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SIGNATURE FREDERICK ARENSTEIN
TITLE CFO
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934588
<NAME> CLARION CMBS VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> OCT-31-1998
<PERIOD-END> OCT-31-1999
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<INVESTMENTS-AT-VALUE> 97759023
<RECEIVABLES> 2170732
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</TABLE>
Report of Independent Accountants
To the Board of Directors and Shareholders of
The Clarion CMBS Value Fund
In planning and performing our audit of the financial statements
of the Clarion CMBS Value Fund (the "Company") for the year ended
October 31, 1999, we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Company is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of October 31,
1999.
This report is intended solely for the information and use of the
Board of Directors, management and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
New York, New York
December 16, 1999
CHANGE IN INDEPENDENT ACCOUNTANT
On August 13, 1999, McGladrey & Pullen, LLP ("McGladrey")
resigned as independent auditors of the Fund pursuant to an
agreement by PricewaterhouseCoopers LLP ("PwC") to acquire
McGladrey's investment company practice. The McGladrey
partners and professionals serving the Fund at the time of
the acquisition joined PwC.
The reports of McGladrey on the financial statements of the
Fund during the past two fiscal years contained no adverse
opinion or disclaimer of opinion, and were not qualified or
modified as to uncertainty, audit scope or accounting
principles.
In connection with its audits for the two most recent fiscal
years and through October 31, 1998, there were no
disagreements with McGladrey on any matter of accounting
principle or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not
resolved to the satisfaction of McGladrey would have caused
it to make reference to the subject matter of disagreement
in connection with its report.
Effective October 31, 1999, the Fund, with the approval of
its Board of Directors and its Audit Committee, engaged PwC
as its independent auditors.
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for Clarion
CMBS Value Fund, Inc. (formerly 13A Commercial Mortgage
Securities Fund, Inc.). We have read their notification of
change in independent accountants made in Item 77K of Form N-
SAR. We agree with the statements in the filing.
McGladrey & Pullen, LLP
New York, New York
December 28, 1999
