FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER: 811-04118

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: Fidelity Securities Fund

Fund Name: Fidelity Real Estate Income Fund

82 DEVONSHIRE STREET, BOSTON, MA 02109
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

ERIC D. ROITER, SECRETARY, 82 DEVONSHIRE STREET, BOSTON, MA 02109
(NAME AND ADDRESS OF AGENT FOR SERVICE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 617-563-7000

DATE OF FISCAL YEAR END: JULY 31

DATE OF REPORTING PERIOD: 06/30/2004

SIGNATURES

PURSUANT TO THE REQUIREMENTS OF THE INVESTMENT COMPANY ACT OF 1940, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THERE UNTO DULY AUTHORIZED.

Fidelity Securities Fund

BY:  /s/ CHRISTINE REYNOLDS
-----------------------------------------------------
CHRISTINE REYNOLDS, TREASURER, FIDELITY MANAGEMENT & RESEARCH COMPANY
DATE: 08/24/2004 10:39:46 AM

EXHIBIT A

VOTE SUMMARY REPORT
Fidelity Real Estate Income Fund
07/01/2003 - 06/30/2004

Note: The Security ID will be the CUSIP (Committee on Uniform Securities Identification Procedures) when available. When CUSIP is not available, an alternate identifier, e.g., CINS, will be provided.

ISSUER NAME: ACADIA REALTY TRUST MEETING DATE: 05/06/2004
TICKER: AKR     SECURITY ID: 004239109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT KENNETH F. BERNSTEIN AS A DIRECTOR	Management	For	For
1.2	ELECT DOUGLAS CROCKER II AS A DIRECTOR	Management	For	For
1.3	ELECT ALAN S. FORMAN AS A DIRECTOR	Management	For	For
1.4	ELECT SUZANNE M. HOPGOOD AS A DIRECTOR	Management	For	For
1.5	ELECT LORRENCE T. KELLAR AS A DIRECTOR	Management	For	For
1.6	ELECT WENDY LUSCOMBE AS A DIRECTOR	Management	For	For
1.7	ELECT LEE S. WIELANSKY AS A DIRECTOR	Management	For	For
2	TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FOR THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For
3	TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.	Management	For	Abstain

ISSUER NAME: ALEXANDRIA REAL ESTATE EQUITIES, INC MEETING DATE: 05/12/2004
TICKER: ARE     SECURITY ID: 015271109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JERRY M. SUDARSKY AS A DIRECTOR	Management	For	For
1.2	ELECT JOEL S. MARCUS AS A DIRECTOR	Management	For	For
1.3	ELECT JAMES H. RICHARDSON AS A DIRECTOR	Management	For	For
1.4	ELECT RICHARD B. JENNINGS AS A DIRECTOR	Management	For	For
1.5	ELECT RICHARD H. KLEIN AS A DIRECTOR	Management	For	For
1.6	ELECT ANTHONY M. SOLOMON AS A DIRECTOR	Management	For	For
1.7	ELECT ALAN G. WALTON AS A DIRECTOR	Management	For	For
1.8	ELECT RICHMOND A. WOLF AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP TO SERVE AS THE COMPANY S INDEPENDENT PUBLIC ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: AMB PROPERTY CORPORATION MEETING DATE: 05/20/2004
TICKER: AMB     SECURITY ID: 00163T109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT HAMID R. MOGHADAM AS A DIRECTOR	Management	For	For
1.2	ELECT W. BLAKE BAIRD AS A DIRECTOR	Management	For	For
1.3	ELECT T. ROBERT BURKE AS A DIRECTOR	Management	For	For
1.4	ELECT DAVID A. COLE AS A DIRECTOR	Management	For	For
1.5	ELECT J. MICHAEL LOSH AS A DIRECTOR	Management	For	For
1.6	ELECT FREDERICK W. REID AS A DIRECTOR	Management	For	For
1.7	ELECT JEFFREY L. SKELTON AS A DIRECTOR	Management	For	For
1.8	ELECT THOMAS W. TUSHER AS A DIRECTOR	Management	For	For
1.9	ELECT CARYL B. WELBORN AS A DIRECTOR	Management	For	For
2	RATIFICATION OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT AUDITORS OF AMB PROPERTY CORPORATION FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: ANNALY MORTGAGE MANAGEMENT, INC. MEETING DATE: 05/27/2004
TICKER: NLY     SECURITY ID: 035710409
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT KEVIN P. BRADY* AS A DIRECTOR	Management	For	For
1.2	ELECT DONNELL A. SEGALAS* AS A DIRECTOR	Management	For	For
1.3	ELECT E. WAYNE NORDBERG** AS A DIRECTOR	Management	For	For
2	TO APPROVE THE AGREEMENT AND PLAN OF MERGER, DATED AS OF DECEMBER 31, 2003, BY AND AMONG ANNALY, FIXED INCOME DISCOUNT ADVISORY COMPANY, A DELAWARE CORPORATION, FDC MERGER SUB, INC., A DELAWARE CORPORATION AND OUR WHOLLY OWNED SUBSIDIARY, AND THE SHAREHOLDERS OF FIDAC.	Management	For	For
3	RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS FOR THE COMPANY FOR THE 2004 FISCAL YEAR.	Management	For	For

ISSUER NAME: APARTMENT INVESTMENT AND MANAGEMENT MEETING DATE: 04/30/2004
TICKER: AIV     SECURITY ID: 03748R101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT TERRY CONSIDINE AS A DIRECTOR	Management	For	For
1.2	ELECT PETER K. KOMPANIEZ AS A DIRECTOR	Management	For	For
1.3	ELECT JAMES N. BAILEY AS A DIRECTOR	Management	For	For
1.4	ELECT RICHARD S. ELLWOOD AS A DIRECTOR	Management	For	For
1.5	ELECT J. LANDIS MARTIN AS A DIRECTOR	Management	For	For
1.6	ELECT THOMAS L. RHODES AS A DIRECTOR	Management	For	For
2	TO RATIFY THE SELECTION OF ERNST & YOUNG LLP TO SERVE AS INDEPENDENT AUDITORS FOR THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For
3	TO APPROVE THE SALE OF HIGH PERFORMANCE UNITS.	Management	For	For
4	TO URGE THE COMPENSATION AND HUMAN RESOURCES COMMITTEE OF THE BOARD TO ESTABLISH A POLICY TO SEEK STOCKHOLDER APPROVAL OF CERTAIN EXECUTIVE SEVERANCE ARRANGEMENTS.	Shareholder	Against	Against

ISSUER NAME: ARCHSTONE-SMITH TRUST MEETING DATE: 05/20/2004
TICKER: ASN     SECURITY ID: 039583109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT ERNEST A. GERARDI, JR. AS A DIRECTOR	Management	For	For
1.2	ELECT RUTH ANN M. GILLIS AS A DIRECTOR	Management	For	For
1.3	ELECT NED S. HOLMES AS A DIRECTOR	Management	For	For
1.4	ELECT R. SCOT SELLERS AS A DIRECTOR	Management	For	For
2	RATIFICATION OF APPOINTMENT OF KPMG LLP AS AUDITORS FOR CURRENT FISCAL YEAR.	Management	For	For
3	SHAREHOLDER PROPOSAL REGARDING SEVERANCE AGREEMENTS.	Shareholder	Against	Against

ISSUER NAME: ARDEN REALTY, INC. MEETING DATE: 05/11/2004
TICKER: ARI     SECURITY ID: 039793104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT LESLIE E. BIDER AS A DIRECTOR	Management	For	For
1.2	ELECT STEVEN C. GOOD AS A DIRECTOR	Management	For	For
1.3	ELECT ALAN I. ROTHENBERG AS A DIRECTOR	Management	For	For
2	STOCKHOLDER PROPOSAL REGARDING SEVERANCE AGREEMENTS FOR SENIOR EXECUTIVES.	Shareholder	Against	Against

ISSUER NAME: AVALONBAY COMMUNITIES, INC. MEETING DATE: 05/05/2004
TICKER: AVB     SECURITY ID: 053484101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT BRYCE BLAIR AS A DIRECTOR	Management	For	For
1.2	ELECT BRUCE A. CHOATE AS A DIRECTOR	Management	For	For
1.3	ELECT JOHN J. HEALY, JR. AS A DIRECTOR	Management	For	For
1.4	ELECT GILBERT M. MEYER AS A DIRECTOR	Management	For	For
1.5	ELECT CHARLES D. PEEBLER, JR. AS A DIRECTOR	Management	For	For
1.6	ELECT LANCE R. PRIMIS AS A DIRECTOR	Management	For	For
1.7	ELECT ALLAN D. SCHUSTER AS A DIRECTOR	Management	For	For
1.8	ELECT AMY P. WILLIAMS AS A DIRECTOR	Management	For	For
2	TO CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL DESCRIBED IN THE PROXY STATEMENT IF PROPERLY PRESENTED AT THE ANNUAL MEETING.	Shareholder	Against	Against

ISSUER NAME: BOSTON PROPERTIES, INC. MEETING DATE: 05/05/2004
TICKER: BXP     SECURITY ID: 101121101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT MORTIMER B. ZUCKERMAN AS A DIRECTOR	Management	For	For
1.2	ELECT CAROL B. EINIGER AS A DIRECTOR	Management	For	For
1.3	ELECT ALAN B. LANDIS AS A DIRECTOR	Management	For	For
1.4	ELECT RICHARD E. SALOMON AS A DIRECTOR	Management	For	For
2	TO CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL CONCERNING THE ANNUAL ELECTION OF DIRECTORS, IF PROPERLY PRESENTED AT THE MEETING.	Shareholder	Against	For

ISSUER NAME: CAPITAL AUTOMOTIVE REIT MEETING DATE: 05/11/2004
TICKER: CARS     SECURITY ID: 139733109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JOHN E. ANDERSON AS A DIRECTOR	Management	For	For
1.2	ELECT THOMAS D. ECKERT AS A DIRECTOR	Management	For	For
1.3	ELECT CRAIG L. FULLER AS A DIRECTOR	Management	For	For
1.4	ELECT PAUL M. HIGBEE AS A DIRECTOR	Management	For	For
1.5	ELECT WILLIAM E. HOGLUND AS A DIRECTOR	Management	For	For
1.6	ELECT R. MICHAEL MCCULLOUGH AS A DIRECTOR	Management	For	For
1.7	ELECT JOHN J. POHANKA AS A DIRECTOR	Management	For	For
1.8	ELECT ROBERT M. ROSENTHAL AS A DIRECTOR	Management	For	For
1.9	ELECT VINCENT A. SHEEHY AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE APPOINTMENT OF THE ACCOUNTING FIRM OF ERNST & YOUNG LLP TO SERVE AS INDEPENDENT ACCOUNTANTS FOR CAPITAL AUTOMOTIVE REIT FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: CARRAMERICA REALTY CORPORATION MEETING DATE: 04/29/2004
TICKER: CRE     SECURITY ID: 144418100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT THOMAS A. CARR AS A DIRECTOR	Management	For	For
1.2	ELECT JOAN CARTER AS A DIRECTOR	Management	For	For
1.3	ELECT ROBERT E. TORRAY AS A DIRECTOR	Management	For	For
1.4	ELECT WESLEY S. WILLIAMS, JR. AS A DIRECTOR	Management	For	For
1.5	ELECT ANDREW F. BRIMMER AS A DIRECTOR	Management	For	For
1.6	ELECT PHILIP L. HAWKINS AS A DIRECTOR	Management	For	For
1.7	ELECT TIMOTHY HOWARD AS A DIRECTOR	Management	For	For
2	TO LIMIT THE LENGTH OF SERVICE OF THE MEMBERS OF THE BOARD OF DIRECTORS TO SIX YEARS	Shareholder	Against	Against

ISSUER NAME: CBL & ASSOCIATES PROPERTIES, INC. MEETING DATE: 05/10/2004
TICKER: CBL     SECURITY ID: 124830100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT STEPHEN D. LEBOVITZ AS A DIRECTOR	Management	For	For
1.2	ELECT WINSTON W. WALKER AS A DIRECTOR	Management	For	For
2	TO RATIFY THE SELECTION OF DELOITTE & TOUCHE, LLP AS THE INDEPENDENT PUBLIC ACCOUNTANTS FOR THE COMPANY S FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: DEVELOPERS DIVERSIFIED REALTY CORP. MEETING DATE: 05/18/2004
TICKER: DDR     SECURITY ID: 251591103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT DEAN S. ADLER AS A DIRECTOR	Management	For	For
1.2	ELECT TERRANCE R. AHERN AS A DIRECTOR	Management	For	For
1.3	ELECT MOHSEN ANVARI AS A DIRECTOR	Management	For	For
1.4	ELECT ROBERT H. GIDEL AS A DIRECTOR	Management	For	For
1.5	ELECT VICTOR B. MACFARLANE AS A DIRECTOR	Management	For	For
1.6	ELECT CRAIG MACNAB AS A DIRECTOR	Management	For	For
1.7	ELECT SCOTT D. ROULSTON AS A DIRECTOR	Management	For	For
1.8	ELECT BARRY A. SHOLEM AS A DIRECTOR	Management	For	For
1.9	ELECT WILLIAM B. SUMMERS. JR. AS A DIRECTOR	Management	For	For
1.10	ELECT BERT L. WOLSTEIN AS A DIRECTOR	Management	For	For
1.11	ELECT SCOTT A. WOLSTEIN AS A DIRECTOR	Management	For	For
2	TO RATIFY THE AMENDMENT TO PROVIDE FOR THE EARLY EXPIRATION OF THE SHAREHOLDER RIGHTS AGREEMENT.	Management	For	For
3	TO APPROVE THE 2004 DEVELOPERS DIVERSIFIED REALTY CORPORATION EQUITY-BASED AWARD PLAN.	Management	For	Against
4	TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR THE COMPANY S FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: EQUITY RESIDENTIAL MEETING DATE: 05/28/2004
TICKER: EQR     SECURITY ID: 29476L107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JOHN W. ALEXANDER AS A DIRECTOR	Management	For	For
1.2	ELECT CHARLES L. ATWOOD AS A DIRECTOR	Management	For	For
1.3	ELECT BRUCE W. DUNCAN AS A DIRECTOR	Management	For	For
1.4	ELECT STEPHEN O. EVANS AS A DIRECTOR	Management	For	For
1.5	ELECT JAMES D. HARPER, JR. AS A DIRECTOR	Management	For	For
1.6	ELECT BOONE A. KNOX AS A DIRECTOR	Management	For	For
1.7	ELECT DESIREE G. ROGERS AS A DIRECTOR	Management	For	For
1.8	ELECT SHELI Z. ROSENBERG AS A DIRECTOR	Management	For	For
1.9	ELECT GERALD A. SPECTOR AS A DIRECTOR	Management	For	For
1.10	ELECT B. JOSEPH WHITE AS A DIRECTOR	Management	For	For
1.11	ELECT SAMUEL ZELL AS A DIRECTOR	Management	For	For
2	APPROVAL OF AMENDMENT TO THE COMPANY S DECLARATION OF TRUST TO REMOVE A POTENTIAL ANTI-TAKEOVER DEFENSE.	Management	For	For
3	RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP AS THE COMPANY S INDEPENDENT AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: FEDERAL REALTY INVESTMENT TRUST MEETING DATE: 05/05/2004
TICKER: FRT     SECURITY ID: 313747206
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT DAVID W. FAEDER AS A DIRECTOR	Management	For	For
1.2	ELECT KRISTIN GAMBLE AS A DIRECTOR	Management	For	For
2	TO AMEND THE TRUST S DECLARATION OF TRUST TO CHANGE THE PERMISSIBLE SIZE OF THE BOARD FROM A RANGE OF 3 TO 15 TRUSTEES TO A RANGE OF 5 TO 10 TRUSTEES.	Management	For	For
3	TO AMEND THE TRUST S DECLARATION OF TRUST TO DECREASE THE VOTE REQUIRED BY SHAREHOLDERS TO REMOVE A TRUSTEE WITH OR WITHOUT CAUSE FROM 80% TO 67%.	Management	For	For
4	TO RATIFY THE APPOINTMENT OF GRANT THORNTON LLP AS THE TRUST S INDEPENDENT ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: FIDELITY CASH CENTRAL FUND MEETING DATE: 04/14/2004
TICKER: --     SECURITY ID: 31635A105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	TO AMEND THE TRUST INSTRUMENT TO ALLOW THE BOARD OF TRUSTEES, IF PERMITTED BY APPLICABLE LAW, TO AUTHORIZE FUND MERGERS WITHOUT SHAREHOLDER APPROVAL.	Management	For	For
2.1	ELECT J. MICHAEL COOK AS A DIRECTOR	Management	For	For
2.2	ELECT RALPH F. COX AS A DIRECTOR	Management	For	For
2.3	ELECT LAURA B. CRONIN AS A DIRECTOR	Management	For	For
2.4	ELECT ROBERT M. GATES AS A DIRECTOR	Management	For	For
2.5	ELECT GEORGE H. HEILMEIER AS A DIRECTOR	Management	For	For
2.6	ELECT ABIGAIL P. JOHNSON AS A DIRECTOR	Management	For	For
2.7	ELECT EDWARD C. JOHNSON 3D AS A DIRECTOR	Management	For	For
2.8	ELECT DONALD J. KIRK AS A DIRECTOR	Management	For	For
2.9	ELECT MARIE L. KNOWLES AS A DIRECTOR	Management	For	For
2.10	ELECT NED C. LAUTENBACH AS A DIRECTOR	Management	For	For
2.11	ELECT MARVIN L. MANN AS A DIRECTOR	Management	For	For
2.12	ELECT WILLIAM O. MCCOY AS A DIRECTOR	Management	For	For
2.13	ELECT ROBERT L. REYNOLDS AS A DIRECTOR	Management	For	For
2.14	ELECT WILLIAM S. STAVROPOULOS AS A DIRECTOR	Management	For	For

ISSUER NAME: FIDELITY ULTRA SHORT CENTRAL FUND MEETING DATE: 05/19/2004
TICKER: --     SECURITY ID: 316167105
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	TO AMEND THE DECLARATION OF TRUST TO ALLOW THE BOARD OF TRUSTEES, IF PERMITTED BY APPLICABLE LAW, TO AUTHORIZE FUND MERGERS WITHOUT SHAREHOLDER APPROVAL.	Management	For	For
2.1	ELECT J. MICHAEL COOK AS A DIRECTOR	Management	For	For
2.2	ELECT RALPH F. COX AS A DIRECTOR	Management	For	For
2.3	ELECT LAURA B. CRONIN AS A DIRECTOR	Management	For	For
2.4	ELECT ROBERT M. GATES AS A DIRECTOR	Management	For	For
2.5	ELECT GEORGE H. HEILMEIER AS A DIRECTOR	Management	For	For
2.6	ELECT ABIGAIL P. JOHNSON AS A DIRECTOR	Management	For	For
2.7	ELECT EDWARD C. JOHNSON 3D AS A DIRECTOR	Management	For	For
2.8	ELECT DONALD J. KIRK AS A DIRECTOR	Management	For	For
2.9	ELECT MARIE L. KNOWLES AS A DIRECTOR	Management	For	For
2.10	ELECT NED C. LAUTENBACH AS A DIRECTOR	Management	For	For
2.11	ELECT MARVIN L. MANN AS A DIRECTOR	Management	For	For
2.12	ELECT WILLIAM O. MCCOY AS A DIRECTOR	Management	For	For
2.13	ELECT ROBERT L. REYNOLDS AS A DIRECTOR	Management	For	For
2.14	ELECT WILLIAM S. STAVROPOULOS AS A DIRECTOR	Management	For	For

ISSUER NAME: GENERAL GROWTH PROPERTIES, INC. MEETING DATE: 11/20/2003
TICKER: GGP     SECURITY ID: 370021107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	APPROVAL OF AN AMENDMENT TO THE CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK, CHANGE THE PAR VALUE OF THE COMMON STOCK AND EFFECTUATE A THREE-FOR-ONE SPLIT OF THE COMMON STOCK.	Management	For	Against

ISSUER NAME: GENERAL GROWTH PROPERTIES, INC. MEETING DATE: 05/05/2004
TICKER: GGP     SECURITY ID: 370021107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JOHN BUCKSBAUM AS A DIRECTOR	Management	For	For
1.2	ELECT ALAN COHEN AS A DIRECTOR	Management	For	For
1.3	ELECT ANTHONY DOWNS AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS.	Management	For	For

ISSUER NAME: HANOVER CAPITAL MORTGAGE HOLDINGS, I MEETING DATE: 05/20/2004
TICKER: HCM     SECURITY ID: 410761100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT GEORGE J. OSTENDORF AS A DIRECTOR	Management	For	For
1.2	ELECT JOHN N. REES AS A DIRECTOR	Management	For	For
1.3	ELECT JOSEPH J. FREEMAN AS A DIRECTOR	Management	For	For
1.4	ELECT DOUGLAS L. JACOBS AS A DIRECTOR	Management	For	For
2	TO CONSIDER AND ACT UPON A PROPOSAL TO RATIFY, CONFIRM AND APPROVE THE SELECTION OF GRANT THORNTON LLP AS OUR INDEPENDENT ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: HEALTH CARE PROPERTY INVESTORS, INC. MEETING DATE: 05/07/2004
TICKER: HCP     SECURITY ID: 421915109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT MARY A. CIRILLO AS A DIRECTOR	Management	For	For
1.2	ELECT ROBERT R. FANNING, JR. AS A DIRECTOR	Management	For	For
1.3	ELECT JAMES F. FLAHERTY III AS A DIRECTOR	Management	For	For
1.4	ELECT DAVID B. HENRY AS A DIRECTOR	Management	For	For
1.5	ELECT MICHAEL D. MCKEE AS A DIRECTOR	Management	For	For
1.6	ELECT HAROLD M. MESSMER, JR. AS A DIRECTOR	Management	For	For
1.7	ELECT PETER L. RHEIN AS A DIRECTOR	Management	For	For
1.8	ELECT KENNETH B. ROATH AS A DIRECTOR	Management	For	For
1.9	ELECT RICHARD M. ROSENBERG AS A DIRECTOR	Management	For	For
1.10	ELECT JOSEPH P. SULLIVAN AS A DIRECTOR	Management	For	For
2	APPROVAL OF THE AMENDMENT TO THE CHARTER TO INCREASE THE COMPANY S AUTHORIZED COMMON STOCK TO 750,000,000.	Management	For	Against
3	APPROVAL OF THE AMENDMENT TO THE CHARTER TO DECLASSIFY THE BOARD.	Management	For	For
4	RATIFICATION OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: HEALTH CARE REIT, INC. MEETING DATE: 05/06/2004
TICKER: HCN     SECURITY ID: 42217K106
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT THOMAS J. DEROSA AS A DIRECTOR	Management	For	For
1.2	ELECT JEFFREY H. DONAHUE AS A DIRECTOR	Management	For	For
1.3	ELECT BRUCE G. THOMPSON AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FOR THE FISCAL YEAR 2004.	Management	For	For

ISSUER NAME: HEALTHCARE REALTY TRUST INCORPORATED MEETING DATE: 05/11/2004
TICKER: HR     SECURITY ID: 421946104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT MARLIESE E. MOONEY AS A DIRECTOR	Management	For	For
1.2	ELECT EDWIN B. MORRIS III AS A DIRECTOR	Management	For	For
1.3	ELECT JOHN KNOX SINGLETON AS A DIRECTOR	Management	For	For

ISSUER NAME: HERSHA HOSPITALITY TRUST MEETING DATE: 05/27/2004
TICKER: HT     SECURITY ID: 427825104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT THOMAS S. CAPELLO AS A DIRECTOR	Management	For	For
1.2	ELECT DONALD J. LANDRY AS A DIRECTOR	Management	For	For
1.3	ELECT WILLIAM LEHR, JR. AS A DIRECTOR	Management	For	For
2	APPROVAL OF 2004 EQUITY INCENTIVE PLAN	Management	For	Against

ISSUER NAME: HOME PROPERTIES, INC. MEETING DATE: 05/04/2004
TICKER: HME     SECURITY ID: 437306103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT NORMAN P. LEENHOUTS AS A DIRECTOR	Management	For	For
1.2	ELECT NELSON B. LEENHOUTS AS A DIRECTOR	Management	For	For
1.3	ELECT EDWARD J. PETTINELLA AS A DIRECTOR	Management	For	For
1.4	ELECT WILLIAM BALDERSTON, III AS A DIRECTOR	Management	For	For
1.5	ELECT ALAN L. GOSULE AS A DIRECTOR	Management	For	For
1.6	ELECT LEONARD F. HELBIG, III AS A DIRECTOR	Management	For	For
1.7	ELECT ROGER W. KOBER AS A DIRECTOR	Management	For	For
1.8	ELECT CLIFFORD W. SMITH, JR. AS A DIRECTOR	Management	For	For
1.9	ELECT PAUL L. SMITH AS A DIRECTOR	Management	For	For
1.10	ELECT AMY L. TAIT AS A DIRECTOR	Management	For	For
2	TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS FOR 2004.	Management	For	For

ISSUER NAME: ISTAR FINANCIAL INC. MEETING DATE: 05/25/2004
TICKER: SFIPRD     SECURITY ID: 45031U408
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JAY SUGARMAN AS A DIRECTOR	Management	For	For
1.2	ELECT WILLIS ANDERSEN, JR. AS A DIRECTOR	Management	For	For
1.3	ELECT ROBERT W. HOLMAN, JR. AS A DIRECTOR	Management	For	For
1.4	ELECT ROBIN JOSEPHS AS A DIRECTOR	Management	For	For
1.5	ELECT JOHN G. MCDONALD AS A DIRECTOR	Management	For	For
1.6	ELECT GEORGE R. PUSKAR AS A DIRECTOR	Management	For	For
1.7	ELECT JEFFREY A. WEBER AS A DIRECTOR	Management	For	For
2	AUTHORIZATION OF ISSUANCE OF COMMON STOCK EQUIVALENTS TO DIRECTORS UNDER A NON-EMPLOYEE DIRECTORS DEFERRAL PROGRAM.	Management	For	For
3	APPROVAL OF EXTENDING THE ISTAR FINANCIAL INC. HIGH PERFORMANCE UNIT PROGRAM TO ADD 2007 HPU PLAN AND 2008 HPU PLAN.	Management	For	For
4	RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: KILROY REALTY CORPORATION MEETING DATE: 05/18/2004
TICKER: KRC     SECURITY ID: 49427F108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JOHN R. D'EATHE AS A DIRECTOR	Management	For	For
1.2	ELECT WILLIAM P. DICKEY AS A DIRECTOR	Management	For	For
1.3	ELECT E. F. BRENNAN, PH.D. AS A DIRECTOR	Management	For	For

ISSUER NAME: KIMCO REALTY CORPORATION MEETING DATE: 05/20/2004
TICKER: KIM     SECURITY ID: 49446R109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT M. KIMMEL AS A DIRECTOR	Management	For	For
1.2	ELECT M. COOPER AS A DIRECTOR	Management	For	For
1.3	ELECT R. DOOLEY AS A DIRECTOR	Management	For	For
1.4	ELECT M. FLYNN AS A DIRECTOR	Management	For	For
1.5	ELECT J. GRILLS AS A DIRECTOR	Management	For	For
1.6	ELECT D. HENRY AS A DIRECTOR	Management	For	For
1.7	ELECT F.P. HUGHES AS A DIRECTOR	Management	For	For
1.8	ELECT F. LOURENSO AS A DIRECTOR	Management	For	For
1.9	ELECT R. SALTZMAN AS A DIRECTOR	Management	For	For
2	TO APPROVE A RECOMMENDATION BY THE BOARD OF DIRECTORS THAT THE COMPANY S EQUITY PARTICIPATION PLAN BE AMENDED SO THAT THE EXECUTIVE COMPENSATION COMMITTEE HAS THE AUTHORITY TO GRANT UP TO 15% OF THE SHARES OF COMMON STOCK AVAILABLE FOR FUTURE GRANT UNDER THE EQUITY PARTICIPATION PLAN AS GRANTS OF RESTRICTED SHARES OF COMMON STOCK.	Management	For	Against
3	TO CONSIDER A STOCKHOLDER PROPOSAL TO SEPARATE CHAIRMAN AND CHIEF EXECUTIVE OFFICER POSITIONS, IF PROPERLY PRESENTED AT THE MEETING.	Shareholder	Against	Against

ISSUER NAME: LASALLE HOTEL PROPERTIES MEETING DATE: 04/22/2004
TICKER: LHO     SECURITY ID: 517942108
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT DONALD S. PERKINS AS A DIRECTOR	Management	For	For
1.2	ELECT STUART L. SCOTT AS A DIRECTOR	Management	For	For
2	TO RATIFY THE SELECTION OF KPMG LLP AS THE INDEPENDENT AUDITORS OF THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For

ISSUER NAME: LEXINGTON CORPORATE PROPERTIES TRUST MEETING DATE: 05/26/2004
TICKER: LXP     SECURITY ID: 529043101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT E. ROBERT ROSKIND AS A DIRECTOR	Management	For	For
1.2	ELECT RICHARD J. ROUSE AS A DIRECTOR	Management	For	For
1.3	ELECT T. WILSON EGLIN AS A DIRECTOR	Management	For	For
1.4	ELECT GEOFFREY DOHRMANN AS A DIRECTOR	Management	For	For
1.5	ELECT CARL D. GLICKMAN AS A DIRECTOR	Management	For	For
1.6	ELECT JAMES GROSFELD AS A DIRECTOR	Management	For	For
1.7	ELECT KEVIN W. LYNCH AS A DIRECTOR	Management	For	For
1.8	ELECT STANLEY R. PERLA AS A DIRECTOR	Management	For	For
1.9	ELECT SETH M. ZACHARY AS A DIRECTOR	Management	For	For
2	TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE 2004 ANNUAL MEETING.	Management	For	Abstain

ISSUER NAME: LTC PROPERTIES, INC. MEETING DATE: 05/18/2004
TICKER: LTC     SECURITY ID: 502175102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT ANDRE C. DIMITRIADIS AS A DIRECTOR	Management	For	For
1.2	ELECT EDMUND C. KING AS A DIRECTOR	Management	For	For
1.3	ELECT WENDY L. SIMPSON AS A DIRECTOR	Management	For	For
1.4	ELECT TIMOTHY J. TRICHE, MD AS A DIRECTOR	Management	For	For
1.5	ELECT SAM YELLEN AS A DIRECTOR	Management	For	For
2	APPROVAL OF AN AMENDMENT TO THE CHARTER OF THE COMPANY TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK FROM 35,000,000 TO 45,000,000 SHARES.	Management	For	For
3	APPROVAL OF AN AMENDMENT TO THE CHARTER OF THE COMPANY TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF PREFERRED STOCK FROM 15,000,000 TO 25,000,000 SHARES	Management	For	Against
4	APPROVAL OF THE COMPANY S 2004 STOCK OPTION PLAN	Management	For	Against
5	APPROVAL OF THE COMPANY S 2004 RESTRICTED STOCK PLAN	Management	For	Against
6	RATIFICATION OF THE COMPANY S INDEPENDENT AUDITORS	Management	For	For

ISSUER NAME: MANUFACTURED HOME COMMUNITIES, INC. MEETING DATE: 05/04/2004
TICKER: MHC     SECURITY ID: 564682102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT DONALD S. CHISHOLM AS A DIRECTOR	Management	For	For
1.2	ELECT THOMAS E. DOBROWSKI AS A DIRECTOR	Management	For	For
1.3	ELECT THOMAS P. HENEGHAN AS A DIRECTOR	Management	For	For
1.4	ELECT JOE B. MCADAMS AS A DIRECTOR	Management	For	For
1.5	ELECT SHELI Z. ROSENBERG AS A DIRECTOR	Management	For	For
1.6	ELECT HOWARD WALKER AS A DIRECTOR	Management	For	For
1.7	ELECT GARY L. WATERMAN AS A DIRECTOR	Management	For	For
1.8	ELECT SAMUEL ZELL AS A DIRECTOR	Management	For	For

ISSUER NAME: MFA MORTGAGE INVESTMENTS, INC. MEETING DATE: 06/09/2004
TICKER: MFA     SECURITY ID: 55272X102
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT STEWART ZIMMERMAN* AS A DIRECTOR	Management	For	For
1.2	ELECT JAMES A. BRODSKY* AS A DIRECTOR	Management	For	For
1.3	ELECT ALAN L. GOSULE* AS A DIRECTOR	Management	For	For
1.4	ELECT EDISON C. BUCHANAN** AS A DIRECTOR	Management	For	For
2	APPROVAL OF THE AMENDMENT AND RESTATEMENT OF THE COMPANY S SECOND AMENDED AND RESTATED 1997 STOCK OPTION PLAN.	Management	For	Against
3	RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS FOR FISCAL 2004.	Management	For	For

ISSUER NAME: NEW PLAN EXCEL REALTY TRUST, INC. MEETING DATE: 05/12/2004
TICKER: NXLRZ     SECURITY ID: 648053700
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT NORMAN GOLD AS A DIRECTOR	Management	For	For
1.2	ELECT NINA MATIS AS A DIRECTOR	Management	For	For
1.3	ELECT WILLIAM NEWMAN AS A DIRECTOR	Management	For	For
1.4	ELECT GEORGE PUSKAR AS A DIRECTOR	Management	For	For

ISSUER NAME: OMEGA HEALTHCARE INVESTORS, INC. MEETING DATE: 06/03/2004
TICKER: OHI     SECURITY ID: 681936100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT EDWARD LOWENTHAL AS A DIRECTOR	Management	For	For
1.2	ELECT STEPHEN D. PLAVIN AS A DIRECTOR	Management	For	For
2	TO CONSIDER AND VOTE UPON A PROPOSAL TO AMEND OUR ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF OUR PREFERRED STOCK FROM 10,000,000 TO 20,000,000 SHARES.	Management	For	Against
3	TO APPROVE THE OMEGA HEALTHCARE INVESTORS, INC. 2004 STOCK INCENTIVE PLAN.	Management	For	Against

ISSUER NAME: PRENTISS PROPERTIES TRUST MEETING DATE: 05/05/2004
TICKER: PP     SECURITY ID: 740706106
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT DR. L. M. RIGGS, JR. AS A DIRECTOR	Management	For	For
1.2	ELECT RONALD G. STEINHART AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR 2004.	Management	For	For
3	APPROVAL OF AN AMENDMENT TO THE COMPANY S AMENDED AND RESTATED TRUSTEES SHARE INCENTIVE PLAN, AS AMENDED (THE TRUSTEES PLAN ) TO INCREASE THE AGGREGATE NUMBER OF THE COMPANY S COMMON SHARES OF BENEFICIAL INTEREST, PAR VALUE $0.01 PER SHARE (THE COMMON SHARES ), THAT MAY BE ISSUED UNDER THE TRUSTEES PLAN BY 50,000 COMMON SHARES.	Management	For	Against
4	APPROVAL OF AN AMENDMENT TO THE COMPANY S 1996 SHARE INCENTIVE PLAN, AS AMENDED (THE 1996 PLAN ), TO INCREASE THE AGGREGATE NUMBER OF THE COMPANY S COMMON SHARES THAT MAY BE ISSUED UNDER THE 1996 PLAN BY 1,500,000 COMMON SHARES.	Management	For	Against

ISSUER NAME: PRICE LEGACY CORPORATION MEETING DATE: 12/16/2003
TICKER: XLG     SECURITY ID: 74144P106
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JACK MCGRORY AS A DIRECTOR	Management	For	For
1.2	ELECT JAMES F. CAHILL AS A DIRECTOR	Management	For	For
1.3	ELECT MURRAY GALINSON AS A DIRECTOR	Management	For	For
1.4	ELECT KEENE WOLCOTT AS A DIRECTOR	Management	For	For
1.5	ELECT REUBEN S. LEIBOWITZ AS A DIRECTOR	Management	For	For
1.6	ELECT MELVIN L. KEATING AS A DIRECTOR	Management	For	For

ISSUER NAME: PRICE LEGACY CORPORATION MEETING DATE: 03/11/2004
TICKER: XLG     SECURITY ID: 74144P106
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1	TO APPROVE THE ISSUANCE OF, AT THE ELECTION OF THE HOLDER, EITHER 4.2 SHARES OF COMMON STOCK OR ONE SHARE OF A NEW SERIES OF PREFERRED STOCK OF PRICE LEGACY, TO BE DESIGNATED 6.82% SERIES 1 CUMULATIVE REDEEMABLE PREFERRED STOCK, IN EXCHANGE FOR EACH OUTSTANDING SHARE OF PRICE LEGACY S 8 3/4% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK.	Management	For	For
2	TO APPROVE THE ISSUANCE OF 1.39 SHARES OF COMMON STOCK IN EXCHANGE FOR EACH OUTSTANDING SHARE OF PRICE LEGACY S 9% SERIES B JUNIOR CONVERTIBLE REDEEMABLE PREFERRED STOCK.	Management	For	For
3	TO EFFECT A 1-FOR-4 REVERSE STOCK SPLIT OF THE COMMON STOCK.	Management	For	For
4	TO DESIGNATE AND ESTABLISH THE TERMS OF THE SERIES 1 PREFERRED STOCK THAT MAY BE ISSUED IN EXCHANGE FOR SHARES OF SERIES A PREFERRED STOCK.	Management	For	For
5	TO ELIMINATE THE SERIES B PREFERRED STOCK FOLLOWING ITS EXCHANGE FOR COMMON STOCK.	Management	For	For
6	TO CHANGE THE MANNER OF ELECTION OF DIRECTORS TO PROVIDE THAT THE HOLDERS OF COMMON STOCK AND SERIES A PREFERRED STOCK, BUT NOT THE HOLDERS OF SERIES 1 PREFERRED STOCK, WILL VOTE TOGETHER AS A SINGLE CLASS TO ELECT ALL OF THE DIRECTORS OF PRICE LEGACY, WITH EACH SHARE OF COMMON STOCK ENTITLED TO ONE VOTE AND EACH SHARE OF SERIES A PREFERRED ENTITLED TO ONE-TENTH OF ONE VOTE.	Management	For	For
7	TO CHANGE THE AUTHORIZED CAPITAL STOCK OF PRICE LEGACY TO PROVIDE SUFFICIENT SHARES TO COMPLETE THE RECAPITALIZATION.	Management	For	For
8	TO APPROVE THE AMENDMENT AND RESTATEMENT, IN SUBSTANTIALLY THE FORM OF ARTICLES OF AMENDMENT AND RESTATEMENT ATTACHED TO THE PROXY STATEMENT AS ANNEX B, WHICH WILL INCLUDE THE FOREGOING AMENDMENTS IN THE EVENT THEY ARE APPROVED BY THE STOCKHOLDERS.	Management	For	For

ISSUER NAME: RAYONIER INC. MEETING DATE: 05/20/2004
TICKER: RYN     SECURITY ID: 754907103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT RONALD M. GROSS AS A DIRECTOR	Management	For	For
1.2	ELECT THOMAS I. MORGAN AS A DIRECTOR	Management	For	For
1.3	ELECT KATHERINE D. ORTEGA AS A DIRECTOR	Management	For	For
2	APPROVAL OF AN AMENDMENT TO THE COMPANY S ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED COMMON SHARES	Management	For	For
3	APPROVAL OF AN AMENDMENT TO THE 2004 INCENTIVE STOCK AND MANAGEMENT BONUS PLAN TO INCREASE THE NUMBER OF SHARES AVAILABLE THEREUNDER	Management	For	Against

ISSUER NAME: REDWOOD TRUST, INC. MEETING DATE: 05/06/2004
TICKER: RWT     SECURITY ID: 758075402
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT RICHARD D. BAUM AS A DIRECTOR	Management	For	For
1.2	ELECT MARIANN BYERWALTER AS A DIRECTOR	Management	For	For
1.3	ELECT DAVID L. TYLER AS A DIRECTOR	Management	For	For
2	RATIFICATION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS OF REDWOOD TRUST, INC. FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.	Management	For	For
3	TO APPROVE AMENDMENT OF THE 2002 REDWOOD TRUST, INC. INCENTIVE STOCK PLAN.	Management	For	Against

ISSUER NAME: REGENCY CENTERS CORPORATION MEETING DATE: 04/28/2004
TICKER: REG     SECURITY ID: 758849103
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT MARTIN E. STEIN, JR. AS A DIRECTOR	Management	For	For
1.2	ELECT RAYMOND L. BANK AS A DIRECTOR	Management	For	For
1.3	ELECT A.R. CARPENTER AS A DIRECTOR	Management	For	For
1.4	ELECT J. DIX DRUCE, JR. AS A DIRECTOR	Management	For	For
2	AMENDMENT TO REGENCY S RESTATED ARTICLES OF INCORPORATION TO ELIMINATE CLASSIFICATION OF THE BOARD OF DIRECTORS.	Management	For	For
3	AMENDMENT TO REGENCY S RESTATED ARTICLES OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF PREFERRED STOCK.	Management	For	For
4	AMENDMENT TO REGENCY S RESTATED ARTICLES OF INCORPORATION TO DELETE MATTERS OF HISTORICAL INTEREST RELATING TO SECURITY CAPITAL S OWNERSHIP LIMIT.	Management	For	For

ISSUER NAME: SHURGARD STORAGE CENTERS, INC. MEETING DATE: 06/29/2004
TICKER: SHU     SECURITY ID: 82567D104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT A. K. 'ANNIKA' ANDREWS* AS A DIRECTOR	Management	For	Withhold
1.2	ELECT CHARLES K. BARBO** AS A DIRECTOR	Management	For	Withhold
1.3	ELECT HOWARD P. BEHAR** AS A DIRECTOR	Management	For	Withhold
1.4	ELECT RICHARD P. FOX** AS A DIRECTOR	Management	For	Withhold
2	THE RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS, PRICEWATERHOUSECOOPERS LLP	Management	For	For
3	TO APPROVE THE COMPANY S 2004 LONG-TERM INCENTIVE PLAN	Management	For	Against

ISSUER NAME: SIMON PROPERTY GROUP, INC. MEETING DATE: 05/05/2004
TICKER: SPG     SECURITY ID: 828806109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT BIRCH BAYH AS A DIRECTOR	Management	For	For
1.2	ELECT MELVYN E. BERGSTEIN AS A DIRECTOR	Management	For	For
1.3	ELECT LINDA WALKER BYNOE AS A DIRECTOR	Management	For	For
1.4	ELECT KAREN N. HORN AS A DIRECTOR	Management	For	For
1.5	ELECT G. WILLIAM MILLER AS A DIRECTOR	Management	For	For
1.6	ELECT J. ALBERT SMITH, JR. AS A DIRECTOR	Management	For	For
1.7	ELECT PIETER S. VAN DEN BERG AS A DIRECTOR	Management	For	For
2	RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT ACCOUNTANTS FOR 2004.	Management	For	For
3	TO CONSIDER AND VOTE ON A STOCKHOLDER PROPOSAL.	Shareholder	Against	Against

ISSUER NAME: SIMON PROPERTY GROUP, INC. MEETING DATE: 05/05/2004
TICKER: SPGPRG     SECURITY ID: 828806505
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT BIRCH BAYH AS A DIRECTOR	Management	For	For
1.2	ELECT MELVYN E. BERGSTEIN AS A DIRECTOR	Management	For	For
1.3	ELECT LINDA WALKER BYNOE AS A DIRECTOR	Management	For	For
1.4	ELECT KAREN N. HORN AS A DIRECTOR	Management	For	For
1.5	ELECT G. WILLIAM MILLER AS A DIRECTOR	Management	For	For
1.6	ELECT J. ALBERT SMITH, JR. AS A DIRECTOR	Management	For	For
1.7	ELECT PIETER S. VAN DEN BERG AS A DIRECTOR	Management	For	For

ISSUER NAME: SUN COMMUNITIES, INC. MEETING DATE: 05/20/2004
TICKER: SUI     SECURITY ID: 866674104
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT CLUNET R. LEWIS AS A DIRECTOR	Management	For	For
1.2	ELECT ARTHUR A. WEISS AS A DIRECTOR	Management	For	For
2	2004 NON-EMPLOYEE DIRECTOR OPTION PLAN.	Management	For	For

ISSUER NAME: THE ROUSE COMPANY MEETING DATE: 05/06/2004
TICKER: RSE     SECURITY ID: 779273101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JEREMIAH E. CASEY AS A DIRECTOR	Management	For	For
1.2	ELECT ROGER W. SCHIPKE AS A DIRECTOR	Management	For	For
2	CONSIDERATION OF A PROPOSAL BY THE BOARD OF DIRECTORS TO AMEND THE CHARTER OF THE ROUSE COMPANY TO INCREASE THE TOTAL NUMBER OF AUTHORIZED SHARES OF COMMON STOCK OF THE ROUSE COMPANY.	Management	For	Against

ISSUER NAME: VENTAS, INC. MEETING DATE: 05/21/2004
TICKER: VTR     SECURITY ID: 92276F100
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT JAY M. GELLERT AS A DIRECTOR	Management	For	For
1.2	ELECT RONALD G. GEARY AS A DIRECTOR	Management	For	For
1.3	ELECT DOUGLAS CROCKER II AS A DIRECTOR	Management	For	For
1.4	ELECT SHELI Z. ROSENBERG AS A DIRECTOR	Management	For	For
1.5	ELECT DEBRA A. CAFARO AS A DIRECTOR	Management	For	For
1.6	ELECT THOMAS C. THEOBALD AS A DIRECTOR	Management	For	For
2	TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE COMPANY S INDEPENDENT AUDITORS FOR FISCAL YEAR 2004.	Management	For	For
3	TO ADOPT THE COMPANY S 2004 STOCK PLAN FOR DIRECTORS WHICH AMENDS AND RESTATES THE COMPANY S 2000 STOCK OPTION PLAN FOR DIRECTORS.	Management	For	Against

ISSUER NAME: VORNADO REALTY TRUST MEETING DATE: 05/27/2004
TICKER: VNO     SECURITY ID: 929042109
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT ROBERT P. KOGOD AS A DIRECTOR	Management	For	For
1.2	ELECT DAVID MANDELBAUM AS A DIRECTOR	Management	For	For
1.3	ELECT DR. RICHARD R. WEST AS A DIRECTOR	Management	For	For
2	RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS.	Management	For	For

ISSUER NAME: W. P. CAREY & CO. LLC MEETING DATE: 06/10/2004
TICKER: WPC     SECURITY ID: 92930Y107
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT GORDON F. DUGAN AS A DIRECTOR	Management	For	For
1.2	ELECT RALPH F. VERNI AS A DIRECTOR	Management	For	For
1.3	ELECT REGINALD WINSSINGER AS A DIRECTOR	Management	For	For

ISSUER NAME: WASHINGTON REAL ESTATE INVESTMENT TR MEETING DATE: 05/20/2004
TICKER: WRE     SECURITY ID: 939653101
Proposal No	Proposal	Proposed By	Management Recommendation	Vote Cast
1.1	ELECT MR. EDMUND B. CRONIN JR AS A DIRECTOR	Management	For	For
1.2	ELECT MR. JOHN P. MCDANIEL AS A DIRECTOR	Management	For	For
1.3	ELECT MR. DAVID M. OSNOS AS A DIRECTOR	Management	For	For
2	AMENDMENTS OF DECLARATION OF TRUST TO AUTHORIZE THE ISSUANCE OF PREFERRED SHARES.	Management	For	Against