Semi Annual Report by Investment Company Form N CSRS

Fund Objective

The Fund's investment objective is to provide current income and long-term capital appreciation.

The Fund invests primarily in a portfolio of private commercial real estate and publicly traded real estate securities.

What's Inside

Management discussion of fund performance	1
Performance review	5
Fund at a glance	9
Consolidated schedule of investments	10
Consolidated statement of assets and liabilities	21
Consolidated statement of operations	23
Consolidated statements of changes in net assets	25
Consolidated statement of cash flows	26
Consolidated financial highlights	28
Notes to consolidated financial statements	36
Funds from operations, adjusted funds from operations and funds available for distribution	58
Board approval of management and subadvisory agreements	60
Dividend reinvestment plan	66

Management discussion of fund performance

Dear Shareholder,

We are pleased to provide the semi-annual report of Clarion Partners Real Estate Income Fund Inc. (the "Fund") for the six-month reporting period ended June 30, 2024, highlighting a strong start to the year amidst a resilient market environment. So far in 2024, we:

Offered 5% of NAV in liquidity to investors each quarter and fulfilled 100% of requests, which averaged 1.37% of NAV*	Maintained our conservative leverage position with combined fund leverage (including unconsolidated subsidiaries) of 13.81%
Portfolio occupancy remained high at 96.89% with continued strong operational performance	Delivered a total return of 2.41% and an average annualized monthly distribution of 6.81% to shareholders (Class I shares)

The overarching goal of the Fund is to provide individual investors access to Clarion Partners' longstanding institutional** platform via a simple, accessible, and transparent structure registered under the Investment Company Act of 1940, as amended. Today, the Fund has a well-diversified portfolio of 26 private real estate investments that have provided durable income and the potential to grow through appreciation over time. With a gross asset value of $845 million, the Fund has achieved scale across target markets and sectors, which include industrial warehouse and residential housing. Our thematic research approach and rigorous investment process, which focuses on identifying and leveraging the macro themes driving performance across sectors, locations, and industries, create the foundation for our portfolio construction.

Through 1H 2024, the U.S. economy remained resilient despite higher interest rates and heightened geopolitical uncertainties. Strong consumer spending, healthy job growth, and robust corporate profits continued to support a relatively positive GDP growth outlook and moderating inflationary conditions.1 In fact, inflation has decreased to 3.3% over the past year and is projected to stabilize in the 2.3% range by the end of 2025.2

Financing costs have begun to moderate and credit spreads have tightened with the 10-year treasury yield significantly below its recent peak of 5%. Through 1H 2024, overall U.S. tenant demand for institutional-quality property remained strong. Excluding office, most sectors are experiencing near-record high rents and vacancy levels generally below the long-term average.3 Tighter lending conditions and elevated construction costs have led to a sharp decline in new construction starts, which we project will continue to moderate and strengthen rent growth.4 Clarion Partners anticipates greater improvements in overall real estate liquidity and transaction activity in 2H 2024.

These investments serve to hedge against inflation and provide steady current income back to our investors, with a weighted average yield of 10.51%.

The Fund also completed one private real estate equity acquisition of a multifamily community in Marina, CA during the six months ended June 30, 2024. Current macro risks and ongoing market dislocation may allow compelling acquisition and lending opportunities to continue to develop over the next 12 to 18 months.

We believe the Fund's disciplined investment strategy, balanced liquidity profile, and high caliber private real estate equity and debt investments position the Fund to take advantage of ongoing market volatility in a higher interest rate environment. In addition, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through the Fund's website, www.cprex.com.

Here you can gain immediate access to market and investment information, including:

As we look ahead to the rest of 2024, we thank you for your continued support of the Fund.

Sincerely,

Richard H. Schaupp	Brian Watkins	Janis Mandarino
Managing Director Portfolio Manager	Managing Director Portfolio Manager	Senior Vice President Portfolio Manager

Brent E. Jenkins	Jane Trust, CFA
Managing Director Portfolio Manager	Chairman, President and Chief Executive Officer

All data is as of June 30, 2024, unless otherwise stated.

international investors.

For the six months ended June 30, 2024, Class I shares of Clarion Partners Real Estate Income Fund Inc. returned 2.41%. The S&P 500 Indexi and the Bloomberg U.S. Aggregate Indexii, representative of the broader U.S. equity and fixed income markets, returned 15.29% and -0.71%, respectively, over the same time period.

The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. The Fund's manager believes the practice helps maintain the Fund's competitiveness.

Performance Snapshotas of June 30, 2024 (unaudited)
(excluding salescharges)	6 months
Clarion Partners Real Estate Income Fund Inc.:
Class I	2.41 %
Class D	2.30 %
Class S	2.03 %
Class T	1.91 %
S&P 500 Index	15.29 %
Bloomberg U.S. Aggregate Index	-0.71 %

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above. Principal value and investment returns will fluctuate and investors' shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, please visit our website at www.franklintempleton.com.

All share class returns assume the reinvestment of all distributions, including returns of capital, if any, at net asset value and the deduction of all Fund expenses. Returns have not been adjusted to include sales charges that may apply or the deduction of taxes that a shareholder would pay on Fund distributions. Class T shares are subject to a maximum front-end sales charge of 3.00% of the offering price. In addition, Class T shares are subject to a dealer manager fee of 0.50% of the offering price. If sales charges were reflected, the performance quoted would be lower. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Total Annual Operating Expenses (unaudited)

As of the Fund's current prospectus dated May 1, 2024, the gross total annual fund operating expense ratios were as follows:

	Class I	Class D	Class S	Class T
Total annual operating expenses before expenses reimbursed	3.09%	3.58%	4.16%	3.98%
Total annual operating expenses after reimbursing expenses*	3.09%	3.47%	4.07%	3.98%

*	Included in the operating expense ratio of each class were property level expenses and interest payments on properties of 1.07% and 0.40%, respectively.

Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

As a result of expense limitation arrangements, the ratio of total annual fund operating expenses, including organizational and offering expenses, but excluding property management, acquisition, disposition expenses, any other expenses related to investments in real property, debt and real estate related securities, expenses related to borrowings or the issuance of preferred stock, interest, brokerage, tax, extraordinary expenses and acquired fund fees and expenses, to average net assets will not exceed 1.75% for Class I shares, 2.00% for Class D shares, 2.60% for Class S shares and 2.60% of Class T shares, subject to recapture as described below. These expense limitation arrangements cannot be terminated prior to December 31, 2025 without the Board of Directors' consent.

The manager is permitted to recapture amounts waived and/or reimbursed to a class within three years after the fiscal year in which the manager earned the fee or incurred the expense if the class' total annual fund operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. In no case will the manager recapture any amount that would result, on any particular business day of the Fund, in the class' total annual fund operating expenses exceeding the expense cap or any other lower limit then in effect.

RISKS:The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. An investment in the Fund involves a considerable amount of risk. The Fund should be viewed as a long-term investment, as it is inherently illiquid and suitable only for investors who can bear the risks associated with the limited liquidity of the Fund. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers for no more than 5% of the Fund's shares outstanding at net asset value. There is no guarantee these repurchases will occur as scheduled, or at all. Shares will not be listed on a public exchange, and no secondary market is expected to develop. Shareholders may not be able to sell their shares in the Fund at all or at a favorable price. Because the Fund is non-diversified, it may be more susceptible to economic, political or regulatory events than a diversified fund.

The Fund's investments are highly concentrated in real estate investments, and therefore will be subject to the risks typically associated with real estate, including but not limited to local, state, national or international economic conditions; including market disruptions caused by regional
concerns, political upheaval, sovereign debt crises and other factors. Fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. High yield bonds possess greater price volatility, illiquidity, and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. The Fund may employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on
Fund performance. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends

or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. Please see the Fund's prospectus for a more complete discussion of these and other risks and the Fund's investment strategies.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

The information provided is not intended to be a forecast of future events, a guarantee of future
results or investment advice. Views expressed may differ from those of the firm as a whole.

Investment breakdown (%) as a percent of total investments
As of June 30, 2024

Regional Allocation (%) as a percent of gross real estate value

As of June 30, 2024

†

The charts above represent the composition of the Fund's investments as of June 30, 2024, and do not include derivatives, such as futures contracts. The Fund is actively managed. As a result, the composition of the Fund's investments is subject to change at any time.

(Percentages shown based on Fund net assets)

					Value
Private Real Estate - 83.5%
Equity - 57.1%
Real Estate Investments - 44.6%
Industrial - 21.2%
100 Friars Boulevard, West Deptford, NJ				$28,100,000 (a)
3828 Civic Center, Las Vegas, NV				8,300,000 (a)
12000 East 56th Avenue, Denver, CO				12,700,000 (a)
Chino Industrial Portfolio, Chino, CA				36,400,000 (a)
Nordeast Business Center, Minneapolis, MN				17,500,000 (a)
Rojas East Distribution Center, El Paso, TX				51,900,000 (a)
Total Industrial	154,900,000
Life Science - 2.5%
55 Messina Drive, Braintree, MA				18,500,000 (a)
Mixed-Use - 4.9%
Congress Commons, Austin, TX				35,500,000 (a)
Office - 6.1%
The Sheds on Charlotte, Nashville, TN				44,900,000 (a)
Residential - 9.9%
Anker Haus, Charlotte, NC				19,300,000 (a)
Retreat at Weaverville, Weaverville, NC				52,700,000 (a)
Total Residential	72,000,000
Total Real Estate Investments	325,800,000
				Stated Ownership %(b)
Investments in Non-Consolidated Joint Ventures - 12.5%
Industrial - 2.9%
456 Sullivan Avenue, South Windsor, CT			95.0%	21,254,180 (a)(c)
Life Science - 2.3%
Fusion Life Science HQ, Carlsbad, CA			85.0%	16,925,490 (a)(c)
Residential - 7.3%
Gates at Marina, Marina, CA			87.5%	18,497,111 (a)(c)(d)
Mosaic at Largo Station, Largo, MD			92.5%	34,767,671 (a)(c)
Total Residential	53,264,782
Total Investments in Non-Consolidated Joint Ventures	91,444,452
Total Equity (Cost - $415,227,335)	417,244,452

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Real Estate Lending - 26.4%
Investments in Real Estate Loans - 20.4%
Mixed-Use - 2.5%
Aertson Midtown Mezzanine B Loan	9.140%	10/1/25	$18,000,000	$18,000,000 (a)
Office - 1.9%
Memphis Logistics Mezzanine Loan (SOFR + 6.464%, 0.150% SOFR floor)	11.791%	8/9/24	14,000,000	14,000,000 (a)(e)
Residential - 11.8%
Post District Mezzanine Loan (SOFR + 6.000%, 3.750% SOFR floor)	11.329%	11/11/25	17,576,909	17,576,909 (a)(e)
The Biltmore Mezzanine Loan (SOFR + 7.250%, 3.000% SOFR floor)	12.580%	4/11/26	41,470,373	41,470,373 (a)(e)
The Lodge Mezzanine Loan	7.400%	7/1/27	20,200,000	19,814,564 (a)
The Parker off Pearl Mezzanine Loan	7.400%	7/1/27	7,300,000	7,160,709 (a)
Total Residential	86,022,555
Retail - 4.2%
Southpark Meadows Mezzanine Loan	9.000%	11/10/27	31,000,000	31,000,000 (a)
Total Investments in Real Estate Loans (Cost - $149,547,283)	149,022,555
Senior Lending - 3.6%
Industrial - 3.6%
73rd and Washington Senior Loan (SOFR + 6.000%, 3.000% SOFR floor)	11.330%	6/1/26	14,726,155	14,726,154 (a)(e)
Summit at Surprise Senior Loan (SOFR + 5.000%, 5.329% SOFR floor)	10.330%	9/1/26	11,732,893	11,732,893 (a)(e)
Total Senior Lending (Cost - $26,459,047)	26,459,047
Preferred Equity - 2.4%
Residential - 2.4%
Avilla Enclave	10.125%	3/13/33	9,573,706	9,573,706 (a)
Avilla Suncoast (SOFR + 6.750%, 4.620% SOFR floor)	12.080%	3/29/33	7,794,825	7,794,825 (a)(e)
Total Preferred Equity (Cost - $17,368,531)	17,368,531
Total Real Estate Lending (Cost - $193,374,861)	192,850,133
Total Private Real Estate (Cost - $608,602,196)	610,094,585
Publicly-Traded Real Estate Securities - 13.5%
Collateralized Mortgage Obligations(f) - 12.1%
280 Park Avenue Mortgage Trust, 2017- 280P E (1 mo. Term SOFR + 2.419%)	7.746%	9/15/34	2,130,000	1,944,471 (g)(h)
BANK, 2021-BN34 F	2.250%	6/15/63	850,000	428,651 (g)
BANK, 2021-BN35 H	1.766%	6/15/64	1,050,000	348,857 (g)(h)

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(f) - continued
BANK, 2021-BN35 K	1.766%	6/15/64	$3,076,923	$807,716 (g)(h)
BANK, 2022-BNK43 E	3.000%	8/15/55	1,000,000	628,335 (g)
BANK, 2022-BNK44 D	4.000%	11/15/32	590,000	450,313 (g)(h)
BANK, 2023-BNK46 D	4.000%	8/15/56	2,000,000	1,487,781 (g)
Bank of America Merrill Lynch Commercial Mortgage Trust, 2017-BNK3 E	4.640%	2/15/50	1,000,000	775,783 (g)(h)
Benchmark Mortgage Trust, 2019-B12 WMA	4.388%	8/15/52	1,000,000	855,634 (g)(h)
Benchmark Mortgage Trust, 2023-V3 D	4.000%	7/15/56	450,000	373,613 (g)
BIG Commercial Mortgage Trust, 2022-BIG F (1 mo. Term SOFR + 5.436%)	10.764%	2/15/39	500,000	485,902 (g)(h)
BMP, 2024-MF23 E (1 mo. Term SOFR + 3.389%)	8.718%	6/15/41	1,000,000	995,998 (g)(h)
BPR Trust, 2022-OANA A (1 mo. Term SOFR + 1.898%)	7.227%	4/15/37	750,000	751,187 (g)(h)
BX Commercial Mortgage Trust, 2019-IMC G (1 mo. Term SOFR + 3.646%)	8.975%	4/15/34	1,869,000	1,790,175 (g)(h)
BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%)	9.435%	2/15/39	395,365	390,793 (g)(h)
BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + 3.688%)	9.017%	5/15/34	1,500,000	1,496,622 (g)(h)
BX Trust, 2021-SDMF F (1 mo. Term SOFR + 2.051%)	7.380%	9/15/34	479,626	461,379 (g)(h)
BX Trust, 2024-CNYN D (1 mo. Term SOFR + 2.690%)	8.019%	4/15/29	1,589,724	1,578,356 (g)(h)
BX Trust, 2024-VLT4 E (1 mo. Term SOFR + 2.889%)	8.209%	7/15/29	1,000,000	998,004 (g)(h)
BXHPP Trust, 2021-FILM C (1 mo. Term SOFR + 1.214%)	6.543%	8/15/36	430,000	405,559 (g)(h)
CAFL Issuer LLC, 2023-RTL1 A2	9.300%	12/28/30	580,000	582,643 (g)
Chase Mortgage Finance Corp., 2016-SH2 M4	3.750%	12/25/45	864,570	761,490 (g)(h)
Citigroup Commercial Mortgage Trust, 2013- 375P B	3.635%	5/10/35	980,000	944,316 (g)(h)
Citigroup Commercial Mortgage Trust, 2015- GC29 D	3.110%	4/10/48	2,000,000	1,796,045 (g)
Citigroup Commercial Mortgage Trust, 2015-P1 D	3.225%	9/15/48	1,500,000	1,330,963 (g)
Citigroup Commercial Mortgage Trust, 2015-P1 E	4.514%	9/15/48	1,000,000	770,623 (g)(h)

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(f) - continued
Citigroup Mortgage Loan Trust, 2022-A A1, Step bond (6.170% to 8/25/25, 9.170% to 8/25/26 then 10.170%)	6.170%	9/25/62	$637,396	$637,725 (g)
COLT Mortgage Loan Trust, 2022-2 B1	3.949%	2/25/67	500,000	390,820 (g)(h)
CSAIL Commercial Mortgage Trust, 2015-C3 C	4.493%	8/15/48	250,000	216,360 (h)
CSMC Trust, 2020-FACT E (1 mo. Term SOFR + 5.226%)	10.555%	10/15/37	1,500,000	1,368,690 (g)(h)
Eagle RE Ltd., 2023-1 M1B (30 Day Average SOFR + 3.950%)	9.285%	9/26/33	1,000,000	1,039,507 (g)(h)
Eagle RE Ltd., 2023-1 M2 (30 Day Average SOFR + 5.200%)	10.535%	9/26/33	420,000	446,119 (g)(h)
Ellington Financial Mortgage Trust, 2020-2 B2	4.804%	10/25/65	500,000	421,864 (g)(h)
Ellington Financial Mortgage Trust, 2022-1 B1	3.874%	1/25/67	750,000	535,116 (g)(h)
FARM Mortgage Trust, 2021-1 B	3.240%	7/25/51	348,525	251,073 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2019-HQA4 B2 (30 Day Average SOFR + 6.714%)	12.050%	11/25/49	710,000	785,692 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA3 B2 (30 Day Average SOFR + 6.250%)	11.585%	10/25/33	725,000	861,417 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA5 B2 (30 Day Average SOFR + 5.500%)	10.835%	1/25/34	1,500,000	1,688,039 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-DNA6 B2 (30 Day Average SOFR + 7.500%)	12.835%	10/25/41	750,000	811,616 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk Debt Notes, 2021-HQA4 B2 (30 Day Average SOFR + 7.000%)	12.335%	12/25/41	640,000	683,427 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2021-1 BXS	13.570%	9/25/60	746,877	582,939 (g)(h)

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(f) - continued
Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, 2022-1 BXS, IO	5.210%	11/25/61	$1,718,251	$678,230 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2015-DNA3 B (30 Day Average SOFR + 9.464%)	14.800%	4/25/28	1,225,039	1,335,053 (h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Debt Notes, 2016-DNA1 B (30 Day Average SOFR + 10.114%)	15.450%	7/25/28	511,981	571,253 (h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Securitized Participation Interests Trust, 2017-SPI1 B	4.120%	9/25/47	154,951	113,515 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, 2019-DNA3 B2 (30 Day Average SOFR + 8.264%)	13.600%	7/25/49	750,000	869,892 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, 2019-FTR3 B2 (30 Day Average SOFR + 4.914%)	10.238%	9/25/47	800,000	860,808 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, 2019-FTR4 B2 (30 Day Average SOFR + 5.114%)	10.450%	11/25/47	750,000	810,922 (g)(h)
Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk Trust, 2019-HQA3 B2 (30 Day Average SOFR + 7.614%)	12.950%	9/25/49	340,000	385,262 (g)(h)
Federal National Mortgage Association (FNMA) - CAS, 2016-C04 1B (30 Day Average SOFR + 10.364%)	15.700%	1/25/29	246,744	283,329 (g)(h)
Federal National Mortgage Association (FNMA) - CAS, 2018-C06 1B1 (30 Day Average SOFR + 3.864%)	9.200%	3/25/31	350,000	381,636 (g)(h)
Federal National Mortgage Association (FNMA) - CAS, 2020-R01 1B1 (30 Day Average SOFR + 3.364%)	8.700%	1/25/40	140,000	146,044 (g)(h)

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(f) - continued
Federal National Mortgage Association (FNMA) - CAS, 2021-R01 1B1 (30 Day Average SOFR + 3.100%)	8.435%	10/25/41	$500,000	$515,286 (g)(h)
Federal National Mortgage Association (FNMA) - CAS, 2022-R01 1B1 (30 Day Average SOFR + 3.150%)	8.485%	12/25/41	1,000,000	1,035,699 (g)(h)
Federal National Mortgage Association (FNMA) - CAS, 2024-R01 1B2 (30 Day Average SOFR + 4.000%)	9.335%	1/25/44	340,000	352,531 (g)(h)
Federal National Mortgage Association (FNMA) - CAS, 2024-R02 1B1 (30 Day Average SOFR + 2.500%)	7.835%	2/25/44	1,000,000	1,019,645 (g)(h)
FREMF Mortgage Trust, 2021-F117 CS (30 Day Average SOFR + 6.400%)	11.724%	7/25/31	1,127,077	1,122,031 (g)(h)
Greystone CRE Notes, 2024-HC3 D (1 mo. Term SOFR + 5.333%)	10.661%	3/15/41	750,000	746,835 (g)(h)
GS Mortgage Securities Corp. Trust, 2018- 3PCK B (1 mo. Term SOFR + 2.864%)	8.193%	9/15/31	575,000	566,561 (g)(h)
GS Mortgage Securities Corp. Trust, 2018- HULA G (1 mo. Term SOFR + 3.703%)	9.033%	7/15/25	1,800,000	1,746,819 (g)(h)
GS Mortgage Securities Corp. Trust, 2018- SRP5 C (1 mo. Term SOFR + 4.297%)	9.626%	9/15/31	511,828	101,537 (g)(h)
GS Mortgage Securities Corp. Trust, 2024- 70P E	9.263%	3/10/41	1,000,000	1,007,429 (g)(h)
GS Mortgage Securities Trust, 2015-GC28, D	4.449%	2/10/48	500,000	459,508 (g)(h)
GS Mortgage Securities Trust, 2015-GC30 D	3.384%	5/10/50	1,630,000	1,361,562
GS Mortgage Securities Trust, 2015-GC32 D	3.345%	7/10/48	1,500,000	1,358,020
Hawaii Hotel Trust, 2019-MAUI F (1 mo. Term SOFR + 3.047%)	8.376%	5/15/38	1,570,000	1,564,448 (g)(h)
HIT Trust, 2022-HI32 G (1 mo. Term SOFR + 7.228%)	12.556%	7/15/24	969,139	967,878 (g)(h)
Home RE Ltd., 2023-1 M2 (30 Day Average SOFR + 6.000%)	11.335%	10/25/33	500,000	542,912 (g)(h)
JPMorgan Chase Commercial Mortgage Securities Trust, 2015-JP1 D	4.379%	1/15/49	1,500,000	1,216,914 (h)
JPMorgan Chase Commercial Mortgage Securities Trust, 2017-FL11 E (PRIME + 0.964%)	9.464%	10/15/32	82,765	82,459 (g)(h)

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(f) - continued
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST G (1 mo. Term SOFR + 4.864%)	10.193%	12/15/36	$175,000	$3,638 (g)(h)
JPMorgan Chase Commercial Mortgage Securities Trust, 2020-MKST H (1 mo. Term SOFR + 7.364%)	12.693%	12/15/36	175,000	858 (g)(h)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-HTL5 F (1 mo. Term SOFR + 4.379%)	9.708%	11/15/38	500,000	489,511 (g)(h)
JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYMZ M (1 mo. Term SOFR + 7.364%)	12.943%	6/15/26	500,000	403,039 (g)(h)
LHOME Mortgage Trust, 2024-RTL1 A2	9.165%	1/25/29	650,000	648,722 (g)
LHOME Mortgage Trust, 2024-RTL3 A2	8.373%	5/25/29	780,000	781,448 (g)
Med Trust, 2021-MDLN G (1 mo. Term SOFR + 5.364%)	10.693%	11/15/38	1,890,925	1,895,374 (g)(h)
MIC Trust, 2023-MIC A	8.732%	12/5/38	1,000,000	1,076,074 (g)(h)
MIC Trust, 2023-MIC B	9.863%	12/5/38	500,000	535,312 (g)(h)
Morgan Stanley Capital Trust, 2016-BNK2 B	3.485%	11/15/49	500,000	414,036
MSWF Commercial Mortgage Trust, 2023-2 D	4.000%	12/15/56	950,000	716,139 (g)
MTN Commercial Mortgage Trust, 2022- LPFL F (1 mo. Term SOFR + 5.285%)	10.615%	3/15/39	500,000	475,849 (g)(h)
Natixis Commercial Mortgage Securities Trust, 2022-JERI G (1 mo. Term SOFR + 7.458%)	12.787%	1/15/39	3,000,000	2,269,677 (g)(h)
Natixis Commercial Mortgage Securities Trust, 2022-RRI E (1 mo. Term SOFR + 5.193%)	10.522%	3/15/35	1,500,000	1,501,694 (g)(h)
NCMF Trust, 2022-MFP G (1 mo. Term SOFR + 5.128%)	10.457%	3/15/39	2,000,000	1,934,000 (g)(h)
New Residential Mortgage Loan Trust, 2022- NQM4 A3	5.000%	6/25/62	834,977	790,480 (g)
NYMT Loan Trust, 2022-SP1 A1, Step bond (5.250% to 7/1/25, 8.250% to 7/1/26 then 9.250%)	5.250%	7/25/62	849,851	868,151 (g)
NYMT Loan Trust, 2024-BPL1 A2	8.617%	2/25/29	530,000	530,085 (g)
OBX Trust, 2021-NQM2 A3	1.563%	5/25/61	102,138	80,832 (g)(h)
OBX Trust, 2022-NQM1 A2	3.001%	11/25/61	750,000	554,317 (g)(h)
OBX Trust, 2022-NQM7 A3	5.700%	8/25/62	500,241	494,457 (g)

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Collateralized Mortgage Obligations(f) - continued
PMT Credit Risk Transfer Trust, 2019-2R A (1 mo. Term SOFR + 3.864%)	9.210%	5/30/25	$226,214	$226,502 (g)(h)
PMT Credit Risk Transfer Trust, 2019-3R A (30 Day Average SOFR + 3.814%)	9.149%	11/27/31	136,210	136,301 (g)(h)
PRKCM Trust, 2023-AFC1 A3	7.304%	2/25/58	349,192	344,960 (g)
PRKCM Trust, 2023-AFC1 M1	7.555%	2/25/58	430,000	422,448 (g)(h)
PRKCM Trust, 2023-AFC3 A3	7.088%	9/25/58	853,835	857,933 (g)
PRKCM Trust, 2024-AFC1 A2	6.636%	3/25/59	1,175,299	1,179,317 (g)
PRKCM Trust, 2024-AFC1 B2	8.500%	3/25/59	550,000	539,813 (g)(h)
RIAL Issuer Ltd., 2022-FL8 E (1 mo. Term SOFR + 5.500%)	10.829%	1/19/37	500,000	473,476 (g)(h)
Saluda Grade Alternative Mortgage Trust, 2024-RTL4 A2	7.500%	2/25/30	580,000	554,490 (g)
Saluda Grade Alternative Mortgage Trust, 2024-RTL5 A1	7.762%	4/25/30	560,000	564,608 (g)
SMR Mortgage Trust, 2022-IND G (1 mo. Term SOFR + 7.500%)	12.829%	2/15/39	556,635	473,346 (g)(h)
SMRT, 2022-MINI E (1 mo. Term SOFR + 2.700%)	8.029%	1/15/39	1,650,000	1,614,436 (g)(h)
Toorak Mortgage Trust, 2024-RRTL1 B1	10.332%	2/25/39	300,000	292,879 (g)(h)
Toorak Mortgage Trust, 2024-RRTL1 B2	10.332%	2/25/39	240,000	232,287 (g)(h)
UBS Commercial Mortgage Trust, 2018-C15 C	5.311%	12/15/51	650,000	583,416 (h)
Verus Securitization Trust, 2020-2 B1	5.360%	5/25/60	750,000	716,857 (g)(h)
Verus Securitization Trust, 2020-5 B1	3.707%	5/25/65	500,000	437,508 (g)(h)
Verus Securitization Trust, 2024-4 B1	7.643%	6/25/69	240,000	239,962 (g)(h)
Verus Securitization Trust, 2024-4 B2	8.066%	6/25/69	320,000	312,138 (g)(h)
Verus Securitization Trust, 2024-INV1 A3	6.470%	3/25/69	971,986	970,958 (g)
WB Commercial Mortgage Trust, 2024-HQ A	6.134%	3/15/40	1,000,000	1,000,324 (g)(h)
Wells Fargo Commercial Mortgage Trust, 2015-C28 D	4.216%	5/15/48	1,500,000	1,215,822 (h)
Wells Fargo Commercial Mortgage Trust, 2017-C42 D	2.800%	12/15/50	1,500,000	1,067,938 (g)(h)
Wells Fargo Commercial Mortgage Trust, 2022-JS2 G	3.569%	12/15/39	750,000	502,515 (g)(h)
Wells Fargo Commercial Mortgage Trust, 2022-ONL F	5.092%	12/15/39	500,000	394,125 (g)(h)
Total Collateralized Mortgage Obligations (Cost - $87,723,774)	88,383,683

(Percentages shown based on Fund net assets)

		Rate	Maturity Date	Face Amount	Value
Asset-Backed Securities - 0.8%
Argent Securities Inc., Asset-Backed Pass- Through Certificates, 2003-W3 M1 (1 mo. Term SOFR + 1.239%)	4.412%	9/25/33	$220,596	$198,063 (h)
Cascade MH Asset Trust, 2019-MH1 M	5.985%	11/25/44	300,000	280,834 (g)(h)
Cascade MH Asset Trust, 2021-MH1 B2	5.573%	2/25/46	500,000	427,875 (g)
Cascade MH Asset Trust, 2021-MH1 B3	7.711%	2/25/46	500,000	395,487 (g)(h)
FS Rialto Issuer LLC, 2022-FL5 E (1 mo. Term SOFR + 5.415%)	10.753%	6/19/37	650,000	622,558 (g)(h)
Home Partners of America Trust, 2021-2 F	3.799%	12/17/26	480,506	436,954 (g)
KREF Ltd., 2021-FL2 C (1 mo. Term SOFR + 2.114%)	7.443%	2/15/39	928,500	866,427 (g)(h)
MF1 LLC, 2022-FL10 E (1 mo. Term SOFR + 6.229%)	11.568%	9/17/37	1,500,000	1,496,820 (g)(h)
MF1 Ltd., 2020-FL4 A (1 mo. Term SOFR + 1.814%)	7.143%	11/15/35	305,599	305,508 (g)(h)
RAAC Trust, 2007-SP1 M3 (1 mo. Term SOFR + 1.614%)	6.960%	3/25/37	608,499	475,989 (h)
TRTX Issuer Ltd., 2022-FL5 E (1 mo. Term SOFR + 4.350%)	9.679%	2/15/39	500,000	452,059 (g)(h)
Total Asset-Backed Securities (Cost - $6,223,395)	5,958,574
Corporate Bonds & Notes - 0.2%
Consumer Discretionary - 0.0%††
Hotels, Restaurants & Leisure - 0.0%††
Full House Resorts Inc., Senior Secured Notes	8.250%	2/15/28	400,000	384,557 (g)
Real Estate - 0.2%
Hotel & Resort REITs - 0.1%
Service Properties Trust, Senior Secured Notes	8.625%	11/15/31	570,000	594,672 (g)
Real Estate Management & Development - 0.1%
Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes, Step bond (10.500% to 11/15/24 then 11.000%)	10.500%	1/15/28	600,000	615,654 (g)
Total Real Estate	1,210,326
Total Corporate Bonds & Notes (Cost - $1,541,924)	1,594,883

(Percentages shown based on Fund net assets)

		Rate		Shares	Value
Preferred Stocks - 0.2%
Financials - 0.2%
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
AGNC Investment Corp., Non Voting Shares (6.125% to 4/15/25 then 3 mo. USD LIBOR + 4.697%)	6.125%		32,040	$773,125 (h)
MFA Financial Inc., Non Voting Shares (6.500% to 3/31/25 then 3 mo. USD LIBOR + 5.345%)	6.500%		24,758	581,813 (h)
Total Preferred Stocks (Cost - $1,339,126)					1,354,938
			Maturity Date	Face Amount
Convertible Bonds & Notes - 0.2%
Financials - 0.2%
Mortgage Real Estate Investment Trusts (REITs) - 0.2%
PennyMac Corp., Senior Notes	5.500%	3/15/26	$380,000	363,394
Two Harbors Investment Corp., Senior Notes	6.250%	1/15/26	710,000	681,600
Total Convertible Bonds & Notes (Cost - $1,019,499)	1,044,994
Total Publicly-Traded Real Estate Securities (Cost - $97,847,718)	98,337,072
Total Investments before Short-Term Investments (Cost - $706,449,914)	708,431,657
Short-Term Investments - 3.3%
U.S. Treasury Bills - 1.0%
U.S. Treasury Bills (Cost - $7,497,151)	5.376%	10/3/24	$7,600,000	7,497,404 (i)
				Shares
Money Market Funds - 2.3%
Dreyfus Government Cash Management, Institutional Shares (Cost - $16,788,507)	5.201%		16,788,507	16,788,507 (j)
Total Short-Term Investments (Cost - $24,285,658)	24,285,911
Total Investments - 100.3% (Cost - $730,735,572)	732,717,568
Other Liabilities in Excess of Other Assets - (0.3)%	(2,328,072 )
Total Net Assets Applicable to Common Shareholders - 100.0%	$730,389,496

††	Represents less than 0.1%.
(a)	Investment is valued using significant unobservable inputs(Note 1).
(b)	Stated ownership % represents the Fund's contractual ownership in the joint venture prior to the impact of promote structures.
(c)	In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer. At June 30, 2024, the total market value of investments in Affiliated Companies was $91,444,452 and the cost was $88,946,330 (Note 13).
(d)	Investment is fair valued in accordance with procedures approved by the Board of Directors(Note 1).
(e)	Floating rate investment. Interest rate disclosed is as of the most recent information available.
(f)	Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(g)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.
(h)	Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(i)	Rate shown represents yield-to-maturity.
(j)	Rate shown is one-day yield as of the end of the reporting period.

Abbreviation(s) used in this schedule:
CAS	-	Connecticut Avenue Securities
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
REMIC	-	Real Estate Mortgage Investment Conduit
SOFR	-	Secured Overnight Financing Rate
USD	-	United States Dollar

At June 30, 2024, the Fund had the following open futures contracts:

	Number of Contracts	Expiration Date	Notional Amount	Market Value	Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 5-Year Notes	8	9/24	$847,798	$852,625	$(4,827 )
U.S. Treasury 10-Year Notes	47	9/24	5,123,215	5,169,266	(46,051 )
Net unrealized depreciation on open futures contracts	$(50,878 )

For the Six Months Ended June 30, 2024(unaudited) and the Year Ended December 31, 2023	2024	2023
Operations:
Net investment income, net of income taxes	$18,033,278	$26,738,041
Net realized gain (loss)	(1,349,274 )	118,783
Change in net unrealized appreciation (depreciation)	(1,100,860 )	(17,980,934 )
Increase in Net Assets Applicable to Common Shareholders From Operations	15,583,144	8,875,890
Distributions to Common Shareholders From(Notes 1 and 10):
Total distributable earnings	(22,835,666 )	(11,521,302 )
Return of capital	-	(25,117,544 )
Decrease in Net Assets From Distributions to Common Shareholders	(22,835,666 )	(36,638,846 )
Fund Share Transactions(Note 11):
Net proceeds from sale of shares	115,944,069 †	186,637,346 †
Reinvestment of distributions	8,008,849	10,679,292
Cost of shares repurchased through tender offer(Note 12)	(19,560,432 )	(34,079,571 )
Redemption fees(Note 1(j))	80,206	1,651
Cost of shares exchanged	(5,136,560 )	(22,202,849 )
Increase in Net Assets From Fund Share Transactions	99,336,132	141,035,869
Increase in Net Assets Applicable to Common Shareholders	92,083,610	113,272,913
Net Assets Applicable to Common Shareholders:
Beginning of period	638,305,886	525,032,973
End of period	$730,389,496	$638,305,886

†	Amount shown includes exchanges of $5,136,560 and $22,202,849, respectively (Note 11).

Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$15,583,144
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of real estate and portfolio securities	(71,106,273 )
Sales of portfolio securities	6,425,163
Net purchases, sales and maturities of short-term investments	(20,808,284 )
Net amortization of premium (accretion of discount)	(359,661 )
Amortization of deferred loan financing costs	142,845
Increase in interest and dividends receivable	(212,625 )
Decrease in prepaid expenses	248,656
Increase in other receivables	(492,624 )
Increase in receivable from brokers - net variation margin on open futures contracts	(13,359 )
Increase in investment management fee payable	76,395
Decrease in deferred origination fees	(294,831 )
Decrease in Directors' fees payable	(1,391 )
Decrease in interest and commitment fees payable	(133,863 )
Increase in tenant security deposits	533
Decrease in accrued expenses and accounts payable	(549,671 )
Decrease in payable to brokers - net variation margin on open futures contracts	(688 )
Increase in service and/or distribution fees payable	7,921
Decrease in real estate taxes and insurance payable	(535,958 )
Increase in prepaid rent received	456,946
Net realized loss on investments	1,357,073
Change in net unrealized appreciation (depreciation) of investments	1,071,621
Net Cash Used in Operating Activities*	(69,138,931 )
Cash Flows from Financing Activities:
Distributions paid on common stock (net of distributions payable)	(14,675,677 )
Proceeds from loan facility borrowings	63,600,000
Repayment of loan facility borrowings	(70,600,000 )
Proceeds from sale of shares (net of receivable for Fund shares sold)	109,974,507
Loan financing costs paid	(48,220 )
Payment for shares repurchased through tender offer (net of redemption fees)	(19,480,226 )
Net Cash Provided by Financing Activities	68,770,384
Net Decrease in Cash and Restricted Cash	(368,547 )
Cash and restricted cash at beginning of period	2,718,638
Cash and restricted cash at end of period	$2,350,091

*	Included in operating expenses is $426,592 paid for interest and commitment fees on borrowings and $1,954,796 paid for taxes.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Statement of Assets and Liabilities that sums to the total of such amounts shown on the Consolidated Statement

of Cash Flows.

	June 30, 2024
Cash	$2,208,435
Restricted cash	141,656
Total cash and restricted cash shown in the Consolidated Statement of Cash Flows	$2,350,091

Restricted cash consists of cash that has been segregated to cover the Fund's collateral or margin obligations under derivative contracts. These are separately reported on the Consolidated Statement of Assets and Liabilities

as Deposits with brokers.

Non-Cash Financing Activities:
Proceeds from reinvestment of distributions	$8,008,849

1. Organization and significant accounting policies

Clarion Partners Real Estate Income Fund Inc. (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), that continuously offers its shares. The Fund is a Maryland corporation and has elected to be taxed as a real estate investment trust (a "REIT") for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). The Board of Directors authorized 400 million shares of $0.001 par value common stock. The Fund's investment objective is to provide current income and long-term capital appreciation.

The Fund seeks to achieve its objective by investing primarily in a portfolio of private commercial real estate and publicly traded real estate securities.

Generally, all investments made by the Fund in private commercial real estate, including real property and investments in real estate loans, will be made through individual special purpose vehicles ("SPV"). Unless otherwise noted, each SPV is wholly-owned by the Fund and these financial statements are consolidated financial statements of the Fund and each SPV. All intercompany transactions have been eliminated in consolidation.Investments which are joint ventures, where no party has control, are not consolidated and are carried at fair value as disclosed below.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation.The Fund calculates its net asset value by subtracting liabilities (including accrued expenses or distributions) from the total assets of the Fund (the value of investments, plus cash or other assets, including interest and distributions accrued but not yet received). The Fund's assets and liabilities are valued in accordance with GAAP using the principles set forth below.

Private commercial real estate

The fair values of private real estate lending investments are generally determined by discounting the future contractual cash flows to the present value using a current market interest rate. The market rate is determined by considering one or more of the following criteria as appropriate: (i) interest rates for loans of comparable quality and maturity, (ii) the value of the underlying collateral and (iii) the prevailing state of the debt markets. The

valuations of investments in real estate loans are prepared by independent external appraisers on a monthly basis. The significant unobservable inputs used in the fair value measurement of the Fund's investment in real estate loans are the selection of certain credit spreads and the loan to value ratios.

The fair values of real estate investments are generally determined by considering the income, cost and sales comparison approaches of estimating property value. The income approach estimates an income stream for a property (typically 10 years) and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Yield rates and growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The cost approach estimates the replacement cost of the building less physical depreciation plus the land value. Generally, this approach provides a check on the value derived using the income approach. The sales comparison approach compares recent transactions to the appraised property. Adjustments are made for dissimilarities that typically provide a range of value. The discount rate and the exit capitalization rate are significant inputs to these valuations. These rates are based on the location, type and nature of each property, and current and anticipated market conditions.

Many factors are also considered in the determination of fair value including, but not limited to, the operating cash flows and financial performance of the properties, property types and geographic locations, the physical condition of the asset, prevailing market capitalization rates, prevailing market discount rates, general economic conditions, economic conditions specific to the market in which the assets are located, and any specific rights or terms associated with the investment. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the values that would be determined by negotiations held between parties in a sale transaction.

The valuations of real estate investments are prepared by independent external appraisers. Limited scope, restricted appraisals are performed on a monthly basis and typically include a limited comparable sales analysis and a full discounted cash flow income approach. Annually, a full-scope, detailed appraisal report is completed and typically includes a market analysis, cost approach, sales comparison approach and an income approach containing a discounted cash flow analysis and direct capitalization method. The full-scope report is prepared by an additional third-party appraisal firm. Since appraisals consider the estimated effect of physical depreciation, historical cost depreciation and amortization on real estate related assets have been excluded from net investment income. Development costs and major renovations are capitalized as a component of cost, while routine maintenance and repairs are expensed as incurred.

Investments in non-consolidated joint ventures are stated at fair value. The Fund's ownership interests are valued based on the Fund's ownership interest in the underlying entities and the fair value of the underlying real estate, using the same techniques as described within this Note. Any other factors, such as ownership percentage, ownership

rights, buy/sell agreements, distribution provisions, and capital call obligations are also considered. Upon the disposition of all investments in joint ventures by an investee entity, the Fund will continue to state its equity in the remaining net assets of the investee entity during the wind down period, if any, that occurs prior to the dissolution of the investee entity.

Real estate securities and other investments

The valuations for fixed income securities (which may include, but are not limited to, corporate bonds, mortgage-backed and asset-back securities, and collateralized mortgage obligations) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Directors.

Valuation oversight

Pursuant to policies adopted by the Board of Directors, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio investment that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Long-Term Investments†:
Real Estate Investments	-	-	$325,800,000	$325,800,000
Investments in Non-Consolidated Joint Ventures	-	-	91,444,452	91,444,452
Investments in Real Estate Loans	-	-	149,022,555	149,022,555
Senior Lending	-	-	26,459,047	26,459,047
Preferred Equity	-	-	17,368,531	17,368,531
Collateralized Mortgage Obligations	-	$88,383,683	-	88,383,683
Asset-Backed Securities	-	5,958,574	-	5,958,574
Corporate Bonds & Notes	-	1,594,883	-	1,594,883
Preferred Stocks	$1,354,938	-	-	1,354,938
Convertible Bonds & Notes	-	1,044,994	-	1,044,994
Total Long-Term Investments	1,354,938	96,982,134	610,094,585	708,431,657
Short-Term Investments†:
U.S. Treasury Bills	-	7,497,404	-	7,497,404
Money Market Funds	16,788,507	-	-	16,788,507
Total Short-Term Investments	16,788,507	7,497,404	-	24,285,911
Total Investments	$18,143,445	$104,479,538	$610,094,585	$732,717,568
LIABILITIES
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Other Financial Instruments:
Futures Contracts††	$50,878	-	-	$50,878

†	See Consolidated Schedule of Investments for additional detailed categorizations.
††	Reflects the unrealized appreciation (depreciation) of the instruments.

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

Investments	Balance as of December 31, 2023	Accrued premiums/ discounts	Realized gain (loss)	Change in unrealized appreciation (depreciation)1	Purchases
Real Estate Investments	$326,098,899	-	-	$(1,120,600)	$821,701