IIA Ing Clarion Real Est Income

 

 

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 811-21404

ING Clarion 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 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: March 31, 2009

     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.

     Attached hereto.

ING Clarion Real Estate Income Fund
Portfolio of Investments / March 31, 2009 (unaudited)

						Market
Shares						Value
				Common Stock—64.4%
				Real Estate Investment Trusts (“REIT”)— 64.4%
	15,000			Alexandria Real Estate Equities, Inc.		$	546,000
	303,200			BioMed Realty Trust, Inc.			2,052,664
	462,553			Brandywine Realty Trust			1,318,276
	90,000			CBL & Associates Properties, Inc.			212,400
	138,100			Camden Property Trust			2,980,198
	50,000			Cedar Shopping Centers, Inc.			87,000
	20,000			Entertainment Properties Trust			315,200
	314,200			Extra Space Storage, Inc.			1,731,242
	180,000			Hospitality Properties Trust			2,160,000
	250,600			Kimco Realty Corp.			1,909,572
	263,300			Kite Realty Group Trust			645,085
	122,210			Liberty Property Trust			2,314,658
	100,000			Macerich Co. (The)			626,000
	145,000			Mack-Cali Realty Corp.			2,872,450
	117,900			National Retail Properties, Inc.			1,867,536
	167,900			OMEGA Healthcare Investors, Inc.			2,364,032
	100,000			ProLogis			650,000
	159,500			Senior Housing Properties Trust			2,236,190
	56,500			SL Green Realty Corp.			610,200
	50,000			Taubman Centers, Inc.			852,000
	284,105			UDR, Inc.			2,446,144
	85,000			Weingarten Realty Investors			809,200
				Total Common Stock (cost $67,946,752)			31,606,047
				Preferred Stock— 33.2%
				Real Estate Investment Trusts (“REIT”)— 33.2%
	80,000			Apartment Investment & Management Co., Series V			866,400
	80,000			BioMed Realty Trust, Inc., Series A			858,400
	51,000			CBL & Associates Properties, Inc., Series C			323,850
	65,000			Cedar Shopping Centers, Inc.			565,500
	171,300			Corporate Office Properties Trust SBI MD, Series J			3,085,113
	50,000			First Industrial Realty Trust, Inc.			362,500
	20,000			Glimcher Realty Trust, Series F			116,400
	85,000			Glimcher Realty Trust, Series G			409,700
	150,000			iStar Financial, Inc., Series F			711,000
	122,600			Innkeepers USA Trust, Series C			56,396
	170,000			LaSalle Hotel Properties, Series B			2,167,500
	76,800			LaSalle Hotel Properties, Series E			827,136
	32,800			National Retail Properties Inc., Series C			498,888
	129,000			Public Storage, Series I			2,515,500
	80,000			Public Storage, Series K			1,538,400
	80,000			SL Green Realty Corp., Series C			788,000
	120,000			Strategic Hotels & Resorts, Inc., Series B			300,000
	90,900			Strategic Hotels & Resorts, Inc., Series C			227,250
	50,500			W2007 Grace Acquisition I, Inc., Series C			45,768
				Total Preferred Stock (cost $42,736,195)			16,263,701
				Total Investments—97.6% (cost $110,682,947)			47,869,748
				Other Assets less Liabilities—2.4%			1,170,257
				Net Assets—100.0%		$	49,040,005

See previously submitted notes to financial statements for the annual period ended December 31, 2008.

FAS 157 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)

The following is a summary of the inputs used as of March 31, 2009 in valuing the Trust’s investments carried at fair value:

Fair Value Measurements at March 31, 2009 Using

Quoted Prices in

Significant

Significant

Active Market for

Other Observable

Unobservable

Identical Assets

Inputs

Inputs

Total

(Level 1)

(Level 2)

(Level 3)

Investments in Securities

$

47,869,748

$

31,606,047

$

16,263,701

$

—

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 Real Estate Income Fund

By:		/s/ T. Ritson Ferguson
		T. Ritson Ferguson
		President and Chief Executive Officer
Date:		May 28, 2009

     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:		May 28, 2009
By:		/s/ Jonathan A. Blome
		Jonathan A. Blome
		Chief Financial Officer
Date:		May 28, 2009

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