<TABLE>
<CAPTION>
Name of Issuer Title of Class isin/cusip fair market shares of Investment Other Voting
principle Discretion Managers Authority
- ------------------------------------------------------------------------------------------------------------------------------------
value item 4 amt item 5 SH/PRN Sole Sole
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
amb property corp Com us00163T109 43,069,862 2,159,973 SH yes yes
american industrial properties Com New us026791202 4,318,133 348,940 SH yes yes
Amli Residential Properties Sh Ben Int us001735109 3,032,163 150,200 SH yes yes
apartment investment & management Cl A us03748R101 187,045,734 4,698,166 SH yes yes
archstone communities tr Sh Ben Int us039581103 27,147,699 1,324,278 SH yes yes
arden realty group inc Com us039793104 36,937,430 1,841,118 SH yes yes
associated estates realty corp. Com us045604105 1,109,375 142,000 SH yes yes
avalonbay communities Com us053484101 149,516,359 4,318,162 SH yes yes
bedford property investors Com us076446301 2,547,994 149,333 SH yes yes
berkshire realty inc Com us084710102 - 80,000 SH yes yes
boston properties inc Com us101121101 42,423,500 1,363,004 SH yes yes
bradley real estate inc Com us104580105 11,253,413 645,357 SH yes yes
brandywine realty trust Sh Ben Int New us105368203 4,069,826 248,539 SH yes yes
bre properties Cl A us05564E106 6,696,306 295,154 SH yes yes
burnham pacific properties inc Com us12232C108 1,983,853 211,611 SH yes yes
cabot industrial trust Com us127072106 6,879,600 374,400 SH yes yes
camden property trust Sh Ben Int us133131102 10,547,775 380,100 SH yes yes
carramerica realty inc Com us144418100 28,409,684 1,329,108 SH yes yes
catellus dev corp Com us149111106 4,540,750 354,400 SH yes yes
cbl & associates properties inc Com us124830100 37,133,003 1,800,388 SH yes yes
centerpoint properties trust Sh Ben Int us151895109 4,884,399 134,279 SH yes yes
charles e smith Com us832197107 25,924,887 732,859 SH yes yes
chateau communities inc Com us161726104 4,838,122 186,530 SH yes yes
chelsea gca realty inc Com us163262108 6,824,561 229,397 SH yes yes
colonial properties trust Com Sh Ben Int us195872106 3,510,588 151,400 SH yes yes
commercial net lease realty inc Com us202218103 3,146,133 316,592 SH yes yes
cornerstone properties Com us21922H103 12,439,996 850,598 SH yes yes
cornerstone realty income trust inc Com us21922V102 4,631,094 474,984 SH yes yes
crescent real estate equities Com us225756105 14,556,932 792,214 SH yes yes
developers diversified realty Com us251591103 7,855,372 610,126 SH yes yes
duke weeks realty corp Com New us264411505 178,259,309 9,141,503 SH yes yes
eastgroup properties inc Com us277276101 1,949,271 105,366 SH yes yes
entertainment prop. Trust Com Sh Ben Int us29380T105 1,830,425 138,800 SH yes yes
equity inns inc Com us294703103 1,657,982 245,627 SH yes yes
equity office properties trust Com us294741103 354,298,713 14,387,765 SH yes yes
equity residential pptys trust Sh Ben Int us29476L107 238,084,537 5,577,383 SH yes yes
essex properties trust inc Com us297178105 9,487,972 279,058 SH yes yes
federal realty investment trust Sh Ben Int New us313747206 24,623,719 1,308,902 SH yes yes
felcor lodging trust inc Com us31430F101 7,631,610 436,092 SH yes yes
first industrial realty trust Com us32054K103 6,896,443 251,351 SH yes yes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Name of Issuer Title of Class isin/cusip fair market shares of Investment Other Voting
principle Discretion Managers Authority
- ------------------------------------------------------------------------------------------------------------------------------------
value item 4 amt item 5 SH/PRN Sole Sole
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
first washington realty trust Com us337489504 1,280,094 68,500 SH yes yes
franchise financial corp america Com us351807102 8,845,481 369,524 SH yes yes
gables residential trust Sh Ben Int us362418105 37,306,848 1,554,452 SH yes yes
general growth properties Com us370021107 29,565,172 1,055,899 SH yes yes
glenborough realty trust inc Com us37803P105 5,600,902 418,759 SH yes yes
glimcher reality trust Sh Ben Int us379302102 2,017,680 156,713 SH yes yes
great lakes Reit inc. Com us390752103 2,637,813 183,500 SH yes yes
grove property trust Sh Ben Int us399613108 5,218,274 393,832 SH yes yes
health care property investors inc Com us421915109 8,113,823 339,846 SH yes yes
health care realty trust Com us421946104 4,108,969 262,974 SH yes yes
highwoods properties inc Com us431284108 9,641,930 408,124 SH yes yes
home properties NY inc Com us437306103 8,131,926 296,380 SH yes yes
hospitality properties trust Com Sh Ben Int us44106M102 7,096,988 372,301 SH yes yes
host marriott Com us44107P104 16,585,388 2,010,350 SH yes yes
hrpt properties trust Com Sh Ben Int us40426W101 7,832,034 870,226 SH yes yes
irt property co Com us450058102 1,710,969 219,004 SH yes yes
jdn realty corp Com us465917102 3,549,193 220,105 SH yes yes
jp realty inc Com us46624A106 1,806,000 115,584 SH yes yes
keystone property trust Com us493596100 3,310,490 213,580 SH yes yes
kilroy realty Com us49427F108 10,189,642 455,403 SH yes yes
kimco realty corp Com us49446R109 67,561,045 1,994,422 SH yes yes
koger equity inc. Com us500228101 2,976,328 176,375 SH yes yes
kranzco realty trust Com Sh Ben Int us50076E103 611,684 69,411 SH yes yes
liberty property trust Sh Ben Int us531172104 62,069,659 2,507,865 SH yes yes
macerich co Com us554382101 32,904,313 1,580,988 SH yes yes
mack cali realty corp Com us554489104 39,391,488 1,511,424 SH yes yes
manufactured home comm. Inc Com us564682102 3,895,932 160,244 SH yes yes
meditrust corp. Paired CTF New us58501T306 44,594,425 938,830 SH yes yes
meristar hospitality corp Com us58984Y103 5,029,696 314,356 SH yes yes
midamerica app. comm Com us59522J103 2,786,948 123,180 SH yes yes
mid atlantic realty trust Sh Ben Int us595232109 779,844 77,500 SH yes yes
mills corp Com us601148109 4,172,132 233,406 SH yes yes
mission west properties Com us605203108 852,500 110,000 SH yes yes
national golf properties inc Com us63623G109 1,632,417 82,654 SH yes yes
nationwide health properties inc Com us638620104 4,197,146 305,247 SH yes yes
new plan excel realty trust Com us648053106 65,745,908 4,157,844 SH yes yes
pacific gulf properties inc Com us694396102 6,346,229 313,394 SH yes yes
pan pacific retail properties Com us69806L104 3,644,213 223,400 SH yes yes
parkway properties inc Com us70159Q104 4,630,457 160,710 SH yes yes
pennsylvania real estate inv tr Sh Ben Int us709102107 1,278,063 87,764 SH yes yes
philips international realty corp Com us718333107 4,740,575 288,400 SH yes yes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Name of Issuer Title of Class isin/cusip fair market shares of Investment Other Voting
principle Discretion Managers Authority
- ------------------------------------------------------------------------------------------------------------------------------------
value item 4 amt item 5 SH/PRN Sole Sole
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
post properties inc Com us737464107 31,727,954 829,489 SH yes yes
prentiss properties trust Com us740706106 5,328,446 249,284 SH yes yes
prime group realty trust Sh Ben Int us74158J103 2,351,617 154,839 SH yes yes
prime retail inc Com us741570105 1,606,365 285,576 SH yes yes
prison realty group Com us74264N105 3,308,754 653,581 SH yes yes
prologis trust Sh Ben Int us743410102 62,965,518 3,270,936 SH yes yes
ps business parks inc calif Com us69360J107 5,312,535 233,518 SH yes yes
public storage inc Com us74460D109 64,134,953 2,826,885 SH yes yes
ramco gershenson property trust Com Sh Ben Int us751452202 3,030,000 240,000 SH yes yes
realty income corp Com us756109104 3,652,665 177,056 SH yes yes
reckson associates realty corp Com us75621K106 14,557,255 710,110 SH yes yes
reckson associates realty corp B Cl B us75621K304 4,397,325 193,289 SH yes yes
reckson associates realty 7,625% PFD CV Ser A% us75621K205 3,577,500 180,000 SH yes yes
rfs hotel investments inc Com us74955J108 1,721,593 164,943 SH yes yes
rouse co Com us779273101 80,864,750 3,805,400 SH yes yes
security capital group Cl A us81413P105 32,961,680 53,164 SH yes yes
security capital group Cl B us81413P204 132,500 10,600 SH yes yes
security capital US realty Sponsored ADR us814136206 7,032,811 500,111 SH yes yes
shurgard storage centers inc Com us82567D104 4,459,884 192,340 SH yes yes
simon property group inc new Com us828806109 154,690,110 6,743,983 SH yes yes
sl green realty corp Com us78440X101 21,818,513 1,003,150 SH yes yes
sovran self storage inc Com us84610H108 1,530,044 82,150 SH yes yes
spieker properties Com us848497103 47,987,422 1,316,979 SH yes yes
storage usa inc Com us861907103 5,596,220 184,999 SH yes yes
summit properties trust Com us866239106 3,301,423 184,695 SH yes yes
sun communities Com us866674104 7,227,607 224,547 SH yes yes
taubman centers inc Com us876664103 15,843,329 1,473,798 SH yes yes
trizec hahn corp sub vot am not Sub VTG ca896938107 1,856,250 110,000 SH yes yes
united dominion realty trust inc Com us910197102 6,734,414 681,966 SH yes yes
urban shopping centers inc Com us917060105 4,334,358 159,792 SH yes yes
us restaurant properties inc Com us902971100 1,443,668 101,310 SH yes yes
vornado realty trust Sh Ben Int us929042109 54,252,770 1,669,316 SH yes yes
walden residential properties Com us931210108 4,171,376 192,896 SH yes yes
washington real estate inv trust Sh Ben Int us939653101 3,538,455 235,897 SH yes yes
weingarten realty investments Sh Ben Int us948741103 6,860,749 176,199 SH yes yes
wellsford realty property inc Com us950240101 1,568,446 184,523 SH yes yes
winston hotels inc Com us97563A102 975,483 108,387 SH yes yes
</TABLE>
