UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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.

 

 

Item 1. Schedule of Investments.

     Attached hereto.

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

						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

						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

Affiliate		Gross Additions				Gross Reductions				Dividend Income
ING UK Real Estate Income Trust Ltd.		$	—			$	—			$	1,396,856

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

)

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	)

		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

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

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.

Date: November 21, 2008

Date: November 21, 2008