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> 6-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 101590730
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<TOTAL-ASSETS> 106445400
<PAYABLE-FOR-SECURITIES> 5478356
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<OTHER-ITEMS-LIABILITIES> 699340
<TOTAL-LIABILITIES> 6177696
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 106357209
<SHARES-COMMON-STOCK> 12150593
<SHARES-COMMON-PRIOR> 12195302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (431158)
<ACCUMULATED-NET-GAINS> (2682521)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2975826)
<NET-ASSETS> 100267704
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4575631
<OTHER-INCOME> 0
<EXPENSES-NET> 408933
<NET-INVESTMENT-INCOME> 4166698
<REALIZED-GAINS-CURRENT> (1090123)
<APPREC-INCREASE-CURRENT> 2386698
<NET-CHANGE-FROM-OPS> 5463273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4074314)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (48900)
<SHARES-REINVESTED> 4191
<NET-CHANGE-IN-ASSETS> 1017988
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (523542)
<OVERDIST-NET-GAINS-PRIOR> 1592398
<GROSS-ADVISORY-FEES> 321997
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 421199
<AVERAGE-NET-ASSETS> 99611894
<PER-SHARE-NAV-BEGIN> 8.140
<PER-SHARE-NII> 0.340
<PER-SHARE-GAIN-APPREC> 0.100
<PER-SHARE-DIVIDEND> (0.330)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.250
<EXPENSE-RATIO> 0.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
