The Board of Trustees of the ING Clarion Real Estate Income Fund
(NYSE:IIA) (the �Fund�), which trades on the New York Stock
Exchange under the symbol �IIA�, declared a monthly distribution of
$0.045 per share for the month of March 2009. The following dates
apply:
�
Ex-Dividend Date
�
Record Date
�
Payable Date
� March 2009 03-19-2009 03-23-2009 03-31-2009
IIA�s current distribution rate represents an annualized yield
of 24.1% based on the closing market price of $2.24 on March 10,
2009 and a 17.3% yield on a closing NAV of $3.13 as of the same
date.
Future earnings of the Fund cannot be guaranteed and the Fund�s
dividend policy is subject to change. For more information on the
Fund, please visit our website at www.ingclarionres.com.
The Fund�s dividend policy is established by the Board of
Trustees. The dividend is set by the Board at regular intervals
with consideration of investment income and realized gains expected
for the year. Each distribution is expected to be paid from some or
all of the following sources: net investment income, realized
long-term gains and short-term gains, and unrealized gains or in
certain cases a return of capital (i.e., a non-taxable
distribution). The Fund�s distribution rate should not be confused
with pure income or yield. We strive to establish a level regular
dividend that over the course of the year will pay out all income
and realized gains with a minimum of special distributions.
ING Clarion Real Estate Income Fund is a closed-end fund, which
is traded on the New York Stock Exchange, which invests primarily
in real estate securities. Holdings are subject to change. Past
performance is no guarantee of future results. Closed-end funds,
unlike open-end funds, are not continuously offered. After a public
offering, once issued, shares of closed-end funds frequently trade
at a discount to net asset value. The price of the Fund�s shares is
determined by a number of factors, several of which are beyond the
control of the Fund. Therefore, the Fund cannot predict whether its
shares will trade at, below, or above net asset value. Investing in
closed-end funds involves risk including the possible loss of
principal.
While equities may offer the potential for greater long-term
growth than most debt securities, they generally have higher
volatility. This Fund is subject to risks similar to those
associated with the direct ownership of real estate. Because the
Fund�s investments are concentrated in the real estate industry,
the value of the Fund may be subject to greater volatility than a
fund with a portfolio that is less concentrated. These companies
are sensitive to factors such as changes in real estate values and
property taxes, interest rates, cash flow of underlying real estate
assets, supply and demand, and the management skill and credit
worthiness of the issuer. REITs may also be affected by tax and
regulatory requirements. The Fund may invest in small- and
mid-sized companies, which may be more susceptible to price swings
and less liquidity than larger companies.
The Fund invests primarily in real estate investment trusts
(REITs) and similar companies. When these companies make
distributions to the Fund during the year, the Fund uses past
disclosures and the estimates provided by the companies to provide
you with estimated sources of distributions paid to you. Until the
Fund receives a final determination from these companies as to the
source of distributions � generally around January 31 of the
following year � the Fund cannot provide you with a final
determination of the source of distributions paid.
The amounts and sources of distributions reported are only
estimates and are not provided for tax reporting purposes.
The actual amounts and sources of the amounts for accounting and
tax reporting purposes will depend upon the Fund�s investment
experience during the remainder of its fiscal year and may be
subject to changes based on tax regulations.
For the current 2009 fiscal year (January 1, 2009 to March 31,
2009) the Fund has made three (3) regular monthly distributions
which in aggregate equal $0.135 per share. The source of the
distribution paid during the month and current fiscal year is
estimated as follows:
Estimated Source of Distributions:
Distribution
�
Estimated Allocations �
Net
InvestmentIncome
� �
Net Realized Short-Term
Capital Gains
� �
Net Realized Long-Term
Capital Gains
� �
Return ofCapital
Current � $0.045 � $0.045 (100%) � � -- (0%) � � -- (0%) � �
-- (0%)
YTD � $0.135 � $0.135 (100%) � � -- (0%) � � -- (0%)
� � -- (0%)
SHAREHOLDERS SHOULD NOT USE THE INFORMATION PROVIDED IN
PREPARING THEIR TAX RETURNS. SHAREHOLDERS WILL RECEIVE A
FORM 1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND
DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. THE ABOVE
TABLES ARE ESTIMATED AND SHOULD NOT BE TAKEN TO DENOTE THE ACTUAL
BREAKDOWN OF DISTRIBUTIONS FOR TAX PURPOSES. THE
YEAR-TO-DATE ESTIMATES REFLECT CURRENT ESTIMATES AND MAY DIFFER
FROM PAST TABLES.
Shareholders should not draw any conclusions about the Fund�s
investment performance from the amount of this distribution or from
the terms of the Fund�s managed distribution policy. Please
note that all performance figures below are based on the Fund�s net
asset value (�NAV�) and not the market price of the Fund�s
shares. Performance figures are not meant to represent
individual shareholder performance.
The Fund�s cumulative year-to-date total return for fiscal year
2009 (January 1, 2009 through February 28, 2009) is set forth
below. Shareholders should take note of the relationship between
the Year-to-date Cumulative Total Return on NAV and the Fund�s
Cumulative Distribution Rate for 2009. Moreover, the Fund�s Average
Annual Total Return (in relation to its NAV) for the preceding
five-year period (March 1, 2004 through February 28, 2009) is set
forth below. Shareholders should take note of the relationship
between the Fund�s Average Annual Total Return on NAV for the
preceding five-year period and the Fund�s Current Annualized
Distribution Rate for 2009 as well as its Average Annual
Distribution Rate for the preceding five-year period. The
performance and distribution rate information disclosed in the
table below is based on the Fund�s NAV. The Fund�s NAV is
calculated as the total market value of all the securities and
other assets held by the Fund minus the total liabilities, divided
by the total number of common shares outstanding. While NAV
performance may be indicative of the Fund�s investment performance,
it does not measure the value of a shareholders individual
investment in the Fund. The value of a shareholder�s investment in
the Fund is determined by the Fund�s market price, which is based
on the supply and demand for the Fund�s shares in the open-market.
Shareholders holding Fund shares indirectly with a broker dealer
should contact their financial advisor regarding the market price
performance of their investment in the Fund.
Fund Performance and
Distribution Rate Information:
Year-to-date 1/1/2009 to 2/28/2009 � � Year-to-date
Cumulative Total Return on NAV1 � -29.04% Cumulative Distribution
Rate2 � 2.78%
Preceding Five-Year Period 3/1/2004 to
2/28/2009 � � Average Annual Total Return on NAV3 � -7.86%
Average Annual Distribution Rate4 � 12.37% Current Annualized
Distribution Rate5 � 16.67% 1 � Year-to-date Cumulative Total
Return on NAV is the percentage change in the Fund�s NAV over the
year-to-date time period including distributions paid and assuming
reinvestment of those distributions. � 2 Cumulative Distribution
Rate for the Fund�s current fiscal period (January 1, 2009 through
February 28, 2009) measured on the dollar value of distributions in
the year-to-date period as a percentage of the Fund�s NAV as of
February 28, 2009. � 3 Average Annual Total Return on NAV
represents the simple arithmetic average of the Annual NAV Total
Returns of the Fund for the preceding five-year period. Annual NAV
Total Return is the percentage change in the Fund�s NAV over a year
including distributions paid and assuming reinvestment of those
distributions. � 4 Average Annual Distribution Rate is the simple
arithmetic average of the Annual Distribution Rates for the
preceding five-year period. The Annual Distribution Rates are
calculated by taking the total distributions paid during the period
divided by average daily NAV for the period. � 5 The Current
Annualized Distribution Rate is the current monthly distribution
rate annualized as a percentage of the Fund�s NAV as of February
28, 2009.
Please refer to the chart below for information about the Fund�s
historical NAVs, change in NAVs, total returns, and distributions
paid.
� � End of � � � � � � Period Average NAV Annualized Level Special
Total Daily NAV Per Change Total Distribution Distributions
Distributions Distributions for Period � Share � in NAV � Returns �
Rate4 � Paid � Paid � Paid IPO $ 15.00 20031 $ 14.80 $ 15.53 3.53%
9.83% 1.35% $ 0.20 $ - $ 0.20 2004 $ 15.89 $ 17.76 14.36% 23.38%
7.68% $ 1.22 $ - $ 1.22 2005 $ 17.45 $ 17.85 0.51% 11.25% 10.31% $
1.38 $ 0.42 $ 1.80 2006 $ 19.71 $ 19.87 11.32% 31.02% 16.74% $ 1.38
$ 1.92 $ 3.30 2007 $ 17.41 $ 12.34 -37.90% -27.78% 13.56% $ 1.38 $
0.98 $ 2.36 2008 $ 9.88 $ 4.68 -62.07% -56.77% 12.55% $ 1.24 $ - $
1.24 20092 $ 4.05 $ 3.24 -30.77% -29.04% � 2.22% $ 0.090 $ - $
0.090 Average3 -7.03% -11.88% Since Inception Annualized Total
Return � � � � � -14.14% 1 � Figures for 2003 are from September
25, 2003, the Fund�s inception date. � 2 2009 figures are
year-to-date through February 28, 2009. � 3 Average calculated on
number of months and years since inception. The Fund�s inception
date was September 25, 2003. � 4 Distribution rate calculated by
taking the total distributions paid within the period divided by
average daily NAV for the period.
Sources: NAV per share amounts and annualized total returns are
published in the Fund�s audited annual reports for the respective
year.
About ING Clarion Real Estate Securities
ING Clarion Real Estate Securities is a registered investment
management firm specializing in the management of equity real
estate securities. Headquartered near Philadelphia, Pennsylvania
the firm has approximately $11 billion in assets under management
as of December 31, 2008 and over 70 employees located throughout
the United States, the United Kingdom, Hong Kong, and Japan.
ING Clarion Real Estate Securities is the real estate equity
management arm of ING Real Estate, a global real estate company
active in investment management, development and finance. With a
total business portfolio of approximately $178 billion and offices
in 21 countries in Europe, America, Asia and Australia, ING Real
Estate ranks among the world�s strongest real estate companies. ING
Real Estate is part of ING Group.
ING Clarion Real Estate Securities acts as the Trust�s
investment advisor. ING Clarion Real Estate Securities is
responsible for the Trust�s portfolio assets between equity and
fixed-income investments and for the selection and monitoring of
the Trust�s sub-advisor, Clarion Capital, which will select the
Trust�s Real Estate Fixed Income Securities.
More information on ING Clarion�s Closed-End Funds is available
at www.ingclarionres.com.
Ing Clarion Real Est Income (NYSE:IIA)
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