Shares       Value  
 
120,000
  NorthStar Realty Finance Corp., Series A     2,580,000  
240,000
  NorthStar Realty Finance Corp., Series B     4,800,000  
120,000
  OMEGA Healthcare Investors, Inc., Series D     2,971,200  
320,000
  PS Business Parks, Inc., Series O     7,507,200  
320,000
  Public Storage, Inc., Series K     7,808,000  
360,000
  Public Storage, Inc., Series M     7,974,000  
234,000
  RAIT Investment Trust, Series A     3,182,400  
113,200
  RAIT Investment Trust, Series B     1,585,932  
192,500
  SL Green Realty Corp., Series C     4,706,625  
200,000
  SL Green Realty Corp., Series D     5,044,000  
275,000
  Strategic Hotels & Resorts, Inc. (b)     7,046,875  
400,000
  Strategic Hotels & Resorts, Inc., Series B     9,584,000  
363,600
  Strategic Hotels & Resorts, Inc., Series C     8,617,320  
368,000
  Sunstone Hotel Investors, Inc., Series A     8,703,200  
342,600
  Taubman Centers, Inc., Series G     8,565,000  
573,500
  Taubman Centers, Inc., Series H     13,987,665  
 
 
  Total Preferred Stock        
 
  (cost $355,986,274)     330,069,387  
 
 
  Convertible Preferred Stock - 1.3%        
 
  Real Estate Investment Trusts ("REIT") - 1.3%        
 
  United States - 1.3%        
974,000
  FelCor Lodging Trust, Inc., Series A     22,850,040  
200,000
  Health Care REIT, Inc., 7.50%, Series G     6,300,000  
 
 
  Total Convertible Preferred Stock        
 
  (cost $26,180,170)     29,150,040  
 
 
  Investment Companies - 3.0%        
 
  United Kingdom - 3.0%        
399,119
  Eurocastle Investment Ltd.     13,775,818  
15,495,600
  ING UK Real Estate Income Trust, Ltd. +     32,043,489  
4,620,000
  Insight Foundation Property Trust, Ltd.     10,565,589  
547,200
  ProLogis European Properties     9,221,672  
 
 
  Total Investment Companies        
 
  (cost $55,701,613)     65,606,568  
 
 
  Purchased Options (a) - 0.3%
Brazil - 0.1%		        
438,400
  Brascan Residential Properties SA
expiring 10/22/07 @ $0 		    3,288,000  
 
 
  India - 0.2%        
518,800
  Unitech Ltd.
expiring 6/19/08 @ $0 		    4,004,189  
 
 
  Total Purchased Options        
 
  (cost $6,482,722)     7,292,189  
 
 
  Rights (a) - 0.0%
Finland - 0.0%		        
2,212,400
  Citycon Oyj
expiring 10/03/07 @ $0
(cost $0) 		    391,048  
 
 
  Warrants (a) - 0.1%
Hong Kong - 0.1%		        
1,217,625
  China Overseas Land & Investment Ltd.
expiring 8/27/08 @ $0
(cost $0) 		    1,001,541  
 
 
  Total Investments - 141.2%        
 
  (cost $2,247,615,467)     3,113,288,847  
 
  Other Assets less Liabilities - 0.1%     2,141,387  
 
  Preferred shares, at redemption value - (41.3%)     (910,000,000 )
 
 
  Net Assets Applicable to
Common Shares - 100% (c) 		  $ 2,205,430,234  
 
(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, 2007, the securities amounted to $38,347,503 or 1.7% 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   Gross Additions   Gross Reductions   Dividend Income
 
ING UK Real Estate
Income Trust, Ltd.
     $ —       $ —       $1,436,890  
See previously submitted notes to financial statements for the semi-annual period ended June 30, 2007.

 

Table of Contents

Interest Rates Swaps
                                         
            Notional                    
    Termination     Amount     Fixed   Floating     Unrealized  
Counterparty   Date     (000)     Rate   Rate     Appreciation  
 
Royal Bank of Canada
     7/01/2009     $ 200,000       4.32 %   1 Month LIBOR     $ 774,681  
 
                                      
      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 12, 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: November 12, 2007               
By: /s/ Jonathan A. Blome               
     Jonathan A. Blome
     Treasurer and Chief Financial Officer
Date: November 12, 2007