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, 2010

     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, 2010 (unaudited)

						Market
Shares						Value ($)
				Common Stock - 80.5%
				Real Estate Investment Trusts (“REIT”) - 80.5%
				Australia - 11.7%
	5,453,037			CFS Retail Property Trust		$	10,005,417
	2,776,835			Charter Hall Retail Estate Investment Trust			7,716,485
	38,529,000			Dexus Property Group			31,896,381
	3,536,700			GPT Group			10,067,766
	7,053,616			Goodman Group			4,405,134
	4,102,827			Westfield Group			48,703,619
							112,794,802
				Canada - 10.5%
	200,100			Calloway Real Estate Investment Trust			4,712,595
	500,000			Crombie Real Estate Investment Trust(a)			6,253,351
	884,800			H&R Real Estate Investment Trust			17,034,459
	2,082,900			InnVest Real Estate Investment Trust			14,598,675
	440,000			InnVest Real Estate Investment Trust(a)			3,083,882
	700,000			Primaris Retail Real Estate Investment Trust(a)			13,319,686
	1,878,800			RioCan Real Estate Investment Trust			41,976,991
							100,979,639
				France - 5.2%
	65,700			Altarea			10,763,243
	351,122			Societe de la Tour Eiffel			27,883,907
	49,220			Unibail-Rodamco SE			10,929,296
							49,576,446
				Hong Kong - 2.7%
	8,913,000			Link REIT (The)			26,406,508
				Japan - 2.1%
	620			Frontier Real Estate Investment Corp.			5,113,479
	10,652			Japan Retail Fund Investment Corp.			14,982,164
							20,095,643
				Netherlands - 4.5%
	116,780			Corio NV			7,995,321
	357,401			Eurocommercial Properties NV			16,589,420
	277,161			VastNed Retail NV			18,890,642
							43,475,383
				New Zealand - 0.7%
	9,050,000			Goodman Property Trust			6,323,891
				Singapore - 4.6%
	6,735,000			Ascendas Real Estate Investment Trust			11,213,479
	16,748,000			CapitaMall Trust			27,375,375
	4,757,000			Suntec Real Estate Investment Trust			5,460,957
							44,049,811
				United Kingdom - 3.8%
	1,939,300			Land Securities Group Plc			19,573,362
	4,045,110			Segro Plc			17,401,804
							36,975,166
				United States - 34.7%
	997,100			Annaly Capital Management, Inc.			17,548,960
	795,353			Brandywine Realty Trust			9,743,074
	826,200			Camden Property Trust			39,632,814
	668,632			CBL & Associates Properties, Inc.			8,732,334
	4,855,300			Chimera Investment Corp.			19,178,435
	1,472,700			Extra Space Storage, Inc.			23,622,108
	1,433,200			Liberty Property Trust			45,719,080
	1,133,685			Macerich Co. (The)			48,691,771
	145,000			Mack-Cali Realty Corp.			4,742,950
	1,847,070			OMEGA Healthcare Investors, Inc.			41,466,722
	1,601,100			ProLogis			18,860,958
	194,219			Simon Property Group, Inc.			18,011,870
	1,211,534			UDR, Inc.			25,587,598
	712,120			Verde Realty(b)(c)			11,749,980
							333,288,654
				Total Common Stock (cost $721,223,753)			773,965,943

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2010.

				Preferred Stock - 23.3%
				Real Estate Investment Trusts (“REIT”) - 23.3%
				United States - 23.3%
	450,000			Alexandria Real Estate Equities, Inc., Series C			11,619,000
	80,500			Apartment Investment & Management Co., Series U			2,042,285
	480,000			Apartment Investment & Management Co., Series V			12,244,800
	150,000			Apartment Investment & Management Co., Series Y			3,828,000
	480,000			BioMed Realty Trust, Inc., Series A			12,148,800
	51,000			CBL & Associates Properties, Inc., Series C			1,249,500
	100,000			CBL & Associates Properties, Inc., Series D			2,384,000
	272,700			Cedar Shopping Centers, Inc., Series A			7,030,560
	171,300			Corporate Office Properties Trust SBI MD, Series J			4,320,186
	125,000			Digital Realty Trust, Inc., Series B			3,160,163
	200,800			Duke Realty Corp., Series M			4,993,896
	121,700			Eagle Hospitality Properties Trust, Series A (c)			80,626
	400,000			Entertainment Properties Trust, Series D			9,584,000
	20,000			Glimcher Realty Trust, Series F			500,000
	645,700			Glimcher Realty Trust, Series G			15,787,365
	520,000			Health Care REIT, Inc., Series F			13,150,800
	150,000			iStar Financial, Inc., Series F			1,494,000
	765,000			iStar Financial, Inc., Series I			7,435,800
	170,000			LaSalle Hotel Properties, Series B			4,396,200
	200,000			LaSalle Hotel Properties, Series D			4,926,000
	600,000			LaSalle Hotel Properties, Series E			15,078,000
	520,000			LaSalle Hotel Properties, Series G			12,313,600
	180,000			LTC Properties, Inc., Series F			4,581,000
	169,900			National Retail Properties, Inc., Series C			4,293,373
	120,000			OMEGA Healthcare Investors, Inc., Series D			3,084,000
	320,000			PS Business Parks, Inc., Series O			8,272,000
	129,000			Public Storage, Series I			3,257,250
	400,000			Public Storage, Series K			10,124,000
	260,000			Public Storage, Series M			6,596,200
	442,500			SL Green Realty Corp., Series C			11,084,625
	200,000			SL Green Realty Corp., Series D			5,072,000
	120,000			Strategic Hotels & Resorts, Inc., Series B (c)			2,727,600
	90,900			Strategic Hotels & Resorts, Inc., Series C (c)			2,050,931
	142,600			Taubman Centers, Inc., Series G			3,647,708
	373,500			Taubman Centers, Inc., Series H			9,442,566
				Total Preferred Stock (cost $236,508,117)			224,000,834
				Total Investments - 103.8% (cost $957,731,870)			997,966,777
				Liabilities in Excess of Other Assets — (3.8)%			(36,128,606	)
				Net Assets - 100%		$	961,838,171

(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, 2010, the securities amounted to $22,656,919 or 2.4% of net assets.
(b)		Fair valued pursuant to guidelines approved by the board.
(c)		Non-income producing security.

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2010.

GAAP provides guidance on fair value measurements. In accordance with the standard, fair value is defined as the price that the Trust would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Trust’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:

Level 1 —		unadjusted quoted prices in active markets for identical investments
Level 2 —		other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 —		significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)

For Level 1 inputs, the Trust uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.

The Trust’s Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.

For Level 3 valuation techniques, the Trust uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used as of September 30, 2010 in valuing the Trust’s investments carried at fair value:

		Level 1				Level 2				Level 3
Investments in Securities
Common Stocks		$	762,215,963			$	—			$	11,749,980
Preferred Stocks			202,235,988				21,764,846				—
Total		$	964,451,951			$	21,764,846			$	11,749,980

The primary third party pricing vendor for the Trust’s listed preferred stock investments is FT Interactive Data (“IDC”). When available, the Trust will obtain a closing exchange price to value the preferred stock investments and, in such instances, the investment will be classified as Level 1 since an unadjusted quoted price was utilized. When a closing price is not available for the listed preferred stock investments, IDC will produce an evaluated mean price (midpoint between the bid and the ask evaluation) and such investments will be classified as Level 2 since other observable inputs were used in the valuation. Factors used in the IDC evaluation include trading activity, the presence of a two-sided market, and other relevant market data.

It is the Trust’s policy to recognize transfers in and transfers out at the fair value as of the beginning of the period. The fair value of Level 2 investments at December 31, 2009 was $215,526,310 and of this amount $177,188,077 of preferred stock investments was transferred out of Level 2 and into Level 1 at September 30, 2010 as a result of obtaining quoted exchange closing prices from the Trust’s third party pricing vendor.

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2010.

The Trust has one investment in a private equity security which is classified as Level 3 because no market quotations are readily available. In determining the fair value of this investment, the following factors may be evaluated: balance sheet, income statement, the portfolio of real estate investments held, economic factors and conditions in which the company operates, and comparable public company valuations and trading prices.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

		Common Stocks
Balance as of December 31, 2009		$	11,749,980
Realized gain (loss)			—
Change in unrealized appreciation (depreciation)			—
Net purchases (sales)			—
Transfers in and/or out of Level 3			—
Balance as of September 30, 2010		$	11,749,980

See previously submitted notes to financial statements for the semi-annual period ended June 30, 2010.

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.

     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.