<TABLE>
<CAPTION>
Fair Shares of Investment
Title of Market Principle Sh / Discretion Other Voting
Name of Issuer Class isin / Cusip Value Item 4 Value Item 5 PRN Sole Managers Authority
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<S> <C> <C> <C> <C> <C> <C> <C>
Alexandria Com us015271109 2,550,000 85,000 SH yes yes
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AMB Property Corp Com us00163T109 55,159,583 2,565,562 SH yes yes
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American Industrial
Properties Com New us026791202 4,121,854 348,940 SH yes yes
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AMLI Residential Sh Ben Int us001735109 3,696,150 180,300 SH yes yes
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Apartment Inv. & Mgmt. CL A us03748R101 173,347,039 4,539,366 SH yes yes
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Archstone Communities Sh Ben Int us039581103 48,649,055 2,440,078 SH yes yes
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Arden Realty Com us039793104 32,331,576 1,548,818 SH yes yes
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Associated Estates Com us045604105 1,167,450 144,800 SH yes yes
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AvalonBay Communities Com us053484101 154,860,096 4,228,262 SH yes yes
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Bedford Property Investors Com Par us076446301 2,440,424 151,933 SH yes yes
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Boston Properties Com us101121101 43,611,884 1,370,904 SH yes yes
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Bradley Real Estate Com us104580105 10,801,535 633,057 SH yes yes
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Brandywine Realty Sh Ben Int New us105368203 4,305,893 251,439 SH yes yes
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BRE Properties CL A us05564E106 7,742,563 299,954 SH yes yes
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Burnham Pacific Com us12232C108 1,529,109 216,511 SH yes yes
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Cabot Industrial Trust Com us127072106 8,805,900 472,800 SH yes yes
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Camden Property Trust Sh Ben Int us133131102 7,303,330 269,869 SH yes yes
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Carr America Realty Com us144418100 27,034,420 1,272,208 SH yes yes
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Catellus Development Corp. Com us149111106 4,917,300 354,400 SH yes yes
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CBL & Associates Com us124830100 29,348,005 1,435,988 SH yes yes
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Centerpoint Properties Sh Ben Int us151895109 5,049,472 138,579 SH yes yes
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Charles E. Smith Res. Com us832197107 15,730,956 435,459 SH yes yes
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Chateau Communities Com us161726104 4,861,065 190,630 SH yes yes
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Chelsea G.C.A. Realty Com us163262108 6,710,513 231,397 SH yes yes
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Colonial Properties Trust Com Sh Ben Int us195872106 3,621,875 152,500 SH yes yes
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Commercial Net Lease Realty Com us202218103 2,229,367 213,592 SH yes yes
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Cornerstone Properties Com us21922H103 15,168,846 869,898 SH yes yes
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Cornerstone Realty Income Com us21922V102 3,936,478 366,184 SH yes yes
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Cousins Properties Com us222795106 15,869,869 431,100 SH yes yes
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Crescent Real Estate Com us225756105 32,021,745 1,829,814 SH yes yes
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Developers Diversified Com us251591103 23,451,886 1,690,226 SH yes yes
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Duke-Realty Com New us264411505 175,420,295 9,172,303 SH yes yes
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Eastgroup Properties Com us277276101 2,297,619 106,866 SH yes yes
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Entertainment Properties Com Sh Ben Int us29380T105 1,830,425 138,800 SH yes yes
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Equity Inns Com us294703103 1,700,584 249,627 SH yes yes
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Equity Office Properties Com us294741103 351,585,808 13,993,465 SH yes yes
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Equity Residential Sh Ben Int us29476L107 222,983,679 5,548,583 SH yes yes
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Essex Property Trust Com us297178105 10,200,888 283,358 SH yes yes
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Federal Realty Sh Ben Int New us313747206 17,640,076 913,402 SH yes yes
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FelCor Lodging Trust Com us31430F101 7,911,332 442,592 SH yes yes
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First Industrial Com us32054K103 6,974,665 255,951 SH yes yes
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First Washington Com us337489504 714,656 38,500 SH yes yes
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<PAGE>
Fair Shares of Investment
Title of Market Principle Sh / Discretion Other Voting
Name of Issuer Class isin / Cusip Value Item 4 Value Item 5 PRN Sole Managers Authority
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Franchise Finance Corp Com us351807102 8,749,533 376,324 SH yes yes
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Gables Residential Sh Ben Int us362418105 27,131,670 1,205,852 SH yes yes
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General Growth Properties Com us370021107 67,330,763 2,212,099 SH yes yes
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Glenborough Com us37803P105 6,111,156 421,459 SH yes yes
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Glimcher Realty Trust Sh Ben Int us379302102 2,154,776 159,613 SH yes yes
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Great Lakes REIT Com us390752103 2,775,438 183,500 SH yes yes
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Grove Sh Ben Int us399613108 5,126,316 394,332 SH yes yes
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Health Care Property Investors Com us421915109 8,794,914 345,746 SH yes yes
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Healthcare Realty Trust Com us421946104 4,500,290 268,674 SH yes yes
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Highwoods Properties Com us431284108 8,905,338 416,624 SH yes yes
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Home Properties of NY Com us437306103 7,636,590 285,480 SH yes yes
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Hospitality Properties Trust Com Sh Ben Int us44106M102 7,674,770 379,001 SH yes yes
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Host Marriott Com us44107P104 18,079,706 2,037,150 SH yes yes
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HRPT Properties Trust Com Sh Ben Int us40426W101 7,692,138 885,426 SH yes yes
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IRT Property Co Com us450058102 1,788,032 223,504 SH yes yes
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JDN Realty Group Com us465917102 2,359,327 227,405 SH yes yes
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JP Realty Com us46624A106 2,078,434 116,684 SH yes yes
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Keystone Property Trust Com us493596100 2,803,238 213,580 SH yes yes
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Kilroy Realty Com us49427F108 9,895,226 469,803 SH yes yes
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Kimco Realty Corp. Com us49446R109 75,053,325 2,001,422 SH yes yes
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Koger Equity Com us500228101 3,099,394 179,675 SH yes yes
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Kranzco Realty Trust Com Sh Ben Int us50076E103 619,596 70,811 SH yes yes
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Liberty Property Trust Sh Ben Int us531172104 55,455,168 2,316,665 SH yes yes
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Macerich Com us554382101 32,692,440 1,585,088 SH yes yes
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Mack-Cali Realty Com us554489104 28,486,662 1,117,124 SH yes yes
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Manufactured Home Communites Com us564682102 3,740,330 161,744 SH yes yes
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Meristar Hospitality Com us58984Y103 5,589,695 320,556 SH yes yes
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Mid-America Apartment
Communities Com us59522J103 2,813,720 123,680 SH yes yes
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Mid-Atlantic Sh Ben Int us595232109 703,000 76,000 SH yes yes
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Mills Corp. Com us601148109 4,647,708 258,206 SH yes yes
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Mission West Properties Com us605203108 941,875 110,000 SH yes yes
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National Golf Properties Com us63623G109 1,755,644 83,354 SH yes yes
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Nationwide Health Properties Com us638620104 3,238,203 310,247 SH yes yes
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New Plan Excel Realty Com us648053106 22,916,355 1,666,644 SH yes yes
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Pacific Gulf Properties Com us694396102 6,831,345 348,094 SH yes yes
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Pan Pacific Retail Com us69806L104 6,751,813 366,200 SH yes yes
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Parkway Properties Com us70159Q104 5,943,726 201,910 SH yes yes
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Pennsylvania REIT Sh Ben Int us709102107 1,457,040 89,664 SH yes yes
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Phillips International Realty Com us718333107 4,794,650 288,400 SH yes yes
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Post Properties Com us737464107 33,636,307 834,389 SH yes yes
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Prentiss Properties Trust Sh Ben Int us740706106 5,640,243 252,784 SH yes yes
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Prime Group Realty Trust Sh Ben Int us74158J103 2,216,133 154,839 SH yes yes
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Prime Retail Group Com us741570105 636,948 291,176 SH yes yes
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Prison Realty Group Com us74264N105 2,036,504 664,981 SH yes yes
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Prologis Sh Ben Int us743410102 81,220,293 4,219,236 SH yes yes
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<PAGE>
Fair Shares of Investment
Title of Market Principle Sh / Discretion Other Voting
Name of Issuer Class isin / Cusip Value Item 4 Value Item 5 PRN Sole Managers Authority
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PS Business Parks Com us69360J107 7,418,904 364,118 SH yes yes
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Public Storage Com us74460D109 79,203,285 3,771,585 SH yes yes
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Ramco-Gershenson Properties Com Sh Ben Int us751452202 3,420,000 240,000 SH yes yes
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Realty Income Com us756109104 3,466,078 180,056 SH yes yes
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Reckson Associates A Com us75621K106 9,654,056 514,883 SH yes yes
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Reckson Associates/B CL B us75621K304 7,985,570 389,540 SH yes yes
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Regency Realty Com us758939102 1,212,650 61,400 SH yes yes
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RFS Hotel Investments Com us74955J108 1,805,387 167,943 SH yes yes
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Rouse Co. Com us779273101 63,658,075 3,013,400 SH yes yes
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Security Capital A CL A us81413P105 36,948,285 53,163 SH yes yes
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Security Capital B CL B us81413P204 153,038 10,600 SH yes yes
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Security Capital US Realty Sponsored ADR us814136206 8,251,832 500,111 SH yes yes
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Shurgard Storage Com us82567D104 10,534,645 403,240 SH yes yes
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Simon Property Group Com us828806109 157,694,679 6,764,383 SH yes yes
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SL Green Realty Com us78440X101 23,893,688 1,006,050 SH yes yes
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Sovran Self Storage Com us84610H108 1,697,963 83,850 SH yes yes
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Spieker Properties Com us848497103 56,158,066 1,261,979 SH yes yes
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Starwood Financial Com us85569R104 6,951,300 394,400 SH yes yes
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Storage USA Com us861907103 5,763,594 188,199 SH yes yes
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Summit Properties Com us866239106 3,689,117 192,895 SH yes yes
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Sun Communities Com us866674104 6,553,095 226,947 SH yes yes
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Taubman Centers Com us876664103 14,589,303 1,311,398 SH yes yes
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United Dominion Realty Trust Com us910197102 6,957,877 691,466 SH yes yes
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Urban Shopping Centers Com us917060105 6,094,174 209,692 SH yes yes
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US Restaurant Properties Com us902971100 1,345,568 103,010 SH yes yes
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Vornado Realty Trust Sh Ben Int us929042109 96,460,436 2,879,416 SH yes yes
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Washington Real Estate
Investment Trust Sh Ben Int us939653101 3,599,955 239,997 SH yes yes
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Weingarten Realty Sh Ben Int us948741103 6,585,563 179,199 SH yes yes
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Wellsford Com us950240101 1,603,044 184,523 SH yes yes
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Winston Hotels Com us929248102 774,723 112,687 SH yes yes
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</TABLE>
