UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 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 February 4, 2000
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: 79
Form 13F Information Table Value Total: $108,450
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>
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ARCHSTONE CMNTYS TR PFD SER C REIT 039581400 474 24000 SH
SOLE 24000
Aegis Realty Inc Com REIT 00760P104 201 22800 SH
SOLE 22800
Agree Realty Corporation REIT 008492100 1349 94700 SH
SOLE 94700
American Industrial Properties REIT 026791202 4127 333500 SH
SOLE 333500
Annaly Mortgage Management Inc REIT 035710409 131 15000 SH
SOLE 15000
Apartment Investment & Managem REIT 03748R101 386 9700 SH
SOLE 9700
Apartment Invt & Mgmt Co Pfd D REIT 03748R309 158 10000 SH
SOLE 10000
Apartment Invt & Mgmt Co Pfd G REIT 03748R408 474 28200 SH
SOLE 28200
Archstone Communities Trust REIT 039581103 480 23400 SH
SOLE 23400
Arden Realty, Incorporated REIT 039793104 520 25900 SH
SOLE 25900
Associated Estates Realty Corp REIT 045604105 205 26300 SH
SOLE 26300
Banyan Strategic Realty Trust REIT 06683M102 7736 1289406 SH
SOLE 1289406
Boddie-Noell Properties, Incor REIT 096903109 502 59900 SH
SOLE 59900
Boston Properties, Incorporate REIT 101121101 1737 55800 SH
SOLE 55800
Brandywine Realty Trust REIT 105368203 3545 216500 SH
SOLE 216500
Brookdale Living Communities REIT 112462106 1168 94400 SH
SOLE 94400
Burnham Pacific Properties, In REIT 12232C108 4715 502900 SH
SOLE 502900
CarrAmerica Realty Corp. Pfd S REIT 144418209 554 34600 SH
SOLE 34600
CarrAmerica Realty Corporation REIT 144418100 329 15400 SH
SOLE 15400
Catellus REIT 149111106 448 35000 SH
SOLE 35000
Chastain Capital Corporation REIT 161697107 143 327000 SH
SOLE 327000
Corporate Office Pfd 10% REIT 22002T207 481 27900 SH
SOLE 27900
Corporate Office Properties Tr REIT 22002T108 1961 257200 SH
SOLE 257200
Crescent Real Estate Ser A 6.7 REIT 225756204 484 32000 SH
SOLE 32000
Crown American Realty Trust Pf REIT 228186201 1090 30800 SH
SOLE 30800
Developers Diversified Realty REIT 251591103 1793 139300 SH
SOLE 139300
EastGroup Properties, Incorpor REIT 277276101 484 26139 SH
SOLE 26139
Equity Office Properties Trust REIT 294741103 1500 60900 SH
SOLE 60900
Equity Residential REIT 29476L107 4287 100430 SH
SOLE 100430
Equity Residential PPTY Ser A REIT 29476L206 1942 91100 SH
SOLE 91100
FIRST INDUSTRIAL RLTY PFD E DE REIT 294741608 417 23500 SH
SOLE 23500
Felcor Lodging Trust Inc. REIT 31430F101 548 31300 SH
SOLE 31300
First Union R/E Equity & Mortg REIT 337400105 3739 787171 SH
SOLE 787171
Franklin Select Realty Trust S REIT 354638108 206 29900 SH
SOLE 29900
G&L Realty Corp. Pfd Ser A REIT 361271208 414 27600 SH
SOLE 27600
General Growth Properties, Inc REIT 370021107 406 14500 SH
SOLE 14500
Glenborough Realty Trust REIT 37803P105 1902 142200 SH
SOLE 142200
Glenborough Realty Trust Pfd S REIT 37803P204 1252 89800 SH
SOLE 89800
Glimcher Realty Trust REIT 379302102 2485 193000 SH
SOLE 193000
Glimcher Realty Trust Pfd Ser REIT 379302201 409 26800 SH
SOLE 26800
Highwoods Properties, Inc. REIT 431284108 2711 114750 SH
SOLE 114750
Homestead REIT 437851108 684 321900 SH
SOLE 321900
Imperial Credit Commercial REIT 45272T102 5676 499000 SH
SOLE 499000
Kimco Realty Corporation REIT 49446R109 406 12000 SH
SOLE 12000
Koger Equity REIT 500228101 6739 399350 SH
SOLE 399350
Kranzco Realty Trust REIT 50076E103 397 45000 SH
SOLE 45000
Liberty Property Trust REIT 531172104 495 20000 SH
SOLE 20000
Lodgian Inc. REIT 54021P106 152 30500 SH
SOLE 30500
Mack-Cali Realty corporation REIT 554489104 1723 66100 SH
SOLE 66100
Malan Realty Investors, Inc. REIT 561063108 6540 488950 SH
SOLE 488950
Mid-America Apt. Comm Pfd 9.37 REIT 59522J400 177 11000 SH
SOLE 11000
PROLOGIS TR PFD SBI SER E REIT 743410607 237 12500 SH
SOLE 12500
PS Business Parks Inc. (New) REIT 69360J107 780 34300 SH
SOLE 34300
Pacific Gateway Properties, In REIT 694330101 358 35800 SH
SOLE 35800
Prentiss Properties Trust REIT 740706106 1471 68800 SH
SOLE 68800
Prime Group Realty Trust REIT 74158J103 2289 150700 SH
SOLE 150700
Prime Group Realty Trust Pfd S REIT 74158J202 608 40900 SH
SOLE 40900
Prime Retail Inc. Pfd Ser A 10 REIT 741570204 1110 75600 SH
SOLE 75600
Prime Retail Inc. Pfd Ser B 8. REIT 741570303 1968 166600 SH
SOLE 166600
Prologis Trust REIT 743410102 221 11500 SH
SOLE 11500
Public Storage Inc. REIT 74460D109 1692 74600 SH
SOLE 74600
Ramco-Gershenson Properties Tr REIT 751452202 2124 168200 SH
SOLE 168200
Reckson Service Industries REIT 75621J109 499 8000 SH
SOLE 8000
Resource Asset Investment Trus REIT 761196104 319 29500 SH
SOLE 29500
SPG PPTYS INC PFD B 8.750% REIT 78462M207 439 21700 SH
SOLE 21700
Simon Property Group REIT 828806109 390 17000 SH
SOLE 17000
Starwood Financial Inc. Pfd Se REIT 896287208 260 17600 SH
SOLE 17600
Starwood Financial Trust REIT 034642108 776 46000 SH
SOLE 46000
Trizec Hahn REIT 896938107 822 48700 SH
SOLE 48700
United Investors Realty Trust REIT 910741107 182 29400 SH
SOLE 29400
Vornado Realty Trust REIT 929042109 1563 48100 SH
SOLE 48100
Walden Residential Prop. Inc S REIT 931210405 496 32900 SH
SOLE 32900
Walden Residential Prop. Inc. REIT 931210603 885 58500 SH
SOLE 58500
Walden Residential Properties, REIT 931210108 2310 106800 SH
SOLE 106800
Wellsford Real Properties, Inc REIT 950240101 2945 346434 SH
SOLE 346434
Winston Hotels Inc. REIT 97563A102 2015 248000 SH
SOLE 248000
Capital Senior Living Corp. COM 140475104 488 96400 SH
SOLE 96400
Excel Legacy Group COM 300665106 33 10100 SH
SOLE 10100
Host Marriott Corporation COM 44107P104 289 35000 SH
SOLE 35000
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