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	4239109	"2,785,143"	"72,608,678"	"1,914,917"	0	"870,226"
ALEXANDER'S	Common Stock	14752109	"2,699"	"1,111,178"	"1,318"	0	"1,381"								2000
AMB PROPERTY	Common Stock	00163T109	"1,223,928"	"71,954,727"	"607,558"	0	"616,370"								2181346
AMERICAN CAMPUS COMMUNITIES	Common Stock	024835100	"79,291"	"2,401,724"	"79,291"	0	0								226437
ARCHSTONE-SMITH	Common Stock	039581103	"1,860,739"	"101,000,913"	"910,189"	0	"950,550"								6856840
AVALONBAY COMMUNITIES	Common Stock	053484101	"1,575,428"	"204,805,640"	"730,594"	0	"844,834"								4299969
BIOMED REALTY	Common Stock	09063H107	"3,695,526"	"97,192,334"	"2,438,923"	0	"1,256,603"
BOSTON PROPERTIES	Common Stock	101121101	"1,945,156"	"228,361,314"	"914,125"	0	"1,031,031"
BRANDYWINE REALTY	Common Stock	105368203	"1,244,776"	"41,587,966"	"1,193,318"	0	"51,458"
BRE PROPERTIES	Common Stock	05564E106	"4,121,073"	"260,245,760"	"3,289,482"	0	"831,591"
BROOKFIELD PROPERTIES	Common Stock	112900105	"2,175,746"	"87,682,564"	"1,272,044"	0	"903,702"
CAMDEN PROPERTY	Common Stock	133131102	"2,545,897"	"179,002,018"	"1,717,014"	0	"828,883"
CBL & ASSOCIATES	Common Stock	124830100	"2,427,093"	"108,830,850"	"2,008,199"	0	"418,894"
CEDAR SHOPPING CENTERS	Common Stock	150602209	"223,006"	"3,612,697"	"120,767"	0	"102,239"
COLONIAL PROPERTIES	Common Stock	195872106	"51,410"	"2,347,895"	"51,410"	0	0
CORPORATE OFFICE PROPERTIES	Common Stock	22002T108	"1,902,419"	"86,902,500"	"1,606,236"	0	"296,183"
CRESCENT	Common Stock	225756105	"124,043"	"2,488,303"	"124,043"	0	0
DEVELOPERS DIVERSIFIED	Common Stock	251591103	"783,979"	"49,312,279"	"783,979"	0	0
DOUGLAS EMMETT	Common Stock	25960P109	"2,978,570"	"76,042,892"	"1,951,862"	0	"1,026,708"
DUKE REALTY	Common Stock	264411505	"237,891"	"10,341,122"	"237,891"	0	0
EASTGROUP PROPERTIES	Common Stock	277276101	"73,936"	"3,772,954"	"36,149"	0	"37,787"
EQUITY INNS	Common Stock	294703103	"68,686"	"1,125,077"	"68,686"	0	0
EQUITY RESIDENTIAL	Common Stock	29476L107	"12,086,906"	"582,951,476"	"9,039,454"	0	"3,047,452"
ESSEX PROPERTY	Common Stock	297178105	"751,938"	"97,360,932"	"731,702"	0	"20,236"
FEDERAL REALTY	Common Stock	313747206	"2,077,794"	"188,289,692"	"1,361,964"	0	"715,830"
FIRST POTOMAC	Common Stock	33610F109	"2,027,186"	"58,322,141"	"1,062,156"	0	"965,030"
GENERAL GROWTH	Common Stock	370021107	"3,954,859"	"255,365,246"	"1,802,256"	0	"2,152,603"
GLIMCHER REALTY	Common Stock	379302102	"1,341,163"	"36,238,224"	"1,211,237"	0	"129,926"
HEALTH CARE PROPERTY	Common Stock	421915109	"25,667"	"924,782"	"25,667"	0	0
HEALTH CARE REALTY	Common Stock	421946104	"1,195,894"	"44,606,846"	"1,195,894"	0	0
HIGHLAND HOSPITALITY	Common Stock	430141101	"191,654"	"3,411,441"	"191,654"	0	0
HIGHWOODS	Common Stock	431284108	"379,697"	"14,994,235"	"379,697"	0	0
HOME PROPERTIES OF NY	Common Stock	437306103	"1,216,770"	"64,257,924"	"1,020,595"	0	"196,175"
HOST HOTELS & RESORTS	Common Stock	44107P104	"8,333,579"	"219,256,463"	"4,068,223"	0	"4,265,356"
HRPT PROPERTIES TRUST	Common Stock	40426W101	"154,881"	"1,905,036"	"154,881"	0	0
INLAND	Common Stock	457461200	"353,546"	"6,484,034"	"353,546"		0
INNKEEPERS USA TRUST	Common Stock	4576J0104	"225,544"	"3,671,856"	"181,450"	0	"44,094"
KILROY REALTY	Common Stock	49427F108	"2,922,430"	"215,529,213"	"1,849,976"	0	"1,072,454"
KIMCO REALTY	Common Stock	49446R109	"74,500"	"3,631,130"	"74,500"	0	0
LASALLE HOTEL PROPERTIES	Common Stock	517942108	"2,402,402"	"111,375,357"	"1,406,289"	0	"996,113"
LIBERTY	Common Stock	531172104	"45,644"	"2,223,776"	"45,644"	0	0
MACK CALI	Common Stock	554489104	"368,900"	"17,448,970"	"368,900"	0	0
MACERICH	Common Stock	554382101	"1,304,437"	"120,477,801"	"1,304,437"	0	0
MAGUIRE PROPERTIES	Common Stock	559775101	"3,267,087"	"116,177,614"	"1,928,029"	0	"1,339,058"
MEDICAL PROPERTIES TRUST	Common Stock	58463J304	"107,234"	"1,575,267"	"107,234"	0	0
NEWCASTLE INVESTMENT CORP	Common Stock	65105M108	"47,679"	"1,322,139"	"47,679"	0	0
PARKWAY	Common Stock	70159Q104	"240,065"	"12,543,396"	"199,882"	0	"40,183"
PENN REIT	Common Stock	709102107	"41,596"	"1,843,951"	"41,596"	0	0
PLUM CREEK 	Common Stock	729251108	"211,453"	"8,335,477"	"30,110"	0	"181,343"
POST PROPERTIES	Common Stock	737464107	"4,257,412"	"194,691,451"	"2,935,815"	0	"1,321,597"
PROLOGIS TRUST	Common Stock	743410102	"4,706,266"	"305,577,851"	"2,309,643"	0	"2,396,623"
PS BUSINESS PARKS	Common Stock	69360J107	"17,867"	"1,259,981"	"8,757"	0	"9,110"
PUBLIC STORAGE	Common Stock	74460D109	"2,109,486"	"199,705,040"	"1,027,701"	0	"1,081,785"
REGENCY CENTERS	Common Stock	758849103	"3,738,869"	"312,382,505"	"2,404,163"	0	"1,334,706"
SENIOR HOUSING PROPERTIES	Common Stock	8172M109	"801,639"	"19,159,172"	"509,420"	0	"292,219"
SIMON PROPERTY	Common Stock	828806109	"3,874,499"	"431,038,014"	"1,800,139"	0	"2,074,360"
SL GREEN	Common Stock	78440X101	"1,098,716"	"150,721,861"	"484,662"	0	"614,054"
SOVRAN SELF STORAGE	Common Stock	84610H108	"32,676"	"1,810,577"	"32,676"	0	0
SUN COMMUNITIES	Common Stock	866674104	"1,085,083"	"33,659,275"	"578,220"	0	"506,863"
SUNSTONE HOTEL INVESTORS	Common Stock	867892101	"4,171,689"	"113,720,242"	"1,925,909"	0	"2,245,780"
TAUBMAN CENTERS	Common Stock	876664103	"3,146,896"	"182,488,499"	"2,319,422"	0	"827,474"
TANGER	Common Stock	875465106	"80,000"	"3,231,200"	"80,000"	0	0
U STORE IT	Common Stock	91274F104	"2,497,441"	"50,248,513"	"1,396,920"	0	"1,100,521"
UNITED DOMINION REALTY	Common Stock	910197102	"1,361,376"	"41,685,333"	"1,361,376"	0	0
URSTDT BIDDLE	Common Stock	917286205	"86,638"	"1,694,639"	"86,638"	0	0
VENTAS 	Common Stock	92276F100	"2,548,756"	"107,379,090"	"1,431,388"	0	"1,117,368"
VORNADO REALTY	Common Stock	929042109	"2,950,724"	"352,139,402"	"1,336,001"	0	"1,614,723"
WASHINGTON REAL ESTATE INV	Common Stock	939653101	"1,918,280"	"71,782,038"	"1,081,585"	0	"836,695"
WEINGARTEN REALTY	Common Stock	948741103	"1,359,525"	"64,659,009"	"1,359,525"	0	0

Grand Total			"119,320,778"	"$6,522,289,496.00 "	"76,712,607"	0	"42,608,171"