<TABLE>
<CAPTION>
NameofIssuer TitleofClass Cusip MarketValue Shares InvestmentDiscretion VotingAuthority
<S> <S> <C> <C> <C> <S> <S>
ALEXANDRIA REAL ESTATE COM 015271109 11405475.00 332400.00 Sole Sole
AMB PPTYS CORP COM COM 00163T109 15955800.00 649600.00 Sole Sole
APARTMENT INVT & MGMT CO CL A COM 03748R101 6015762.50 130600.00 Sole Sole
ARCHSTONE CMNTYS TR SH BEN INT COM 039581103 14017352.06 570681.00 Sole Sole
ARONEX PHARMACEUTICALS INC NEW COM 042666206 284090.63 60606.00 Sole Sole
AVALONBAY CMNTYS INC COM COM 053484101 15550893.75 326100.00 Sole Sole
BEDFORD PPTY INVS COM PAR$0.02 COM 076446301 5108593.75 251500.00 Sole Sole
BOSTON PPTYS INC COM COM 101121101 12486225.00 290800.00 Sole Sole
CBL & ASSOC PPTYS INC COM COM 124830100 7969875.00 318000.00 Sole Sole
CENTERPOINT PPTYS TR COM COM 151895109 2763750.00 60000.00 Sole Sole
CHECKFREE CORP NEW COM COM 162813109 2216243.35 52905.00 Sole Sole
CISCO SYS INC COM COM 17275R102 7118056.40 161042.00 Sole Sole
CLUBCORP INTERNATIONAL COM 189994106 16027204.60 940012.00 Sole Sole
COUSINS PPTYS INC COM COM 222795106 10903425.00 253200.00 Sole Sole
DIGITAL IS INC DEL COM COM 25385N101 2190656.25 116835.00 Sole Sole
DSL.NET INC COM COM 262506108 689846.50 281495.00 Sole Sole
DUKE RLTY INVTS INC COM NEW COM 264411505 15109487.50 626300.00 Sole Sole
E PIPHANY INC COM COM 26881V100 4418994.94 57343.00 Sole Sole
EPRISE CORP COM COM 294352109 4984603.13 577925.00 Sole Sole
EQUITY OFFICE PPTYS TR COM COM 294741103 19771560.82 636509.00 Sole Sole
EQUITY ONE INC COM COM 294752100 2333718.75 226300.00 Sole Sole
EQUITY RESIDENTIAL PPTYS TR SH COM 29476L107 16051200.00 334400.00 Sole Sole
GENERAL GROWTH PPTYS INC COM 370021107 13702218.75 425700.00 Sole Sole
GOLF TR AMER INC COM COM 38168B103 2394900.00 177400.00 Sole Sole
HEALTH CARE PPTY INVS INC COM COM 421915109 8069850.00 272400.00 Sole Sole
HOME PPTYS N Y INC COM COM 437306103 7713725.00 258200.00 Sole Sole
ILEX ONCOLOGY INC COM COM 451923106 4784091.00 158808.00 Sole Sole
KILROY RLTY CORP COM COM 49427F108 8241100.00 308800.00 Sole Sole
KIMCO RLTY CORP COM COM 49446R109 19118125.00 452500.00 Sole Sole
LUCENT TECHNOLOGIES INC COM COM 549463107 1035396.37 33878.00 Sole Sole
METASOLV SOFTWARE INC COM COM 591393103 1605692.63 39283.00 Sole Sole
NETIQ CORP COM COM 64115P102 2089716.44 31813.00 Sole Sole
NEWFIELD EXPL CO COM COM 651290108 48644640.00 1302400.00 Sole Sole
NORTEL NETWORKS CORP NEW COM COM 656568102 3802648.69 63843.00 Sole Sole
OAKBAY ORDINARY SHRS COM 999634108 1032008.00 2064116.00 Sole Sole
PARKWAY PPTYS INV COM 70159Q104 4105300.00 134600.00 Sole Sole
PHARMACYCLICS INC COM COM 716933106 1097159.13 22109.00 Sole Sole
POST PPTYS INC COM COM 737464107 9522762.50 218600.00 Sole Sole
PROLOGIS TR SH BEN INT COM 743410102 17144460.00 721872.00 Sole Sole
PS BUSINESS PKS INC CALIF COM 69360J107 2583300.00 94800.00 Sole Sole
PUBLIC STORAGE INC COM COM 74460D109 11882575.00 496400.00 Sole Sole
QUICKLOGIC CORP CDT-COM COM 74837P108 896907.00 54358.00 Sole Sole
SIMON PPTY GROUP INC NEW COM COM 828806109 10804687.50 461000.00 Sole Sole
SL GREEN REALTY CORP COM 78440X101 10500987.50 374200.00 Sole Sole
SONGBIRD MED INC SER C PFD PFD 999659931 10008634.55 2777778.00 Sole Sole
SPIEKER PPTYS INC COM COM 848497103 15582168.75 270700.00 Sole Sole
STARWOOD HOTELS & RESORTS COM 85590A203 8962500.00 286800.00 Sole Sole
T/R SYS INC COM COM 87263U102 672529.76 75778.00 Sole Sole
TAUBMAN CENTERS INC COM 876664103 6823031.25 590100.00 Sole Sole
TEXAS INSTRS INC COM COM 882508104 1510000.00 32000.00 Sole Sole
UNITED STATIONERS INC COM COM 913004107 1864130.63 69363.00 Sole Sole
VORNADO RLTY TR COM COM 929042109 19809491.63 533589.00 Sole Sole
WORLDCOM INC GA NEW COM COM 98157D106 2316105.90 95313.00 Sole Sole
</TABLE>
