<TABLE>
<CAPTION>
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Shares Fair Investment
--------------------------------------------------------------------------------------------------------------------------------
of Principal Market Value Discretion Other Voting
--------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class isin/Cusip Value Item 5 Value Item 4 Sh/PRN Sole Managers Authority
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<S> <C> <C> <C> <C> <C> <C> <C>
General Growth COM 370021107 3,065,099 97,364,785 SH yes yes
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Simon Property Group COM 828806109 6,464,383 143,428,498 SH yes yes
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Regency Realty COM 758939102 61,400 1,457,291 SH yes yes
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Rouse Co. COM 779273101 2,903,200 71,899,563 SH yes yes
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Weingarten Realty SH BEN INT 948741103 179,199 7,232,360 SH yes yes
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New Plan Excel Realty COM 648053106 1,001,644 13,021,372 SH yes yes
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CBL & Associates COM 124830100 1,332,688 33,254,730 SH yes yes
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Macerich COM 554382101 1,634,788 36,093,054 SH yes yes
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Developers Diversified COM 251591103 2,568,026 38,400,014 SH yes yes
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Kimco Realty Corp. COM 49446R109 1,976,422 81,064,184 SH yes yes
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Urban Shopping Centers COM 917060105 73,200 2,464,781 SH yes yes
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Mills Corp. COM 601148109 107,400 2,020,463 SH yes yes
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Chelsea G.C.A. Realty COM 163262108 172,600 5,962,791 SH yes yes
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Federal Realty SH BEN INT NEW 313747206 657,702 13,164,317 SH yes yes
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First Washington COM 337489504 38,500 848,805 SH yes yes
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Mid-Atlantic SH BEN INT 595232109 76,000 760,000 SH yes yes
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Phillips International COM 718333107 288,400 5,010,950 SH yes yes
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Taubman Centers COM 876664103 1,291,398 14,205,378 SH yes yes
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Ramco-Gershenson COM SH BEN INT 751452202 240,000 3,720,000 SH yes yes
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Bradley Real Estate COM 104580105 570,157 12,160,380 SH yes yes
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Pan Pacific Retail COM 69806L104 593,900 11,942,958 SH yes yes
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AIMCO CL A 03748R101 4,333,366 188,772,256 SH yes yes
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Equity Residential SH BEN INT 29476L107 5,698,583 262,045,778 SH yes yes
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AvalonBay COM 053484101 3,887,562 162,184,227 SH yes yes
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BRE Properties CL A 05564E106 45,400 1,311,634 SH yes yes
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United Dominion COM 910197102 591,466 6,515,368 SH yes yes
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Camden Property Trust SH BEN INT 133131102 419,869 12,340,212 SH yes yes
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Summit Properties COM 866239106 67,000 1,405,953 SH yes yes
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Post Properties COM 737464107 710,000 31,251,094 SH yes yes
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Essex Property Trust COM 297178105 162,000 6,806,531 SH yes yes
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Manufactured Homes COM 564682102 141,744 3,392,997 SH yes yes
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Sun Communities COM 866674104 248,047 8,297,947 SH yes yes
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Gables Residential SH BEN INT 362418105 1,000,000 25,765,625 SH yes yes
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Cornerstone Realty Income COM 21922V102 266,484 2,669,004 SH yes yes
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Charles E. Smith Res. COM 832197107 300,000 11,400,000 SH yes yes
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Home Properties of NY COM 437306103 303,080 9,097,136 SH yes yes
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Grove SH BEN INT 399613108 454,232 7,381,270 SH yes yes
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AMLI Residential SH BEN INT 001735109 216,500 5,097,898 SH yes yes
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Archstone SH BEN INT 039581103 3,879,854 81,719,425 SH yes yes
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Equity Office Props. COM 294741103 13,260,973 365,298,366 SH yes yes
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Duke-Realty COM NEW 264411505 8,900,000 199,137,500 SH yes yes
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Reckson Associates A COM 75621K106 4,181,818 99,383,518 SH yes yes
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Prologis SH BEN INT 743410102 5,869,236 125,179,799 SH yes yes
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First Industrial COM 32054K103 220,300 6,502,292 SH yes yes
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Crescent Real Estate COM 225756105 2,100,000 43,017,188 SH yes yes
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Mack-Cali Realty COM 554489104 813,924 20,907,673 SH yes yes
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Cabot Industrial Trust COM 127072106 200,000 3,940,625 SH yes yes
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Highwoods Properties COM 431284108 1,143,624 27,429,107 SH yes yes
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Arden Realty COM 039793104 1,232,100 28,935,098 SH yes yes
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Liberty Property Trust SH BEN INT 531172104 2,191,665 56,846,311 SH yes yes
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AMB Property Corp COM 00163T109 2,745,264 62,669,230 SH yes yes
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Reckson Associates/B CL B 75621K304 389,540 9,908,924 SH yes yes
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SL Green Realty COM 78440X101 1,006,050 26,896,118 SH yes yes
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Boston Properties COM 101121101 1,570,904 60,676,167 SH yes yes
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Spieker Properties COM 848497103 1,551,979 71,391,034 SH yes yes
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Kilroy Realty COM 49427F108 466,503 12,107,211 SH yes yes
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
Shares Fair Investment
--------------------------------------------------------------------------------------------------------------------------------
of Principal Market Value Discretion Other Voting
--------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class isin/Cusip Value Item 5 Value Item 4 Sh/PRN Sole Managers Authority
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Prentiss Properties Trust SH BEN INT 740706106 852,584 20,475,338 SH yes yes
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PS Business Parks COM 69360J107 400,818 9,625,895 SH yes yes
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Great Lakes REIT COM 390752103 213,200 3,627,731 SH yes yes
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Parkway Properties COM 70159Q104 143,900 4,386,702 SH yes yes
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Prime Group Realty Trust SH BEN INT 74158J103 154,839 2,354,037 SH yes yes
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Mission West Properties COM 605203108 110,000 1,155,000 SH yes yes
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American Industrial COM NEW 026791202 348,940 4,737,951 SH yes yes
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Carr America Realty COM 144418100 1,858,208 49,271,547 SH yes yes
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Centerpoint Properties SH BEN INT 151895109 554,679 22,611,836 SH yes yes
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Keystone Property Trust COM 493596100 213,580 2,936,725 SH yes yes
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Pinnacle Holdings, Inc COM 72346N101 45,200 2,440,800 SH yes yes
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Vornado Realty Trust SH BEN INT 929042109 3,839,116 133,409,281 SH yes yes
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Security Capital A CL A 81413P105 47,163 38,720,823 SH yes yes
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Public Storage COM 74460D109 5,116,085 119,988,181 SH yes yes
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Host Marriott COM 44107P104 2,537,150 23,746,138 SH yes yes
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Franchise Finance Corp COM 351807102 376,324 8,649,572 SH yes yes
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Washington Real Estate SH BEN INT 939653101 150,000 2,683,594 SH yes yes
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Realty Income COM 756109104 180,056 4,245,383 SH yes yes
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Cousins Properties COM 222795106 531,100 20,439,052 SH yes yes
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Pacific Gulf Properties COM 694396102 289,800 7,267,641 SH yes yes
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Starwood Financial COM 45031U101 394,400 8,257,750 SH yes yes
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Commercial Net Lease COM 202218103 100,000 1,051,563 SH yes yes
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Catellus Dev. COM 149111106 409,000 6,135,000 SH yes yes
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SC US Realty SPONSORED AD 814136206 300,111 5,401,998 SH yes yes
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National Golf Properties COM 63623G109 83,354 1,759,551 SH yes yes
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Shurgard Storage COM 82567D104 573,240 12,906,857 SH yes yes
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Entertainment Properties COM SH BEN INT 29380T105 138,800 1,919,344 SH yes yes
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US Restaurant Properties COM 902971100 39,700 355,439 SH yes yes
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Wellsford COM NEW 950240200 184,523 2,790,910 SH yes yes
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Meristar Hospitality COM 58984Y103 1,390,956 29,231,810 SH yes yes
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</TABLE>
