<PAGE>
FORM 13F
Page 1 of 5
<TABLE>
<CAPTION>
Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
-----------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
4 Item 5: Item 6:
Item 1: Item 2: Item 3: Item 4: Shares of Investment Discretion
Name of Issuer Title of Class CUSIP Fair Market Principal (b) Shared- (c)
Number Value Amount (a) Sole As Defined Shared
in Instr. V Other
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AMB Property Corp Common 00163T109 $ 8,129,000 383,649 383,649
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Amli Residential common shares 001735109 $ 1,926,000 91,700 91,700
Propeties, Inc. beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
Apartment Investment & Common 03748R101 $ 20,718,000 541,640 541,640
Management Company Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Archstone Communities Trust Common 039581103 $ 24,931,000 1,262,314 1,262,314
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Arden Realty Common 039793104 $ 18,874,000 867,776 867,776
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Bedford Property Common 076446301 $ 24,792,000 1,469,136 1,469,136
Investor Stock
- ---------------------------------------------------------------------------------------------------------------------------------
BRE Properties Shares of Class 05564E106 $ 378,000 15,800 15,800
A Common
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Burnham Pacific Common 12232C108 $ 167,000 15,300 15,300
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Cadillac Fairview Corp. common shares 126929207 $ 9,987,000 461,845 461,845
beneficial
interest
- ---------------------------------------------------------------------------------------------------------------------------------
CenterPoint Properties Trust Common 151895109 $ 7,200,000 217,760 217,760
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
CenterTrust Inc. Common 152038105 $ 11,731,000 1,054,448 1,054,448
Stock
- ---------------------------------------------------------------------------------------------------------------------------------
Charles E. Smith Common 83219710 $ 697,000 20,400 20,400
Residential Realty Inc. Stock
- ---------------------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS Subtotal $129,530,000
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------
(SEC USE ONLY)
- ---------------------------------------------------------------------------------
Item 8:
Item 7: Voting Authority (Shares)
----------------------------
Managers
See Instr. V (a) Sole (b) Shared (c) None
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AMB Property Corp 379,955 3,694
- ----------------------------------------------------------------------------------------
Amli Residential
Propeties, Inc. 91,700
- ----------------------------------------------------------------------------------------
Apartment Investment &
Management Company 537,706 3,934
- ----------------------------------------------------------------------------------------
Archstone Communities Trust 1,253,113 9,201
- ----------------------------------------------------------------------------------------
Arden Realty 861,355 6,421
- ----------------------------------------------------------------------------------------
Bedford Property 1,457,979 11,157
Investor
- ----------------------------------------------------------------------------------------
BRE Properties 15,800
- ----------------------------------------------------------------------------------------
Burnham Pacific 15,300
- ----------------------------------------------------------------------------------------
Cadillac Fairview Corp. 457,232 4,613
- ----------------------------------------------------------------------------------------
CenterPoint Properties Trust 215,801 1,959
- ----------------------------------------------------------------------------------------
CenterTrust Inc. 1,049,248 5,200
- ----------------------------------------------------------------------------------------
Charles E. Smith 20,400
Residential Realty Inc.
- ----------------------------------------------------------------------------------------
COLUMN TOTALS
- ----------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FORM 13F
Page 2 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
-----------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Item 6:
4 Item 5: Investment Discretion
Item 1: Item 2: Item 3: Item 4: Shares of -----------------------------------
Name of Issuer Title of Class CUSIP Fair Principal (b) Shared- (c)
Number Market Amount (a) Sole As Defined Shared-
Value in Instra. V Other
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Chelsea GCA Realty, Inc. Common 163262108 $ 17,456,000 551,967 551,967
Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Developers Diversified Common 251591103 $ 10,992,000 785,156 785,156
Realty Corp. Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Duke-Weeks Realty Common 264411505 $ 17,827,000 914,222 914,222
Corporation Stock
- ------------------------------------------------------------------------------------------------------------------------------------
EastGroup Properties Common 277276101 $ 11,924,000 657,893 657,893
Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Office Properties common shares 294741103 $ 30,726,000 1,321,532 1,321,532
beneficial
interest
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Residential common shares 29476L107 $ 36,285,000 856,272 856,272
Properties Trust beneficial
interest
- ------------------------------------------------------------------------------------------------------------------------------------
Essex Property Trust, Common 297178105 $ 27,477,000 786,474 786,474
Inc. Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Excel Legacy Corp. Common 300665106 $ 11,401,000 2,722,689 2,722,689
Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Franchise Finance Corp of Common 351807102 $ 16,036,000 686,025 686,025
America Stock
- ------------------------------------------------------------------------------------------------------------------------------------
General Growth Properties Common 370021107 $ 6,099,000 193,629 193,629
Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Home Properties of New Common 437306103 $ 11,144,000 417,576 417,576
York Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Kilroy Realty Common 49427F108 $ 24,987,000 1,182,833 1,182,833
Stock
- ------------------------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS Subtotal $222,354,000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(SEC USE ONLY)
- -----------------------------------------------------------------------------------------------
5
Item 7: Item 8:
Managers Voting Authority (Shares)
See Instr. -------------------------------------------
V (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Chelsea GCA Realty, Inc. 547,730 4,237
- -----------------------------------------------------------------------------------------------
Developers Diversified 779,654 5,502
Realty Corp.
- -----------------------------------------------------------------------------------------------
Duke-Weeks Realty 907,422 6,800
Corporation
- -----------------------------------------------------------------------------------------------
EastGroup Properties 653,207 4,686
- -----------------------------------------------------------------------------------------------
Equity Office Properties 1,311,642 9,890
- -----------------------------------------------------------------------------------------------
Equity Residential 850,412 5,860
Properties Trust
- -----------------------------------------------------------------------------------------------
Essex Property Trust, 780,468 6,006
Inc.
- -----------------------------------------------------------------------------------------------
Excel Legacy Corp. 2,707,466 15,223
- -----------------------------------------------------------------------------------------------
Franchise Finance Corp of 680,915 5,110
America
- -----------------------------------------------------------------------------------------------
General Growth Properties 192,020 1,609
- -----------------------------------------------------------------------------------------------
Home Properties of New 413,308 4,268
York
- -----------------------------------------------------------------------------------------------
Kilroy Realty 1,174,330 8,503
- -----------------------------------------------------------------------------------------------
COLUMN TOTALS
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FORM 13F
Page 3 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
-----------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Item 6:
4 Item 5: Investment Discretion
Item 1: Item 2: Item 3: Item 4: Shares of ---------------------------------------
Name of Issuer Title of Class CUSIP Fair Market Principal (b) Shared- (c)
Number Value Amount (a) Sole As Defined Shared-
in Instr. V Other
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Kimco Realty Corporation Common 49446R109 $ 14,803,000 414,074 414,074
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Lexford Residential Trust Common 528933104 $ 165,000 8,400 8,400
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Mack-Cali Realty Corp. Common 554489104 $ 25,971,000 968,632 968,632
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Manufactured Home Common 56468210 $ 5,314,000 227,342 227,342
Communities, Inc. Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Pacific Gulf Properties, Inc. Common 694396102 $ 1,794,000 90,000 90,000
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Pan Pacific Realty Common 69806L104 $ 536,000 31,400 31,400
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Parkway Properties Inc. Common 70159Q104 $ 14,344,000 444,787 444,787
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Philips International Realty Common 718333107 $ 15,575,000 988,878 988,878
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Prentiss Properties Trust common shares 740706106 $ 9,610,000 433,123 433,123
beneficial
interest
- -----------------------------------------------------------------------------------------------------------------------------------
Prologis Trust Common 743410102 $ 24,940,000 1,321,332 1,321,332
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
Public Storage, Inc. Common 74460D109 $ 27,023,000 1,072,857 1,072,857
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
PS Business Parks Inc./CA Common 69360J107 $ 6,824,000 262,461 262,461
Stock
- -----------------------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS Subtotal $146,899,000
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------
(SEC USE ONLY)
- -----------------------------------------------------------------------------------------------
5 Item 8:
Item: 1 Item 7: Voting Authority (Shares)
Name of Issuer Managers --------------------------------------------
See Instr. V (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Kimco Realty Corporation 411,069 3,005
- -----------------------------------------------------------------------------------------------
Lexford Residential Trust 8,400
- -----------------------------------------------------------------------------------------------
Mack-Cali Realty Corp. 961,476 7,156
- -----------------------------------------------------------------------------------------------
Manufactured Home 225,114 2,228
Communities, Inc.
- -----------------------------------------------------------------------------------------------
Pacific Gulf Properties, Inc. 90,000
- -----------------------------------------------------------------------------------------------
Pan Pacific Realty 31,400
- -----------------------------------------------------------------------------------------------
Parkway Properties Inc. 441,377 3,410
- -----------------------------------------------------------------------------------------------
Philips International Realty 980,966 7,912
- -----------------------------------------------------------------------------------------------
Prentiss Properties Trust 429,383 3,740
- -----------------------------------------------------------------------------------------------
Prologis Trust 1,311,199 10,133
- -----------------------------------------------------------------------------------------------
Public Storage, Inc. 1,064,818 8,039
- -----------------------------------------------------------------------------------------------
PS Business Parks Inc./CA 259,965 2,496
- -----------------------------------------------------------------------------------------------
COLUMN TOTALS
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F
Page 4 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
- -------------------------------------------------------------------------------------------------------------------------------
4 Item 5: Item 6:
Item 1: Item 2: Item 3: Item 4: Shares of Investment
Name of Issuer Title of Class CUSIP Fair Market Principal Discretion
Number Value Amount ----------------------------------------
(a) Sole (b) Shared- (c)
As Defined Shared-
in Instr. V Other
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Reckson Associates Realty Common 75621K304 $31,006,000 1,417,426 1,417,426
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Regency Realty Corp. Common 758939102 $15,272,000 727,230 727,230
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Security Capital Group, Inc. Common 81413P204 $31,230,000 2,126,321 2,126,321
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Sovran Self Storage, Inc. Common 84610H108 $ 9,615,000 422,637 422,637
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Storage USA, Inc. Common 861907103 $ 699,000 25,400 25,400
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Sun Communities, Inc. Common 86667410 $ 5,253,000 158,896 158,896
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Taubman Centers, Inc. Common 87666410 $ 4,230,000 367,855 367,855
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Trizec Hahn Corporation Common 896938107 $26,727,000 1,411,346 1,411,346
Stock
- -------------------------------------------------------------------------------------------------------------------------------
US Restaurant Properties Common 902971100 $ 8,022,000 422,192 422,192
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Vornado Realty Trust Common 929042109 $ 3,248,000 99,924 99,924
Stock
- -------------------------------------------------------------------------------------------------------------------------------
Walden Residential Properties Common 931210108 $15,384,000 705,272 705,272
Stock
- -------------------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS Subtotal $150,686,000
</TABLE>
<TABLE>
<CAPTION>
(SEC USE ONLY)
- --------------------------------------------------------------------------------------------------
Item 1: Item 7: Managers Item 8:
Name of Issuer See Instr. V Voting Authority (Shares)
- --------------------------------------------------------------------------------------------------
(a) Sole (b) Shared (c) None
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Reckson Associates Realty 1,405,514 11,912
- --------------------------------------------------------------------------------------------------
Regency Realty Corp. 722,091 5,139
- --------------------------------------------------------------------------------------------------
Security Capital Group, Inc. 2,110,495 15,826
- --------------------------------------------------------------------------------------------------
Sovran Self Storage, Inc. 418,605 4,032
- --------------------------------------------------------------------------------------------------
Storage USA, Inc. 25,400
- --------------------------------------------------------------------------------------------------
Sun Communities, Inc. 157,350 1,546
- --------------------------------------------------------------------------------------------------
Taubman Centers, Inc. 363,392 4,463
- --------------------------------------------------------------------------------------------------
Trizec Hahn Corporation 1,400,760 10,586
- --------------------------------------------------------------------------------------------------
US Restaurant Properties 419,186 3,006
- --------------------------------------------------------------------------------------------------
Vornado Realty Trust 99,924
- --------------------------------------------------------------------------------------------------
Walden Residential Properties 700,392 4,880
- --------------------------------------------------------------------------------------------------
COLUMN TOTALS
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F
Page 5 of 5 Name of Reporting Manager: Heitman/PRA Securities Advisors LLC
- ------------------------------------------------------------------------------------------------------------------------------------
4 Item 6:
Item 1: Item 2: Item 3: Item 4: Item 5: Investment Discretion
--------------------------------------
Name of Issuer Title of Class CUSIP Fair Market Shares of (b) Shared
Number Value Principal (a) Sole As Defined (c) Shared-
Amount in Instr. V Other
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Apartment Investment & Mgmt Co. Cumulative 03748R200 $ 220,000 10,500 10,500
Series C Preferred Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Carr America 8.57% Series B Redeemable 144418209 $1,675,000 87,000 87,000
Preferred Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Equity Residential Redeemable 29476L792 $1,410,000 65,600 65,600
Properties 7.625% Series L Preferred Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Health Care Property Redeemable 421915307 $1,386,000 65,400 65,400
7.875% Series A Preferred Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Highwoods Properties Redeemable 431284306 $1,906,000 103,400 103,400
8% Perpetual Pfd. Series C Preferred Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Prologis Trust 8.54% Series C preferred shares 743410409 $2,175,000 52,870 52,870
of beneficial
interest
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Prologis Trust 7.92% Series D preferred shares 743410508 $3,509,000 171,700 171,700
of beneficial
interest
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Taubman Centers, Inc. Reedemable 876664202 $8,941,000 467,500 467,500
8.3% Series A Preferred Stock
- ------------------------------------------------------------------------------------------------------------------------------------
Cumulative
Vornado Realty Trust Preferred shares 929042208 $19,395,000 414,863 414,863
6.5% Series A of beneficial
interest
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal $ 40,617,000
COLUMN TOTALS Total of pages 1-5 $690,086,000
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------
(SEC USE ONLY)
- ---------------------------------------------------------------------------------
5 Item 8:
Item 7: Voting Authority (Shares)
----------------------------
Managers
See Instr. V (a) Sole (b) Shared (c) None
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Apartment Investment & Mgmt Co. 10,500
Series C
- ------------------------------------------------------------------------------------------------------------------------------------
Carr America 8.57% Series B 87,000
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Residential 65,600
Properties 7.625% Series L
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care Property 65,400
7.875% Series A
- ------------------------------------------------------------------------------------------------------------------------------------
Highwoods Properties 103,400
8% Perpetual Pfd. Series C
- ------------------------------------------------------------------------------------------------------------------------------------
Prologis Trust 8.54% Series C 52,870
- ------------------------------------------------------------------------------------------------------------------------------------
Prologis Trust 7.92% Series D 171,700
- ------------------------------------------------------------------------------------------------------------------------------------
Taubman Centers, Inc. 467,500
8.3% Series A
- ------------------------------------------------------------------------------------------------------------------------------------
Vornado Realty Trust 410,982 3,881
6.5% Series A
- ------------------------------------------------------------------------------------------------------------------------------------
COLUMN TOTALS
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
13F Assets Under Management
13F
September 30, 1999
<TABLE>
<CAPTION>
Market
Security Cusip Value Quantity
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
AMB Property Corp 00163T109 $ 8,128,563 383,649
Amli Residential Properties, Inc. 001735109 $ 1,925,700 91,700
Apartment Investment & Management Co. 03748R101 $ 20,717,730 541,640
Archstone Communities Trust 039581103 $ 24,930,702 1,262,314
Arden Realty, Inc. 039793104 $ 18,874,128 867,776
Bedford Property Investor 076446301 $ 24,791,670 1,469,136
BRE Properties 05564E106 $ 378,213 15,800
Burnham Pacific 12232C108 $ 161,606 15,300
Cadillac Fairview Corp. 126929207 $ 9,987,398 461,845
CenterPoint Properties Trust 151895109 $ 7,199,690 217,760
Center Trust Inc. 151845104 $ 11,730,734 1,054,448
Charles E. Smith Residential Realty 83219710 $ 697,425 20,400
$129,530,000 $129,523,559
Chelsea GCA Realty, Inc. 163262108 $ 17,455,956 551,967
Developers Diversified Realty Corp. 251591103 $ 10,992,184 785,156
Duke-Weeks Realty Corporation 264411505 $ 17,827,329 914,222
EastGroup Properties 277276101 $ 11,924,311 657,893
Equity Office Properties 294741103 $ 30,725,619 1,321,532
Equity Residential Properties Trust 29476L107 $ 36,284,526 856,272
Essex Property Trust, Inc. 297178105 $ 27,477,435 786,474
Excel Legacy Corp. 300665106 $ 11,401,260 2,722,689
Franchise Finance Corp of America 351807102 $ 16,035,834 686,025
General Growth Properties 370021107 $ 6,099,314 193,629
Home Properties of New York 437306103 $ 11,144,060 417,576
Kilroy Realty 49427F108 $ 24,987,347 1,182,833
$222,354,000 $222,355,175
Kimco Realty Corporation 49446R109 $ 14,803,146 414,074
Lexford Residential Trust 528933104 $ 165,375 8,400
Mack-Cali Realty Corp. 554489104 $ 25,971,446 968,632
Manufactured Home Communities, Inc. 56468210 $ 5,314,119 227,342
Pacific Gulf Properties, Inc. 694396102 $ 1,794,375 90,000
Pan Pacific Realty 69806L104 $ 535,763 31,400
Parkway Properties Inc. 70159Q104 $ 14,344,381 444,787
Philips International Realty 718333107 $ 15,574,829 988,878
</TABLE>
<TABLE>
<CAPTION>
soleinvs solevote
9/30/99 9/30/99
Security Quantity Security Quantity
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AMB Property Corp 383,649 AMB Property Corp 379,955
Amli Residential Properties, Inc. 91,700 Amli Residential Properties, Inc. 91,700
Apartment Investment & Management Co. 541,640 Apartment Investment & Management Co. 537,706
Archstone Communities Trust 1,262,314 Archstone Communities Trust 1,253,113
Arden Realty, Inc. 867,776 Arden Realty, Inc. 861,355
Bedford Property Investor 1,469,136 Bedford Property Investor 1,457,979
BRE Properties 15,800 BRE Properties 15,800
Burnham Pacific 15,300 Burnham Pacific 15,300
Cadillac Fairview Corp. 461,845 Cadillac Fairview Corp. 457,232
CenterPoint Properties Trust 217,760 CenterPoint Properties Trust 215,801
Center Trust Inc. 1,054,448 Center Trust Inc. 1,049,248
Charles E. Smith Residential Realty 20,400 Charles E. Smith Residential Realty 20,400
Chelsea GCA Realty, Inc. 551,967 Chelsea GCA Realty, Inc. 547,730
Developers Diversified Realty Corp. 785,156 Developers Diversified Realty Corp. 779,654
Duke-Weeks Realty Corporation 914,222 Duke-Weeks Realty Corporation 907,422
EastGroup Properties 657,893 EastGroup Properties 653,207
Equity Office Properties 1,321,532 Equity Office Properties 1,311,642
Equity Residential Properties Trust 856,272 Equity Residential Properties Trust 850,412
Essex Property Trust, Inc. 786,474 Essex Property Trust, Inc. 780,468
Excel Legacy Corp. 2,722,689 Excel Legacy Corp. 2,707,466
Franchise Finance Corp of America 686,025 Franchise Finance Corp of America 680,915
General Growth Properties 193,629 General Growth Properties 192,020
Home Properties of New York 417,576 Home Properties of New York 413,308
Kilroy Realty 1,182,833 Kilroy Realty 1,174,330
Kimco Realty Corporation 414,074 Kimco Realty Corporation 411,069
Lexford Residential Trust 8,400 Lexford Residential Trust 8,400
Mack-Cali Realty Corp. 968,632 Mack-Cali Realty Corp. 961,476
Manufactured Home Communities, Inc. 227,342 Manufactured Home Communities, Inc. 225,114
Pacific Gulf Properties, Inc. 90,000 Pacific Gulf Properties, Inc. 90,000
Pan Pacific Realty 31,400 Pan Pacific Realty 31,400
Parkway Properties Inc. 444,787 Parkway Properties Inc. 441,377
Philips International Realty 988,878 Philips International Realty 980,966
</TABLE>
<TABLE>
<CAPTION>
novote
9/30/99
Security Quantity
- ---------------------------------------------------
<S> <C>
AMB Property Corp 3,694
Apartment Investment & Management Co. 3,934
Archstone Communities Trust 9,201
Arden Realty, Inc. 6,421
Bedford Property Investor 11,157
Cadillac Fairview Corp. 4,613
CenterPoint Properties Trust 1,959
Center Trust Inc. 5,500
Chelsea GCA Realty, Inc. 4,237
Developers Diversified Realty Corp. 5,502
Duke-Weeks Realty Corporation 6,800
EastGroup Properties 4,686
Equity Office Properties 9,890
Equity Residential Properties Trust 5,860
Essex Property Trust, Inc. 6,006
Excel Legacy Corp. 15,223
Franchise Finance Corp of America 5,110
General Growth Properties 1,609
Home Properties of New York 4,268
Kilroy Realty 8,503
Kimco Realty Corporation 3,005
Mack-Cali Realty Corp. 7,156
Manufactured Home Communities, Inc. 2,228
Parkway Properties Inc. 3,410
Philips International Realty 7,912
</TABLE>
<PAGE>
13F Assets Under Management
13F
September 30, 1999
<TABLE>
<CAPTION>
Market
Security Cusip Value Quality
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Prentiss Properties Trust 740706106 $ 9,609,917 433,123
Prologis Trust 743410102 $24,940,142 1,321,332
Public Storage, Inc. 74460D109 $27,022,586 1,072,857
PS Business Parks Inc./CA 69360J107 $ 6,823,986 262,461
$146,899,000 $146,900,062
Reckson Associates Realty Corp. 75621K304 $31,006,194 1,417,426
Regency Realty Corp. 758939102 $15,271,830 727,230
Security Capital Group Series 81413P204 $31,230,340 2,126,321
Sovran Self Storage, Inc. 84610H108 $ 9,614,992 422,637
Storage USA, Inc. 861907103 $ 698,500 25,400
Sun Communities, Inc. 86667410 $ 5,253,499 158,896
Taubman Centers, Inc. 87666410 $ 4,230,333 367,855
Trizec Hahn Corporation 896938107 $26,727,365 1,411,346
US Restaurant Properties 902971100 $ 8,021,648 422,192
Vornado Realty Trust 929042109 $ 3,247,530 99,924
Walden Residential Props. 931210108 $15,383,746 705,272
$150,686,000 $150,685,975
Apartment Investment & Mgmt Co. 03748R200 $ 219,844 10,500
Carr America 8.57% 144418209 $ 1,674,750 87,000
Equity Residential Properties 29476L792 $ 1,410,400 65,600
Health Care Property 7.875% Series A 421915307 $ 1,385,663 65,400
Highwoods Properties 8% Perpetual 431284306 $ 1,906,438 103,400
Prologis Trust 8.54% Series C 743410409 $ 2,175,072 52,870
Prologis Trust 7.92% Series D 743410508 $ 3,509,119 171,700
Taubman Centers, Inc. 8.3% Series A 876664202 $ 8,940,938 467,500
Vornado Realty Trust 6.5% Series A 929042208 $19,394,845 414,863
$40,617,000 $40,617,067
GRAND TOTAL $690,086,000 $690,081,837
------------
</TABLE>
<TABLE>
<CAPTION>
soleinvs solevote
9/30/99 9/30/99
Security Quality Security Quality
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Prentiss Properties Trust 433,123 Prentiss Properties Trust 429,383
Prologis Trust 1,321,332 Prologis Trust 1,311,199
Public Storage, Inc. 1,072,857 Public Storage, Inc. 1,064,818
PS Business Parks Inc./CA 262,461 PS Business Parks Inc./CA 259,965
Reckson Associates Realty Corp. 1,417,426 Reckson Associates Realty Corp. 1,405,514
Regency Realty Corp. 727,230 Regency Realty Corp. 722,091
Security Capital Group Series 2,126,321 Security Capital Group Series 2,110,495
Sovran Self Storage, Inc. 422,637 Sovran Self Storage, Inc. 418,605
Storage USA, Inc. 25,400 Storage USA, Inc. 25,400
Sun Communities, Inc. 158,896 Sun Communities, Inc. 157,350
Taubman Centers, Inc. 367,855 Taubman Centers, Inc. 363,392
Trizec Hahn Corporation 1,411,346 Trizec Hahn Corporation 1,400,760
US Restaurant Properties 422,192 US Restaurant Properties 419,186
Vornado Realty Trust 99,924 Vornado Realty Trust 99,924
Walden Residential Props. 705,272 Walden Residential Props. 700,392
Apartment Investment & Mgmt Co. 10,500 Apartment Investment & Mgmt Co. 10,500
Carr America 8.57% 87,000 Carr America 8.57% 87,000
Equity Residential Properties 65,600 Equity Residential Properties 65,600
Health Care Property 7.875% Series A 65,400 Health Care Property 7.875% Series A 65,400
Highwoods Properties 8% Perpetual 103,400 Highwoods Properties 8% Perpetual 103,400
Prologis Trust 8.54% Series C 52,870 Prologis Trust 8.54% Series C 52,870
Prologis Trust 7.92% Series D 171,700 Prologis Trust 7.92% Series D 171,700
Taubman Centers, Inc. 8.3% Series A 467,500 Taubman Centers, Inc. 8.3% Series A 467,500
Vornado Realty Trust 6.5% Series A 414,863 Vornado Realty Trust 6.5% Series A 410,982
</TABLE>
<TABLE>
<CAPTION>
novote
9/30/99
Security Quality
- ---------------------------------------------------
<S> <C>
Prentiss Properties Trust 3,740
Prologis Trust 10,133
Public Storage, Inc. 8,039
PS Business Parks Inc./CA 2,496
Reckson Associates Realty Corp. 11,912
Regency Realty Corp. 5,139
Security Capital Group Series 15,826
Sovran Self Storage, Inc. 4,032
Sun Communities, Inc. 1,546
Taubman Centers, Inc. 4,463
Trizec Hahn Corporation 10,586
US Restaurant Properties 3,006
Walden Residential Props. 4,880
Vornado Realty Trust 6.5% Series A 3,881
</TABLE>
