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As filed with the Securities and Exchange Commission on August 24, 1999
Registration Nos. 811-08920
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-18F-1
NOTIFICATION OF ELECTION PURSUANT TO RULE 18F-1 UNDER THE
INVESTMENT COMPANY ACT OF 1940.
CLARION CMBS VALUE FUND, INC.
(Exact Name of Registrant as Specified in Charter)
335 Madison Avenue
New York, New York 10017
(Address of Principal Executive Offices) (Zip code)
Registrant's Telephone Number, including Area Code: (212) 883-2500
Daniel Heflin
Clarion Capital, LLC
335 Madison Avenue
New York, New York 10017
(Name and Address of Agent for Service)
Copy to:
Paul S. Schreiber, Esq.
Shearman & Sterling
599 Lexington Avenue
New York, New York 10022
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NOTIFICATION OF ELECTION
The undersigned registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to pay in
cash all redemptions by a shareholder of record as provided by Rule 18f-1 under
the Investment Company Act of 1940. It is understood that this election is
irrevocable while such Rule is in effect unless the Commission by order upon
application permits the withdrawal of this Notification of Election.
SIGNATURE
Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the registrant has caused this notification of election to be duly
executed on its behalf in the city of New York and the state of New York on the
5th day of August, 1999.
Clarion CMBS Value Fund, Inc.
By: /s/ Daniel Heflin
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Name: Daniel Heflin
Title: President
Attest: /s/ Joanne M. Vitale
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Name: Joanne M. Vitale
Title: Secretary
