UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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 November 5, 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: 66
Form 13F Information Table Value Total: $99,169
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 882 97300 SH
SOLE 97300
Agree Realty Corporation REIT 008492100 1525 91700 SH
SOLE 91700
American Industrial Properties REIT 026791202 3552 266800 SH
SOLE 266800
Annaly Mortgage Management Inc REIT 035710409 103 11100 SH
SOLE 11100
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 206 10000 SH
SOLE 10000
Apartment Invt & Mgmt Co Pfd G REIT 03748R408 819 36200 SH
SOLE 36200
Associated Estates Realty Corp REIT 045604105 855 93100 SH
SOLE 93100
Banyan Strategic Realty Trust REIT 06683M102 4845 934006 SH
SOLE 934006
Berkshire Realty Co., Incorpor REIT 084710102 5542 461800 SH
SOLE 461800
Boddie-Noell Properties, Incor REIT 096903109 649 64900 SH
SOLE 64900
Brandywine Realty Trust REIT 105368203 2615 160900 SH
SOLE 160900
Brookdale Living Communities REIT 112462106 1492 103800 SH
SOLE 103800
Burnham Pacific Properties, In REIT 12232C108 3937 372700 SH
SOLE 372700
CarrAmerica Realty Corp. Pfd S REIT 144418209 670 34600 SH
SOLE 34600
Chastain Capital Corporation REIT 161697107 361 52000 SH
SOLE 52000
Cornerstone Realty Income Comp REIT 21922V102 207 23000 SH
SOLE 23000
Corporate Office Pfd 10% REIT 22002T207 739 32200 SH
SOLE 32200
Corporate Office Properties Tr REIT 22002T108 1929 255100 SH
SOLE 255100
Crescent Real Estate Ser A 6.7 REIT 225756204 480 32000 SH
SOLE 32000
Crown American Realty Trust Pf REIT 228186201 1353 32800 SH
SOLE 32800
Developers Diversified Realty REIT 251591103 1757 125500 SH
SOLE 125500
EastGroup Properties, Incorpor REIT 277276101 595 32839 SH
SOLE 32839
Equity Office Properties Trust REIT 294741103 1435 61700 SH
SOLE 61700
Felcor Lodging Trust Inc. REIT 31430F101 875 50000 SH
SOLE 50000
First Union R/E Equity & Mortg REIT 337400105 3279 655871 SH
SOLE 655871
G&L Realty Corp. Pfd Ser A REIT 361271208 581 34800 SH
SOLE 34800
G&L Realty Corp. Pfd Ser B REIT 361271307 168 10500 SH
SOLE 10500
General Growth Properties, Inc REIT 370021107 315 10000 SH
SOLE 10000
Glenborough Realty Trust REIT 37803P105 2242 135900 SH
SOLE 135900
Glenborough Realty Trust Pfd S REIT 37803P204 1470 89400 SH
SOLE 89400
Glimcher Realty Trust REIT 379302102 3331 226800 SH
SOLE 226800
Glimcher Realty Trust Pfd Ser REIT 379302201 459 25300 SH
SOLE 25300
Highwoods Properties, Inc. REIT 431284108 1056 40800 SH
SOLE 40800
Homestead REIT 437851108 849 301900 SH
SOLE 301900
IRT Property Company REIT 450058102 131 14600 SH
SOLE 14600
Imperial Credit Commercial REIT 45272T102 1100 100000 SH
SOLE 100000
Koger Equity REIT 500228101 5957 372300 SH
SOLE 372300
Kranzco Realty Trust REIT 50076E103 598 59100 SH
SOLE 59100
Lexford Residential Trust REIT 528933104 197 10000 SH
SOLE 10000
Lodgian Inc. REIT 54021P106 201 53500 SH
SOLE 53500
Mack-Cali Realty corporation REIT 554489104 1957 73000 SH
SOLE 73000
Malan Realty Investors, Inc. REIT 561063108 6504 464550 SH
SOLE 464550
Mid-America Apt. Comm Pfd 9.37 REIT 59522J400 214 11000 SH
SOLE 11000
PS Business Parks Inc. (New) REIT 69360J107 1170 45000 SH
SOLE 45000
Pacific Gulf Properties, Inc. REIT 694396102 1208 60600 SH
SOLE 60600
Prentiss Properties Trust REIT 740706106 2662 120000 SH
SOLE 120000
Prime Group Realty Trust REIT 74158J103 721 48100 SH
SOLE 48100
Prime Group Realty Trust Pfd S REIT 74158J202 655 36500 SH
SOLE 36500
Prime Retail Inc. Pfd Ser A 10 REIT 741570204 1680 98800 SH
SOLE 98800
Prime Retail Inc. Pfd Ser B 8. REIT 741570303 2615 187600 SH
SOLE 187600
Public Storage Inc. REIT 74460D109 1007 40000 SH
SOLE 40000
Ramco-Gershenson Properties Tr REIT 751452202 2493 166900 SH
SOLE 166900
Resource Asset Investment Trus REIT 761196104 501 45000 SH
SOLE 45000
SL Green REIT 78440X101 500 24400 SH
SOLE 24400
Sunstone Hotel Investors, Inc. REIT 867933103 2540 290300 SH
SOLE 290300
Trizec Hahn REIT 896938107 1680 88700 SH
SOLE 88700
United Investors Realty Trust REIT 910741107 345 47800 SH
SOLE 47800
Vornado Realty Trust REIT 929042109 578 17800 SH
SOLE 17800
Walden Residential Prop. Inc S REIT 931210405 510 32900 SH
SOLE 32900
Walden Residential Prop. Inc. REIT 931210603 926 60700 SH
SOLE 60700
Walden Residential Properties, REIT 931210108 2816 129100 SH
SOLE 129100
Wellsford Real Properties, Inc REIT 950240101 3226 339534 SH
SOLE 339534
Winston Hotels Inc. REIT 97563A102 2009 226400 SH
SOLE 226400
Capital Senior Living Corp. COM 140475104 1063 140600 SH
SOLE 140600
Excel Legacy Group COM 300665106 42 10100 SH
SOLE 10100
Host Marriott Corporation COM 44107P104 190 20000 SH
SOLE 20000
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