Sole	Shared
	Security		Combined 	Market	Voting	Voting	No Voting
Issuer (1)	Type (2)	CUSIP (3)	Shares (5)	Value (4)	Discretion	Discretion	Discretion

ACADIA REALTY	Common Stock	0040239109	"479,268"	"5,262,363"	"56,804"	"347,464"	"75,000"
AMB PROPERTY	Common Stock	00163T109	"2,339,717"	"72,086,681"	"104,371"	"894,133"	"1,341,213"
APT INV & MGMNT	Common Stock	03748R101	"4,713,882"	"185,538,396"	"81,755"	"3,514,984"	"1,117,143"
ARCHSTONE-SMITH	Common Stock	039581103	"10,293,611"	"271,545,458"	"169,382"	"7,770,441"	"2,353,788"
ARDEN REALTY	Common Stock	039793104	"5,258"	"146,804"	"4,517"	741	0
AVALONBAY COMMUNITIES	Common Stock	053484101	"4,474,201"	"209,392,607"	"53,879"	"3,535,644"	"884,678"
BEACON CAP PARTNERS	Common Stock	073561102	"500,000"	"2,300,791"	0	"500,000"	0
BOSTON PROPERTIES	Common Stock	101121101	"3,144,646"	"136,697,762"	"74,230"	"1,873,812"	"1,196,604"
BRE PROPERTIES	Common Stock	05564E106	"1,658,999"	"54,713,787"	"19,044"	"1,339,374"	"300,581"
CAMDEN PROPERTY	Common Stock	133131102	"38,019"	"1,461,070"	0	"38,019"	0
CARRAMERICA REALTY	Common Stock	144418100	"272,535"	"8,135,170"	"5,088"	"267,447"	0
CATELLUS DEVELOPMENT	Common Stock	149111106	"502,825"	"12,294,071"	"1,540"	"147,058"	"354,227"
CBL & ASSOCIATES	Common Stock	124830100	"57,349"	"2,861,715"	"24,550"	0	"32,799"
CHELSEA REALTY	Common Stock	163262108	"846,425"	"40,543,758"	"27,252"	"423,818"	"395,355"
COLONIAL PROPERTIES	Common Stock	195872106	"23,416"	"843,678"	"6,183"	"17,233"	0
CORPORATE OFFICE PROPERTIES	Common Stock	22002T108	"49,195"	"910,599"	"20,995"	0	"28,200"
CRESCENT	Common Stock	225756105	"9,790"	"141,955"	"8,394"	"1,396"	0
DEVELOPERS DIVERSIFIED	Common Stock	251591103	"1,376,608"	"41,119,284"	"34,817"	"878,647"	"463,144"
DUKE REALTY	Common Stock	264411505	"5,207,707"	"152,065,044"	"142,512"	"2,959,335"	"2,105,860"
EASTGROUP PROPERTIES	Common Stock	277276101	"78,268"	"2,174,285"	"38,795"	"1,748"	"37,725"
ENTERTAINMENT PROPERTIES	Common Stock	29380T105	"7,204"	"216,120"	"6,200"	"1,004"	0
EQUITY OFFICE	Common Stock	294741103	"4,253,390"	"117,095,827"	"184,226"	"1,446,800"	"2,622,364"
EQUITY RESIDENTIAL	Common Stock	29476L107	"953,943"	"27,931,460"	"34,016"	"421,004"	"498,923"
ESSEX PROPERTY	Common Stock	297178105	"1,287,221"	"80,721,629"	"25,522"	"1,048,056"	"213,643"
EXTENDED STAY	Common Stock	30224P101	"891,311"	"13,307,273"	"2,911"	"284,600"	"603,800"
FEDERAL REALTY	Common Stock	313747206	"1,475,842"	"54,399,536"	"11,114"	"906,657"	"558,071"
GENERAL GROWTH	Common Stock	370021107	"1,879,330"	"134,747,985"	"55,050"	"1,044,592"	"779,688"
GLENBOROUGH	Common Stock	37803P105	"6,443"	"121,515"	"5,524"	919	0
GLIMCHER	Common Stock	379301102	"31,869"	"671,480"	"18,290"	"1,572"	"12,007"
HEALTH CARE PROPERTY	Common Stock	421915109	"61,215"	"2,858,741"	"4,965"	"56,250"	0
HEALTH CARE REALTY	Common Stock	421946104	"339,917"	"10,870,546"	"44,561"	"117,328"	"178,028"
HERITAGE PROPERTY	Common Stock	42725M107	"10,297"	"297,377"	"8,838"	"1,459"	0
HIGHWOODS	Common Stock	431284108	"6,822"	"162,773"	"5,832"	990	0
HOME PROPERTIES OF NY	Common Stock	437306103	"969,874"	"38,019,061"	"59,937"	"493,178"	"416,759"
HOSPITALITY PROPERTIES TRUST	Common Stock	44106M102	"4,977"	"174,593"	"4,278"	699	0
HOST MARRIOTT	Common Stock	44107P104	"4,593,146"	"49,284,456"	"215,473"	"1,493,212"	"2,884,461"
HRPT PROPERTIES TRUST	Common Stock	40426W101	"13,042"	"119,204"	"11,173"	"1,869"	0
INNKEEPERS USA TRUST	Common Stock	4576J0104	"124,317"	"1,081,558"	"55,434"	0	"68,883"
ISTAR FINANCIAL INC	Common Stock	45031U101	"363,829"	"14,171,139"	"20,871"	"109,958"	"233,000"
KEYSTONE PROP TRUST	Common Stock	493596100	"45,152"	"914,780"	"18,952"	0	"26,200"
KILROY REALTY	Common Stock	49427F108	"1,544,207"	"44,087,110"	"66,577"	"725,974"	"751,656"
KIMCO REALTY	Common Stock	49446R109	"1,666,460"	"68,274,865"	"25,585"	"1,086,300"	"554,575"
LASALLE HOTEL PROPERTIES	Common Stock	517942108	"955,033"	"16,550,722"	"69,433"	"297,466"	"588,134"
MACERICH	Common Stock	554382101	"196,800"	"7,429,200"	0	"196,800"	0
MACK-CALI REALTY	Common Stock	554489104	"12,800"	"501,760"	0	"12,800"	0
MAGUIRE PROPERTIES	Common Stock	559775101	"1,714"	"35,137"	0	"1,714"	0
MANUFACTURED HOMES	Common Stock	564682102	937	"36,712"	0	937	0
MERISTAR	Common Stock	58984Y103	"2,282,860"	"16,162,649"	"105,034"	"760,864"	"1,416,962"
MILLS CORP.	Common Stock	601148109	"355,726"	"13,997,818"	"35,320"	"269,407"	"50,999"
NATIONWIDE HEALTH PROP	Common Stock	638620104	"606,630"	"10,609,958"	"106,577"	"181,910"	"318,143"
NEW PLAN EXCEL	Common Stock	648053106	"5,416"	"126,193"	"4,659"	757	0
NEWCASTLE INVESTMENT CORP	Common Stock	65105M108	"6,652"	"152,929"	"5,691"	961	0
OMEGA HEALTHCARE	Common Stock	681936100	"322,190"	"2,474,420"	"67,896"	"84,765"	"169,529"
PAN PACIFIC	Common Stock	69806L104	"1,444,097"	"62,096,171"	"62,949"	"749,023"	"632,125"
PARKWAY	Common Stock	70159Q104	"141,827"	"6,197,840"	"13,128"	"111,000"	"17,699"
PRENTISS  PROPERTIES	Common Stock	740706106	"1,995,612"	"61,863,972"	"120,324"	"1,046,797"	"828,491"
PROLOGIS TRUST	Common Stock	743410102	"3,819,754"	"115,547,559"	"144,851"	"1,496,572"	"2,178,331"
PS BUSINESS PARKS	Common Stock	69360J107	"1,507,817"	"56,905,013"	"102,245"	"521,202"	"884,370"
PUBLIC STORAGE	Common Stock	74460D109	"2,665,437"	"104,565,094"	"106,113"	"981,953"	"1,577,371"
RAMCO GERSHENSON PROPERTIES	Common Stock	751452202	"256,151"	"6,519,043"	"8,644"	"247,507"	0
RECKSON ASSOCIATES	Common Stock	75621K106	"2,846,593"	"65,784,764"	"81,603"	"1,578,106"	"1,186,884"
REGENCY CENTERS	Common Stock	758849103	"2,864,329"	"105,550,523"	"86,245"	"1,641,062"	"1,137,022"
ROUSE COMPANY	Common Stock	779273101	"3,805,198"	"158,676,757"	"101,635"	"2,229,682"	"1,473,881"
SENIOR HOUSING	Common Stock	81721M109	"11,742"	"169,202"	"10,063"	"1,679"	0
SHURGARD STORAGE	Common Stock	82567D104	"84,110"	"2,969,083"	"16,710"	"44,500"	"22,900"
SIMON PROPERTY	Common Stock	828806109	"2,866,297"	"124,913,237"	"127,979"	"967,937"	"1,770,381"
SOVRAN SELF STORAGE	Common Stock	84610H108	"5,293"	"175,463"	"4,541"	752	0
STARWOOD HOTELS	Common Stock	85590A203	"2,117,877"	"73,702,120"	"40,740"	"666,547"	"1,410,590"
SUMMIT PROPERTIES	Common Stock	866239106	"1,054,287"	"23,953,401"	"34,987"	"971,000"	"48,300"
SUN COMMUNITIES	Common Stock	866674104	"1,634,639"	"64,404,777"	"86,707"	"582,438"	"965,494"
TANGER FACTORY OUTLETS	Common Stock	875465106	"142,840"	"5,249,370"	"51,535"	"31,087"	"60,218"
TAUBMAN CENTERS	Common Stock	876664103	"2,018,980"	"39,572,008"	"59,455"	"1,312,828"	"646,697"
TOWN & COUNTRY	Common Stock	892081100	"92,174"	"2,165,167"	"45,528"	"2,071"	"44,575"
VENTAS 	Common Stock	92276F100	"1,560,757"	"26,720,159"	"148,171"	"650,160"	"762,426"
VORNADO REALTY	Common Stock	929042109	"2,475,649"	"115,070,548"	"80,342"	"1,224,369"	"1,170,938"
WEINGARTEN REALTY	Common Stock	948741103	"145,300"	"6,538,500"	0	"145,300"	0

Grand Total			"96,905,045"	"$3,157,151,575.00 "	"3,688,542"	"52,765,668"	"40,450,835"