UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Institutional Investment Manager Filing this Report:
Name: Kensington Investment Group, Inc.
Address: 4 Orinda Way, Suite 220D
Orinda, CA 94563
13F File Number: 28-7458
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: John P. Kramer
Title: President
Phone: 925-253-2949
Signature, Place, and Date of Signing:
John P. Kramer Orinda, California August 9, 1999
Report Type: 13F HOLDINGS REPORT
List of Other Managers Reporting for this Manager: NONE
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 73
Form 13F Information Table Value Total: $105,404
List of Other Included Managers: NONE
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FORM 13F
INFORMATION TABLE
VALUE SHARES/ SH/
PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN
CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- ---
- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
Aegis Realty Inc Com REIT 00760P104 965 98300 SH
SOLE 98300
Agree Realty Corporation REIT 008492100 1681 91200 SH
SOLE 91200
American Industrial Properties REIT 026791202 4537 321200 SH
SOLE 321200
Apartment Investment & Managem REIT 03748R101 556 13000 SH
SOLE 13000
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 230 10000 SH
SOLE 10000
Apartment Invt & Mgmt Co Pfd G REIT 03748R408 838 35100 SH
SOLE 35100
Apex Mortgage Capital Inc. REIT 037564101 157 11800 SH
SOLE 11800
Associated Estates Realty Corp REIT 045604105 1464 123900 SH
SOLE 123900
Banyan Strategic Realty Trust REIT 06683M102 4430 754106 SH
SOLE 754106
Berkshire Realty Co., Incorpor REIT 084710102 3915 338600 SH
SOLE 338600
Boddie-Noell Properties, Incor REIT 096903109 804 69900 SH
SOLE 69900
Boston Properties, Incorporate REIT 101121101 1080 30100 SH
SOLE 30100
Boykin Lodging Company REIT 103430104 223 14500 SH
SOLE 14500
Brandywine Realty Trust REIT 105368203 2520 127200 SH
SOLE 127200
Brookdale Living Communities REIT 112462106 1635 110400 SH
SOLE 110400
CarrAmerica Realty Corp. Pfd S REIT 144418209 749 32400 SH
SOLE 32400
Chastain Capital Corporation REIT 161697107 344 52000 SH
SOLE 52000
Cornerstone Realty Income Comp REIT 21922V102 258 24000 SH
SOLE 24000
Corporate Office Pfd 10% REIT 22002T207 625 25000 SH
SOLE 25000
Corporate Office Properties Tr REIT 22002T108 2609 318700 SH
SOLE 318700
Crescent Real Estate Equities REIT 225756105 617 26000 SH
SOLE 26000
Crescent Real Estate Ser A 6.7 REIT 225756204 514 30000 SH
SOLE 30000
Crown American Realty Trust Pf REIT 228186201 1451 30800 SH
SOLE 30800
Developers Diversified Realty REIT 251591103 1451 86000 SH
SOLE 86000
EastGroup Properties, Incorpor REIT 277276101 1018 50739 SH
SOLE 50739
Equity Office Properties Trust REIT 294741103 2065 80600 SH
SOLE 80600
Equity Residential REIT 29476L107 1649 36590 SH
SOLE 36590
Felcor Lodging Trust Inc. REIT 31430F101 1245 60000 SH
SOLE 60000
First Industrial Realty Trust, REIT 32054K103 960 35000 SH
SOLE 35000
First Union R/E Equity & Mortg REIT 337400105 2004 445271 SH
SOLE 445271
G&L Realty Corp. Pfd Ser A REIT 361271208 729 38300 SH
SOLE 38300
G&L Realty Corp. Pfd Ser B REIT 361271307 408 22000 SH
SOLE 22000
Glenborough Realty Trust REIT 37803P105 1206 68900 SH
SOLE 68900
Glenborough Realty Trust Pfd S REIT 37803P204 534 28100 SH
SOLE 28100
Glimcher Realty Trust REIT 379302102 2122 129600 SH
SOLE 129600
Glimcher Realty Trust Pfd Ser REIT 379302201 350 16000 SH
SOLE 16000
Highwoods Properties, Inc. REIT 431284108 1364 49700 SH
SOLE 49700
Hospitality Prop. REIT 44106M102 239 8800 SH
SOLE 8800
IRT Property Company REIT 450058102 144 14600 SH
SOLE 14600
Imperial Credit Commercial REIT 45272T102 811 75000 SH
SOLE 75000
Koger Equity REIT 500228101 5321 288600 SH
SOLE 288600
Kranzco Realty Trust REIT 50076E103 1976 149100 SH
SOLE 149100
Lexford Residential Trust REIT 528933104 4971 208200 SH
SOLE 208200
Lodgian Inc. REIT 54021P106 691 105300 SH
SOLE 105300
MGI Properties Inc. REIT 552885105 282 10000 SH
SOLE 10000
Mack-Cali Realty corporation REIT 554489104 888 28700 SH
SOLE 28700
Malan Realty Investors, Inc. REIT 561063108 6669 432000 SH
SOLE 432000
Meditrust REIT 58501T306 131 10000 SH
SOLE 10000
PS Business Parks Inc. (New) REIT 69360J107 1258 51600 SH
SOLE 51600
Pacific Gulf Properties, Inc. REIT 694396102 2102 92900 SH
SOLE 92900
Patriot Amer Hospitality DelPa REIT 703352203 90 20000 SH
SOLE 20000
Prentiss Properties Trust REIT 740706106 3284 139000 SH
SOLE 139000
Prime Group Realty Trust REIT 74158J103 1423 82800 SH
SOLE 82800
Prime Group Realty Trust Pfd S REIT 74158J202 614 31500 SH
SOLE 31500
Prologis Trust REIT 743410102 607 30000 SH
SOLE 30000
Ramco-Gershenson Properties Tr REIT 751452202 2603 160200 SH
SOLE 160200
Resource Asset Investment Trus REIT 761196104 638 50500 SH
SOLE 50500
Rouse Company (The) REIT 779273101 272 10700 SH
SOLE 10700
SL Green REIT 78440X101 1042 51000 SH
SOLE 51000
Starwood Hotels & Resorts Worl REIT 855905204 2436 79700 SH
SOLE 79700
Sunstone Hotel Investors, Inc. REIT 867933103 1476 173700 SH
SOLE 173700
Trinet Corporate Realty Trust, REIT 896287109 1296 46800 SH
SOLE 46800
Trizec Hahn REIT 896938107 2256 110700 SH
SOLE 110700
United Investors Realty Trust REIT 910741107 411 49800 SH
SOLE 49800
Vornado Realty Trust REIT 929042109 1847 52300 SH
SOLE 52300
Walden Residential Prop. Inc. REIT 931210603 1087 54200 SH
SOLE 54200
Walden Residential Properties, REIT 931210108 1380 64200 SH
SOLE 64200
Wellsford Real Properties, Inc REIT 950240101 3569 332034 SH
SOLE 332034
Winston Hotels Inc. REIT 97563A102 2196 212900 SH
SOLE 212900
Wyndham International Inc. REIT 983101106 1198 266201 SH
SOLE 266201
Capital Senior Living Corp. COM 140475104 555 55500 SH
SOLE 55500
Excel Legacy Group COM 300665106 48 10100 SH
SOLE 10100
Host Marriott Corporation COM 44107P104 285 24000 SH
SOLE 24000
</TABLE>
