﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2015v2.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2016-11-14T09:28:14-06:00</ReturnTs>
    <TaxPeriodEndDt>2015-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>131517563</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>LOEB &amp; TROPER LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>655 THIRD AVENUE 12TH FLOOR</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10017</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2015-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>205845679</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>CLARION FUND INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>CLAR</BusinessNameControlTxt>
      <PhoneNum>8554331422</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1717 PENNSYLVANIA AVENUE NW NO 1025</AddressLine1Txt>
        <CityNm>WASHINGTON DC</CityNm>
        <StateAbbreviationCd>DC</StateAbbreviationCd>
        <ZIPCd>20006</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>RICHARD GREEN</PersonNm>
      <PersonTitleTxt>EXECUTIVE DIRECTOR</PersonTitleTxt>
      <PhoneNum>6463081230</PhoneNum>
      <SignatureDt>2016-11-11</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>AARON SHAPIRO</PreparerPersonNm>
      <PTIN>P01333816</PTIN>
      <PhoneNum>2128674000</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2015</TaxYr>
    <BuildTS>2017-02-10 21:41:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <DoingBusinessAsName>
        <BusinessNameLine1Txt>THE CLARION PROJECT</BusinessNameLine1Txt>
      </DoingBusinessAsName>
      <PrincipalOfficerNm>RICHARD GREEN</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>1717 PENNSYLVANIA AVENUE NW NO 1025</AddressLine1Txt>
        <CityNm>WASHINGTON DC</CityNm>
        <StateAbbreviationCd>DC</StateAbbreviationCd>
        <ZIPCd>20006</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>2338720</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>0</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>WWW.CLARIONPROJECT.ORG</WebsiteAddressTxt>
      <TypeOfOrganizationCorpInd>X</TypeOfOrganizationCorpInd>
      <FormationYr>2006</FormationYr>
      <LegalDomicileStateCd>DE</LegalDomicileStateCd>
      <ActivityOrMissionDesc>TO PROMOTE TOLERANCE AND MODERATION AND TO CHALLENGE EXTREMISM.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>6</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>4</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>17</TotalEmployeeCnt>
      <TotalVolunteersCnt>4</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>2339518</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>2267155</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>87646</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>70113</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>72</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>1452</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>0</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>0</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>2427236</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>2338720</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>0</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>481167</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>543445</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>421135</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>2005557</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>2206115</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>2486724</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>2749560</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>-59488</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>-410840</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>1747688</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>1422564</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>96813</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>182568</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>1650875</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>1239996</NetAssetsOrFundBalancesEOYAmt>
      <InfoInScheduleOPartIIIInd>X</InfoInScheduleOPartIIIInd>
      <MissionDesc>THE CLARION PROJECT EDUCATES PEOPLE ABOUT THE INHERENT DANGERS OF EXTREMISM, PROVIDES A PLATFORM FOR MODERATE VOICES, AND MOTIVATES PEOPLE TO TAKE AN ACTIVE STAND AGAINST THOSE WHO WANT TO DENY OTHERS THEIR BASIC HUMAN RIGHTS.</MissionDesc>
      <SignificantNewProgramSrvcInd>0</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>0</SignificantChangeInd>
      <ExpenseAmt>1783217</ExpenseAmt>
      <RevenueAmt>70113</RevenueAmt>
      <Desc>SEE SCHEDULE OCLARION PROJECT COMPLETED PRODUCTION AND INITIATED THE PRE-LAUNCH DISTRIBUTION OF FAITHKEEPERS, A NEW FEATURE FILM THAT EXPOSES THE GENOCIDE OF CHRISTIANS AND VIOLENT PERSECUTION OF OTHER RELIGIOUS MINORITIES IN THE MIDDLE EAST. PERSONAL ACCOUNTS OF HEROIC INDIVIDUALS AND GROUPS - WHO REFUSED TO RENOUNCE THEIR FAITH WHEN FACED WITH DEATH - REVEAL A LITTLE-KNOWN HUMAN SIDE BEHIND THE HEADLINES AND ALERT AUDIENCES TO TAKE ACTION AGAINST MINORITY PERSECUTION. PRE-LAUNCH ACTIVITIES INCLUDED FOCUS GROUP TESTING, PARTNERSHIP DEVELOPMENT, CONFERENCE ATTENDANCE AND THE EXPLORATION OF FILM DISTRIBUTION DEALS WITH CHRISTIAN DISTRIBUTORS.CLARION PROJECT FILMS ARE SYNCHRONIZED WITH ITS NEWS PORTAL, CLARIONPROJECT.ORG, WHICH FEATURES NEWS ANALYSIS, BLOGS, VIDEOS AND WEBINARS. THE SITE ALSO SERVES AS A PLATFORM FOR HUMAN RIGHTS ACTIVISTS TO VOICE THEIR MESSAGES OF MODERATION AND REFORM. IN 2015, CLARIONPROJECT.ORG RECEIVED 5 MILLION PAGE VIEWS, 10 MILLION VIEWS OF ITS SOCIAL MEDIA POSTS, AND EXPERIENCED A 24% GROWTH IN NEWSLETTER SUBSCRIBERS (119,000 IN 2014 TO 147,000 IN 2015).</Desc>
      <TotalProgramServiceExpensesAmt>1783217</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="RetDoc1039100001">1</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="RetDoc1234500001">1</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>0</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc1040000001">0</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc1040000001">0</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc1040000001">0</CreditCounselingInd>
      <TempOrPermanentEndowmentsInd referenceDocumentId="RetDoc1040000001">0</TempOrPermanentEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="RetDoc1040000001">1</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="RetDoc1040000001">0</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="RetDoc1040000001">0</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="RetDoc1040000001">0</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="RetDoc1040000001">0</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="RetDoc1040000001">1</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">1</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">0</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>0</SchoolOperatingInd>
      <ForeignOfficeInd>0</ForeignOfficeInd>
      <ForeignActivitiesInd>0</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>0</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>0</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>0</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>0</FundraisingActivitiesInd>
      <GamingActivitiesInd>0</GamingActivitiesInd>
      <OperateHospitalInd>0</OperateHospitalInd>
      <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>0</ScheduleJRequiredInd>
      <TaxExemptBondsInd>0</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>0</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>0</PYExcessBenefitTransInd>
      <LoanOutstandingInd>0</LoanOutstandingInd>
      <GrantToRelatedPersonInd>0</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>0</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>0</BusinessRlnWithFamMemInd>
      <BusinessRlnWithOfficerEntInd>0</BusinessRlnWithOfficerEntInd>
      <DeductibleNonCashContriInd referenceDocumentId="RetDoc1042900001">1</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd referenceDocumentId="RetDoc1042900001">0</DeductibleArtContributionInd>
      <TerminateOperationsInd>0</TerminateOperationsInd>
      <PartialLiquidationInd>0</PartialLiquidationInd>
      <DisregardedEntityInd>0</DisregardedEntityInd>
      <RelatedEntityInd>0</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>0</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd>0</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>1</ScheduleORequiredInd>
      <IRPDocumentCnt>19</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>17</EmployeeCnt>
      <EmploymentTaxReturnsFiledInd>1</EmploymentTaxReturnsFiledInd>
      <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>0</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>0</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>0</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>0</Form8282PropertyDisposedOfInd>
      <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
      <IndoorTanningServicesInd>0</IndoorTanningServicesInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>6</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>4</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>0</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>0</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>0</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>0</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>0</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>0</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>0</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>1</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>0</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>0</OfficerMailingAddressInd>
      <LocalChaptersInd>0</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>1</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>1</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>1</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>1</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>1</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>1</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>0</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>0</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>0</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>NY</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>CLARION FUND</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>8554331422</PhoneNum>
        <USAddress>
          <AddressLine1Txt>1717 PENNSYLVANIA AVENUE NW SUITE</AddressLine1Txt>
          <CityNm>WASHINGTON</CityNm>
          <StateAbbreviationCd>DC</StateAbbreviationCd>
          <ZIPCd>20006</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT SHORE</PersonNm>
        <TitleTxt>PRESIDENT</TitleTxt>
        <AverageHoursPerWeekRt>35.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>48000</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>RICHARD GREEN</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>45.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>124434</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ILAN SHARON</PersonNm>
        <TitleTxt>BOARD MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>3.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>NINA CUNNINGHAM</PersonNm>
        <TitleTxt>BOARD MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>LINDA CHURCH</PersonNm>
        <TitleTxt>BOARD MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>3.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>CHRIS DEWEY</PersonNm>
        <TitleTxt>BOARD MEMBER</TitleTxt>
        <AverageHoursPerWeekRt>3.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>172434</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>0</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>1</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>NMS RAPHAEL LTD</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <ForeignAddress>
            <AddressLine1Txt>28 BENZION STREET</AddressLine1Txt>
            <CityNm>JERUSALEM</CityNm>
            <CountryCd>IS</CountryCd>
          </ForeignAddress>
        </ContractorAddress>
        <ServicesDesc>MARKETING SERVICES</ServicesDesc>
        <CompensationAmt>1273193</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>1</CntrctRcvdGreaterThan100KCnt>
      <AllOtherContributionsAmt>2267155</AllOtherContributionsAmt>
      <NoncashContributionsAmt>148937</NoncashContributionsAmt>
      <TotalContributionsAmt>2267155</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>PROGRAM FEES</Desc>
        <BusinessCd>611710</BusinessCd>
        <TotalRevenueColumnAmt>70113</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>70113</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>70113</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>1452</TotalRevenueColumnAmt>
        <ExclusionAmt>1452</ExclusionAmt>
      </InvestmentIncomeGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>2338720</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>70113</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>1452</ExclusionAmt>
      </TotalRevenueGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>172434</TotalAmt>
        <ManagementAndGeneralAmt>24000</ManagementAndGeneralAmt>
        <FundraisingAmt>148434</FundraisingAmt>
      </CompCurrentOfcrDirectorsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>331199</TotalAmt>
        <ProgramServicesAmt>109351</ProgramServicesAmt>
        <ManagementAndGeneralAmt>193135</ManagementAndGeneralAmt>
        <FundraisingAmt>28713</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PayrollTaxesGrp>
        <TotalAmt>39812</TotalAmt>
        <ProgramServicesAmt>9556</ProgramServicesAmt>
        <ManagementAndGeneralAmt>16874</ManagementAndGeneralAmt>
        <FundraisingAmt>13382</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>4214</TotalAmt>
        <ManagementAndGeneralAmt>4214</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>18600</TotalAmt>
        <ManagementAndGeneralAmt>18600</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <AdvertisingGrp>
        <TotalAmt>1160895</TotalAmt>
        <ProgramServicesAmt>818447</ProgramServicesAmt>
        <ManagementAndGeneralAmt>185149</ManagementAndGeneralAmt>
        <FundraisingAmt>157299</FundraisingAmt>
      </AdvertisingGrp>
      <OfficeExpensesGrp>
        <TotalAmt>132384</TotalAmt>
        <ProgramServicesAmt>29089</ProgramServicesAmt>
        <ManagementAndGeneralAmt>62554</ManagementAndGeneralAmt>
        <FundraisingAmt>40741</FundraisingAmt>
      </OfficeExpensesGrp>
      <OccupancyGrp>
        <TotalAmt>2750</TotalAmt>
        <ProgramServicesAmt>661</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1165</ManagementAndGeneralAmt>
        <FundraisingAmt>924</FundraisingAmt>
      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>99696</TotalAmt>
        <ProgramServicesAmt>67488</ProgramServicesAmt>
        <ManagementAndGeneralAmt>17253</ManagementAndGeneralAmt>
        <FundraisingAmt>14955</FundraisingAmt>
      </TravelGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>1221</TotalAmt>
        <ManagementAndGeneralAmt>1221</ManagementAndGeneralAmt>
      </DepreciationDepletionGrp>
      <InsuranceGrp>
        <TotalAmt>9959</TotalAmt>
        <ProgramServicesAmt>2390</ProgramServicesAmt>
        <ManagementAndGeneralAmt>4221</ManagementAndGeneralAmt>
        <FundraisingAmt>3348</FundraisingAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>FILM</Desc>
        <TotalAmt>736711</TotalAmt>
        <ProgramServicesAmt>736711</ProgramServicesAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>39685</TotalAmt>
        <ProgramServicesAmt>9524</ProgramServicesAmt>
        <ManagementAndGeneralAmt>16822</ManagementAndGeneralAmt>
        <FundraisingAmt>13339</FundraisingAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>2749560</TotalAmt>
        <ProgramServicesAmt>1783217</ProgramServicesAmt>
        <ManagementAndGeneralAmt>545208</ManagementAndGeneralAmt>
        <FundraisingAmt>421135</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <CashNonInterestBearingGrp>
        <BOYAmt>836429</BOYAmt>
        <EOYAmt>305678</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>459577</BOYAmt>
        <EOYAmt>720715</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>139694</BOYAmt>
        <EOYAmt>187892</EOYAmt>
      </PledgesAndGrantsReceivableGrp>
      <AccountsReceivableGrp>
        <EOYAmt>8000</EOYAmt>
      </AccountsReceivableGrp>
      <LandBldgEquipCostOrOtherBssAmt>9572</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>9572</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>1221</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>310767</BOYAmt>
        <EOYAmt>200279</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <TotalAssetsGrp>
        <BOYAmt>1747688</BOYAmt>
        <EOYAmt>1422564</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>96813</BOYAmt>
        <EOYAmt>182568</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>96813</BOYAmt>
        <EOYAmt>182568</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
        <BOYAmt>1650875</BOYAmt>
        <EOYAmt>1239996</EOYAmt>
      </UnrestrictedNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>1650875</BOYAmt>
        <EOYAmt>1239996</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>1747688</BOYAmt>
        <EOYAmt>1422564</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>-410840</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>-39</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>0</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
        <CurrentTaxYearMinus4YearsAmt>1351074</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1315581</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>2357873</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2339518</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>2267155</CurrentTaxYearAmt>
        <TotalAmt>9631201</TotalAmt>
      </GiftsGrantsContriRcvd170Grp>
      <TotalCalendarYear170Grp>
        <CurrentTaxYearMinus4YearsAmt>1351074</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>1315581</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>2357873</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2339518</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>2267155</CurrentTaxYearAmt>
        <TotalAmt>9631201</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>3592122</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>6039079</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>1220</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>50</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>72</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>1452</CurrentTaxYearAmt>
        <TotalAmt>2794</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <OtherIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>11021</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>223</CurrentTaxYearMinus3YearsAmt>
        <TotalAmt>11244</TotalAmt>
      </OtherIncome170Grp>
      <TotalSupportAmt>9645239</TotalSupportAmt>
      <GrossReceiptsRltdActivitiesAmt>479413</GrossReceiptsRltdActivitiesAmt>
      <PublicSupportCY170Pct>0.62610</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.64650</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME:</FormAndLineReferenceDesc>
        <ExplanationTxt>MISCELLANEOUS REVENUE</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <OtherLandBuildingsGrp>
        <OtherCostOrOtherBasisAmt>9572</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>9572</DepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>2338681</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>-39</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>-39</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>2338720</RevenueSubtotalAmt>
      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>2338720</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>2749560</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesNotReportedAmt>0</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>2749560</ExpensesSubtotalAmt>
      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>2749560</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>CLARION FUND, INC. HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PERIODS ENDING DECEMBER 31, 2012 AND SUBSEQUENT REMAIN SUBJECT TO EXAMINATION BY APPLICABLE TAXING AUTHORITIES.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleM documentId="RetDoc1042900001">
      <SecuritiesPubliclyTradedGrp>
        <NonCashCheckboxInd>X</NonCashCheckboxInd>
        <ContributionCnt>1</ContributionCnt>
        <NoncashContributionsRptF990Amt>148937</NoncashContributionsRptF990Amt>
        <MethodOfDeterminingRevenuesTxt>SELLING PRICE</MethodOfDeterminingRevenuesTxt>
      </SecuritiesPubliclyTradedGrp>
      <AnyPropertyThatMustBeHeldInd>0</AnyPropertyThatMustBeHeldInd>
      <ReviewProcessUnusualNCGiftsInd>0</ReviewProcessUnusualNCGiftsInd>
      <ThirdPartiesUsedInd>0</ThirdPartiesUsedInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, COLUMN (B):</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION IS REPORTING THE NUMBER OF DONORS</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 8B</FormAndLineReferenceDesc>
        <ExplanationTxt>THERE IS NO COMMITTEE TO ACT ON BEHALF OF THE GOVERNING BODY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>A COPY OF THE DRAFT FORM 990 IS SENT TO THE BOARD OF DIRECTORS AND THE FINANCE DEPARTMENT. THEY REVIEW IT AND FORWARD ANY COMMENTS THAT THEY HAVE BACK TO THE MANAGEMENT. A FINAL FORM 990 IS PREPARED AND ISSUED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>