N-Q 1 p13507nvq.htm N-Q nvq
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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: 1-888-711-4272
Date of fiscal year end: December 31
Date of reporting period: September 30, 2008
     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.
 
 

 

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ING Clarion Global Real Estate Income Fund
Portfolio of Investments / September 30, 2008 (unaudited)
                 
            U.S. $
Shares       Value
 
       
Long-Term Investments — 134.0%
        
       
Common Stock — 115.4%
        
       
Real Estate Investment Trusts (“REIT”) — 115.4%
        
       
Australia — 9.3%
        
  29,967,000    
Dexus Property Group
   $ 33,802,309  
  6,059,530    
Goodman Group
     11,614,814  
  14,384,178    
Macquarie CountryWide Trust
     10,778,932  
  3,632,427    
Westfield Group
     47,677,918  
 
       
 
     103,873,973  
 
       
Brazil — 0.6%
        
  1,132,100    
BR Malls Participacoes SA (a)
     6,925,415  
 
       
Canada — 11.7%
        
  768,300    
Boardwalk Real Estate Investment Trust
     25,797,884  
  200,100    
Calloway Real Estate Investment Trust
     3,511,913  
  264,600    
Calloway Real Estate Investment Trust (b)
     4,643,939  
  500,000    
Crombie Real Estate Investment Trust (b)
     4,867,381  
  884,800    
H&R Real Estate Investment Trust
     12,466,426  
  2,282,900    
InnVest Real Estate Investment Trust
     18,787,975  
  440,000    
InnVest Real Estate Investment Trust (b)
     3,621,144  
  700,000    
Primaris Retail Real Estate Investment Trust (b)
     10,751,505  
  2,447,000    
RioCan Real Estate Investment Trust
     46,514,174  
 
       
 
     130,962,341  
 
       
Finland — 1.5%
        
  2,528,457    
Citycon Oyj
     8,168,675  
  1,470,267    
Sponda Oyj
     8,756,494  
 
       
 
     16,925,169  
 
       
France — 8.5%
        
  25,702    
Mercialys SA
     1,085,958  
  384,782    
Societe de la Tour Eiffel
     34,126,168  
  300,578    
Unibail-Rodamco
     60,004,053  
 
       
 
     95,216,179  
 
       
Hong Kong — 4.2%
        
  20,000,000    
Agile Property Holdings Ltd.
     8,912,530  
  8,261,500    
China Overseas Land & Investment Ltd.
     9,789,074  
  2,383,000    
Hang Lung Properties Ltd.
     5,487,651  
  3,062,900    
Hongkong Land Holdings Ltd.
     9,066,184  
  1,150,000    
Sun Hung Kai Properties Ltd.
     11,612,047  
  1,153,000    
The Link REIT
     2,378,958  
 
       
 
     47,246,444  
 
       
Japan — 3.9%
        
  2,388    
Japan Retail Fund Investment Corp.
     9,627,127  
  735,000    
Mitsubishi Estate Co., Ltd.
     13,915,603  
  633,000    
Mitsui Fudosan Co., Ltd.
     11,692,300  
  934    
Nippon Building Fund, Inc.
     8,815,222  
 
       
 
     44,050,252  
 
       
Netherlands — 11.7%
        
  116,780    
Corio NV
     8,182,889  
  357,401    
Eurocommercial Properties NV
     15,311,714  
  1,136,730    
Nieuwe Steen Investments NV
     25,148,152  
  317,161    
VastNed Retail NV
     22,119,088  
  624,400    
Wereldhave NV
     60,236,728  
 
       
 
     130,998,571  
 
       
New Zealand — 0.6%
        
  9,050,000    
Goodman Property Trust
     7,072,060  
 
       
Singapore — 0.1%
        
  500,000    
CapitaLand Ltd.
     1,070,155  
 
       
United Kingdom — 10.1%
        
  1,367,200    
British Land Co. Plc
     18,143,195  
  945,400    
Great Portland Estates Plc
     5,619,898  
  759,242    
Hammerson Plc
     13,140,638  
  1,902,400    
Land Securities Group Plc
     42,386,627  
  378,400    
Liberty International Plc
     6,464,877  
  3,621,876    
Segro Plc
     26,904,579  
 
       
 
     112,659,814  
 
See previously submitted notes to financial statements for the period ended June 30, 2008.

 

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            U.S. $
Shares       Value
 
       
United States — 53.2%
        
  115,300    
Acadia Realty Trust
     2,914,784  
  197,300    
AMB Property Corp.
     8,937,690  
  1,024,705    
American Campus Communities, Inc.
     34,717,005  
  285,800    
BioMed Realty Trust, Inc.
     7,559,410  
  243,200    
Boston Properties, Inc.
     22,778,112  
  1,215,230    
Brandywine Realty Trust
     19,480,137  
  848,300    
Camden Property Trust
     38,903,038  
  1,231,800    
Cedar Shopping Centers, Inc.
     16,284,396  
  53,700    
Douglas Emmet, Inc.
     1,238,859  
  1,208,500    
Extra Space Storage, Inc.
     18,562,560  
  70,300    
Federal Realty Investment Trust
     6,017,680  
  407,700    
General Growth Properties, Inc.
     6,156,270  
  675,000    
Gramercy Capital Corp.
     1,748,250  
  533,700    
Health Care REIT, Inc.
     28,408,851  
  371,000    
Hersha Hospitality Trust
     2,760,240  
  475,000    
Highwoods Properties, Inc.
     16,891,000  
  941,484    
HRPT Properties Trust
     6,486,825  
  755,400    
iStar Financial, Inc.
     1,964,040  
  1,260,990    
Liberty Property Trust
     47,476,274  
  637,700    
Mid-America Apartment Communities, Inc.
     31,336,578  
  570,700    
National Retail Properties, Inc.
     13,668,265  
  1,534,400    
Nationwide Health Properties, Inc.
     55,207,712  
  1,994,070    
OMEGA Healthcare Investors, Inc.
     39,203,416  
  994,000    
Pennsylvania Real Estate Investment Trust
     18,736,900  
  200,000    
Ramco-Gershenson Properties Trust
     4,484,000  
  498,800    
Regency Centers Corp.
     33,264,972  
  325,735    
SL Green Realty Corp.
     21,107,628  
  171,100    
Sovran Self Storage, Inc.
     7,646,459  
  770,000    
Strategic Hotels & Resorts, Inc.
     5,813,500  
  456,900    
The Macerich Co.
     29,081,685  
  808,100    
UDR, Inc.
     21,131,815  
  200,000    
U-Store-It Trust
     2,454,000  
  712,120    
Verde Realty (a)(c)
     23,499,960  
 
       
 
     595,922,311  
 
       
Total Common Stock
 (cost $1,306,480,717)
     1,292,922,684  
 
       
Preferred Stock — 16.8%
        
       
Real Estate Investment Trusts (“REIT”) — 16.8%
        
       
United States — 16.8%
        
  450,000    
Alexandria Real Estate Equities, Inc., Series C
     10,282,500  
  80,500    
Apartment Investment & Management Co., Series U
     1,400,700  
  400,000    
Apartment Investment & Management Co., Series V
     6,760,000  
  400,000    
Apartment Investment & Management Co., Series Y
     6,800,000  
  174,000    
Associated Estates Realty Corp.
     3,523,500  
  400,000    
BioMed Realty Trust, Inc., Series A
     7,132,000  
  207,700    
Cedar Shopping Centers, Inc.
     4,569,400  
  125,000    
Digital Realty Trust, Inc., Series B
     2,400,000  
  200,800    
Duke Realty Corp., Series M
     3,293,120  
  121,700    
Eagle Hospitality Properties Trust
     612,309  
  400,000    
Entertainment Properties Trust, Series D
     5,728,000  
  430,700    
Glimcher Realty Trust, Series G
     4,556,806  
  520,000    
Health Care REIT, Inc., Series F
     11,050,000  
  905,600    
Host Hotels & Resorts, Inc., Series E
     15,757,440  
  210,000    
Innkeepers USA Trust, Series C
     1,260,000  
  765,000    
iStar Financial, Inc., Series I
     3,771,450  
  200,000    
LaSalle Hotel Properties, Series D
     2,900,000  
  523,200    
LaSalle Hotel Properties, Series E
     9,025,200  
  520,000    
LaSalle Hotel Properties, Series G
     7,072,000  
  1,000,000    
LTC Properties, Inc., Series F
     20,900,000  
  200,000    
Mid-America Apartment Communities, Inc., Series H
     4,200,000  
  137,100    
National Retail Properties, Inc., Series C
     2,742,000  
  120,000    
OMEGA Healthcare Investors, Inc., Series D
     2,628,000  
  320,000    
PS Business Parks, Inc., Series O
     5,372,800  
  320,000    
Public Storage, Series K
     5,968,000  
See previously submitted notes to financial statements for the period ended June 30, 2008.

 

Table of Contents

                 
            U.S. $
Shares       Value
 
  360,000    
Public Storage, Series M
     6,300,000  
  192,500    
SL Green Realty Corp., Series C
     3,297,525  
  200,000    
SL Green Realty Corp., Series D
     3,424,000  
  275,000    
Strategic Hotels & Resorts, Inc. (b)
     3,308,607  
  400,000    
Strategic Hotels & Resorts, Inc., Series B
     4,600,000  
  363,600    
Strategic Hotels & Resorts, Inc., Series C
     4,545,000  
  142,600    
Taubman Centers, Inc., Series G
     3,065,900  
  373,500    
Taubman Centers, Inc., Series H
     7,470,000  
  337,500    
W2007 Grace Acquisition I, Inc., Series C
     2,742,188  
 
       
Total Preferred Stock
 (cost $294,606,496)
     188,458,445  
 
       
Investment Companies — 1.6%
        
       
United Kingdom — 1.6%
        
  15,495,600    
ING UK Real Estate Income Trust Ltd. +
     12,705,251  
  547,200    
ProLogis European Properties
     4,811,590  
 
       
Total Investment Companies
        
       
(cost $37,560,969)
     17,516,841  
 
       
Purchased Options (a) — 0.2%
        
       
Brazil — 0.1%
        
  438,400    
Brascan Residential Properties SA
        
     
expiring 10/22/08 @ $0
     1,000,005  
 
       
India — 0.1%
        
  518,800    
Unitech Ltd.
        
     
expiring 5/29/13 @ $0
     1,290,234  
 
       
Total Purchased Options
 (cost $6,482,721)
     2,290,239  
 
       
Total Long-Term Investments — 134.0%
 (cost $1,645,130,904)
     1,501,188,209  
 
 
       
Short-Term Investments — 28.5%
        
       
Money Market Fund — 28.5%
        
  319,906,382    
The Bank of New York Cash Reserve Fund
        
       
(cost $319,906,382)
     319,906,382  
 
       
Total Investments — 162.5%
        
       
(cost $1,965,037,285)
     1,821,094,591  
       
Other Assets less Liabililties — 0.8%
     9,341,751  
       
Preferred shares, at redemption value — (63.3)%
     (710,000,000 )
 
       
 
        
       
Net Assets Applicable to
        
       
Common Shares — 100% (d)
   $ 1,120,436,342  
 
 
(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, 2008, the securities amounted to $27,192,576 or 2.4% of net assets.
 
(c)   Fair valued pursuant to guidelines approved by the board.
 
(d)   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.
   $ —     $ —     $ 1,396,856  
See previously submitted notes to financial statements for the period ended June 30, 2008.

 

Table of Contents

Interest Rate Swaps
                                                 
                    Notional   Fixed   Floating    
    FAS 157   Termination   Amount   Rate   Rate   Unrealized
Counterparty   Level*   Date   (000)   Paid   Received   Depreciation
 
Royal Bank of Canada
     L2     7/01/2009     $200,000     4.32 % 1 Month LIBOR   $(1,865,844 )
 
 
*   FAS 157 level is not a part of regular reporting requirements for each security listed.

 

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Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in the three broad levels listed below.
     
     Level 1 —
  quoted prices in active markets for identical securities
 
    
     Level 2 —
  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
    
     Level 3 —
  significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of September 30, 2008 in valuing the Portfolio’s assets carried at fair value:
                 
    Investments     Other Financial  
Valuation inputs   in Securities     Instruments*  
 
            
Level 1 - Quoted Prices
   $ 1,609,136,186     $ —  
Level 2 - Other Significant Observable Inputs
     188,458,445       (1,865,844 )
Level 3 - Significant Unobservable Inputs
     23,499,960       —  
 
            
Total
   $ 1,821,094,591     $ (1,865,844 )
 
            
 
*   Other financial instruments are derivative instruments not reflected in the Portolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
 
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
         
    Investments  
    in Securities  
 
      
Balance as of 6/30/08
  $ 23,499,960  
Realized gain (loss)
  —  
Change in unrealized appreciation (depreciation)
  —  
Net purchases (sales)
  —  
Transfers in and/or out of Level 3
  —  
 
      
Balance as of 9/30/08
  $ 23,499,960  
 
      
See previously submitted notes to financial statements for the period ended June 30, 2008.

 

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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 21, 2008
     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 21, 2008
       
By:   /s/ Jonathan A. Blome    
  Jonathan A. Blome   
  Chief Financial Officer   
Date: November 21, 2008