APP. E4 REGULATION OF INVESTMENT ADVISORS CUSIP No. 709102107 13G Page______of______Pages ________________________________________________________________________ 1. NAME OF REPORTING PERSON S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON ING Clarion Real Estate Securities, L.P. 232802869 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)____ (b)____ 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION 259 N. Radnor Chester Road, Suite 205, Radnor, PA 19087 NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 1,288,753 shares, sole voting power 6. SHARED VOTING POWER No shares, shared voting power 7. SOLE DISPOSITIVE POWER 2,569,353 shares, sole dispositive power 8. SHARED DISPOSITIVE POWER No shares under shared dispositive power 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,569,353 shares 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.97% 12. TYPE OF REPORTING PERSON* IA SCHEDULE 13G APP. E4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No _______)* Pennsylvania Real Estate (Name of Issuer) Common Stock (Title of Class of Securities) 709102107 (Cusip Number) Sec 1745 (6-88) E4-1 Items Item 1 (a) Pennsylvania Real Estate (b) 200 South Broad Street, Philadelphia, PA 19102-3803 Item 2 (a) ING Clarion Real Estate Securities, L.P. (b) 259 N. Radnor-Chester Road, Suite 205, Radnor, PA 19087 (c) N/A (d) Common Stock (e) 709102107 Item 3 (a) Investment Adviser registered under section 203 of the Investment Advisers Act of 1940 Item 4 (a) 2,569,353 shares (b) 6.97% (c) (i.) 1,288,753 shares, sole voting power (ii.) No shares, shared voting power (iii.) 2,569,353 shares, sole dispositive power (iv.) No shares, shared dispositive power Item 5 N/A Item 6 N/A Item 7 N/A Item 8 N/A Item 9 N/A Item 10 T. Ritson Ferguson, CEO and Managing Director