Notice of Applications for Deregistration under Section 8(f) of the Investment Company Act of 1940

Résumé

Applicant seeks an order declaring that it has ceased to be an investment company. On February 18, 2005, applicant transferred its assets to JP Morgan U.S. Real Estate Fund, a series of JP Morgan Trust II, based on net asset value. Expenses of $850,000 incurred in connection with the reorganization were paid by applicant's investment adviser, Security Capital Research & Management Incorporated, or its affiliates. Filing Date: The application was filed on September 29, 2005. Applicant's Address: 10 South Dearborn St., Suite 1400, Chicago, IL 60603.